Loading...
Agenda 10/14/2014 Item # 11C 10/14/2014 11 .0. EXECUTIVE SUMMARY Recommendation to approve a report from Public Financial Management Group (PFM), the County's contractual Financial Advisor(FA) assessing the County's current investment policy and providing recommendations regarding changes to the policy based upon industry best practices, state law changes and financial market conditions. OBJECTIVE: Establish an investment policy which reflects current industry standards and laws and is adaptive to varying market conditions. CONSIDERATIONS: The Board of County Commissioners on September 23, 2014, directed that staff use prudent resources necessary in assessing the Board's current investment policy and bring back any recommended policy changes in keeping with current industry standards, laws and changing market conditions. Shortly thereafter, staff contacted the County's FA, PFM and entered into a separate advisory services agreement covering review of the current investment policy as well as consultation about permitted investments, asset allocation, oversight,portfolio strategy, state statutory compliance and industry best practices. Attached is a copy of the engagement letter. The report deliverable which is attached contains an analysis of the current policy and a series of recommendations covering investment policy changes necessitated by industry changes and/or conformance with industry best practices. Constructive suggestions going forward in the areas of portfolio management, investment practices,performance measurement and reporting are also included. Collaborative review of the report has occurred with staff and representatives from Clerk of Courts—Finance. Mr. Richard Pengelly of PFM will be in attendance on October 14th to present the report's findings and recommendations. FISCAL IMPACT: The fee for this consulting engagement is $2,500. GROWTH MANAGEMENT IMPACT: None LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to form and legality, and requires majority support for approval. -JAK RECOMMENDATION: That the report be accepted and staff be directed to bring back for Board approval revisions to the investment policy as recommended by PFM. Prepared by: Mark lsackson, Director of Corporate Finance and Management Services, Office of Management and Budget Packet Page -407- 10/14/2014 11 .C. COLLIER COUNTY Board of County Commissioners Item Number: 11.11.C. Item Summary: This item to be heard at 10:45 a.m. Recommendation to approve a report from Public Financial Management Group (PFM),the County's contractual Financial Advisor(FA) assessing the County's current investment policy and providing recommendations regarding changes to the policy based upon industry best practices, state law changes and financial market conditions. (Mark Isackson, Corporate Financial and Management Services Director) Meeting Date: 10/14/2014 Prepared By Name: Valerie Fleming Title: Operations Coordinator, Office of Management&Budget 10/7/2014 10:04:49 AM Submitted by Title: Operations Coordinator, Office of Management&Budget Name: Valerie Fleming 1 0/7/2014 10:04:50 AM Approved By Name: lsacksonMark Title: Director-Corp Financial and Mngmt Svs, Office of Management&Budget Date: 10/8/2014 11:16:24 AM Name: KlatzkowJeff Title: County Attorney, Date: 10/8/2014 11:26:30 AM Name: OchsLeo Title: County Manager, County Managers Office Date: 10/8/2014 2:40:39 PM Packet Page -408- 10/14/2014 11 .C. Lincoln Plaza 407 648-2208 �— 5ulte 1170 407-6.48-1323 fax PFM 300 S.Orange Avenue www.ptm.com aiiMigia Orlando,FL The PFM Group 32901'3470 Financial I Investment Advl:,ar' September 23, 20I4 1. Mark Isackson,Director Corporate Financial Planning&Management Services Collier County 3301 East Tamiaini Trail,Building F Naples, FL 34112 Dear Mr. Isackson: The County of Collier, Florida (the "County") has requested PFM Asset Management LLC ("PFMAM") to perform certain investment advisory services,consisting of investment policy review and recommendation services (the "Services"), as set forth in this letter agreement (the "Agreement"), and PFM AM is willing to provide such Services. The Services will include a review of the County's current investment policy and meetings with County staff to discuss changes to the policy, as well as consultation about permitted investments, asset allocation, oversight, portfolio strategy, compliance with Florida state statutes, performance measurement, and industry best practices. In addition PF1YLAM will meet with the County to provide any training regarding the investment policy requirements as necessary. We understand that the County expects that the revised investment policy will meet established program objecnvcs while seeking to ensure safety, liquidity, and yield. Additionally, the revised investment policy will take into consideration the County's cash requirements, risk tolerances, and investment program objectives. PFNL-U,1 hereby represents it is a registered investment advisor under the Investment Advisers Act of 1940. PFMAMI shall immediately notify the County if at any time during the term of this Agreement it is not so registered or if its registration is suspended. PFMANI agrees to perform its fiduciary duties and responsibilities under this Agreement with reasonable care. The federal securiics laws impose liabilities under certain circumstances on persons who act in good faith. Nothing herein shall in any way constitute a waiver or limitation of any rights which the County may have under an:' federal securities laws. In consideration of PFMAM's performance of the Services, the County will pay PFNLaM a fee of r ,500. Such Sec shall be payable upon delivery by PFM_ANI of a report (the "Report") outlining its review of the County's investment policy and its recommendations on the policy. It is expected that the Report will be delivered within 90 days of the execution and delivery of this Agreement. PFI‘I;11\-1 warrants that it has delivered to the County prior to the execution of this Agreement PFINLaIMI's current Securities and Exchange Commission Form ?,DV, Part 2A (brochure) and Part 23 (brochure supplement). The Counts acknowledges receipt of such brochure and brochure supply:1 ert Frior to the execution of this Agreement. Packet Page -409- 10/14/2014 11 .C. Co tins Count) Suptcmber 26,2014 )'al c 2 FM` You may terminate this Agreement in the event of any material breach immediately upon written notice to PFMAM. Our obligations and responsibilities are described in this Agreement are not assignable without prior written consent of the County. Please have an authorized official of the County sign a copy of this Agreement and return it to us to acknowledge the terms of this engagement. Sincerely, PFM Asset Management LLC Steven r `exander Richard Pengclly Managing Director Senior Managing Consultant Accepted by: Collier County i, Signature Name Title • Packet Page -410- 2014 10/14/ 11.0. © ti T T a) vJ ai (Ill a) M O N N M p c' p CO CO O O O O c0 tt lilt • � 'tom 0 O J J x Cli CD CO CO u' c� CO ~ rwilmi i C w a) co M co'Fd cn Cn N CO !C o N et ai© C C d t` >1'4 '� N +r N � QM ,: 0 as c �Sa N 4.4 E En N o c r� V/ PI .u, Q N li N .....„., : . , . .. • ,,, ,.. • .k O Z I r-- g:4 cit -4— co c) 7. I II '--- I i ----g (,) ,_ , -- pli 4 0 1 -;•.=:•- • 1 • ir iiiiiiii ,:•,•,,,,„,..,..-,yI C li (.0) -I-4 .T.4 0 ^O^� as O) a) —....(o„,, ccc E 2 0 0 CO �4 1 O O �/ V U m O d Q limpi (i) c_ > = x c .a? -9 E -O - U N L N V J L.L LJ L.L. Packet Page -411- 10/14/2014 11 .0. F- O } CO O } V U N ,` c c� O O L E Uj 0 L D O CT O f CO O w O O co a) („2 u) , (I) i --co b.- :-.7# 0 . .. - cn u- (13 a.) 0- E E— a) O cn cn a) (D LL U C C CZ = E5 c6 >' ca i ) EL 0_ U 2 y d' 4— }, o (� W 7- O O O C a) a) G- _ m V V ai 0 0.S J u O O > E E as u v 0 > as as 0 11:a4 ' a 5 • a u_ 0 • Packet Page 412 G 10/14/2014 11.C. crs is s<; ff o E E U- O i_ 0? U J W cc C f6 2 LC. d Packet Page -413- 10/14/2014 11 .C. CZ • C/4 o LL 4) E CO N CO o •TO v PIZ CD Cf) t I) 124 N 0 I. O N a)) cr Cit a) . 1—Ia, ' a E) y— rd N O TO D To I c 40 -C3 C C C13 4"1 v (L6 3 L E O O y .,92 C E CD c cm CL N C o 4-, Q 0 i N U —J co _ O N C 0 0 L 0 a)Z CD CO U ca U N C V cn E C O ,,_, 'O C -L L L O cr C '4.—Z rr i e nn -^ C rtrt _. C CMyr �/ ( . N .1.0� U L.L L.i. G l..L LL Q G W U LL " ,7 r- .,.. Packet Page -414- O Csi rin 10/14/2014 11.C." oo t'. 1— , 4.) Q. Q CD ii E -cs C) L C1 0 a) " -cri G ,. ..... .....,CD W ` � CT F L V V POI i1 O a cn C O c .N d CD C Cn +r I 0 E — C Q) .N C) v) 'E C) . y N O C 111 C N C RI O co Q. Iv as LI) N 7:5-1 O (� -Q }, U C Q U Q CO J_ = C i (� y' J(6 C O C C O (75 Q ¢ C Q O O(6 Q ' a (n O U °O a (� C U Q cs N C Q C C — C 1 aN `---' C -O — O � = U cu .N N O E E jti m c e- FINI - --sc. 8 2 IF') ri)'O Q N _c r' N Q •X L u) =a) n .40/1, O Packet Page -415- C 10/14/2014 11 .C.° 0 C CIO C W ' 4D E V E • •l 0 V C N Cd o PIIMI N CL LL c CO E o Cl) Co a- Ca C 0 • .,._, N� C E Q CD 'O a) o C`r Q) Q U C •_ ._O U C a) . C Ca a) a) `o a) a) Co (1:5 E U C N .r.+C> Q) E Cl) O O o t a) U C 42 a) C` C O .4_, Q a) a) C) u) Q) C m C C e - i N cn V U a) a) o •C C c6 .> " CL a) 0 — o a) a) E 5 O a..+co L o- E L- a) =w C a) E Q) a--. U roll . . C a) U C6 .C Q .C 4 E U Q3 CO E a) a) E '- E o a) > as > O O Q) �_ C E C }, - U) .0 o 0 a) CD > Q) c co cn Q — Q Q _ Co CO CD C6 0 C6 Ca CO CO C m 00 r r.7.,-,r i i 0 a) 44 .r' a) -0 u_ a. to, :,.. _ E'." CV C7:, Packet Page -416- O 10/14/2014 11 .C. C'. t'. C CIZS 0 a E I J a) d C d 8O CO f:e CU aa,k) Packet Page -417- 10/14/2014 11 .0.0 a) Si a) ._ :E i1 L RS la) I .O T � co_ � N CJ � O v, to to .�.� CZ a) = a) a) O 0 2 L_ 0 L_ _ O '� U V -0 I E ca oo CO E LL o a) - 01114 O) E D a) N O .� > _c "O a. U U O V U > C m a)0 .(1) iiov. ' •� O O Al E ri^,'...co -E 'O a -0 N O 0) � U —C O .—C T L Q t >ct) N O E E o o a) _c O ,,� 2 c O sa C/) CU c '5 = U +, 4„_ +-' c N > N O CS Q O C O U > � O L O a) ) -F-' -O _ U) E E C!) •ri CC5 > Cl) -0 co O a) = L_ D O) ° H O = co - = -s--I L C -0 CO 45 N -0 co L CI n U) U) C3 a) = O u) O O •s - 2 V co + , Ct5 O _ - co ,_, w E -', CD CZ E c E co u) E = a) ...-_- _o . a) a) O U V O c >' '' 2 l>� , .o z3' ,x ._ ca .a) i '.�� T Cn co a) Ct5 - - 00 al oo m r c� 75 co Q 0 O E 2 < D Ct 0 0 < t'la) ,r -' Page -418- O ... 10/14/2014 11.C.i) • 1, ce) Fm , , 1 ..... ,...., gr.. ........ , ,..... • CO CD s... 4 40 Cill •...... .... (14) 0 0 = U ... .r.* "" CID > .• U , 4.0... •••••• C},) II •wen ›..i [. 40 0 11 II 0 ,. ....., w ....., 4 •i•.' ,.. •mom f•••• c„,,,7 mist •■••• . C) ID 0.... 4 cf) Le': L. 0 0 ••••§ C:i f,,,,,, 41 0, ...ma ..... i •— 4 V, ay 0 • '7.— in 4—_, ,.... • I) 4 C.t) .." •••• 4,•41.4. , CD 0 CD' C.,>• 44.••• '... ""." ... .4,.. • 41) 4 1.• ,..... ,, -',..4 )pae. A., ..' ✓ m I e.--1, — k.L.-• . r-• Cea• 'O. ■,,,,,,, ,,,) ,:',A ,:.s4 ' • ,..., C...,,• , 0 ....,. ,..:,...f 0 .."-.`, .....,`, . • ..... f r ,....■ FOR.,f c';',.. n* 1, .. • ifasswe KvIera. ,04,'. : F.,....-• a Tr- r', r• C:I:f -..- , -, , ‘vel V1V5,5 ,...." - ...,' %.• . 1 ,,,„, n..- „,,,., ',.... .....- aLA,', ,,,,, ,1,i ''''''' , ■ • ,„„, • • ,,-.. ,„ C,:!:. M, . •..W. e., .. v,. ,:.,-., ■,.„,-, .., ,,,, J C) S,..2, a) ,,,, ---• ,•,.••• — :• cu C7) an cis •:, CU CD , ,. 0 — — --• sr ve , ,... 1/4.,.. ,1,4,1.7 ,,,,.■ tie , s... (1) ,,-• ,,, — ,, ,,, 10- • '1.... = Packet Page -419- (NI CD 10/14/2014 11 .C. ... 9"- ct .. ad.* 4.4. 0 CD = 0) • , a, 1.- I I 4.4 a.) •..... "Ca a) ''... 0., " CL0 CZ 7 ..-........ • :, -= co- 4.... ..c .0.0 Q) ;. ....., 1 4 CO 4.... CO 4 U... c t 0 0 0_ • 0 0 01 — 4 >, ,•-• •- 4-, 0 = ai = > - - . 0 Co 4 I >, . .- 01 a) ,.= P.... Co a C 1 41 O 6 I • = •"6"1 0 C..) U) ... *a CI) Co 0 411 •"4 0 CZ• • '4'4 CO . 0 S..— i 41.4 ,,„„. >I .0■ 0 ...C. 0 ...... .4—. ct ....J C O . 44 O II 0 .' E • • 0 4.-.., It . '▪ ',..... •.... .."."'..t. 6.. .7..., , >., I 111 M7.=. .... Cl -0 D I ..... et ...„,„ •1•••,1 _ •— .— •,..„,t '1,..., '"" .6.4 ,"•"" `". C.) = I . I ...,_ ...•••• m...., C), .V.) 4...., ,•^ ‘i,,,... Z." _ C Cr •- --- L- 4 0 4.... I 0 (....) IMMO .. .4! el' .• ..' ,',..' • . a) 4. 41 - ,- E •.- ( ,..••••. > *...,,,, ..... "" mc• • (1) 0 ... ....... ,„,..„„ ...g , ...,. a) 0 . 41 0 8 e..;matf. ,,•,, .4.. Cr:, C (••°' 41 0 6,...• '.41,. " `'`..• ••.••4 .}•••W m •••V" :...F.T.....1 ,,1. " :L,,,,,,,i '''''''', 0 . • •••••••• . . . .+ 0 C 4 2 Z15 - > 01 C75.' CO C 4-, 4.4 ••••eet .'" •--, Fla C....) I • II r... 0 ••4•• ■• All CIIII) ,•••••",, '•••• a) E .••■■ , I tl.. c„ ,...., c). ,, ,,,,, CL ...... 0 11 II. ,,,,,.. ,..` ,,,,' ‘,..., AS■/1 f7 ' •immik ...,- -.. , ,.. *11 .....,„ 75 ; I - CT5 7z..;*• I • ,',.... ..-,.... L.) ., ..,,, ...., . ;-•, ...,-,,,r, . m .,,...,.. „"„, ..,.. n, ,-,.y •,.... .,,,. ' ' . ,1,0 •<,, 0 ..,' ,..,..,... '.:.. ,,,,,,,,.. Co '''. 4—, •'''''' ._ ,,,, En 0— .:•:; +•• i •+ 11) 0 X 0 I .1 . "'"••••. .+ ,,.1 .•,,, i s n •:;•.•,• ''''''' '.•••' C• ,+ ' ', Ca C . • 0 ''''' ••• ''''.."' + ,,,, .'•'• '''. + ••••, It . „.... - ......• •. „.... _ „,..... ,,., ...,„.... 0 -0 • .. • „..,... o ,••• 0 ••-•-, ,- C ..: ._ iri a) I .48 4-, > 1 , c 0) . a) (,)• . 0 ,-; = -7, a) . • . 0) ;' ET CO 0 1 E •a - -' ca > a5 ';.,' 2 I a) :7,.. -17 ,...' ': :' ' - a) cr) .4,,,) -; ,ca - • RS _0 la) _0 (ID ., 0 I. ! E .,,,.. - .,•„„,.... , .,. ...,.-.„ ., 'a> .-- ;.,., ,.....,-' , •.,, -, < CD (15 0 ' ,_ • • .-- ..,.,... o 1 C\I. -- ,, .. CL = •s.= 0 U) .-- ill cm Cs•L Packet Page -420- 10/14/2014 11.C. '.--- --A c.). . ... . ,— '1....— . cz C).. U- , , L i -0 !, I L m ,, L.L_ f- r .7) M E Et CD = Cl i = [ CO 4E' „- : 0 , E . , c : 6 . , . > , . 0 : , o , . . -E5 : - .. . . . . 0 . . _.., 0 , . .. __I , co 73 . a- _ 0 . , . ;--.„, LT , _... CI) m=, 6 • (1) , '''''' >, ill - . . . _ .. . _. _ — co = C . . . _ a.) ,..- 4-' 0 ..".- •..... —0 a) -J , . • :',., ,. ' CA 0(1) •E'a) E .• a c. . . 0 2(15 . --I . a) SIIIIS 'til■4 ..-,_—_, - ,,,,, 1... cp- 6. u.. • l *1 ' n 0_ ..,i- Ai ,-- • Packet Page -421- c..! . , 10/14/2014 11 C 4 .J.4 .....g Ct CZ. 0 0 U) 0 ..... en a, •... m — 0 1,... a) _ -0 cis CO 0 ...a CI) RI ci) .— —.1 0 0 0 0 Cl) 0.) 0.- e- = ,.... ,..... 0 a) 10 U) 0 .— 4..g1 a) im •C .1—, C CI: ,.... ■ cz = C) 4.0 cc5 ',..7, ...... CL) 7-77 U) .1-. LI_ a) .1-+ -'0 c... +..# e C _ .. .1C 04> ,.... 1._ = co LL.. ci er. owaov ...... E LL. c >, f.... a,..) ..0 = .... , U) > Cti "Z '"""' LL = , •— -C3 zo.. ...., 0 ..0 0 i-- 0 - --I 0 CO.....s.. ...., ...... ...... , CE) CO = ;III D 00 CD ..-- ..... a.) ...—, 7:7 .4 L..„ 0 = C.) e- >,. /••:::'* C.1... ..0 z .F. 4— CO M 0 Cl) E rti 0 ......'"` (,r; 7.„.: a) ,....... ._ ....d, • ... -0 '-`0 .. •— i .... „. ....., ...... ‘....,, r-,... • 0 s....1 ,r 0 .... fa* ...N.., 0 a) 41 i j.... < 1.. .... ... .,„,, ..aeot, n . . . -0 U) 0 . i =CZ C IP W ...t.:: ,,,.... ... ,,,,,•,,. a•-•:[... .....,0 ...., ..... ,- ,,,,, ,r1.■ >'''',"'. ........"' ■6=',...F".' CZ'''' ' ' . ... LL- ..',.., ......, -.., -.... , (/) 4--, ....— CD 4 ...,. fmw ,vezr e'.., pm. '',.,'' -0 C CO 0) • -...: — '-.` 10 . ... ,, C 0 0 ...4:-7 1.1.. < _ I ... Ci, = .. ,.., ., 0 .,,,, „,, •,•• 0„,. 114O1.. M , 15,..., 11.... CO = C. ozr, OK e..., L■,,, - ,....i 0) CO • ..... .— ...... r.,:,... ,..,, `....... ....., r. : IL) . f■; ._ LI_ (1.) „re.... '.'1. 0 C„:1 ....,. ,te, E ...„ ,....,, ,... ,__ _ ... 0 .1—, a) ...c -0 a) " Ll_ I...L.:. C...) Li.... V) ,....., ....., a CP, C.) 7- ,-, .... , 411) c7/ Cl) 0 40 >s CO N• i..i....., ---- .,..., ,,,"r „,„.-' r■fl V) ,,,,,'''7 0 M „ c (1) .,,,,„ ID ,...... ,..„ -- o •-,,,,,,, ,,,, „,,, ....._...- ....,. r',.'... ..;..... P L- 1•■• ■ `,.., = (1) ... >11' ....(-, .1.—, (.0 o a) ■,.....i. ,,...)- ,.,. r.,;:, '..*:- CO ......., 4-.:; ■ C (1) CC1 ' •— ..,.. a..) .4= ._ —,..., CO ,. .. .......... „„.7 - ,,,,,..' 0■1 , ,--- - •,-... ,..., -,. c 0 et „,. a) ,. ‘..„: - ...„,„ 4„..,.,„ 4, ,,.. o E m .,....., „,.. ...,... --,-, -- ,_ .„:., - a.) o u) •L) ,.... i t'...' ,,,,... o.:. .,., ,-.. ...,. , .''''''''' . ''' 41111) ....... a) 0 c a) a..) cm cr) cc; _ 4.„„ ,...„,„ __ ,...... -- -, . - CD C 0 N .. cm —_, co %.u E - _ = .7. ._ •..4 = 0 eD E s..._ C13 s Ct3 a) 0 co a) a) m > -o CO 0 0 .■ •■•I —0 0 11— Li_ CD CZ CD 4114 .— S.— 0 CO CO > > (1) 0 •= — U) 5 .. 1.. IJ- CL 'Cr 401 . 0 0 Packet Page -422- ... @ 10/14/2014 11 C 0 -0r. C) fj) a)0 Lr- N —4 — .._ to- .4 • *444 a■••• E „... 4.4 — 44 or- CZ 442 — ,-. - c, m cf) 444, — _ .04, ,._. ..,„, — as u) [ 111011111r -C3 co 0 a) = a) Ct 1 _ = 4., t..) 11.... >b L. _ 0 Cr) =ma 0 . CO () 0 a) CI3 ri Cl) -- . CO (t3 r "C3 LL. a) — 0 CO ..„_ ...., la u) L.... r = v LI ,4•■,1 •..., L.7_ CZ " >•., r 1 0 (..) .1.0 0 ID U- 0 "°'• CU: CO 1 CO ...... ..... ,.., c) CZ = OD II C\I t 4-• ...CZ Ci,/ N./ Cr) U) ! U) I- [ .00 111:111 : U a) E = .... poom ....., m ‘....4 ,,,,,..6 • s'. 0 .... 4,...r 0 _ C' .(mt .„.... e, 0) -0 1444 RI =). ''' a) ..._. CD ..0 i. [ 1111) 1 a) 0.) „,,. ,Z .. ... '-.,,' Li- > 0 1 ..... ....... 0 011t 41 0 (...D 6... f.". .m. CU ca >*, z7 ,-- Cr 1 41 0 Ent Cie) -C -I-, — CO • p C°. •S . 4 4fti el •S .. ...., ... r—..... ..°-: .../: .... g cr i:-. CU 4...., CD r it 1 wroir, emr me = Md. ..... *7 41. ... ... = i- 0 L)111141,11;! CO C; ....Z., '' Ct.'• CZ 41 #"' C:7 .... . , .... NI ...a „_ 0 Nild 4 1 • • .... .....« ... „... ..:72 ......,, .... I II .. P.. ,.... ... „„„. ..... ..... e.... T.T.A..: CO C ,_00 ',.... M: ,...4 0 ..... t•wt.. '6:::,' -0 •.: \I„...., , a . 1 ..-,,. A. (1) Cri sr, 7:71i 6.4t. N (i) - '4,4 41 ,71-' 0 4,.._ , = 0 '+'' < .7; = C a".5 ). 7391- (Z.. CAI N4.,"•' ,,,,,, V UrAnt = 03 ..00I:51:15 • t7,r c,' 41- "--"" CZ,: .:71,,„ I t 1 ,..4 L., ... " .. ,,,..„r- •e•ee 0" .e. ,4 eee -1--,0 m f.". ....= r f."F • Z / cr: 11 C I ...• .., t•-.., II ..." ..„„, a) a) , , — _,-. --- „..,, .... -,,31, r t°, ',en" e••• ,,,tee,. • ,,,, _C • ...e., 0 c.,. >°, N—0 I < = . — L.J....= ■ co...■ . .... ....... ,,,--- .- -Ocu • i ....- ''' , .e.,,,, - "0 2 Cl) (r).; C CD 111) -. r,.., __ _ ,„,,,,„,, ,- - --, - „.- - -,, < U) -•-• ,,,, ,. t.' -- ----- "0 — U) 4-, C a.) ....- ,...., E , ... ., 0- — ... a.) = C 0 •., 0 ..;-;.` Nale 20E° --- •ri 41;NI ,,......: .,, ..M 00 Luac_)3_ .0 o 0 c •c 0 .. •-••". ..,'..„ '' ; '0 4 CaE:) ..".4aX:.E._.,)." 7',•(I7,1,,-,,•,:,'.•,, :1',7,_,::„1,:7;.•;:',,,,, ow0a:)_ 2 4cCac.t Z 1 S i LL 0 CL I-- ..•`:: cs) 4.--, 1. o_ 1Z . • , CD ..,—. C\I o Packet Page -423- N c.,, 10/14/2014 11 C * s 0, 4,- 1 c • 40 .. 1 4.-. 0 ....m ...., 0 ' 0 CZ , ‘.In E 1 s— • . 0 I > 4 QZ ... . C • 60.0, I 0 • = • 4 40 clt, 4 $ 1 >0 I 1 >0 • • 1 .4., • L... 41 .- I.- ....0 = • .0.4 41 411 ..F0 •i co • CI3 1 a • I E......\ 1 41 .• 4 41 —CZ le C 4" CO 41 5 ■••= I a) I : 6 I .— I= . 0 r 0 4 •• (I) • I •Si ■ -0 - 03 • 45 41111111 ; . Cr) 41 Sitik I . a) :.;_-- _._ c al il I (D 41 r-1141141,111! I CD • C 4 > 4 ai • • S1101 .4 a) E , 40 -C • I I = II C • • . L. CZ •,.. s 0 Noe ■ a) il — • ime CZ 4 1.- • " 410 . 0 - I V.. 0 • U.) I j (1) i- t) . ,...; I :, LL (15 -' a) • : . . . --• ----, (f) >, tm (/) D • ..--■ I ID = 153 0 s_ +04 ' ' 0 : I CO 0 (1) ■-...., 0 I E • C,; CD .(7) ..„ ,... ...... S.-.L.- - e , ,..., O CD < ,...,, Illt .... IMO 41 U)■ - ..,..,, $ 0 CO L.- e a..) • 1:1 . Q.--...., 0") 0 CZ LL T . I — c...) >, ) a) .;.• 0 -0 a) E >-• 3 s-3- LI5 > ---- irs CD Z , c o 0 . , tu cr3A— ..._..... -1-■••• i,,--: 2 co O co C •— :;:z (/) CO>13) -1—.1) T-1-.' :- --., imm) ' C) 176 (15 —U) 07 i „.... ..., ,_ E L■ -1•••-• f..1) .4..., i... .-.- .-. I. Cr o :7:1 CD –i — ,...,■I r....„; ........ ,. . ,4 , v e•— 40ei Packet Page -424- •-.1 (..q 10/14/2014 11.C. 0, ›, (.) ,- - 5 - ..... , 0 ,.. r. 0 .. C a) rb I a) E .., ..., E [.; Cl) a) o o ci > c CO I- •— 0 ...... (I) Tiori ' t •— t- ..0 ...... < .-I-.. o t— L.. = .r...0 , I- CO e... C) C „ 111■70, = e 0 •••F ...4 *a = (.I) ..... (I) CI) > 1 01011111%\ illit:lit 0 .... ....... CD 0- CD = 7.3 0 = 41..... .it.., (I.) t E :•-• ne,-e 4-, •.- e- ....0 , Z -o-. a) ..... ,_ as „- cz co E I C1) 4+.0.4 'r". CD =., a) i •1,....._.q -0 4-, III ' F-71 ff. ....'..1 4,.., P.,. P'... .... .. ....., •_ CO _C i .• 0 c-J, > rbb. -- 0 g CZ C." lull E (J) I . : . ..,..C...4.:,..„.. 0 (1) 6.. . - : CO ••••• +4aa.a4•ar i•' — 0 r 11„ . * .. 0.'. [,.. • ......, .... r0 CZ ff.'. Cf: tfPff ....4 4.,.., C.0 ff... 10.4 . \ili wie 0 „,:-. -- • ........- = cp, CD --- (I) Cl) '0 CO • +00 0 € CD •• .-- 0.5.• ,A'''. ...,„„g„. ...c.. 1......m. 'WO . E t • ._ .......0 ‘TM` . 7,.. ri WaRs' , Imme ■ r ,.. ..-.a. •.•' . 0 4 • ..... ...`'.* , ... ',eV Oa.' om...P. ::1 V • .....a. rit'. a•ar '''''''' 0 ,---, ,-. '"•;~ E a) ,,..., - „„, 74 •-, - ...., ..... (lig) Oat, ....^a4 0 C VD) I ..." 'so:. '''D. rels■ -..,7,, E ... „....• a.. ..,,, •,:•:, -0 CI u a) 4-, Go 4 Ef 110.6. MOM r... ,04 a.) — 0 --- ......„„,,„ Cl) CU f".., 0 = ,.... ,.., . ,,, -- --o — b b...„, la) .,... 0 ,---. ,1) ....., . -- 0 C....) ,,„, FR...,' e.,■ ',',.-:. . W .,, ,, „,,,, C lw c..3) ..., 0 . 4_, cr., ,,,., ) N... .... W.' • '''''' ,■••.... C a.. •.. 0_ , ci.) cy) .„,,c... ..-_- ._ ........ ; c--,,, - - ,..., - , ,-”, , ... 6.4.10 .• ...•••-, ''..' .......' 9... '''.. •..''''• •M., maza '''''' ..;,,,„'Z Z ..... _., E L_ ..._ c.) 0 ,,,,_ c 0_ _ a) - ,- ..ir a 444, ,,./ ''''''' ,44 ‘,..., 'T'''''.' ,,., ....... „., '... 11•014 ,, c .-, — .- ,_ -- •.,-,,, (...-_ ,-, - • , , 1/4..) 171111, _' -,/- C '— 0 4, ' ,n4 0.11. ...'''' ,..••• , . . ..r... •.,..' .-. .... ''''' ..a.,, CO ...0 ;' *er, ...,, ,a'a, , , a., ''''''' •aaa. a, •••• ..,,,,.. ' 1•47a, ,,,,,-• •,....a., .'.• •..., C.) -.1 ,....„ ,_, .4...., E a) a) (D (D •7,7. - ---, '.-- '' - - - „, ... c cu , , , , ,, ,„ E ctS ,.= 1 C ca a) — --- ,„„....„ , -- - -- -- „„ a) 4-4 : • cr) - 0 (D 0 I „.,. .,,,, ,,,- , o_ .,.... . = ..., cry, i._ a) ,, „,,,,,.., „,„„, 0 co >.., C1) M :4-' --- ...--, ......... --, -, -- -- . - C.._ ,, ' ' — ,..- ‘-- -0 Z - - — '-' — ' \.., -- - ,,, -,-„, ., ..,• „,,,,„ --„ E .,-. (1) t ..-7-7.' 14 ,..,.. .„ _ +a a) -- —1--. U") ...--- ,..› ..:: -a- — -- -:;_ __, ,,,_, ,,,, ,_,, _ r.,..c; .....•,. Z . . 411'4 1 0 " .: LIT1. . Packet Page -425- ,-- 0 cv (c,, -_,.... 10/14/2014 11 .C. ,..... a) ::-.... ..., = . ...P II ' 0 0 ..... Cl) SCO . MI . co a) a.) I > RI I ca ...0 ..1.7. • -0 I 0 C • *1"4 CU a "C: co) co I CZ a.„) . CU 0 r— 16 Cl) 0 I c) IP ›.. r (Le .Il 0.... • CU ..---. N.- E e" I (1) 0 C 0..) Cil > • CD • „"=. 0 . (/) 0 •-...1 . — a) I CZ . - !4- 0 . ...J Crig etead IIII ..,,,, ...e I ..-- a) o) II) . E2 • a.) • . > . 4 ›."•% Cti C I ._ 1,,,. _ ,_ > . cr„, . : tts >, •roi iiII: - .„.... incl s.••••• (1,i CZ5 CO f/0116,1 "1.1 /.....1, . If) ,,. . _ >--,, ,...J 1 . .7) E co . ,— ."MO • ' .7:7-i., a b 41= *., ,..z (i) ._....- U) .... co co U) a = •P) 1:•,_ •7•r - ....1 a) >, C6 0 C5.0 0 Z 4 .... ,-- C4 ., co c) R I III • (f) C ...." --, 03 >-.. 114 ,4, ,_: ......, ......, . .7 0 co i E ..., o_ E _ , ...7,„„ = c.) , .. o a) a) 0 _1 a. a) ia..._) 2 •al ._ E2 ,... . _ cn -1 (:15 • :;•-- , CO 4- tha' 0) 0 a) a) ,,,,,- 0 o) < "_ „ , a) a) c — E CP 11, .,, >11 RS 0 Cl) E E c.) „ a) < E o cu ....4 - C13 R3 _c T ..., c i c.) c .'• .,-,.. .c415 ' = , U) 2 .. ,, < - •— 'CZ ci) 1 O L Ci_ -, '''.'" r.,..- '---, 4— 5 u- CL ' = 4 ir) co- ; 04 Packet Page -426- • „....N 0 10/14/2014 11.C. o v c PI 0 U 1. .0 1 CD fir/ . o d LO ' > I ' V L 0 .' L N E a , . 0 , +� O N 1 0 . RI 6-1 F , 11 a 0 13 C Cl) .0 O 1 �y 0 ri/ cL ' o ' ° I •I '''''..) ! (1) . 0 o ..i.E. 4 a C) +r a) E a ,N ay = 0 sR 0 (n L •ip $ +_' > =0 L 0 . r, 0 , ......• t6 0 a +-+•V Ri 0 'C f13 -5 1 .-IT . CD ilmill ” : F.',:; .— H (T) ; - •0 1 6: Z ';'.. t: 2 (ci) 6 w 0 ; ; a3 = I O (., CD -I -0 lini CU 13 t5 .O CC5 'N O CU K CD 0 ,. —1 L� 07 CD — G)_al L-0 ,.., +4 = Ae5 .-o C13 7.1 6 Iii, i:-=', 44) al cp ,... .r_i , 7 7 . 0 (9)) . ,-, .._ _. 2 0 Packet Page -427- C" O L in 0 L 10/14/2014 11 .C.0 a, 0 _ 3 -o v 0 fa Q {Nn N 4) O f6 {+n 0 Un L Vf of O E u ++ C aJ C C 7 • •x i • 0 U 0 •� 1r o 0 Q E 'a i+ 3 y ) Cl. C d fY6 d t �- •a 1-) y In -o "a C .. ■ C a, Q a r �_c -c a m p 4-. O O N 03 O C%'*.%%%■,. . O 'D C }' Eta -• ! C'.3 C) C ''• c \ a� c a C) •— L 2 O Cr c) co c) c) C7 C? q) Q C7 C EllN c- %- e- e- %- a— a— c- i O 03 4- O N O O p M 4O • • H 0 0 0 0 \ \ \ \ d o O O O o o a o� C`3 O O O O Ltd C) 0 0 0 �� O O C C C O Lf) ,— — .-- C CO N — e® — O 4 O * •-■ C i • N N O U_ Dc Q co• C L O O C -C (/) O (1.) CZ ` C6 U -o a) C .- — O O O U) VJ M. O - -I-..- C j Ft O O 'O U O L O O 0 C O 0 O L C. 0 ^ 6 .,� X co) .'",-',: u) up >, = III U) U Q N .,..r 0 _ C L O N C _ a) %CS O N 1D: O C O U) 0 L = ,_ a) H 76 E csL — 7- ,r,° a) E 7--- (2 E -,-,-, ...,- ._ >---, 0 C cz5 czi 7.7-'-'s - U) , 0 '-•''i,' 0 E ,,,," 0 0 x CZ 0 41•11 CL) L N cn U LL a a) u_ o a� o CO CO cry a) m X m P.11 . .- ...— Packet Page -428- u CN *- 10/14/2014 11.C. '-' o a) c co ..c cC c 1— _ --). co co .y O E N cu. C . . O o c i2 • O O 0.12) u V L 4 CZ N . O .Fr L ca .C2 1 = /)0 O C ti" 14r1; 0 y.1 CO ' •_ " Z 1 (n = L n , I N .1 O V u . i.r O F 1 Q) V . .40 c o C) 0 • co .a Q 0 1 o •� v . ,1 O `�I Z N o , .„,..,.. . d .a) .1 E C as .— iiii w._ G.) , c = 73 a) .0 :. .") O a) to L_ c c c t as O o i vi..1 Ca ! 0 cz 713 a) 4 <L) 0 L J1 RS a. E CD CD •�. U ,, g CD -2 CD CD CO C CD Cn cv C c CO x O i in .O - cc Qt et "' 4.-C 7 4.4 L a) 'y ._ E '� 03 '; a N aa.. 0114 0 E— : ,.. Packet Page -429- , 10/14/2014 11 .C.v' co I 0 C as . C • 4_= . L c U 4 0 L c 4 O c _c • 0) o 0 , ► 0 • ► u 1 u C 4 CD 4 ' i[ • U Z_ O u N O Q ► u E c I--. O "S U ► cTi O ► E O N o_ • C O Q 4-.) 4 O - 75 ► 4, Q C ' 11 (� U • ›... ) 4 u = . o O o Cr) O 0 V ° C ► 0 C E O m Cl) „._ N 0 ' O Q C - a 1/ _ 0 O 1 en C COI _ N ► 4 O J y. N 0 0 ct5 o E E (B o7 .0 c=a cc G + V) J O C i to 0.421 _ 4E1 C.) ,a) T - -0 . i . < O O 0 1 J CI) 2 • c O '0 U J .c .c g A < o cv Packet Page -430- O a) 10/14/2014 11.C. 4... ....., > C Cli) O 0 41 v■.i Cid ._ 0 o C:1 ._ o a) (÷15 , = — 'it E 2 o , Z 0 4- Cit .--, § z CI) `01 o 45 Er- = .... o 0 _o •,..1 17; . I , +4 o It = ...„. 0 -4....) 7 g . a . , .,...1 7 .— _. (f) low) = CCI 0 CC _c -c (..) -.- - Z ,- cr) ,..... 2 , o) 0.1.4 cn c = n --b a) 2 co 4.) -.47-, a- o) c 1 .= o -- o c.) 0 41) — a) .T cp cu 0 O E ,.... _ i a) _c -0 c +14 k vo 45 ..... 0 Cri Cl) ... .—, 0 03 C.) ..c a) ,.. El) _ at ....,, '.* 1•4 INNO ,▪ ..e5 . .. E -o , - $ o_ 45 cu a) , , - G.) cz .Y c - •7: ,,,▪,, < 2 - C —I co CE3 03 -.- cl) N - m •11.11 = Et c C CD c) Cr) Z 0 4'1 a 4_ :1-.: . LE CO 0 CU 0 C13 lit _C 4 - -- -ii- 917) LPCW " 0 ":" .7) ° n_ 0 4014 v- ‘; Packet Page -431- CV © 10/14/2014 11 .C. U_ L 0 E N E to 0 0 0 O1 L Q a (' cc ra _c .O L w 0 tr CL CD c�/ LL LL L N 03 R S� -- , ...Ci) }. tt Al WF U Gr) 0 C a N E N tit ,,^^ W, i 2 i C CA O) U (6 V CO Q CO U J 4:14 C N �' c o a� ;1,4 17) O O m m - N co ca .Q .� °' • _ � _ a co L co 0 W : Packet Page -432- `a` 0 10/14/2014 110 a) c) c L co E cc .., F.2 as 8 -z CZ— (13 di Tts c ...r. CI c a) a) a) . o 11:.$ of o _c o 9-, 2 Cl) a) Ctl 'C5 cy) a) c c c 1, o — _c- , 0 0 co Eij E a) 9- o Cl) 4_ cc , ._ .... 8 a) ...E ._ .t. . C 6 ...,„. „...,,, ..r.0-... -E ,..... c.) > ....: C.....ir a3 0 _ 0 E 0. Es (Ii — — eac" ...,.,,. r■I 0 „„, ,, , ,„:„ 0) c ..-6 —' '73 = 7:3 ,.., .... D r..--: — . . _ Z -- 0)0 7' 0 .:—. -e-• .,,, 2 0 -.I Cil) ._, ....., C1) C.) ..,... Z '7 D : 4-+ *-d a) CZ E cZ—r- a; tid c37 , , 0 c,r, c E 0 - m. n, (— ...7., .., ›..'t -6 56) e) :."' 4■I > '2 4— tt a. .. 4... . Tr cNi .i.,.., ,..,. — , 01•14 Packet Page -433- " (0) 10/14/2014 11 .C.Zri = -o Lo ai a.) = N < .— 0 0) a) .7. i2 CD = (/) > a (13 -0 e..... C .... -0 CO C a) , RS -0 >' a) .... .go , N ...a. •— s— = CO 01 0 Co ..- E w •.z Co ....., RS — C a) c) L.= c..› (..) . CD- (/) CO = Co — C6 a) .,..., .— . > E a.) **a o 0 ■ 7.... C roar"' Co .— (1,) E 773 0 a) ..... C -6 ,.... ro., ... (1) (13 c a) ,,,,, ,-- a3 u) co a) a) — -0 ...... a) = -- E o C ._ C) er, C -C ......1. .— 0 ..- ,-,-, a) lc-- ,... ....... n ,....., 4.,, CO -C3 C ,.,- ,,,,,, > C s— .,.. ......: -Y CO = 0) 0 ,... r5- 0 c _0 = 0 ,..t. ,-.. ..... 0 sai 0 (1) — . ....... .-.- >-. Co CCS 1— -. ,g,... >, Q) ,...• _0 - CO --, 0., 0 C kame, • . 0 >•■ C „ .^.- •4■••' ....... S..... 5.., 0 ..1=-■ CD -..i .`c.. 111!)JD r ....., CD 0 0 a) (f) g . co . ca (.1) CO = is C CO co .1•4 as :4-.7. :-_- • ..„ , • ...., -.... < _ .rj . . .1- ,:— .f."‘i Cv." Packet Page -434- CN 10/14/2014 11.C.Q w Ca .= I CZ .$....s •■••• ..... >••■ ; 1•••• „. r: i 00.00itt E. to = 7-6. (Lij Ca CD al ...., [. E a) > -- c ,..- 0 i a) o .... m. , . ,.._ I .40 • • •• lb .2 . Ccg a) ••— ...0 E 4 E w 0 — — 12 67, c.) — > t O 1.24 0 (1.• . . • co >, ..= c. . , . _ E U) *--- i Ca ' CD — I . = I, . .... „... dil 0 0 • i co CO co es.) U • cl) 0 0 0 C.) 4 40 0 CIO MI CD) (1) +.4 0 C = Cle/ ,••••■ r 0 e Z • 0 . 1 _c 0 o o — ..) >::, .. ... ...... ,..„, = •7■1 10 0 >-.. > i,•,, CD 1.47. 44 .0 > .•-• >., •— ..._, = ... z CI) 0) 0 >•••• • •— • •— ,..., :5 0 CI) 619 EaT 3 : cD° Cin I .1 C2. CD a7 ,..-....., cz., t...7 .0 I IS o (19- L•.• .„... (....) 06 co) • . = 'D .---7' "C , .--.. .--- = •...• 3 (,) GI 4 ,,......„, (i.) _ . 1 ..,... ,.... , rn ,,, 0 CL "‹ 1—• .... :'"7"71'::' —Ts ICP I 4 ,. -ci) ...-- -(7). ..., .... ,,.,.., ..:;., .,„ ,, „,,. _ W ..= • '....J = Z N.., , z . a) --, — ! — , , o ...,„ _ — a..) ...,, — i „, — .... — 6.: ,,- , .. ,- u)a9 _ •ri , i - - <- = __ _ cr) o , Et). ... :$ 0 ,- .„.. ,--. ..., o 4:40 1 i ,... „.„. -- ....„ ,..... c = c, (..) •- „..... , ., „.„ .... , , _ •- = ...1 ED`,'” 1:1 ....... o c ..... ...r-,-. .....: u) 0 . , 411.11 CU= X CO X E X •- (I) 1/5a.) : •-• , .. ... „,,,, ••••. ,••• .,.. •.‘: - .- •—•-- E CD 3 — —13 ._ _ •R (73 ... co c „,... 3 O. E ....1 .... -th :Z ..- L..... = ,.. 0 "t3 , •.- *,,,,,,, = ...s. ...a >I .,.., 4.1•10 CD 1P111mi 1 T >= -0 < — o z w,, . a 0 0 0. ..rl.. Packet Page -435- .. % L'E 1c Lv- 011 ©, D 10/14/2014 11 .C.SI ..., CZ ..., •... „„, ..... Ct • = ■fm, ,,,z 0.. •75 0 t,.., ...., ,..., . 0 o . z3) 1.... (15 el 4 .4: ••••• = +a = (C .1‘..1 9... •...., 14... ..., cZ 1... ......'"' "' %.0# ...e • ...., .... Ca ......., et ..., (.... ..., ,..., ,' tt " ,.... •.... --,...7,▪ •.z. cv, rz, — ..., ,... : ..... ,.... ,— . ,...„. r•- •.,,w ••••• ...I ,.... .,....; 0 .... r.., c,,:, 0. .7,..,,,,.-: ....• =•••••,,t ..••• . .F.f . 0 .... ..1" , ,... 0 ... ..„ ,,.., m " ." ..... r.. . 0 ..',.. bee . e',','") .'::14 ,,.7 'rn.• - > 7,...7 •••:••,'" 0 """ "' ••,,,,- ....„ ',...,„, ..., ,.,,,.,j, • '0 Cl.) 0 ., .47.. „,.. ....., i...,, •... r... . .1-1 •IMI ...... e,.`..) ,,,..) r,--, ...., . ,v i.... . a) 41■) — >, ..... m. ,... 0.. 7,7_, .,..4 ,,,,,,, "-- , .— „,„ — .... P.m' ,,,,,,, ,..., (1) o . ,..,,, ,,,,,,.„, ,,,, L., , `.--. —CI — --- ," .i...4 0 (i) — ,4 ',,•.." .' , ,....... s..,' 2-.. .;., 0 ... = i''''• 0 • er,.. 1.1N. ..,... .4 . _.. >, . ,,...._ ...., .,.. ..= W , E .... cp i 0 cs) 4...1 C . ,. ' • 7 (17 E W CD CO 01/1-11111•1- :.l' - EE.1:1 ..- , , „„ „„„, s ,,,... t■ < ..... — 2 0 O a. TY pimi EN Packet Page -436- (0) .., 10/14/2014 11.C. 0 010111 ,. UM* 10,?' '.• xeC1 r 4.... r L., ..... r3 t15 'r .10 _ .....0 r ' - ...... 0 ......,‘" .... r*. L. 65 0 ..;.....- 4,... ..... 0 0 Cin .0.4 ,-.. .... - — i:. 1--- •-• F ,,*-- > .. ,,. 6. `4.0 [f •1.14 = CO [ le c> [ — 0 0 GI 0 r. ... 4.4 W t' ,-- ,....., ,i • , CD . ..z......., t.z ,,,;.1 . ;.... c.,.. - 0 ..i...... ..emu r.,.. • 4 C..) t) 0 ,.... r e... ...." I .. ....... ..,...., m '',. . . ..., , . iilla : C.;,) L.. ..... ' ._ •1.1.1 , , . ...,,...! n 5 ,... ., SIMI . (rt • , . . , 0'' • .L'...7'. a.) , ...., i_ C.) , C.) ,...- ....., `.-- ."1-. L.) ' IM4 ...' ;,.....„. ...., ..,.„.• . r (r). . . ,a, 6' A., ,,,,,,,,. ., r0, ,,,, ,,,,,?. ,5 f.' = ,,,, 0_, — _1 ..., .,.. ,,,..... ....., 1.7; MIM CD 0 . -'01•14 ' -''!. — — — -41■) , __ — — — ,:,,,_ 0:— CD . C) 7, CO C.) .,.., .., . — I . — 6. ,..}: 1111•0 ....., ' '''''''' '.-. ,':, '• ...... ,s, ms-.... •... ...,., = , ... Cl. . _ .ct 10:1:1 ...„ ......, Packet Page -437- , . CS N (.0) •. . 10/14/2014 11 .C. ....„ .,„,.. cu — .4., c., • = = k.... t., s= ,... • • 0' -o ..... 2 ..... ' 0 •I■i = - vio.i I... .4M) ,... (1111) .... Ma ....... CZ •...... , Cl) , ■ •.... , > •.... 0 . tf 4I) 011 ....., >t , 4 c„ 0 f•-• ,.. .0.1 .... I c u Ca . ..., ...., . 0 -- - CIO1.. .4.: ...... ,— [--, 11•114 . .... ....... [ 4...4 m *MI , *44 .... P.'• (...) ....a., m •••• ,,,,, a.. f••• .,,,,,,), 414 4 ref O . , , „,, C,) •••••`.. • . 4— cr.,, [[,--, > `...X 10 C7.j. — „ — .. - 4.4 ' ,!--.:'.',,.. - ..-k •1V•• ■■■■■”. ...'' ,..' V .1. ‘. - ,......, -, 1... •1■4 si O. ... ,,,,,, ,''' . 7: a) ,..,_. aI .„..., n.., „...,. .0 0 0 ‘,..' 0 ...,... ,,,,,,, .: , -. C.0 . .„, < , 4.-4, . . ‘,,,,,,, .'—' ^”= .7.:— (111.111) ,,,, ,..,. - - Z". F.... ---, - ' ..., -J < —J .:. ...0 CO 10 .. ..... 0 tv cri — _ :-,,,- — ,.,' --, •— CVS CD CU • .. • ...,, - - u to 'PO • \ ' - '' ..... ... .".r 2 - u eitz 44 -- ,—.. „.. ci, ra_C=, Packet Page -438- • eNz © ,„,...4. ... 7) 1 0/1 4/201 4 1 1.0. ..... .— . :,:,— .... Ma. C.',. ■ 0 0 • " a CZ 0.$ 0 ... t —._ 0 ...... 4— e... , H ..,,, .... 0 r: =.... ...., 0 L. cAa CAO Ht t: r, ,dtoof Z. 0 = = tra ime CZ = 0- 6.• 0 1.awn '4..A ,,,, '". P.. r- ...3 •1.0111{ !WM, 'as .... 0 C,'7. cr) Ht t.... H. ...., „, ..... ..... CI) ,-: ......., i.1.,..r. ,,,, ...,.. r- < CO = •1.0 ,..'. 0 CO ttc) Z '''''' ,,,.. 4J c---, > •z,A) o) e.... ,, ,., ,_ ? U) ..... — rz,. ,..• u...'1 ...... Ls j _ ...,.,“ f M .....; •- .r. 'COD .. e• °— e'- ":7) ,...„,,, ,,,,,, ,...,_ . ,..F •-. ,,, ,-...., ,., ,,.... . . ... ,rr. m ' f ' ... . ,...,.. m ..... 4411) k ww., ....., ,_,; Aar ,,t.'... • "ta , IZIF f. , i«,.... .i cl.. ....../ '— -...., ......` M. c"`-' ' c °"'T ....,,, ,..., ,.... CD ;4= .' .1.7; .„...., .... ,..t,t " w C...) ,I 1 %' e,' , ,-- ...., ,..... ecr, ,.,:„, ,^.- , '.....,.... ',-, L 4 0 0 Cil) r...-,r, ',,,, (-;, ,•`' . . , (1 .. ,,F t kt E k,,s.•1.,.E, "., 0 ) CCZ O t ,....., . k iliMe , . k tm-, ,, ,,m.xl "'":7' f"' E".. . IMO . ..--, ,,....,„ : ,,,,,„ • ,,,-'• p; „. , ,,,,,, ,,,,„ ,', -7' CL 0 ,....... < -J 1111X ...- , .. . , ,., .-,-" ..-.. ' ........ ,-, , . ,, ,,, •, '' ,,,, ..., =Ca .1■1 CP ,... .11m11 • . .- -- .. .. _ - t . .,,„., ..... .„.,. — .— C3 •— ...a cu cs) cu .0 . „..,... ,... . ,. = 11:1•4' 7,,- „.„ .,... ., .... = , c..i LL 'Tr = Packet Page -439- N 10/14/2014 11 .C. • • a) E a) C) RZ LU a CU Q -J a) a • 2 LL r Packet Page -440- 10/14/2014 11.C. I 0 N N — k '4 O O ><Q U a)CI) 2 Q PI4 4- N c CO c O > a) 4 p N CV >, 'O 0 16 ... €` ....1 '78 9- U cu �� 0 O U •C Pmt .0 — C N 0 C111 " = a i �, Co * U ' U N CO O a) N - T -0 4- '7_ _t 0 O p..0 o -o E Z U) O O O Q) cA N co -0 0 ID o C/1 - 0 a co —•� N N 1.12 N N O C6 '141") 0.0 !�1 • _c L— O n O ``= C U U — cA O Q O U) N o O 0 co ro O O 1:1 _C N = c6 O O c� O N �1 O � p O � � Q ZD � � - c6 0 E bk ±� — X J Ca U -a; N r cr) U Ca O N — a) co >, •— U) Q co a) R5 c� N O Z3 > (() Q •C C � U) 5 - L O_ 0 Q cf) E .2 E •— "O O Taii < 2 D O CL D W in' E Q a T Packet Page -441- O O 10/14/2014 11 .C. • o O at o .4. 0 N o a) to Q O a_ t ' s t NI O ,. ■ 0 o O 4 0 ..., yG ux, ' t CO /A O 11 < C I— d Cl_ • a J co U ' .J: M ° Q a \ \ \ \ o \ \ .o \ ,° V ° s '; p L.) L.-) Lf) LCD C� LCD 8 C� O C) C) Cs t CSI C'\I CV 0-) CN€ CN! LCD C\I LCD LCD ti,,.,0 • CV ° ° ° o 0 oQ o 0 oC o� ° o \° o� 1- L.• a O c C, LI) C) Cx C) C) Ca ° O O A4 • N — _ r- N p C ) '— f N If) ,+ v yr U 03 ll? cis C 'a (f) a) C ^ f6 Y o 0 c -0 Q 2 „,.... C N c LL Q7 • 111) >, o >, n?ea < ❑ tB a) LL -5 N 2 Cs) m Ya) Q U a) c C d L a) cc t- t2 2 o U L CB CL ) 2L > tf) o ■■■( 0 - a c Packet Page -442- E = c c i L- o G a) Cl) a) 0 - a, w o C a, 0 x u, U C/ n LL U W C 0 U co 2 u .J Li_ 10/14/2014 11 C e' cs) g 0 — f.. a> > ■....'''' CI > .,. ...0 ro, C) W 0=w... = L-.1°). CC --t .,-. i.... 4...P ..,„,. 0,,.., US RI t CI) GI m ..... ez >I ... 4.6 L +.0 L , t CD (1) r 0, ..... C i 1 ...... ...... %Ai = X t •.•.... ert > e.•. •%. - L') ..•... cu 9* t..) 0 ,:: a) LW E r .-- ,.... M ,.....-- — ..... - •-- > [ .- (1) .= .c W 0 CIS t W m _ 1 > e.• .. 141.1, cr) .S5 .1'4 ....... • C•1 Cr) (''') > • Cs1 .... ..,,a 4,..a .... (1/ .....; " .... C ....... CCS ..... ,., ...., - ... .o.. II li 034-i P .7- m 0 0 (3 0 C i e". •.... t.k. 4..... 0 ..... '""' ...I W r".., i.... 1... a; 0 ,.... el --, ›- -- — 0 -0, ,-- i,.. = = a) r.". cy.) .1■,/ r.. .0 li■ t) = =1_ . 0 4 CO > 0 o2 CR k--- ,-- I.I.• , .... o = co x ch _ 4-, i :2,. = •••- x - o... rz ..., tr; E RS US .... ,... 0.) ,,,.... . .1I ‘n .11.■• il C.) CD CD 'Imo, .....: co Cm Ms _ ■ ... ...., 0 CD f... • .4:: t`.4 0 C = o k — o ''''IL • . ..... ... 0 ..../ ...... III 1.■ RS 0 C.) 1.■ 4...., "C = 7::: 0 a) r. = I CO ..7. re. 2 (2) = >7., .4—, C — ... t"-' rz 11 S.... •.... ••,-,t . - 3) ca V = '0 CD 0 '0 ■ C • ,... •...). .„,4„„ —_6 C6 1:S .- wow ,.... "0 ..... W ...... ,„- I- ci.) *kJ >c' a) ik-0 .1.k.k • 0 CO :...... > .k m. • kkkk. ... r) e.... 0 (/) (1) CO 0 11 Z: 'cc' r... .... ':::: ..., Cf; ..... .P., e. . ..41 o a) Z I .1,7J ...... 6.. ci) ...... ...? r.. 43.. ..... 0 = u. ci: >, E ._ ‘..— oes = 4. e, ,,,,,,, It ',—, . osgsa '4,..' ,r, ''''' '', mass 4`,..0 °".” wilald¢ '''' ...' '4.4 Cl) 0 i) Li) -,. , ,... . _. ...... ..- f A >1 W > C.) ... --- .... ..... = -05 2 —„,. 0 4, _ ,,,•:„ ,., — , 0 E 3 ....• ,,,,, ...,„ „—.•••• cr, r,,,,,,..,1 ., r":„ •7, ..... , ....., C (11 CI) • v.. .,. . Cif) C'e ...., ....., ... A. >1 1 5 ,,,,„ (: .77tr:, ....rt r.Z.7. -- .... 0 E ,,,,, CU f., ..1. t,,,,7 1...v.r, 7,— 7, L_ 0 0 ...re 6. Cif) ),—1 e... •.•, ,,,„„, = 1 "14. (113 4.1111 :D "k". ....k Cr' C.: ....e- C7 .7.: '.'t - e 0 C) 0103 , -. ..,. - _ ,...,,, c. -C cy) ›- pt ".. , IP rt ,,,,, Y, , I Y. klf,4■Ilt I., .... 7,1 ,.“ .... M, 4,-'' . (1) .11, ..". '''''''' '''''' :''''' ./.. •... .. r¢,:: ,Y., Cf;- ph:'WO. ...' M ..y) ....• >, -o — E ._. de (7 11(1:1111C4C1) . ., ..... — 1i : ...,co• (D eiZt :L.7. 0 kk.: ... k....k Cm."' Ai Ifrze. ''''''',.," 1.: l'' *77. , ■,. h.rs. '''''.■ r 8...t en ..... 00.• 0 77' i..., C7F ,.'.C2 PL'^' in .... ..... , ' ..". ,,, ..1. "... o -o co.) r- 175 C = „,.f as - - , - - , ..., ..I■1 - r-t - Ct -1 :. ::: rr ..0 e- 2 0 .... 1 1 „ -4-0 — ... , ..„'"*.•' ,,...,,..” 7-1,. ::: _ •.... ,.. x ,,_ w TD ' CD .7— W .... .•... C .... - = .-= 5.,•( 1) _ c ..,„„ .. , .... — — ,,,, — -,.. — ,-- , _ — .. , 0 ,_ .11...1 ow= L.• ar -c co -,-, to) - ... co ,k. ..• k.,.,,,,.,..--„,-.,,,„ ,.„=.,.:,-k- k.D.,•—--. ../,...” ,:.,...,-. 4.z c..o., = 7.4.c(.—p..)0 - . - ■cw L a .=1(_7.) .0..C,==... 0 I 0) 0 cP _ 0 < 0 , 0 0 4-' X ,...r. %,..t.7: :-.. E 0) = 0 ,.... ,... .- ... . . - - _ CD •,-1 ,... — •- E g_ cu -z CD 13) CO = (1) iiiml ...cre 2 .P., ..P ii■ qa") 0 Cl'Ir... a) '''' a3 CZ , .. ' °-- " .. ." "Z .= r... ,..''' 1.■ ••■ 0.1 = 141.Il .F., = LL Cl_ 4011 1.... L ez 0., 0 , •er 14 c..) C) Packet Page -443- i— C cp CV © 10/14/2014 11 .C.,, L oE ° -�` '®CZ 0 44 • O C CA O N L .� "0 O cz S d L t'z ca > al `�f v .0 N O. m. 0 co N .y .� U) O CD c = OL CD cD CZ G. 6. p O .= O CZ O G7 .w 0 c lim O 4.+ • • . � —,O d c • O O O. . N L ,11.=I 0 O N O O '+-. • tET O CI) ez . 'O Q 0) O 0 U) E as O _ L = 0 O _ co = , C O (15 �>, ON. O Ai .. ._ �—` a)x o to r. +� `� .�0 ii . ... "0 = CZ CO 0 -0 a O (3)C t6 N -. � ..; w co • cr, . O • "' ' y°. , ,' • V N la ._ O > �� } c e CD CD V w. .m . d , avow E , . .‘„,., . ,4 f' CM O .X r"'; t,_ C a vba 044,c '.. . i� i O _ .. J CO ti) = C3 m CZ 0!� 4? E TAI VJ co O ,• CU Q a) CL�? N 0 Q L C .L = 0 0 / �. .o O � LL 0 ,., U L' En Packet Page 444 , 10/14/2014 11.C. ,.. E E '" ., ,,, •-.„, ,,,, _ ••A' 4. >, ',',.. ,,..C.F. z >"' -.00' >" ''''''' . >" .st ..., tt tf,) Z f .. f, ,...-: .,..-- ,..., — c.) L., ia o t ,...., 0.0 .. — .6. i.. = CL) ... = t.0 tt . . >-■ C.) L. 3-, •-- • __ ••■■ i''. ."Z ,-, 1..) a.,) • 0 7 1.. = — .. M 7t a CO •••t t.' ,- .•••• 0 — L., .... • — — th :-.. • .... ■■-. rn < < Cf: •••• Cn t 0 0 •- 0..) • . . :•..4 '-' a) ....:. < c_) c..) Vzi s.. . tit) ••.' e'r) .-C = Z Z .e_....... ......,... •x- -, Tr to ,,,, Z .... ... eit = = [... •■ , :4 — ..• ''' 2.. ■ I ,-;,„, • Ci..) ... .— .—. .... ......., 0.) 7.... ts a.i ., , mow 1... 1.... r. 0 t.13< • . E ' ..... t... ..--....,„ 0 0 (III) ...= ,.. t 0 ..... ..." A. Illi ...... ../- •.,—■ '........., ,. .., CA , • 114:) '' r•-• , r..5 . ■,- ....■ '''..." ti ar.) •..... ,..■ r" '''.'' •..' WM ... ... r .. 11,..11 . . * . 7.70 "....J . .. ,.... ti N .z, = = o :ttt• ^..- „-... ..- •..- •- •-, „„,... ..,': . . c.) . . .....,. . , , =7 Ittt = —..... t..-, C/) .1-,‘,;, ct -,-; --, ,.„,..4 ,,,,, ,,z: „..... ......., _ ..,,, g kr; c-A rn© 8 — . .,„,.., ,..,., . ......... ,,..., ,..... CA .,.., .,.. .—. I u a . L.L., :••• ,,,,' . .. 7.• — :-/-, — . c..) .--.) :. : • — .. ._ f., V) > • ,;:i ',.., * .1. . .. < ,) /"..-. . .y, Z : 6, ..... CD ,......„.r = .. ..... -'- •" ..." .. ...„. cr. .1 ' ..., ,-- 4L.',... •E 0 -,, cf: '‘-- .•_:, — — ,,,, — . ; '...,, 7-7 ,-.., 7 -: — ;.-.) `,, 13 al .... ._ ,— . ea . _:.) • L. t) ..,- .., 7 = :3 c,:., 7.-_, ... ••• .• Z 0 .- ,, ,, RI _ .E .. . .: T. . : ..,:, ..= ,.... ,..) , .• ..., :, . ... , ,..... ....... ...., 7 7 — ,—■ s...) :...: , z 96) , 1 , Q. ‘ taa 4 I I . _ 2 rig) a) CL 0 C,...) Packet Page -445- CNA @ 10/14/2014 11 .C..1 aar • E t •70 H Z L Ct r a) - -a o m 0 0 = on °' to O tt Ln n , � � a 3� �t a) �I = ;, o — o L o .E °� o 0 70 ti) aar ■ •S c■ ._ -.—:" 74...:: :': Sit _ Cr L ^ vs v .Ur ^>> N = O CS Nilild OA Ct O r Nine = W U , v b wr s Q O ,Ct ■ Cr 0 0. cG = .. Sr" JO = M _ .r .. �._r, g, C •= CA Ctil = O :.+ _ 1.) CC O U O w/ c4 C� = Cr U A " - — F C 0 111'../ z to :.0 o r U r = > U • +, a ,-;:-s U O u U ^ at Zit = ` c w� o .•. Q E Q Ft n 14.�+ p t. bA — Y N U . .ard ne ,, Zi o :) 4) -s e .... Q) = —.- ft 73,1 r g r 1 i, in -7_,) r� c V;; < U ` _ O . O - U U 7n U 4 C / L J U r .. U 2 L. J _ - U O _ +, U ,'�' rr U Z C ` a. . o vim .. .L sr U V E i� < o c 1) C Y, _2 i f6 L U ) _ - r +y ) r - C a C -- `.. .,. - �. — > — • 0 0 ,,. CU c., - 7_, - te U C >> .� cc L d L L Tr r14 = , O U Packet Page -446- CN „....., 10/14/2014 11.C. .; 0 , _ _ Cr.) M -0 '...._., 0 cts ,-- __ .-- CZ ._ ..•_. - (..-') 0 ..... 0 a) c) --... 0 ..... N ,, ...... cr) CO ,-.., 0 „0- .- uj rr 7::$ r- e- a.) 0 0 •._.• 1.te 1:: .r-- 0 t! - 0 cr., 0 C-) "0 r-- a5 .....‘ v-- -= 0 .- (...) • r....,” ....0 .--, Cr) CZ '..) 0 . L-- di 00 (1) (.,€) '4-, ,A -CD C.0 >1 a.) D 0 0 c"-- >•• ----, c c ....., < ..... (1) 5...... r-, ,...... '..._-- CD ..„ -.) a) >, -0 >, ' ..., .1..-, %.r i 0 0 0 v4-.• rz 0 cz CZ Ci) •- ci, •-- • >-, r- S.- .-. 1 ca ..-_-_- L._ L),„ 0 ra Cf) • '-- '= 0 w 0_ • C ...0 ,- (13 •.4..., . -- a.) - c - __ o ,...., ,.._ o -o 1"5 co o CD L., co .._ e_ :._ = 0 (3.) ._ 0 D ..,--1- CZ ---, f _ ,...... 0-1 Cr.5 = _ CO (I) VG 0_ (1) = — • — Go r = 0 •1..- C (13 r- r- . ....-' "' •.4..... 1:2_ = s- .. 5 L.) ›, n, w 0 CO 0 4-- 0 0 a) - -..) 0...) C r— ..0 • ,•• u) D u) 0 (i) ...) ) r---' c cu c _7>, , •--• >s CI) .0 re-, CO CZ ...° od CZ >, C 0 .,-. =_- ._ s._ CD ........ ci) _...■ (.0 >, NJ ,.., — ■.0 ._ cf) -- (1) .— ct) ''' r-- >, _(:) = cl) = r- :-- CO _ ..._ 0 •- _•.0 •- r-- >,-, [ CD 0 0 a) - 73 c7.) CZ ,._ ,...- 0 •- ,- ...._ m '....-, ....-, ...,_.• -} a.) ,._ L.- 0 4-• cz s__ ...... 0 a) ..,...... a) .. c...). 7 -, ,:„....) cz3 ,.,., -_- ---__ :,..7.2.) (1) ....... r- C o 13 ,.0 ..-) G O -0 C D .4.-+ 0 CD ,, >- _0 •- 0 ,- •..._ ._ -0 0 ft . ') r•., - - -0 .= ,..., _ .----- r- CO — a) --o — Cl) —, r*, ,,_ e_. .,D 7. ,,......, - - ..,..- ,.....,.4 ....- ..,, ,...4 -1,_ co ,__ CL: 0 0 Crj _ 7)) - •- .- -- a.) co ..... CD •......• ,...) '..--Y e-...._. 73 _... ..,--, cr) .-- ,..... ...._ a) CG c--. 0 L- m 2:: CZ — ___ r- r- -- (I) :::-.) - __., __ _ C') ,, -- .....) 0 -- 0 - ...>, C) •--, cf.) 0 (/) () .,>€€€ C!) -- _.0 0 -0 ""U _ 0 -:-.4- > Z7.., • ....-, (, '= r- -,-.., a) ,.."7„ 1 = .(1) ......., (c) ' 0 •- , c)... ..... r_ Li • m 0 ....._ — r" ,...... ......, ,-- ....... •-- a co c.,) ..... ca., cu .4_, — ,-- ...._ r-1 • 0-3 ,-- ---- 77, : 0 a..) 0 ....• s-- ..., .-• „_„,, ..L€ 0 '''' '° D `'`',.-„, (.9 - (..) --) ---- ,.., v, , --■ -- _ -.., ,, i + I) ..--- ,-, ,,,•o- •-•'... „„,,.„, 4,.., )))' (..) ---) --, ,.... •— ,_, .....—• ,...._,,,,, ,,,,,,,°1 ,^)) ..)")). •°, )..). ,.... ..., --- ,... r -- — — ,,.. ..... -- ...... , ,,- .....— — ,...., ,....) ,..— E ,.. :45 L4 ___ i: — c) ,, ...) ..... ....... — _---. c,,, 0 ,-- ..., — ,...... .7, —, - •- •"---, - ; 0 .......- .- - ,..", '.- .,.< :7) ..) '71 .._ ■■•■•, .....4 (...` -- ,.,..) ....., ..-..... _,,,t, t, ... ,.- ,,._ '-- .., ----,. ...,- , E .- - --, C3 -- •- - - r-- 11•14 •0 _-- . -- - , - — cr;', ,,- „,c, _- - • ,_, ..., -...• •._.., - -- - ..._ _ ..... ,- --- ......, - V=a "'"'". , ««- .."'.... ...., ...., -,.. <.<,«<" , f ,,,,, 1) r s. - ,,,, - .._ - -- ,- ,„,- 1..........411111) . , - - - -„ ,r, ,..., .., ,- _ m 0.14111111111111° •,,." ,,, '•' -- „.. „- - - -- - .- -- -- 1* , 'v .. „ ... .- , - — - — _ - . — - - a.) ' 7.-... .. ._ .... N a) — - _ — cu '... .. , — ... CD •"Ng _ ' .- - - , --- -- ' - CIS 4.14 = , ..,_.,. ■,.., _ Ct CP -- ,..,.... ... E -- - `:, - ..."... - -- - -- v 0_ 41111141 s.- ..., (...) Packet Page -447- 7 NI- - = CV Cyj ° 10/14/2014 11 .C.., . . ›.„. 0 CZ. ..s......, C.,.) ......., =--- 4-- 13 .= — :3 r- --, e— c...) cr) --„„ w 0 " -o ...a-, CO ....... (I) _ 0 ,,..... (1) CZ e""' a) (13 73 0 c:r 4110 -— Ci) .....; -.0 .,) CD •- n 0 c:-) -0 = = a=) ),...- 05 ... ,,,,z. ,,-- a) 0 T'''''' CD 73 . . .) 0 '.••• N''' Li. .8-, (1.5 4., .4....o 03 1- C.) co ...„-,- GO 0 a) 5, a> D. - '--- 7_ ›, 7 0) GI -I-, ,. c 0 __) 0 ......... >,.. ,... - _ E --(7.1 ...... •••••••• CL CI) 0 6-- --0 4.-. , , :Li co >,, c (\i a) -o 0 0 7 n= %,.'t! -£D (3) 1__ 0 0 CD -`-' 00 a) ci = cp ._, — a) 0- >, 7:3 , cy) C"-- 1.- "-'..' C2_ L.-: 0 (1) ..--, •...••• --) = 0 4,... (I) 0 0 -f•-• +- = ,...4 ■;,...■ .ae-, 0 CO CZ • cu 0 0 co ,,,, al 1._ = - 0 4....., 4....-.:, Q._ 0 0) ca n .r.-.. .- -7- -) a) :.-_-_- D -- n .....J ....0 0) = • CO 73 (...0 ...c sp ,...., ....., a) o) ...c a) '= a 0 • - -4 0 " cz st owl\ 11:11 .4...., s..... 0 n c., 01 e-- ' 4- g C° c 73 ci) 0 a) a) 0 (1)- 4"-4 r- 0 > O 0 O (1) I 44 ,-- _.„, _ (13 - - .,.._, 0 S.-. — .4"••( >.,, •4'.. -, CZ P cZ , =3. --" ....... C CD *- 1D ..+"' 0 Cl. •••••• •- f"- .}..... co 0 a) co ,_•`1) -..( al > Q) ...... _ ,..... c_.) (1) (L.- rZ < 0 4.■,, 0 0 a) . ..c..... ,_, a) (D • •,,,p,,"" = 7- •>,_ .i.- 4-"A CZ -i.-.4 ...... " (--1 L— ........ ,....,, •— .......e .—i;111 73 >7N. 0 co ,..... :,.._ r— a) t— •— ,,...,1 '•-•- Crsi .C4'- ...,= '"..". ..0 (0 4•-•' 0 0 = a) a) D.,.... --- ..7.7.-.; o4-..f ..... ......... —) ....... r... r- ,_ ...., . ...........„ ,......._ _.... ....,.... ,_... cr, ._. ,.„..., , ...„:, . _, r2..t_ 0 .4......, frc r 1 ,__ -4--. _„, Cf) C...) ,_ ,.....,_ _ ...., ,...."Z 0 ,,,,_... 5 m ,4— cr, •— 4,—. (-7.) CO C." (73 c:-..-) ....., cr...: 0 .-.; CO t= 4-0'.' r- 0 C-J• ,.., cz :.:.--. a.) V) C_,) • CD ..,., 7- s_ 0 " " :>' C C (I) '1.) CZ >-. C ...._, ...4.._ 0 0 ,..- a) 0- — r.73 0 -,-- --o ,_ --- 0 _ ,_.= W ,. ,.....7) 0 .IM) ,,,, CO t:2•1 , C (1) '...' C) ...a.a. '''''' 4.." *.'""" .." . 7......7 2:"..,,, ,,,,„.,. ,..a..., , . ,....... ..... 'a... ,Th 4: I) Ell ..,r. s,e; ...,.:j .c,„ ...... u -... ...-. .,,•,,,.„. .• a• Cla 7,,,,: s' *,..) ..... CD e-- la„. •- Cit L"::: ,...1.) - 0 ---- CO 0 ."0". ° f'Ci: (1) 0 I) , ........ .44 ,,.. •,..." ,....., ...— CO +.--r.... "4"..jr•-., '.--'1) "f•-"' .-, ->, ....., CO 1,,,,) L._. C-3 = '-'-' ....' r N. ..17-` -772' .,.......,"' 0 ....s.7_, ,.'..) -7 •— .„...., C) - ' 4- ''-: --- , ts, . .---, ;,„„.■ ,,-, .77- „; ,- tt• ,,,, ..- - ....... '' - C 0 ..,, ‘-- - '-'. --,..,.• 7; .7_ - - - ,7' ' ..... '.:.; ....... '::) ,N) ,.* PM. ' ). ' "'"'''' ...pa,. rj 1.A. .,,, r' ,:3 ''''' ' '..' ..j. 1.7.7 ,= ....) ' 4 • ''.* - ....,-. .... 0.1111 ,... "" ...- C.) 11 s„,„ - r. 7 • . -... „.. ,, -.I -., _, ,--- ..,..., ...,. CD ......, ' cD cm ... ....... CD •imi as _ - - ,,,, CO 4•1 = _ , . ,,- . - __ r,., __ DI - -- - 7 7. - - - _ 0 , c 4C'D V) , : r lit E.,) _. 4111111 Z 0 , Packet Page -448- , C:::■ C■I @; Le) 10/14/2014 11 C ') 0 ..... _ (--- co o .0 0 c 0 o r- 0 to = •— ,n —. 4— ct, , •., ......4 ..." ....v. - 4.U P /.... 0 ..(....1 CO r -•'••` l'''.. CU r- = Ca ......, L.... 1 ., = = ,....- 1.) c .---• , en NI ro DI = c -0 0 .,...• _ ..,- _c E — • (i.) _ c ...,.., = 0 0 cr) -0 0 0") -C-- (D. 73 a j- C en • "". = en > > o c'3 ......_,... ,.... c.... - _c c (n (1) c•-••• ,..... .r...., , •- o • L.- ..1.-t CZ5 •...... •- a) (..) 0_ " = -0 0 > en = c = -4-, ..4..... • 0 „, ci) 0 0 .0 " 0 0 0_ 0 L- 0 ' 03 0 0 ei.) < en L.) ._ 0 "0 0 --0 0 -- 0 co -4-■ (1) 0_ I co -6-0 c-- r- ,-. ',__ 0 •— ,mr•••••■ f- ' (-1 C13 11 [13 • • ci3 a — , o - _a -c -,--...,„ [ 7:5 ' o ,••••, 0 4...., V I ''''' ' P .... P .4'.' C2_ • ,..., t ......., L...._ (.11 0 (1) .- .1...a "'-' — - c0 0 M 0 x ......, cp a 0- eez w cm E ION\ tigri r., r...., .....,? r- CS C C - --3 r- '-7-:,- a,-) = 01 0 cn 2 D r- LZ-- ._ P CZ a;) >s — GO ..-, et5 0 .4- 75 z cr, 0 0 a) s_. _ •- :•••_ 4..... " ...... ,... = - CL C cil 0- (1111) r- --, •- r-- .= CO 0 o a i > ._ Go —, o- 0 G.) r 0 -... ...,1, CO 0 G) ...., ...0 o ,...so •-• ,-- ,--, ,.... o = ,_ 0.• < •-• •.,..., L.. c o2 Lo _ 0 — ...... . . P 0 0 0 ..(....J ....... .4.,• •••••• r, ....•■■■ ........ ,,,...., ,•-•,.. ...._ 3 ......, = , r‘e _ —....r."'* ( 0 7 ,......• - C '7-- .-- - 0 0 0 1 41■3 0 Cl- C,'" -.,, -7 ..> r- r- - "Z 0 - ,-- [ Z t..... , r ‘N%a; = c) •...-. 1"5 Cr) :3 C7... (i) ........ ,:ta .., , .4) .— r 0 4—, __.•-•1 , 111) O _ , f•-, .." ,....., V i 0 ,...._.I ...V...., s Cr) r". •4..., ....... a) L'-' (--- , 1111111.100 I a„„ O 0 cf,,,,,, c_ ..... cc -- Li ,— — C) ,— — C5 > C) r- 0 ..--, t..... •- 73 Ct_ i— 0 a) en 0 •- --= z -- --, - .....,, *-- ..,,, , CIO ' —- ,....., ,.....) , r- c ' .- - -, -= t„,- * -. ,,,t, - C:71 — - .— — - 7) 0 ,'"'... r- ...- ......r.••• „ .,* ".•••••• ,•••' .."—• 11.111° r.f , , - --,„,_(=r,0 L•,r”- ._.,•,•.... ..,".•-..--„..,4.,, , ,•— •7,Gcr,:(1,C,7_-,- r._.C.._,,0...rz-.,,..,,r".,.f c,,.,.,.,:.1,.• —,r,—,_f=—C>0-,.r„,4•...>_.-•.-..—,.-.-J•.,,„)1-.- L7C—_.L'rC.-._•'—_•.....'":'•o:,.,..'.v•—•),' ._ ,., '• . • , ,.L...,..,,,C m We6—,,(7=,r',“„,C,„'"'„..1,..N.,.',4,„'„...,.,..,,g-•,, C7 cC--p_.._......,-....,-). _0 ( ) — 3 . - Cr, _ CA r - - , — - , _ _ _ _ - .,•7..,...r0,"0,-0aL._7-,_..-.—......,....I..,.,.,)7).:*^,.,.- . 7--7-...._-,.^A.a—•7e-.,,—„,.,*-._.c,.--^...,7--,.-, 1,. ,” -- -- 4 ..,•-•. ,,, ,.., „*. N.e.,x. •”. ' ' ,... .... C,, .4," ** 7: ..... -- , , ...... ,....'` '' ■'. ...... • *.,, .. Z.. rx. ..., .17, ..... , V' .x +.• .." ''''' S`''',.. ...°°.• - - - la) , ^■ .. -, - .,.._ ,, _ .... - - . a)..', ...., .,-. , .... - --- _ •ipmf C5) -- - --- — _ , -, - ,,-- — , - w ca ns , -- c -- -...::: - ._ _ ... - ,- ' as , - ...._ - -- , 2 ,... -, ., „,. -- : , cA) , _ ..,.. .. _ _, _ _ , , - , -- ' *ii■; .1-f c •_ _ _ • -- ,..7., _ __ - _ - -- 7.7. __ _ - __ , _ _ _ _, ,,, a. 11111 0 , Packet Page -449- o ,..,...... 10/14/2014 11 .C. ?. ›..• 0 ---, ,., a) .--, 0 C = ....... ,......' 0 ■■■ = a5 >.,.. (I) 0 . CZ 0 en ....... ..4.....A (1) ....... ..... >.". C-7 7i....7 2, CZ ,,.... CU CI) ........, L- 0 0 a) 1-)- = (- ......, , (1 '..;_-. ._ ......, Co a) — 0 c) (...) ...._ cti _ 0 . ..., 1... 4..4 (1) (') CZ CO 0 -0 • • (f) = t, ca s._ C---- 73 ® Cl) -e-. a) ,- cn 03 ,,,,• Cs) 4-, V) .....• Li) NI '- _CD 0 a) ,- ›,-• _ CIS D 5-- a) a) (D 7.4:...- 0 —.- 4— CO 0 •1.7_ €:3) >-. -0 0 = 0 .— (n •— (...) r- Lr) = CD' ...., = (1 .+•■•, ..6., C (1) 0 (1) C.) S...- (1) CZ a) D'.. (1) a) (/) CD a) —CU Cf = 4-, C.) -° s_. CD r-- ._ = 0 cf> >, o_ c ..,...1 C 4, ."".'". fa) 4., .1111\ litti ....... ........ ........ CU cts CY) = cp 1._ 0 4-- 4-, (I) CZ 0 r- = 73 :476..., .4,..., 1 CO C".".' 0 -0 • •- CO i_. = .- -- = CT -0 , = cu a .7_ o a) qii) _ _ ..e.--- c o ‘4./ L._ 0 0 ,.... a) L._ a> m ,,..._ z . r- e- > = c 4._„ 75 •- et:5 a) >,, 0 x V) 0 CU _ _-. el) OD _0 CD r) „_. 5— C..) '-' E " 0 -0 0 ,- >-, 0 a) • ...... = ›•••, Cf) .... (- a) a) •= ...._ ,... .— = c 0 co c7) •S ....) 0 •••_•-•.- 01 -7 CZ CZ 4, (.7) ........ CD Cti •M C.) -41;3 (.0 >,, „LI cz `c:"..) •_. ,,,., - - 4_ - ...4., 0 L,.-7,- cr, ._ — — a) co 0 o — 73 D cn qoak :3 -- ,.-..„ a) .....• ci) ,•-- ....., a) ...s 0 cf) 0 f,, NNird cz- ›.... C) P.% — ci) crj — c < - 0 c- 4...J -4-, (- CD Nilo) Ci)C .— = •:::_,- 0 CO -0 ......r '— CT) ..i-.1 C..... r,' -..- """." CO -..•7- -r-1 ,..„ 0 -0 7:3- -__- ",•••M ..,...,E. 0 .-a — — -- — T r•-, cfl ,f,,, -`"--1 - ,--, -r 0 7:-"' 7.77", '' P•5 " L,4 _.— ‘::..:. C) -L.,..7) -, ", 1 r■' <-1 r 7.) `-'1, •'' 'a ....., -- f--) r- .‘7,7_-. 0 - kr..1 r-- i -J *-,7•Z --.7 -0 r- •...... r- ____ ___ — _ t...0 =I 1V14 _ •- .__1 2.••; -!... ,-- '[ -- (1.7, ,::••,r - ___, _ , e•,, -,..- a — -L.--, 4J r, ,..., -- Pr.", ,....* S ' ',...., 0 ,.... ........, ,, e"." ,.<,...- ..i i ..-.• ''''' '- ''' E CI ..., ...t :re ‘.1, ex.ut ..... R°. ...- ..e...., ......:....7 : ,.,` ,..... r." ,J - ,..., a.... ,,..s, rm., el'1 __ _ ..„...., ,.•r.r - O .._ D > .,..., ___ „,,_ c) ,.... --- ......„ _I ,_ r•,-, ,,... ap Ci ,--, +4 ..... mr. .., ,..- ,..., .,..., i,...1 „.... ... ■,..... "'"'”, v/ .... , 7 " ,[ - • -----` L.'• c7, :,..:. c.; --; s.. _.. .... Cl) ec _, •,,, 1 -_, -, -..., .:_:„ °-› ,,._ ( — --` _ ....... — t ... _, ., ...... ,....} -- -! ._!... -i _ - ',.! ,, -- _ _ - (' -- ■ ,. .,,, ..-. ..., .... I) ,,,,,' tl, KV, ,,,,,, ",,,,` *. ,.„,,,, R....., ', , .... ..,„ .-- - 2 - -- 7- --- ...er[ ,_, ,,,,) ,-- - _ -- ----,1 - _ --)■ -' '11 '- — Z _ ..._ It, , J ...... 1:11) — --- - c cl) -..... ,- -- E - _ a) cg CI -- - 011•0 03 co c = ci, cnc : •, - - _ .... _ :• .„.- ..., _ E 'a; RS .-- ,- _ _ ._ co 41,4 to -I -. -- , -- < _ _ _ _ _ - +10 . 4., C ,- ......- .,_ _ _ -- - ,,. - - _ . _ _ _dial W s- s- ....... _ Ct. er 41111114111"4 (..) _ Packet Page -450- cv cc, 10/14/2014 11.0 a) ......... = --, _ ...., .....) {.....d 0 (o.°) 0 > ..i...., 1...- ..0 c o CO t .= . ' L (....)i -i—, < CD ...-- ... 0 NJ co a) .1- .4- S. •- - ,•,-. -°- .--, 0 ,-- ,..... ri r- a.) 4-., ..) .. 4....., C.) — - = 5 f 7...1. ....) C m D = L.... :- 4..4 r.,' E= [' t 3.,.. , .4.4 (4$0 >44 [. = ..40 r0 •C 1) C...) ....... (I) ( [' ........- '-0 r. C.) ..4-.." C.) 0 / ION% 1111:1 Li— o CD -1 ct5 I- I 0 0 s..... 0 ..i.....0 ._ r— C C [ ( 114 0 _ _ID ...---, CO C) 0 0_ 1_, CU Cl) C> a) ,.0 •— . 0 .4,.., c 0 >-• ,._ M .4....1 = 4..., ...0 Cli- 11— C113 a) r- CU Ctr) 0.) F- LU = > , ........, •S ......). t-- *-7 a) im ....., .,-, 0 r.,,,. 7-, i■il C6. ,....., +..,4.i ......_, r- — - 'tic -- c.....+ ,- q#1.1146 r-, __ _ . Cr) cro — — .__ f0, (...._ _,'-_..,'-', (-). ,-- 7,,,7! 0 ..,... (73 , rNlit —.., CO M >".. .- rn ,..c..... r's . CI) 73 Cr.) ..4,... , NW/ Cr4:t C.*m 44.••■ 73. (1...) .......... , ,..T.1 7 ---- r,t r- — a — ,--, , r-- (71 c a) •-••., cr) , cc) , .• . . .. ,,. rfj EL- t----' — r-,1 .-----. r-s7 ,-, t..,,) -- ,.......... ........, CZ D.. -^",..'"' ,,,,, ieZ Lot,' ....... CO CU tt.•••• Cr' ,tj 4,, rt.', 4,, tt..... t,,,... ,, r-,,, ....J 75 _,...., , ...,......, ,- - r-,,- ,:.., ‘,....- L0 _ L., -17 (1) ,..-,--: :'-r• „)< .77- ,,..) - ,--- . — 1— r..._-. >, .--- .7,,,,,,' `:, E. ,C1.2,. Z.%: 7,,,,,,,' -, -----, ■ ?--" -----. ,3) ..---- —t ..... ,..., __„,, --, 0 — ,...:,., -, — , NI .0' E . , ,.,, ' rr,, „r„,, zr-i ...... W I. .'-_='. ,C:. „,...4, ...-. tm., r r'''''' 0,...4' y.,_ 6.: F r rn, ce) ",-;,-; ----- -- r, r;) C,..) `.. ,..:_-""1 ,...- ■ (3) .:-.._ 0 ,....." CI", r- ',,,L) € (...) "'''' ..,.,,,,....„ .,.. _ —, m ..'..,, .... . .., 410 ,k,k , m km km m. `-: — ',,,„„. ,7, ;:,-.1 ',..... ,E_;•:,..: .:'`....-.. . ......— .,.,.' - --_,,.; ........., ...... _, .. 0.14 .,.. ' ...... .' 1''''''' '.,' !..,.'. ;;;:: :,.' '`" ..:>, ...... :,_ "'"• ........... ..- - .. ,,,... ,......., .-..., 11:1 ........, '-,-: ,"-' ...,...... ....... ,;;;, '...:;.' ....... 7-"-- ,,-, ....... -J —I-- , 4-. Ci) , :,',.,' .... _ , ,, .. CD , ...... - CD ,,,,,,, , _ ,... _. co *TEN! cti _ ..... __ 4•14 :,-,:.[ :-.,,, — --,L-- ,— -- , — :;.,-. ,- — — — -7 — .....- — ..... _ CIS • CD „ • = .. .... , . cu 4 ... ..i ii..) ..., c ... _ _ _, ....... _ 2 LL 0 a) . , ..•-. ....._. ,,,,- .... a. •t- .C.. iiit 0 Csi , ,-. Packet Page -451- CI 10/14/2014 11 .C. . ... U 4 1 1 • 0 1 .1 • • • , it • • O II II . 1 • • 0 • 1 , • 1 O 1 II 4 • ' 1 • 0 • 41 O 1 I 1 . . . V) a i II ,• ;.' 1 ' O : I) 4 . 1 - .• 40 4 E 41 • 1 i . 1 O i , ■ • 1 le .• 1. I 1 . . 0 . 1 • . 1 il 4 • 0 . Cri I 4 0 CID • • 1 ' • . . . . . ., ' • 4 I 4 0 • • . 1 1 a 40.11 . -- 0 411 a , ., • , . - •1•-• • 1 •1"I , ' , iv ..,• • 1 • 1.11 ,. CZ ' .:' °Le' i • 0 4 • 1 I 40 ...114 ...., 1 1 i • •••,, ..., emr,: ••,‘, • . g GI >-, C5 1 V .....,•: ....• •....- i 0 1 .. CO •1* ,-. 1 >, I L4_ 1 II ,•,. M 'IC: ,•.• i / -C IT, ,'P:' 7.7.• CV Cr5 ..0 ,I' ■•• 1 . 1110 i I (13 • I i 0 _J _J r-,a .... 1. 3 0 1 .C) -•.• -. • a) 4E ,.,... c.) 2 0 0 4 C E = CD I a) i?. . I e CU / E cm cm -.I■ii w co i ! c (13 cc E 0 CI 2 ;NI C • as :it a? s.._ 0 . (1) C •!-, ar OD 0) CD CD < + .,. a) tid 1... ct) a) 1 LL = -C CD . . 0 I— — , , .4-■-• C -•-■•• ,i CYD Ler) (SD , = Packet Page -452- CNI (a. 01.11111\ Ilit:1 • (1) a man r, 73) .... ea. e...• 1 0/1 4/2 01 4 1 1.C.?......s, le . .... ..... . .... . •Simi ."-d -- -1: *IQ qe,i‘ cdi 'FE r„ Nillt.) '.I414;4 14 0:4 :II:6 0 = (I) ,,,,,,d ,,,,,„. e". (I) CC 01 t r.... i ,s,..411111111) I :4410 1 4% 1 40 0 1 a 0 • 41 ce) ....... c.," .6..., ,,,,, ...... c..) .=. "0 ..... 0.... P.... i NNW. 1 7: CO I 11■1) 1 0 . Yard = (.., /.7. .4...' ..... r .. .... 0 I 0 • • 0 : 0 . 40 4 1-"'. 2 ....., ...; ..c.5 ; :0 ... a ,,,, ........ ... . e (Lie I I n •F•••. I : 4..4 = cn rj 6* ti) ,•.,1 7,,,. _,,, -- ;14 Si2 – ,..,J.? , ...-t = 0 = •IM1 de) = i .7. = 0 0 ■•••■•5 • CI r7•' > 2 1 i 311:r j. W 1 •sm Ci, •,.., 0., ..4 ,... ....i ,-- m — = ...01 • aa "a" '..,.1 0 0 :":' —CD S I TN 0 ..... "a ,,' 0 '. •••,. f t. AO 1) •"Mil 1 --7.--,' -- ,..,, ,.., ,,,,,, „., L., I 7: ,-,.. v.vd x■Ya, ,.,.., •111.4 ,..,,,,, .0 e 1 73: ".. V.) :......1 ...... .mom : I.••■•• iz.• CZ a— 41) ■••••, ,.. . ...` .- „„,., .,••• ., . •••■•• '''''''' —;, .23 ••••• 31:7.1 t' '' pas r ••••• .7 •1M1 C. .7. •L g CP I -5 C: ."." •• 0.4 W for rn. c 2,2 co 4 -- :3 x: CI) ....., S .4., g -. , •._ .4:7, L.... 4 , CD) CD 0 CD CD , co +NO = •wi c7) , cy) (I) cm — as . , c ism Q CD T (13 (13 Ct3 Q a) 4-, CM :3 CM C75 CD CE 94""Sh 44, ■i-f, 0 = 1 14•10 CD CO 2 -1:13 L. N CD 2 u- rd •-- ■■.. MI. ..... X (.0 et 0.1 iAll Packet Page -453- C) 10/14/2014 11 .C.t U . • . • 1 1 • 41 1 • • . U U • U 1 1 ► 1 I ► U I U I •. . I it 0► 4 0 U 1 U I • U 1 41 1 1 U I 0 0 0 I I U 41 41 1 ;II 11 G U 41 • 1 11 • •1 • • •' . I 41 0 0 0 I U • U 1 U • •1 'i • U U O 1 1 U . I O 1/ •' . 4 ' U C • 1 1 a • .. - 1• • . 1 ► U U .ice o co U 1 • a) is > 1 0 ►1 . ° C— • all ' 1 MS 1 0 C �4 N 41 •L 6u 1 . ' 0 .` .1 .0 aet- • / / I CO tr4 O � 1 Cl.) U IC2E S) E , 5r9ls 1 L 1 I 8 1 ++ NI 1�� m 0 • 4 i _2so 1 ; • 6, ,j, ..-&, iMile ' = —o- B ! I 4 T -miiio co (4) L. ,.., Cil 411I . CD 3 0 715 a) LL = '-'.. th g.) i ,... ii. $ .E cp c .._ CL U H c� .W 7 3 3 3 (T X a • Packet Page -454- C, 10/14/2014 11.C.r. ... 0 .... 4 •1 i C) ; 4 , 4 I E P I I II 1 • Clo) ID 1.. ,0•1'i 1 11 ) Cr V 1 1• I- s 4 < r o 0 0 ■4 [ . 1 U) 4 I I .,... 1 • • 111 ..0 • a I • 1 (.) • • • 1 • 0 I - C2. lb 41, I I I I a) 4 '4 • U ai ( 1 • 1 CD l■ , . • r-.1 • 0 t 4 • • . 1 44.• 4 4 1 CO , 1 .1■1 [ I 0 [-.... • -. it CI) 1 110 II E ... . • Ili ll a) i L.. 4 o 1 41 .... • 1 : • = COIl• 1 in I 1 t7 P a.) imo) 0 ■ I o... ,.. .0 1 4 0 I..,c i 1 cs.3,..° 7- ..... us . o as E : .. • 41 -1 c--1 ..0 C t ' (111) I • 4: I 0 = ) . 4 .• „ . o 0 4 1•., ! 1 ' • Ca 1 el 1 •Fl . , ,. bsilD 4 Q C . . I 1 44 I CA 11 , . :.. , .. F:):: ECD ... 1.. IP a) CU 5 H I CI 1 I 4 i I ,-,.. . a.) > . 1* E 4 : •,,r7 $ ,. f cil --' I '• 73 II I 114 a) N— 0 2 .,.-.. .. 0 Q _ . .. .1 ... . ..c....- b.!, I -t w „.11 (1) ..c 1 • I i • •— 4) CD) .I.., C.) 1 .E its , ...,_ o ,.., r ..... —1 —I > . .5 : CD I:4 Ca S::.•P t LU : a) a) Z1 E .x I CZ a) .2 = a) cc ZS CZ c .- m 1 ...... er.7 E 0 .(1) Z •(-5 .4--' tz 0 = -0 .. 4") tt CD LIJ 4 0 co E u.. . = ' (.....) ...4- -1 . 7.- Packet Page -455- N 0 10/14/2014 11 .C. co 0 . -c co • ,— ...... as c). ,. .0•1111\ lilt = .0 to cu x (1) .... ...., ....., 0 , •S w en a H c.., , 4.2 cb 2 7, , Z 0 ,.., 6. < Z1 2 :., r„N,J co „, _ ..... . Sid 0 0 0 cz. ,...... ... .... („,... ...., ci. = a- 0 m '. = .474'' ■11-- CO .• 0 %T.. • r: (,,o) ,.., ,, ... C2 ., , .-0 ., (LI) 0 , C'. C, E . P.. s., e;•? L 1.. M. 0 ...... . 1,.. ..... m - • age ' c) rj T..N,, . . ., ....... *.." .... 0,...,. .1a• r:""; .... . , .t. Vs, Cl) tilid .. ,... ■,,,, 0'',.: 'r" CU) . NZ' ' 411.1 ',,,,, eV, `,,,■ a ,v , . ..,...) –.I CI) _ . ....... — ,,,, cu E 0 = cp es g) C — CO , ' a ima .,.:- •=7:' r. '2, 0.) 0 fir) ,--: '-5 ....... ..„........ .,:, _ _. Ci) < titi 1,-. 5... , . 11 TY 0 Packet Page -456- CNC (C) ° Ct3 ° ~ Z 10/14/2014 11.C.'i '-- -S .--. (-) ,U 0°) Q ° Q O O v) U CO Q Q) ' co co U U E O co N €" U Q Q Q Q? r' o -0 O co Q 0 • `t • N Q Q) CO Q � Q) O Z ° Q 0 co L 70 L ° Q (v vi z ct Ei ,• ° N O 0 U -Q co Q) 0_ N .O [, Q) Q) r- Q co Q) U O Ca O C3 Q) p Q) cO , -') O0 Q Q - Q v) co ,... c.) 0 Q) N J ,, O U Q) ' j t D -Q Q) Q -- O CC5 ,__ N O 0 Q) _ Q O Z 16 O Q L CII „ C2 .� Q Ct3 U E O CD ° c0r) O Q '.4.-- Cn - Q) Cl)p L i O co Q) 0 co ° o _ U v) 't.') c E U aj O Q) t ea O co O _ !■� CO V L Q N i Q -9') CB co U O •1°'i � `� O� O co CI.14 Uj `i U Q) Q Q) CI- .r— �° U Packet Page 457 N 10/14/2014 11 .C. Attachment A Glossary of Cash and Investment Management Terms The following is a glossary of key investing terms, many of which appear in the County's investment policy. This glossary clarifies the meaning of investment terms generally used in cash and investment management. This glossary has been adapted from the GFOA Sample Investment Policy and the Association of Public Treasurers of the United States and Canada's Model Investment Policy. Accrued Interest. Interest earned but which has not yet been paid or received. Agency. See "Federal Agency Securities." Ask Price. Price at which a broker/dealer offers to sell a security to an investor. Also known as "offered price." Asset Backed Securities (ABS). A fixed-income security backed by notes or receivables against assets other than real estate. Generally issued by special purpose companies that "own" the assets and issue the ABS. Examples include securities backed by auto loans, credit card receivables, home equity loans, manufactured housing loans, farm equipment loans, and aircraft leases. Average Life. The average length of time that an issue of serial bonds and/or term bonds with a mandatory sinking fund feature is expected to be outstanding. Bankers' Acceptance (BA's). A draft or bill of exchange drawn upon and accepted by a bank. Frequently used to finance shipping of international goods. Used as a short-term credit instrument, bankers' acceptances are traded at a discount from face value as a money market instrument in the secondary market on the basis of the credit quality of the guaranteeing bank. Basis Point. One hundredth of one percent, or 0.01%. Thus 1% equals 100 basis points. Bearer Security. A security whose ownership is determined by the holder of the physical security. Typically,there is no registration on the issuer's books. Title to bearer securities is transferred by delivery of the physical security or certificate. Also known as "physical securities." Benchmark Bills: In November 1999, FNMA introduced its Benchmark Bills program, a short-term debt securities issuance program to supplement its existing discount note program. The program includes a schedule of larger, weekly issues in three- and six-month maturities and biweekly issues in one-year for Benchmark Bills. Each issue is brought to market via a Dutch (single price) auction. FNMA conducts a weekly auction for each Benchmark Bill maturity and accepts both competitive and non-competitive bids through a web based auction system. This program is in addition to the variety of other discount note maturities, with rates posted on a daily basis, which FNMA offers. FNMA's Benchmark Bills are unsecured general obligations that are issued in book-entry form through the Federal Reserve Banks. There are no periodic payments of interest on Benchmark Bills, which are sold at a discount from the principal amount and payable at par at maturity. Issues under the Benchmark program constitute the same credit standing as other FNMA discount notes; they simply add organization and liquidity to the short- term Agency discount note market. Benchmark Notes/Bonds: Benchmark Notes and Bonds are a series of FNMA "bullet" maturities (non- callable) issued according to a pre-announced calendar. Under its Benchmark Notes/Bonds program. 2. 3, 5, 10, and 30-Year maturities are issued each quarter. Each Benchmark Notes new issue has a minimum size of$4 billion, 30-year new issues having a minimum size of $1 billion, with re-openings based on investor demand to further enhance liquidity. The amount of non-callable issuance has allowed FNMA to build a Yield curve in Benchmark Notes and Bonds in maturities ranging from 2 to 30 years. The liquidity Packet Page -458- 10/14/2014 11.C. emanating from these large size issues has facilitated favorable financing opportunities through the development of a liquid overnight and term repo market. Issues under the Benchmark program constitute the same credit standing as other FNMA issues; they simply add organization and liquidity to the intermediate-and long-term Agency market. Benchmark. A market index used as a comparative basis for measuring the performance of an investment portfolio. A performance benchmark should represent a close correlation to investment guidelines, risk tolerance, and duration of the actual portfolio's investments. Bid Price. Price at which a broker/dealer offers to purchase a security from an investor. Bond. Financial obligation for which the issuer promises to pay the bondholder (the purchaser or owner of the bond) a specified stream of future cash-flows, including periodic interest payments and a principal repayment. Book Entry Securities. Securities that are recorded in a customer's account electronically through one of the financial markets electronic delivery and custody systems, such as the Fed Securities wire, DTC, and PTC (as opposed to bearer or physical securities). The trend is toward a certificate-free society in order to cut down on paperwork and to diminish investors' concerns about the certificates themselves. The vast majority of securities are now book entry securities. Book Value. The value at which a debt security is reflected on the holder's records at any point in time. Book value is also called "amortized cost" as it represents the original cost of an investment adjusted for amortization of premium or accretion of discount. Also called "carrying value."Book value can vary over time as an investment approaches maturity and differs from "market value" in that it is not affected by changes in market interest rates. Broker/Dealer. A person or firm transacting securities business with customers. A "broker" acts as an agent between buyers and sellers, and receives a commission for these services. A"dealer"buys and sells financial assets from its own portfolio. A dealer takes risk by owning inventory of securities, whereas a broker merely matches up buyers and sellers. See also "Primary Dealer." Bullet Notes/Bonds. Notes or bonds that have a single maturity date and are non-callable. Call Date. Date at which a call option may be or is exercised. Call Option. The right, but not the obligation, of an issuer of a security to redeem a security at a specified value and at a specified date or dates prior to its stated maturity date. Most fixed-income calls are a par, but can be at any previously established price. Securities issued with a call provision typically carry a higher yield than similar securities issued without a call feature. There are three primary types of call options (1) European - one-time calls, (2) Bermudan - periodically on a predetermined schedule (quarterly. semi-annual, annual). and (3) American - continuously callable at any time on or after the call date. There is usually a notice period of at least 5 business days prior to a call date. Callable Bonds/Notes. Securities which contain an imbedded call option giving the issuer the right to redeem the securities prior to maturity at a predetermined price and time. Certificate of Deposit(CD). Bank obligation issued by a financial institution generally offering a fixed rate of return (coupon) for a specified period of time (maturity). Can be as long as 10 years to maturity, but most CDs purchased by public agencies are one year and under. Packet Page -459- 10/14/2014 11 .C. Collateral. Investment securities or other property that a borrower pledges to secure repayment of a loan, secure deposits of public monies, or provide security for a repurchase agreement. Collateralization. Process by which a borrower pledges securities, property, or other deposits for securing the repayment of a loan and/or security. Collateralized Mortgage Obligation (CMO). A security that pools together mortgages and separates them into short, medium, and long-term positions (called tranches). Tranches are set up to pay different rates of interest depending upon their maturity. Interest payments are usually paid monthly. In "plain vanilla" CMOs, principal is not paid on a tranche until all shorter tranches have been paid off. This system provides interest and principal in a more predictable manner. A single pool of mortgages can be carved up into numerous tranches each with its own payment and risk characteristics. Commercial Paper. Short term unsecured promissory note issued by a company or financial institution. Issued at a discount and matures for par or face value. Usually a maximum maturity of 270 days and given a short-term debt rating by one or more NRSROs. Convexity. A measure of a bond's price sensitivity to changing interest rates. A high convexity indicates greater sensitivity of a bond's price to interest rate changes. Corporate Note. A debt instrument issued by a corporation with a maturity of greater than one year and less than ten years. Counterparty. The other party in a two party financial transaction. "Counterparty risk" refers to the risk that the other party to a transaction will fail in its related obligations. For example, the bank or broker/dealer in a repurchase agreement. Coupon Rate. Annual rate of interest on a debt security, expressed as a percentage of the bond's face value. Current Yield. Annual rate of return on a bond based on its price. Calculated as (coupon rate / price), but does not accurately reflect a bond's true yield level. Custody. Safekeeping services offered by a bank, financial institution, or trust company, referred to as the "custodian." Service normally includes the holding and reporting of the customer's securities, the collection and disbursement of income, securities settlement, and market values. Dealer. A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his/her own account. Delivery Versus Payment (DVP). Settlement procedure in which securities are delivered versus payment of cash, but only after cash has been received. Most security transactions, including those through the Fed Securities Wire system and DTC, are done DVP as a protection for both the buyer and seller of securities. Depository Trust Company (DTC). A firm through which members can use a computer to arrange for securities to be delivered to other members without physical delivery of certificates. A member of the Federal Reserve System and owned mostly by the New York Stock Exchange, the Depository Trust Company uses computerized debit and credit entries. Most corporate securities, commercial paper, CDs, and BAs clear through DTC. Derivatives. (1) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor, or (2) financial Packet Page -460- 10/14/2014 11 .C. contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities, or commodities). For hedging purposes, common derivatives are options, futures, interest rate swaps, and swaptions. All Collateralized Mortgage Obligations(CMOs)are derivatives. Derivative Security. Financial instrument created from, or whose value depends upon, one or more underlying assets or indexes of asset values. Designated Bond. FFCB's regularly issued, liquid, non-callable securities that generally have a 2 or 3 year original maturity. New issues of Designated Bonds are $1 billion or larger. Re-openings of existing Designated Bond issues are generally a minimum of$100 million. Designated Bonds are offered through a syndicate of two to six dealers. Twice each month the Funding Corporation announces its intention to issue a new Designated Bond, reopen an existing issue, or to not issue or reopen a Designated Bond. Issues under the Designated Bond program constitute the same credit standing as other FFCB issues; they simply add organization and liquidity to the intermediate-and long-term Agency market. Discount Notes. Unsecured general obligations issued by Federal Agencies at a discount. Discount notes mature at par and can range in maturity from overnight to one year. Very large primary (new issue) and secondary markets exist. Discount Rate. Rate charged by the system of Federal Reserve Banks on overnight loans to member banks. Changes to this rate are administered by the Federal Reserve and closely mirror changes to the "fed funds rate." Discount Securities. Non-interest bearing money market instruments that are issued at discount and redeemed at maturity for full face value. Examples include: U.S. Treasury Bills,Federal Agency Discount Notes, Bankers'Acceptances, and Commercial Paper. Discount. The amount by which a bond or other financial instrument sells below its face value. See also "Premium." Diversification. Dividing investment funds among a variety of security types, maturities, industries, and issuers offering potentially independent returns. Dollar Price. A bond's cost expressed as a percentage of its face value. For example, a bond quoted at a dollar price of 95 1/4, would have a principal cost of$955 per$1,000 of face value. Duff&Phelps. One of several NRSROs that provide credit ratings on corporate and bank debt issues. Duration. The weighted average maturity of a security's or portfolio's cash-flows, where the present values of the cash-flows serve as the weights. The greater the duration of a security/portfolio, the greater its percentage price volatility with respect to changes in interest rates. Used as a measure of risk and a key tool for managing a portfolio versus a benchmark and for hedging risk. There are also different kinds of duration used for different purposes (e.g. MacAuley Duration, Modified Duration). Fannie Mae. See "Federal National Mortgage Association." Fed Money Wire. A computerized communications system that connects the Federal Reserve System with its member banks. certain U. S. Treasury offices, and the Washington D.C. office of the Commodity Credit Corporation. The Fed Money Wire is the book entry system used to transfer cash balances between banks for themselves and for customer accounts. Packet Page -461- 10/14/2014 11 .C. Fed Securities Wire. A computerized communications system that facilitates book entry transfer of securities between banks, brokers and customer accounts, used primarily for settlement of U.S. Treasury and Federal Agency securities. Fed. See "Federal Reserve System." Federal Agency Security. A debt instrument issued by one of the Federal Agencies. Federal Agencies are considered second in credit quality and liquidity only to U.S. Treasuries. Federal Agency. Government sponsored/owned entity created by the U.S. Congress, generally for the purpose of acting as a financial intermediary by borrowing in the marketplace and directing proceeds to specific areas of the economy considered to otherwise have restricted access to credit markets. The largest Federal Agencies are GNMA,FNMA, FHLMC,FHLB,FFCB, SLMA,and TVA. Federal Deposit Insurance Corporation (FDIC). Federal agency that insures deposits at commercial banks, currently to a limit of$250,000 per depositor per bank. Federal Farm Credit Bank (FFCB). One of the large Federal Agencies. A government sponsored enterprise (GSE) system that is a network of cooperatively-owned lending institutions that provides credit services to farmers, agricultural cooperatives and rural utilities. The FFCBs act as financial intermediaries that borrow money in the capital markets and use the proceeds to make loans and provide other assistance to farmers and farm-affiliated businesses. Consists of the consolidated operations of the Banks for Cooperatives, Federal Intermediate Credit Banks, and Federal Land Banks. Frequent issuer of discount notes, agency notes and callable agency securities. FFCB debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and agricultural industry. Also issues notes under its "designated note" program. Federal Funds (Fed Funds). Funds placed in Federal Reserve Banks by depository institutions in excess of current reserve requirements, and frequently loaned or borrowed on an overnight basis between depository institutions. Federal Funds Rate (Fed Funds Rate). The interest rate charged by a depository institution lending Federal Funds to another depository institution. The Federal Reserve influences this rate by establishing a "target" Fed Funds rate associated with the Fed's management of monetary policy. Federal Home Loan Bank System (FHLB). One of the large Federal Agencies. A government sponsored enterprise(GSE) system, consisting of wholesale banks (currently twelve district banks) owned by their member banks, which provides correspondent banking services and credit to various financial institutions, financed by the issuance of securities. The principal purpose of the FHLB is to add liquidity to the mortgage markets. Although FHLB does not directly fund mortgages, it provides a stable supply of credit to thrift institutions that make new mortgage loans. FHLB debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes and callable agency securities. Also issues notes under its "global note" and"TAP"programs. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac"). One of the large Federal Agencies. A government sponsored public corporation (GSE) that provides stability and assistance to the secondary market for home mortgages by purchasing first mortgages and participation interests financed by the sale of debt and guaranteed mortgage backed securities. FHLMC debt is not an obligation of,nor is it guaranteed by the U.S. government. although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes. callable agency securities. and MBS. Also issues notes under its"reference note" program. Packet Page -462- 10/14/2014 11 .C. Federal National Mortgage Association (FNMA or "Fannie Mae"). One of the large Federal Agencies. A government sponsored public corporation (GSE) that provides liquidity to the residential mortgage market by purchasing mortgage loans from lenders, financed by the issuance of debt securities and MBS (pools of mortgages packaged together as a security). FNMA debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, callable agency securities and MBS. Also issues notes under its"benchmark note"program. Federal Reserve Bank. One of the 12 distinct banks of the Federal Reserve System. Federal Reserve System (the Fed). The independent central bank system of the United States that establishes and conducts the nation's monetary policy. This is accomplished in three major ways: (1) raising or lowering bank reserve requirements, (2) raising or lowering the target Fed Funds Rate and Discount Rate, and (3) in open market operations by buying and selling government securities. The Federal Reserve System is made up of twelve Federal Reserve District Banks, their branches, and many national and state banks throughout the nation. It is headed by the seven member Board of Governors known as the"Federal Reserve Board" and headed by its Chairman. Financial Industry Regulatory Authority, Inc. (FINRA). A private corporation that acts as a self-regulatory organization (SRO). FTNRA is the successor to the National Association of Securities Dealers, Inc. (NASD). Though sometimes mistaken for a government agency, it is a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets. The government also has a regulatory arm for investments,the Securities and Exchange Commission (SEC). Fiscal Agent/Paying Agent. A bank or trust company that acts, under a trust agreement with a corporation or municipality, in the capacity of general treasurer. The agent performs such duties as making coupon payments. paying rents, redeeming bonds, and handling taxes relating to the issuance of bonds. Fitch Investors Service, Inc. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. Floating Rate Security (FRN or "floater"). A bond with an interest rate that is adjusted according to changes in an interest rate or index. Differs from variable-rate debt in that the changes to the rate take place immediately when the index changes, rather than on a predetermined schedule. See also "Variable Rate Security." Freddie Mac. See "Federal Home Loan Mortgage Corporation." Ginnie Mae. See "Government National Mortgage Association." Global Notes: Notes designed to qualify for immediate trading in both the domestic U.S. capital market and in foreign markets around the globe. Usually large issues that are sold to investors worldwide and therefore have excellent liquidity. Despite their global sales, global notes sold in the U.S. are typically denominated in U.S. dollars. Government National Mortgage Association (GNMA or "Ginnie Mae"). One of the large Federal Agencies. Government-owned Federal Agency that acquires, packages, and resells mortgages and mortgage purchase commitments in the form of mortgage-backed securities. Largest issuer of mortgage pass-through securities. GNMA debt is guaranteed by the full faith and credit of the U.S. government (one of the few agencies that are actually full faith and credit of the U.S. government). Packet Page -463- 10/14/2014 11 .C. Government Securities. An obligation of the U.S. government, backed by the full faith and credit of the government. These securities are regarded as the highest quality of investment securities available in the U.S. securities market. See"Treasury Bills,Notes,Bonds, and SLGS." Government Sponsored Enterprise (GSE). Privately owned entity subject to federal regulation and supervision, created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy such as students, farmers, and homeowners. GSEs carry the implicit backing of the U.S. government, but they are not direct obligations of the U.S. government. For this reason, these securities will offer a yield premium over U.S. Treasuries. Examples of GSEs include: FHLB, FHLMC, FNMA, and SLMA. Government Sponsored Enterprise Security. A security issued by a Government Sponsored Enterprise. Considered Federal Agency Securities. Index. A compilation of statistical data that tracks changes in the economy or in financial markets. Interest-Only (I0) STRIP. A security based solely on the interest payments from the bond. After the principal has been repaid, interest payments stop and the value of the security falls to nothing. Therefore, IOs are considered risky investments.Usually associated with mortgage-backed securities. Internal Controls. An internal control structure ensures that the assets of the entity are protected from loss, theft, or misuse. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that 1)the cost of a control should not exceed the benefits likely to be derived and 2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points: 1. Control of collusion - Collusion is a situation where two or more employees are working in conjunction to defraud their employer. 2. Separation of transaction authority from accounting and record keeping - A separation of duties is achieved by separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction. 3. Custodial safekeeping - Securities purchased from any bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping. 4. Avoidance of physical delivery securities-Book-entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. 5. Clear delegation of authority to subordinate staff members - Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities. 6. Written confirmation of transactions for investments and wire transfers - Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures. Packet Page -464- 10/14/2014 11.C. 7. Development of a wire transfer agreement with the lead bank and third-party custodian - The designated official should ensure that an agreement will be entered into and will address the following points: controls, security provisions, and responsibilities of each party making and receiving wire transfers. Inverse Floater. A floating rate security structured in such a way that it reacts inversely to the direction of interest rates. Considered risky as their value moves in the opposite direction of normal fixed-income investments and whose interest rate can fall to zero. Investment Advisor. A company that provides professional advice managing portfolios, investment recommendations, and/or research in exchange for a management fee. Investment Adviser Act of 1940. Federal legislation that sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations. Investment Grade. Bonds considered suitable for preservation of invested capital, including bonds rated a minimum of Baa3 by Moody's, BBB-by Standard & Poor's, or BBB- by Fitch. Although "BBB" rated bonds are considered investment grade, most public agencies cannot invest in securities rated below "A." Liquidity. Relative ease of converting an asset into cash without significant loss of value. Also, a relative measure of cash and near-cash items in a portfolio of assets. Additionally, it is a term describing the marketability of a money market security correlating to the narrowness of the spread between the bid and ask prices. Local Government Investment Pool (LGIP). An investment by local governments in which their money is pooled as a method for managing local funds, (e.g., Florida State Board of Administration's Florida Prime Fund). Long-Term Core Investment Program. Funds that are not needed within a one-year period. Market Value. The fair market value of a security or commodity. The price at which a willing buyer and seller would pay for a security. Mark-to-market. Adjusting the value of an asset to its market value, reflecting in the process unrealized gains or losses. Master Repurchase Agreement. A widely accepted standard agreement form published by the Securities Industry and Financial Markets Association (SIFMA) that is used to govern and document Repurchase Agreements and protect the interest of parties in a repo transaction. Maturity Date. Date on which principal payment of a financial obligation is to be paid. Medium Term Notes (MTN's). Used frequently to refer to corporate notes of medium maturity (5-years and under). Technically. any debt security issued by a corporate or depository institution with a maturity from 1 to 10 years and issued under an MTN shelf registration. Usually issued in smaller issues with varying coupons and maturities, and underwritten by a variety of broker/dealers (as opposed to large corporate deals issued and underwritten all at once in large size and with a fixed coupon and maturity). Money Market. The market in which short-term debt instruments (bills, commercial paper, bankers' acceptance. etc.) are issued and traded. Packet Page -465- 10/14/2014 11 .C. Money Market Mutual Fund (MMF). A type of mutual fund that invests solely in money market instruments, such as: U.S. Treasury bills, commercial paper, bankers' acceptances, and repurchase agreements. Money market mutual funds are registered with the SEC under the Investment Company Act of 1940 and are subject to "rule 2a-7" which significantly limits average maturity and credit quality of holdings. MMF's are managed to maintain a stable net asset value (NAV) of$1.00. Many MMFs carry ratings by a NRSRO. Moody's Investors Service. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. Mortgage Backed Securities (MBS). Mortgage-backed securities represent an ownership interest in a pool of mortgage loans made by financial institutions, such as savings and loans, commercial banks, or mortgage companies, to finance the borrower's purchase of a home or other real estate. The majority of MBS are issued and/or guaranteed by GNMA, FNMA, and FHLMC. There are a variety of MBS structures with varying levels of risk and complexity. All MBS have reinvestment risk as actual principal and interest payments are dependent on the payment of the underlying mortgages which can be prepaid by mortgage holders to refinance and lower rates or simply because the underlying property was sold. Mortgage Pass-Through Securities. A pool of residential mortgage loans with the monthly interest and principal distributed to investors on a pro-rata basis. The largest issuer is GNMA. Municipal Note/Bond. A debt instrument issued by a state or local government unit or public agency.The vast majority of municipals are exempt from state and federal income tax, although some non-qualified issues are taxable. Mutual Fund. Portfolio of securities professionally managed by a registered investment company that issues shares to investors. Many different types of mutual funds exist (e.g., bond, equity, and money market funds); all except money market funds operate on a variable net asset value(NAV). Negotiable Certificate of Deposit (Negotiable CD). Large denomination CDs ($100,000 and larger) that are issued in bearer form and can be traded in the secondary market. Net Asset Value. The market value of one share of an investment company, such as a mutual fund. This figure is calculated by totaling a fund's assets including securities, cash, and any accrued earnings, then subtracting the total assets from the fund's liabilities, and dividing this total by the number of shares outstanding. This is calculated once a day based on the closing price for each security in the fund's portfolio. (See below.) [(Total assets)-(Liabilities)]/(Number of shares outstanding) NRSRO. A "Nationally Recognized Statistical Rating Organization" (NRSRO) is a designated rating organization that the SEC has deemed a strong national presence in the U.S. NRSROs provide credit ratings on corporate and bank debt issues. Only ratings of a NRSRO may be used for the regulatory purposes of rating. Includes Moody's, S&P, Fitch, and Duff&Phelps. Offered Price. See also "Ask Price." Open Market Operations. A Federal Reserve monetary policy tactic entailing the purchase or sale of government securities in the open market by the Federal Reserve System from and to primary dealers in order to influence the money supply, credit conditions,and interest rates. Par Value. The face value, stated value, or maturity value of a security. Packet Page -466- 10/14/2014 11 .C. Physical Delivery. Delivery of readily available underlying assets at contract maturity. Portfolio. Collection of securities and investments held by an investor. Premium. The amount by which a bond or other financial instrument sells above its face value. See also "Discount." Primary Dealer. A designation given to certain government securities dealer by the Federal Reserve Bank of New York. Primary dealers can buy and sell government securities directly with the Fed. Primary dealers also submit daily reports of market activity and security positions held to the Fed and are subject to its informal oversight. Primary dealers are the largest buyers and sellers by volume in the U.S. Treasury securities market. Prime Paper. Commercial paper of high quality. Highest rated paper is A-1+/A-1 by S&P and P-1 by Moody's. Principal. Face value of a financial instrument on which interest accrues. May be less than par value if some principal has been repaid or retired. For a transaction, principal is par value times price and includes any premium or discount. Prudent Expert Rule. Standard that requires that a fiduciary manage a portfolio with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. This statement differs from the "prudent person" rule in that familiarity with such matters suggests a higher standard than simple prudence. Prudent Investor Standard. Standard that requires that when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill,prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. More stringent than the "prudent person' standard as it implies a level of knowledge commensurate with the responsibility at hand. Qualified Public Depository - Per Subsection 280.02(26), F.S., "qualified public depository" means any bank, savings bank, or savings association that: 1. Is organized and exists under the laws of the United States,the laws of this state or any other state or territory of the United States. 2. Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state. 3. Has deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss.1811 et seq. 4. Has procedures and practices for accurate identification, classification, reporting, and collateralization of public deposits. 5. Meets all requirements of Chapter 280,F.S. 6. Has been designated by the Chief Financial Officer as a qualified public depository. Packet Page -467- 10/14/2014 11 .C. Range Note. A type of structured note that accrues interest daily at a set coupon rate that is tied to an index. Most range notes have two coupon levels; a higher accrual rate for the period the index is within a designated range, the lower accrual rate for the period that the index falls outside the designated range. This lower rate may be zero and may result in zero earnings. Rate of Return. Amount of income received from an investment, expressed as a percentage of the amount invested. Realized Gains (Losses). The difference between the sale price of an investment and its book value. Gains/losses are "realized" when the security is actually sold, as compared to "unrealized" gains/losses which are based on current market value. See"Unrealized Gains(Losses)." Reference Bills: FHLMC's short-term debt program created to supplement its existing discount note program by offering issues from one month through one year, auctioned on a weekly or on an alternating four-week basis (depending upon maturity) offered in sizeable volumes ($1 billion and up) on a cycle of regular, standardized issuance. Globally sponsored and distributed, Reference Bill issues are intended to encourage active trading and market-making and facilitate the development of a term repo market. The program was designed to offer predictable supply, pricing transparency, and liquidity, thereby providing alternatives to U.S. Treasury bills. FHLMC's Reference Bills are unsecured general corporate obligations. This program supplements the corporation's existing discount note program. Issues under the Reference program constitute the same credit standing as other FHLMC discount notes; they simply add organization and liquidity to the short-term Agency discount note market. Reference Notes: FHLMC's intermediate-term debt program with issuances of 2, 3, 5, 10, and 30-year maturities.Initial issuances range from $2- $6 billion with re-openings ranging $1 - $4 billion. The notes are high-quality bullet structures securities that pay interest semiannually. Issues under the Reference program constitute the same credit standing as other FHLMC notes; they simply add organization and liquidity to the intermediate-and long-term Agency market. Repurchase Agreement (Repo). A short-term investment vehicle where an investor agrees to buy securities from a counterparty and simultaneously agrees to resell the securities back to the counterparty at an agreed upon time and for an agreed upon price. The difference between the purchase price and the sale price represents interest earned on the agreement. In effect, it represents a collateralized loan to the investor, where the securities are the collateral. Can be DVP, where securities are delivered to the investor's custodial bank, or "tri-party" where the securities are delivered to a third party intermediary. Any type of security can be used as "collateral," but only some types provide the investor with special bankruptcy protection under the law. Repos should be undertaken only when an appropriate Securities industry and Financial Markets Association (SIFMA) approved master repurchase agreement is in place. Reverse Repurchase Agreement (Reverse Repo). A repo from the point of view of the original seller of securities. Used by dealers to finance their inventory of securities by essentially borrowing at short- term rates. Can also be used to leverage a portfolio and in this sense, can be considered risky if used improperly. Safekeeping. Service offered for a fee. usually by financial institutions, for the holding of securities and other valuables. Safekeeping is a component of custody services. Secondary Market. Markets for the purchase and sale of any previously issued financial instrument. Securities Industry and Financial Markets Association (SIFMA). The bond market trade association representing the largest securities markets in the world. In addition to publishing a Master Repurchase Packet Page -468- 10/14/2014 11.C. Agreement, widely accepted as the industry standard document for Repurchase Agreements, the SIFMA also recommends bond market closures and early closes due to holidays. Securities Lending. An arrangement between and investor and a custody bank that allows the custody bank to "loan" the investors investment holdings, reinvest the proceeds in permitted investments, and shares any profits with the investor. Should be governed by a securities lending agreement. Can increase the risk of a portfolio in that the investor takes on the default risk on the reinvestment at the discretion of the custodian. Sinking Fund. A separate accumulation of cash or investments (including earnings on investments) in a fund in accordance with the terms of a trust agreement or indenture, funded by periodic deposits by the issuer (or other entity responsible for debt service), for the purpose of assuring timely availability of moneys for payment of debt service. Usually used in connection with term bonds. Spread. The difference between the price of a security and similar maturity U.S. Treasury investments, expressed in percentage terms or basis points. A spread can also be the absolute difference in yield between two securities. The securities can be in different markets or within the same securities market between different credits, sectors, or other relevant factors. Standard & Poor's. One of several NRSROs that provide credit ratings on corporate and municipal debt issues. STRIPS (Separate Trading of Registered Interest and Principal of Securities). Acronym applied to U.S. Treasury securities that have had their coupons and principal repayments separated into individual zero-coupon Treasury securities. The same technique and "strips" description can be applied to non- Treasury securities (e.g., FNMA strips). Structured Notes. Notes that have imbedded into their structure options such as step-up coupons or derivative-based returns. Supranational. Supranational organizations are international financial institutions that are generally established by agreements among nations, with member nations contributing capital and participating in management. These agreements provide for limited immunity from the laws of member countries. Bonds issued by these institutions are part of the broader class of Supranational, Sovereign, and Non-U.S. Agency (SSA) sector bonds. Supranational bonds finance economic and infrastructure development and support environmental protection, poverty reduction, and renewable energy around the globe. For example, the World Bank. International Finance Corporation (IFC), and African Development Bank (AfDB) have `'green bond" programs specifically designed for energy resource conservation and management. Supranational bonds, which are issued by multi-national organizations that transcend national boundaries. Examples include the World Bank, African Development Bank, and European Investment Bank. Swap. Trading one asset for another. TAP Notes: Federal Agency notes issued under the FHLB TAP program. Launched in 6/99 as a refinement to the FHLB bullet bond auction process. In a break from the FHLB's traditional practice of bringing numerous small issues to market with similar maturities, the TAP Issue Program uses the four most common maturities and reopens them up regularly through a competitive auction. These maturities (2. 3, 5, and 10 year) will remain open for the calendar quarter. after which they will be closed and a new series of TAP issues will be opened to replace them. This reduces the number of separate bullet bonds issued. hut generates enhanced awareness and liquidity in the marketplace through increased issue size and secondary market volume. Packet Page -469- 10/14/2014 11 .C. Tennessee Valley Authority (TVA). One of the large Federal Agencies. A wholly owned corporation of the United States government that was established in 1933 to develop the resources of the Tennessee Valley region in order to strengthen the regional and national economy and the national defense. Power operations are separated from non-power operations. TVA securities represent obligations of TVA, payable solely from TVA's net power proceeds, and are neither obligations of nor guaranteed by the United States. TVA is currently authorized to issue debt up to $30 billion. Under this authorization, TVA may also obtain advances from the U.S. Treasury of up to $150 million.Frequent issuer of discount notes, agency notes, and callable agency securities. Total Return. Investment performance measured over a period of time that includes coupon interest, interest on interest, and both realized and unrealized gains or losses. Total return includes, therefore, any market value appreciation/depreciation on investments held at period end. Treasuries. Collective term used to describe debt instruments backed by the U.S. government and issued through the U.S. Department of the Treasury. Includes Treasury bills, Treasury notes, and Treasury bonds. Also a benchmark term used as a basis by which the yields of non-Treasury securities are compared (e.g., "trading at 50 basis points over Treasuries"). Treasury Bills (T-Bills). Short-term direct obligations of the United States government issued with an original term of one year or less. Treasury bills are sold at a discount from face value and do not pay interest before maturity. The difference between the purchase price of the bill and the maturity value is the interest earned on the bill. Currently,the U.S.Treasury issues 4-week, 13-week, and 26-week T-Bills. Treasury Bonds. Long-term interest-bearing debt securities backed by the U.S. government and issued with maturities often years and longer by the U.S. Department of the Treasury. Treasury Notes. Intermediate interest-bearing debt securities backed by the U.S. government and issued with maturities ranging from one to ten years by the U.S. Department of the Treasury. The Treasury currently issues 2-year, 3-year, 5-year, and 10-year Treasury Notes. Trustee. A bank designated by an issuer of securities as the custodian of funds and official representative of bondholders. Trustees are appointed to insure compliance with the bond documents and to represent bondholders in enforcing their contract with the issuer. Uniform Net Capital Rule. SEC Rule 15c3-1 that outlines the minimum net capital ratio (ratio of indebtedness to net liquid capital)of member firms and non-member broker/dealers. Unrealized Gains (Losses). The difference between the market value of an investment and its book value. Gains/losses are "realized" when the security is actually sold, as compared to "unrealized" gains/losses which are based on current market value. See also "Realized Gains (Losses)." Variable-Rate Security. A bond that bears interest at a rate that varies over time based on a specified schedule of adjustment(e.g., daily, weekly, monthly, semi-annually, or annually). See also "Floating Rate Note." Weighted Average Maturity (or just "Average Maturity"). The average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. A simple measure of risk of a fixed-income portfolio. Weighted Average Maturity to Call. The average maturity of all securities and investments of a portfolio, adjusted to substitute the first call date per security for maturity date for those securities with call provisions. Packet Page -470- 10/14/2014 11.C. Yield Curve. A graphic depiction of yields on like securities in relation to remaining maturities spread over a time line. The traditional yield curve depicts yields on U.S. Treasuries, although yield curves exist for Federal Agencies and various credit quality corporates as well. Yield curves can be positively sloped (normal) where longer-term investments have higher yields, or "inverted" (uncommon) where longer- term investments have lower yields than shorter ones. Yield to Call (YTC). Same as "Yield to Maturity," except the return is measured to the first call date rather than the maturity date. Yield to call can be significantly higher or lower than a security's yield to maturity. Yield to Maturity (YTM). Calculated return on an investment, assuming all cash-flows from the security are reinvested at the same original yield. Can be higher or lower than the coupon rate depending on market rates and whether the security was purchased at a premium or discount. There are different conventions for calculating YTM for various types of securities. Yield. There are numerous methods of yield determination. In this glossary, see also "Current Yield," "Yield Curve," "Yield to Call," and "Yield to Maturity." Packet Page -471- 10/14/2014 11 .C. Attachment B Investment Pool/Fund Questionnaire 1. A description of eligible investment securities, and a written statement of investment policy and obj ectives. 2. A description of interest calculations and how it is distributed, and how gains and losses are treated. 3. A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited. 4. A description of who may invest in the program, how often, what size deposit and withdrawal are allowed. 5. A schedule for receiving statements and portfolio listings. 6. Are reserves,retained earnings, etc. utilized by the pool/fund? 7. A fee schedule, and when and how is it assessed. 8. Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? Packet Page -472-