Calculation of Minimum Lease Payment by ydm18116

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									Something To Think About Corporate Lease Accounting:
                                                                                                   An in-depth look into the pending accounting changes

How will FASB’s pending changes to GAAP surrounding accounting treatment for leases impact Lessee’s?

The proposed changes to Generally Accepted Accounting Principles (“GAAP”), when accounting for real estate (and equipment) lease commitments, will significantly change
recognition for leases that are now classified as operating leases. Once codified by the Financial Accounting Standards Board (“FASB”), assets will then be classified predicated
on a corporation’s “right-to-use” the leased property, whereas a lease liability will be classified based upon a corporation’s obligation to pay rent.

The objective of the lease accounting being considered by FASB and the International Accounting Standards Board (“IASB”), is to create a common lease
accounting standard to ensure that assets and liabilities arising from lease contracts are uniformly recognized in the financial statements. Currently, similar
transactions can be accounted for very differently. In the eyes of the FASB, this has created difficulty in distinguishing the true financial condition for companies
with significant leasehold interests. Additionally, the current standards allow companies to structure leases to achieve a desired/predetermined lease accounting
treatment. The new standard, if adopted, would eliminate that flexibility.

In prior project update articles, we specifically dealt with the questions surrounding the importance of the pending revisions to corporate lease accounting rules
and to what degree corporations should be concerned with these anticipated changes. In response, many of our corporate clients have been asking astute follow-
up questions surrounding these pending GAAP revisions. This updated edition will attempt to provide several key preliminary answers to many of these questions,
albeit strictly from the standpoint of the corporate lessee.
Questions Addressed:
What leases will be impacted by these pending accounting standard changes? ........................................................................................................................................................2
What about current operating leases, some of which are near the end of the lease term? ....................................................................................................................................... 2
What type of companies may be most affected by the new lease accounting changes? ................................................................................................................................................................2
How will this rule change affect corporate financial statements? ...............................................................................................................................................................................3
How is the asset (right-to-use) and liability (obligation to pay rent) calculated as a result of this shift methodology? ...........................................................................................4
How is annual interest expense and amortization calculated? .....................................................................................................................................................................................5
What are specific journal entries required to record the asset, liability and annual expenses associated with the lease obligation? .....................................................................6
Will the required lease mechanics materially affect a company’s financial statements when compared to current standards of accounting? .....................................................7
Will the legislation impact how we structure future leases? ........................................................................................................................................................................................8
What will be the impact of a change in incremental borrowing cost? .........................................................................................................................................................................9
Will this accounting change impact corporate lease vs. buy decisions? ......................................................................................................................................................................9
What is the current estimated FASB / IASB timetable? ............................................................................................................................................................................................. 10




                                                                                                                                                                                                                                                Page 1 of 11
What leases will be impacted by these pending accounting standard changes?

In short, ALL leases will be impacted. More specifically, any current or future operating or capital leases that do not represent the purchase or sale of assets will
be subject to the new lease accounting guidelines. To assist corporations on the matter, FASB has published guidance for all leases, both long-term (more than
one year) and short-term (less than one year).




What about current operating leases, some of which are near the end of the lease term?

Unfortunately, FASB’s proposed code language does not provide for “Grandfathering.” Nor will it provide any other means for an exception from compliance, to
include the time period remaining on a pre-existing lease contract.




What type of companies may be most affected by the new lease accounting changes?

It is likely that banks, insurance companies, airlines, and a broad category of
both manufacturers and retailers who have significant leasehold interests and       Corporate Realignment & Collaboration..An Important Benefit:
a broad spectrum of lease covenants, will be most affected by these changes         The inevitability of the legislation may produce a significant beneficial outcome
to GAAP once codified by FASB.                                                      in the form of more unified corporate collaboration. For large organizations, the
                                                                                    corporate finance, treasury and real estate departments will need to work in unison
For banks and insurance companies specifically, regulatory rules will also likely   with operational business units. This coordination will ensure that companies strike
be impacted. For most “bricks and mortar” retailers, the cost of real estate        a balance between required lease obligations and resulting impacts to the financial
is a significant existing P&L burden. As a result, the anticipated accounting       statements. The intended consequence of necessary divisional cooperation should be
treatment can have a significant impact on corporate performance metrics,           improved value-engineering and a higher degree of efficiency in the implementation
especially within the early years of the lease.                                     and compliance process

Ultimately, all companies will need to establish sound processes that best
fit their particular operations, but remain flexible so they can adapt to the
new lease accounting mandates. Corporations will be required to establish
procedures aimed at making the implementation process as efficient as possible.




                                                                                                                                                                Page 2 of 11
How will this rule change affect corporate financial
statements?                                                                     Exhibit A - Summary of Accounting and Reporting by Lessees

The corresponding Exhibit A depicts the general accounting and disclosure
                                                                                                          Capital Lease                                     Current SFAS 13
requirements that are included within the pending code changes,
compared with current “operating lease” disclosure requirements. It is                                ALL FUTURE LEASES                                     Operating Leases
strongly advised that corporations become acutely aware of the following        Accounting      › Upon commencement, “capitalize” an asset            › Do not capitalize either the leased
financial ramifications that will result from the new lease accounting                            and obligation equal to the present value of          asset or obligation.
                                                                                Treatment         minimum lease payments, over the lease term.        › Rent expense is recognized on a
rules:                                                                                          › Do not “capitalize” Lessor operating expenses         straight-line basis over the term of
                                                                                                  (e.g. insurance, maintenance, taxes) under a          the lease.
 › The capitalization of trillions of dollars onto corporate balance sheets                       net lease.
   will result in a massive shift in financial statement presentation and                       › May capitalize initial direct costs incurred by
   will affect metrics across all industries.                                                     Lessee in lease formation.
                                                                                                › Assumes longest possible lease term, which is
 › There will no longer be rent expense for long-term leases. Instead,                            likely to occur.
                                                                                                › Includes estimates of contingent rents, term
   the “right-to-use” will be reported in the form of interest expense and                        option penalties and residual guaranties.
   amortization, which will result in improved EBITDA for corporations,                         › Capitalization discount rate utilized is Lessee’s
   as expenses are pushed “below the line.”                                                       incremental borrowing cost
                                                                                                › Calculations and disclosures of accounting
 › The rules will result in a substantial increase in assets and liabilities                      treatment will be updated quarterly, based
                                                                                                  upon changes in assumptions, market
   on corporate balance sheets. This will likely result in material impacts                       conditions, capital access, et al.
   to management effectiveness ratios. Time will tell as to whether the
   result will materially impact financial covenants, credit ratings, capital
   access and ultimately market capitalization for public companies.            Balance Sheet   › Assets and liabilities recorded in capitalized
                                                                                Presentation      leases must be separately identified in the
 › As reported in past Colliers publications, the new rules will add                              balance sheet and footnotes.
                                                                                                                                                      › Not recorded on the balance sheet.
                                                                                                › Liabilities are subject to the same conditions
   complexity to the financial statement reporting process. Whether it                            as other liabilities and should be allocated
   will add clarity and certainty is another matter. For sure, the real                           between current and noncurrent elements.
   estate approval process will become more onerous. Additionally,
   costs associated with the accounting and quarterly reconciliation of         Disclosure      › General description of the leasing                  › General description of the leasing
   leases will add to the cost of accounting for the new and existing           Requirements
                                                                                                  arrangements. Include the existence and               arrangements. Include the existence
   leases. The unanswered query … will the likely significant increases                           terms of renewal or purchase options,                 and terms of renewal or purchase
                                                                                                  escalation clauses, and restrictions imposed          options, escalation clauses, and
   in accounting costs result in REAL substantive benefits?                                       by lease agreements.                                  restrictions imposed by lease
                                                                                                › Quantitative and qualitative financial
 › Companies will be forced to review lease structures much more                                  information that:
                                                                                                                                                        agreements.
                                                                                                                                                      › Aggregate future minimum lease
   closely before execution. Factors to include the type of lease, length                           1. Identifies and explains amounts recognized       payments for each of the five
   of the lease commitments, options terms and sublease rights may                                in financial statements include the nature of         succeeding fiscal years.
   have a material impact on the corporate balance sheet, especially                              exisiting arrangements and principal terms of       › Minimum sublease rentals to be
                                                                                                  prospective lease commencements.
   when aggregated across a large portfolio of leased properties.                                   2. Describes how leases affect the amount,
                                                                                                                                                        received in the future under non-
                                                                                                                                                        cancelable subleases.
                                                                                                  timing and uncertainty of future cash flows.
In future articles, we will cover the issues and impacts surrounding                            › Reconciliation of opening and closing balances
subleases, sale/leasebacks, contingent rents, foreign leases and other                            for assets and liabilities.
                                                                                                › Gross assets presented in the aggregate and
important lease related concepts.                                                                 in major classes by nature or function.
                                                                                                › Aggregate future minimum lease payments,
                                                                                                  interest, amortization and profits for each of
                                                                                                  the five succeeding fiscal years.
                                                                                                › Minimum sublease rentals to be received in
                                                                                                  the future under non-cancelable subleases.

                                                                                                                                                                                     Page 3 of 11
How is the asset (right-to-use) and liability (obligation to pay rent) calculated as a result of this shift in methodology?


The best way to answer this question is via a generic case study. Our                                   Exhibit B
example will consider a standard NNN lease with the following assumptions
shown in the table below:                                                                                                  Current Operating Lease Rent Calculation
Table 1                                                                                                                Minimum Lease          Annual GAAP Rent       "Cash vs. GAAP Variance
                                                                                                           Year
                                                                                                                     Payment (Cash Flow)      (Straight Line Rent)        (Deferred Rent)"
 Lease Assumptions                                                                                        Year 0                                                               $0
   Lease Square Footage                                                                    10,000         Year 1           $120,000                $134,441                 ($14,441)
   Beginning Lease Rate / SF / Annum                                                      $12.00          Year 2           $123,000                $134,441                 ($11,441)
   Beginning Lease Rate / Annum                                                         $120,000          Year 3           $126,075                $134,441                  ($8,366)

   Lease Term                                                                            10 years         Year 4           $129,227                $134,441                  ($5,214)

   Annual Rent Growth                                                                      2.50%          Year 5           $132,458                $134,441                  ($1,983)
                                                                                                          Year 6           $135,769                $134,441                  $1,328
 Corporate Assumptions
                                                                                                          Year 7           $139,163                $134,441                  $4,723
   Discount Rate*                                                                         10.00%          Year 8           $142,642                $134,441                  $8,202
*Note 1: The discount rate used to determine the present value of net lease payments may be a product     Year 9           $146,208                $134,441                  $11,768
of either (1) the Lessee’s incremental borrowing rate or (2) the rate the lessor charges the lessee.
                                                                                                          Year 10          $149,864                $134,441                  $15,423

Exhibit B, on the right depicts, the minimum lease payment calculation and                                TOTAL           $1,344,406              $1,344,406                  ($0)

the annual GAAP rent calculation under current SFAS 13 operating lease                                    Net Present Value        $810,355
accounting standards. In our lease example, we have assumed that the
discount rate is 10%. As a result, the NPV of minimum lease payments is
$810,355 and represents the asset and liability, which should be recognized
upon execution of the lease obligation.                                                                 Table 2

As shown below, the gross minimum lease payments, less the NPV of                                        Results
minimum lease payments, results in the “Discount on Lease Liability.” These                               Gross Liability Under the Lease                                      $1,344,406
are important components of the anticipated lease accounting mechanics as                                 Net Present Value - Minimum Lease Payments                           ($810,355)
shown on the following pages. Table 2 below shows the resulting calculation
                                                                                                          Discount on Lease Liability                                            $534,051
of the discount on lease liability, equal to $534,051.




                                                                                                                                                                                    Page 4 of 11
How is annual interest expense and amortization calculated?
The process of calculating the capital lease interest and amortization for every lease will likely be a significant burden on corporations. To simplify the process,
Colliers recommends the development of a Capital Lease Interest and Amortization Schedule, as depicted within Exhibit C. For the convenience of our corporate
clientele, Colliers has developed a simplified and easy-to-use “Capital Lease Calculator” for this specific purpose.

In this case study example, the interest expense is a factor of the discount rate multiplied by the “Net Lease Liability” outstanding during the year. The asset
amortization is calculated on a straight-line basis over the minimum lease term or useful life of the asset, whichever is shorter.

                                                         Capital Lease Interest and Amortization Schedule
                                                                                         Exhibit C


                                   Ending Gross        Ending Discount                                                                                                 Ending Leasehold
                                                                                                     Ending Net Liability
                Minimum Lease        Liability         on Lease Liability                                                            Amortization of    Accumulated         Rights
 Year                                                                            Interest Expense      During the Year
                   Payment         Reduced by Annual        Reduced by                                                               Leasehold Rights   Amortization    Reduced by Annual
                                                                                                     Gross Liability less Discount
                                       Payment         Annual Interest Expense                                                                                            Amortization

  Year 0                             $1,344,406              $534,051                                         $810,355                                                     ($810,355)
  Year 1          ($120,000)         $1,224,406              $453,015                ($81,036)                $771,391                    $81,036         $81,036          ($729,320)
  Year 2          ($123,000)         $1,101,406              $375,876                ($77,139)                $725,530                    $81,036         $162,071         ($648,284)
  Year 3          ($126,075)          $975,331               $303,323                ($72,553)                $672,008                    $81,036         $243,107         ($567,249)
  Year 4          ($129,227)          $846,104               $236,122                ($67,201)                $609,982                    $81,036         $324,142         ($486,213)
  Year 5          ($132,458)          $713,646               $175,124                ($60,998)                $538,522                    $81,036         $405,178         ($405,178)
  Year 6          ($135,769)          $577,877               $121,272                ($53,852)                $456,606                    $81,036         $486,213         ($324,142)
  Year 7          ($139,163)          $438,714                $75,611                ($45,661)                $363,103                    $81,036         $567,249         ($243,107)
  Year 8          ($142,642)          $296,072                $39,301                ($36,310)                $256,771                    $81,036         $648,284         ($162,071)
  Year 9          ($146,208)          $149,864                $13,624                ($25,677)                $136,240                    $81,036         $729,320         ($81,036)
  Year 10         ($149,864)              $0                     $0                  ($13,624)                   ($0)                     $81,036         $810,355            ($0)
  TOTAL          ($1,344,406)                                                       ($534,051)                                          $810,355
  Financial                                                                           Annual                                               Annual
                     Annual                                                                            Ending Balance Sheet                                              Ending Balance
  Statement                                                                         Profit & Loss                                       Profit & Loss
                Cash Flow Impact                                                                              Entry                                                       Sheet Entry
  Impact                                                                              Impact                                               Impact




                                                                                                                                                                                     Page 5 of 11
What are the specific journal entries required to record the asset, liability and annual expenses associated with the lease obligation?

In accordance with the interest and amortization calculations, as depicted in Exhibit C, the following entries are necessary upon lease commencement, in order
to record an asset for the right-to-use the leased property, and a liability for the corporation’s obligation to pay rent. Additionally, we have depicted in Table 4, an
example partial balance sheet, which reflects the recorded journal entries upon lease commencement.

Table 3                                                                                    Table 4

  Year 0 - Initial Journal Entry       Debit         Credit                                   Partial Balance Sheet - EOY 0
  Leasehold Rights                     $810,355                                               Assets
  Discount - Lease Liability           $534,051                                               Leasehold Rights                                 $810,355
  Liability Under Lease                             $1,344,406                                Less: Accumulated Amortization                         $0
                                                                                              Net Leasehold Rights                             $810,355
                                                                                              Liabilities
                                                                                              Liability Under Lease                           $1,344,406
                                                                                              Less: Discount - Lease Liability                ($534,051)
                                                                                              Net Liability Under Lease                        $810,355




At the end of the first year of the lease, the cash payments, amortization expense and interest expense are recorded as depicted within Table 5. A partial balance
sheet at the end of the first year, reflecting the required entries, is also depicted.

Table 5                                                                                    Table 6

  Year 1 - Recording Lease Payment                  Debit         Credit                     Partial Balance Sheet - EOY 1
  Liability Under Lease                              $120,000                                Assets
  Cash                                                            $120,000                   Leasehold Rights                                  $810,355

  Year 1 - Recording Asset Amortization                                                      Less: Accumulated Amortization                    ($81,036)
                                                     Debit        Credit
  (Leasehold Rights)                                                                         Net Leasehold Rights                              $729,320
  Amortization Expense                                $81,036                                Liabilities
  Accumulated Amortization                                         $81,036                   Liability Under Lease                            $1,224,406
  Year 1 - Recording Discount Amortization           Debit        Credit                     Less: Discount - Lease Liability                 ($453,015)
  Interest Expense                                    $81,036                                Net Liability Under Lease                         $771,391
  Discount Lease Liability                                         $81,036




                                                                                                                                                                Page 6 of 11
Will the required lease mechanics materially affect a company’s financial statements when compared to current standards of
accounting?
Simply put…Yes. It is likely that the effect on a company with significant lease obligations, will be material in the early years of the lease. Rental expense will
no longer be reported on a straight-line basis, as predicated under SFAS 13 rules. Rather, as a result of the implicit interest calculation resulting from the lease
asset and liability, lease related expenses will be significantly higher in the early years. As depicted within the case study example herein, the increase in lease
related expenses during the first year is approximately 21% when compared to straight-line (current GAAP rules) and 35% when compared to economic rents
(cash flow). Additionally, as described on page 9, a company’s incremental borrowing cost (if utilized), may also materially affect the recognition and disclosure
requirements.

Please Note
When compared over the entire lease term, there is no difference in the lease related expenses. The combined interest and amortization expenses are higher in early years and
lower in the later years of the lease.

                                                                        Operating vs. Capital Leases
                                                              Rent Recognition Under Three Alternate Methods
                                                                                         Exhibit D


                         Operating Lease                      Capital Lease                                  $190,000

   Year     Cash Flow     Rent Expense     Interest Expense     Amortization     Total                       $170,000

  Year 1     $120,000          $134,441             $81,036           $81,036    $162,071
                                                                                                             $150,000
  Year 2     $123,000          $134,441             $77,139           $81,036    $158,175



                                                                                             Annual Impact
  Year 3     $126,075          $134,441             $72,553           $81,036    $153,588                    $130,000

  Year 4     $129,227          $134,441             $67,201           $81,036    $148,236
                                                                                                             $110,000
  Year 5     $132,458          $134,441             $60,998           $81,036    $142,034
  Year 6     $135,769          $134,441             $53,852           $81,036    $134,888                     $90,000
  Year 7     $139,163          $134,441             $45,661           $81,036    $126,696
                                                                                                              $70,000
  Year 8     $142,642          $134,441             $36,310           $81,036    $117,346
  Year 9     $146,208          $134,441             $25,677           $81,036    $106,713                     $50,000
  Year 10    $149,864          $134,441             $13,624           $81,036     $94,659                           Year   1         2     3   4   5         6       7   8   9            10

  Total     $1,344,406        $1,344,406           $534,051          $810,355   $1,344,406
                                                                                                                               Cash Flow           Operating Lease               Capital Lease




                                                                                                                                                                                      Page 7 of 11
Will the legislation impact how we structure future leases?

Net lease structures, as opposed to gross lease structures, will likely become more appealing to corporations. Lower contractual lease payments, coupled with
shorter lease terms, will help to minimize impacts of capitalization by corporate lessees. Furthermore, the structure of any options and guarantees will also be
scrutinized as they will have a direct impact on the amount of the required capitalization.

Exhibit E below demonstrates the impact of lease terms when capitalized on the balance sheet. This exhibit also demonstrates that a consideration of the length of
lease term is important. The graphic demonstrates the impact of a 10-year lease, when compared to two, 5-year lease contracts. In contrasting a 10-year versus
an initial 5-year lease term, the P&L impact is approximately 15% greater under the longer 10-year term lease during the first year of the lease.


                                                        Comparison of Five- vs. Ten-Year Transactions
                                                                                                          Exhibit E



 Year     10-Year Lease    Two, 5-Year Leases                                                  $170,000
                                                                                               $160,000

                                                               Annual Lease Related Expenses

                                                 }
Year 1          $162,071             $142,793
Year 2          $158,175             $135,552                                                  $150,000
Year 3          $153,588             $127,288        Lease 1                                   $140,000
Year 4          $148,236             $117,890
                                                                                               $130,000
Year 5          $142,034             $107,237
                                                                                                                                                              10-Year Lea s e




                                                 }
Year 6          $134,888             $161,557                                                  $120,000
Year 7          $126,696             $153,365                                                  $110,000                                                       Two, 5-Year Lea s es
Year 8          $117,346             $144,015        Lease 2
Year 9          $106,713             $133,382
                                                                                               $100,000
Year 10          $94,659             $121,328                                                   $90,000
Total         $1,344,406            $1,344,406                                                  $80,000
                                                                                                               1      2   3   4   5      6   7   8   9   10
                                                                                                                                      Year




                                                                                                                                                                     Page 8 of 11
What will be the impact of a change in incremental borrowing cost?
Unquestionably, the prevailing interest rate environment, as well as the corporation’s credit quality, will determine the correct incremental borrowing rate used to
measure the “right-to-use” asset and liability. Moreover, the quarterly adjusted incremental borrowing cost will affect the lease capitalization calculation. Under a
circumstance where a company maintains a large portfolio of leased assets, a significant shift in a company’s incremental borrowing cost, period-to-period, will
result in a correspondingly material impact to the corporation’s balance sheet. The chart within Exhibit F demonstrates how changes within incremental borrowing
cost affects the balance sheet and first-year P&L in our case study example. Assuming a 300 basis point decrease in incremental borrowing cost, the reader can
see that a company will experience an approximate 15% increase in the corresponding asset and liability on its balance sheet. The Exhibit F below demonstrates
the related annual impact of lease related expenses over the 10-year lease term.




                                                           Affect of Discount Rate on Accounting
                                                                                Exhibit F


                                                                                                                      $170,000

                                                                                                                      $160,000
                                   Discount Rate
                                                                                                                      $150,000




                                                                                      Annual Lease Related Expenses
                                                                          %
 10-Year Transaction             7.00%       10.00%       Variance                                                    $140,000
                                                                       Variance
                                                                                                                      $130,000                                                                            Discount Rate
  Leasehold Rights / Liability                                                                                                                                                                                 7.00%
                                 $931,386     $810,355    ($121,031)       -14.9%                                     $120,000
  Under Lease                                                                                                                                                                                                  10.00%
                                                                                                                      $110,000
  Year 1 - Interest and
                                 $158,336     $162,071       $3,735          2.3%                                     $100,000
  Amortization Expense
                                                                                                                       $90,000

                                                                                                                       $80,000
                                                                                                                                 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10




Will this accounting change impact corporate lease vs. buy decisions?

Once codified, the new accounting rules will remove a major incentive for leasing by corporations. However, the lease versus buy decision will likely still be driven
by the realities of a corporation’s cost of capital and its access thereto. In short, cash flow based decision drivers will continue to have a more direct impact on
lease versus buy activities, rather than that of balance sheet considerations alone.




                                                                                                                                                                                                           Page 9 of 11
FASB / IASB Timetable

The following is a summarized timetable of next steps for the FASB and IASB:

                                   Commencement
              Steps                               Completion Date
                                      Date
  Exposure Draft                                    August 17, 2010
  Exposure Draft Comment             In Process   December 15, 2010
  Full New Standard Publication      In Process     Expected 2011
  Effective Date of New Standard                  Expected FYE 2010




                                                                 Colliers Lease Capitalization Calculator




Implementation
Colliers is not able to predict with 100% certainty whether the accounting rules will ultimately change, nor can we predict the timing of these changes. In the event that the
changes do occur, companies with many leases will need to invest in systems which currently are not maintained. These systems will be required to track lease obligations more
effectively, and will allow corporations to efficiently account for lease obligations.




                                                                                                                                                                     Page 10 of 11
For Further Information

Colliers will continue to monitor the accounting rule discussions and pending rule changes. Let us help you remain informed and knowledgeable of the potential
impacts to your business. Please contact Bret Hardy within Colliers Corporate Finance for further questions and information surrounding Colliers “Capital Lease
Calculator,” a proprietary model for exclusive use by Colliers’ clientele.


                                                                                  Bret Hardy, CPA
                                                                                  Executive Managing Director
                                                                                  Corporate Finance
                                                                                  865 S. Figueroa St., Suite 3500
                                                                                  Los Angeles, CA 90017
                                                                                  213.861.3321
                                                                                  bret.hardy@colliers.com
                                                                                  License No. 01240548



About Colliers Corporate Finance
We maximize value by optimizing the financial structure of your real estate assets.
Colliers’ Corporate Finance delivers real estate financial advisory, consulting, and transactional implementation services to public and private sector clients on a
global basis.




                                                                                                                                                            Page 11 of 11

								
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