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<p id="PARA455" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>&nbsp;</b></font></p>
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<p id="PARA456" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>UNITED STATES</b></font></p>
<p id="PARA457" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549<br>_____________________</b></font></p>
<p id="PARA458" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA459" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, Times, serif"><b>FORM 10-Q</b></font></p>
<p id="PARA460" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA461" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>_____________________</b></font></p>
<p id="PARA462" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA463" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Mark One)</font></p>
<p id="PARA464" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[X]&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ACT OF 1934.</font></p>
<p id="PARA466" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt -9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For the quarterly period ended September 30, 2016</font></p>
<p id="PARA467" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA468" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">OR</font></p>
<p id="PARA469" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA470" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[&nbsp; &nbsp;]&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ACT OF 1934.</font></p>
<p id="PARA472" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt -9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For the transition period from ______ to ______</font></p>
<p id="PARA473" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA474" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commission File Number: 1-737</font></p>
<p id="PARA475" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA476" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Texas Pacific Land Trust</b><b><br></b></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact Name of Registrant as Specified in Its Charter)</font></p>
<p id="PARA477" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
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<p id="PARA478" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>NOT APPLICABLE</b></font></p>
<p id="PARA479" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or Other Jurisdiction of Incorporation</font></p>
<p id="PARA480" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">or Organization)</font></p></td>
<td style="VERTICAL-ALIGN: top" width="225">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="365">
<p id="PARA481" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>75-0279735</b></font></p>
<p id="PARA482" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(I.R.S. Employer</font></p>
<p id="PARA483" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</font></p></td></tr></table>
<p id="PARA485" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
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<p id="PARA486" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>1700 Pacific Avenue, Suite 2770, Dallas, Texas</b></font></p>
<p id="PARA487" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of Principal Executive Offices)</font></p></td>
<td style="WIDTH: 20.4%; VERTICAL-ALIGN: top">&nbsp; </td>
<td style="WIDTH: 33.3%; VERTICAL-ALIGN: top">
<p id="PARA488" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>75201</b></font></p>
<p id="PARA489" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Zip Code)</font></p></td></tr></table>
<p id="PARA491" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA492" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>(214) 969-5530</b></font></p>
<p id="PARA493" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Registrant&#8217;s Telephone Number, Including Area Code)</font></p>
<p id="PARA494" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA495" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">__________________________________________________________________</font></p>
<p id="PARA496" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)</font></p>
<p id="PARA497" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA498" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes &#9745;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &#9744;</font></p>
<p id="PARA499" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA500" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">by</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">check mark whether</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">the</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes &#9745;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &#9744;</font></p>
<p id="PARA501" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA502" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. (Check one): </font></p>
<p id="PARA503" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
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<p id="PARA504" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Large Accelerated Filer</font></p></td>
<td style="WIDTH: 18.8%; VERTICAL-ALIGN: top">
<p id="PARA505" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9745;</font></p></td>
<td style="WIDTH: 11.3%; VERTICAL-ALIGN: top">&nbsp; </td>
<td style="WIDTH: 26.3%; VERTICAL-ALIGN: top">
<p id="PARA506" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accelerated Filer</font></p></td>
<td style="WIDTH: 21.8%; VERTICAL-ALIGN: top">
<p id="PARA507" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</font></p></td></tr>
<tr>
<td style="WIDTH: 21.8%; VERTICAL-ALIGN: top">
<p id="PARA508" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Non-Accelerated Filer</font></p></td>
<td style="WIDTH: 18.8%; VERTICAL-ALIGN: top">
<p id="PARA509" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</font></p></td>
<td style="WIDTH: 11.3%; VERTICAL-ALIGN: top">&nbsp; </td>
<td style="WIDTH: 26.3%; VERTICAL-ALIGN: top">
<p id="PARA510" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Smaller reporting company</font></p></td>
<td style="WIDTH: 21.8%; VERTICAL-ALIGN: top">
<p id="PARA511" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</font></p></td></tr></table>
<p id="PARA513" style="TEXT-ALIGN: justify; MARGIN: 0pt 44.1pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font>&nbsp;</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 44.1pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &#9745;</font></p>
<p id="PARA514" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
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<div id="PGHDR516" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA516.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>&nbsp;</b></font></p>
<p id="PARA518" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Cautionary Statement Regarding Forward-Looking Statements</b></font></p>
<p id="PARA519" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA520" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><i>Statements in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding management&#8217;s expectations, hopes, intentions or strategies regarding the future. Forward-looking statements include statements regarding the Trust&#8217;s future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management&#8217;s intent, beliefs or current expectations with respect to the Trust&#8217;s future financial performance and other matters. All forward-looking statements in this Report are based on information available to us as of the date this Report is filed with the Securities and Exchange Commission, and we assume no responsibility to update any such forward-looking statements, except as required by law. All forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the factors discussed in Item 1A &#8220;Risk Factors&#8221; of Part I of </i><i>our Annual Report</i><i> on Form 10-K</i><i> f</i><i>or the year ended December 31, 20</i><i>15</i><i>, and in Part I, Item 2 &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and Part II, Item 1A &#8220;Risk Factors&#8221; of this Quarterly Report on Form 10-Q.</i></font></p>
<p id="PARA455.1" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
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<p id="PARA521" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>PART I. FINANCIAL INFORMATION</b></font></p>
<p id="PARA522" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA523" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements</b></font></p>
<p id="PARA524" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA525" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>TEXAS PACIFIC LAND TRUST</b></font></p>
<p id="PARA526" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>BALANCE SHEETS</b></font></p>
<p id="PARA527" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA528" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>&nbsp;</b></font></p>
<div data-td-taggable-table="" data-td-statement-type="balance-sheet"><table id="TBL627" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr id="TBL627.finRow.1">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA529" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>September</b><b> 30,</b></font></p></td>
<td id="TBL627.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA530" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>December 31,</b></font></p></td>
<td id="TBL627.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td></tr>
<tr id="TBL627.finRow.2">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: top">
<p id="PARA531" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">&nbsp;</p></td>
<td id="TBL627.finRow.2.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.2.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA532" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>201</b><b>6</b></font></p></td>
<td id="TBL627.finRow.2.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL627.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA533" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>20</b><b>15</b></font></p></td>
<td id="TBL627.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL627.finRow.3">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA534" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>(Unaudited)</b></font></p></td>
<td id="TBL627.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center"><b>&nbsp;</b></td>
<td id="TBL627.finRow.3.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL627.finRow.4" style="BACKGROUND-COLOR: #cceeff">
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff"><b>ASSETS</b></td>
<td id="TBL627.finRow.4.lead.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.symb.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.amt.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.trail.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.4.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL627.finRow.5" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA535" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents</font></p></td>
<td id="TBL627.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">45,496,176</td>
<td id="TBL627.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">45,011,969</td>
<td id="TBL627.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.6" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA540" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accrued receivables</font></p></td>
<td id="TBL627.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,001,383</td>
<td id="TBL627.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">3,787,534</td>
<td id="TBL627.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.7" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA543" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other assets</font></p></td>
<td id="TBL627.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">68,209</td>
<td id="TBL627.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">121,426</td>
<td id="TBL627.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.8" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA546" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prepaid income taxes</font></p></td>
<td id="TBL627.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">202,494</td>
<td id="TBL627.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.9" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA549" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Notes receivable for land sales</font></p></td>
<td id="TBL627.finRow.9.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.9.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.9.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">94,971</td>
<td id="TBL627.finRow.9.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.9.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.9.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.9.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">139,114</td>
<td id="TBL627.finRow.9.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.11" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -27pt">
<p id="PARA553" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Water wells, vehicles, furniture, and equipment &#8211; at cost less accumulated depreciation</font></p></td>
<td id="TBL627.finRow.11.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.11.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.11.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">584,964</td>
<td id="TBL627.finRow.11.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.11.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.11.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.11.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">260,901</td>
<td id="TBL627.finRow.11.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.13" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -27pt">
<p id="PARA557" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Real estate acquired: (10,065 acres at September 30, 2016 and 10,065 at December 31, 2015)</font></p></td>
<td id="TBL627.finRow.13.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.13.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.13.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,114,601</td>
<td id="TBL627.finRow.13.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.13.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.13.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.13.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,114,601</td>
<td id="TBL627.finRow.13.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.15" style="BACKGROUND-COLOR: #cceeff">
<td style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA561" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:</font></p></td>
<td id="TBL627.finRow.15.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.15.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL627.finRow.16" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.16.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL627.finRow.18" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA563" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Land (surface rights) situated in eighteen counties in Texas &#8211; 877,606 acres in 2016 and 878,268 acres in 2015</font></p></td>
<td id="TBL627.finRow.18.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.18.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.18.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.18.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.18.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.18.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.18.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.18.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.19" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.19.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL627.finRow.20" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA566" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1/16 nonparticipating perpetual royalty interest in 373,777 acres in 2016</font> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and 2015</font></p></td>
<td id="TBL627.finRow.20.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.20.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.20.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.20.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.20.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.20.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.20.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.20.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.21" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.21.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL627.finRow.22" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA570" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2016</font>&nbsp; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and 2015</font></p></td>
<td id="TBL627.finRow.22.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.22.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.22.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.22.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.22.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.22.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.22.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.22.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.23" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.23.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.23.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.23.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">54,562,798</td>
<td id="TBL627.finRow.23.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.23.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.23.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.23.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">50,435,545</td>
<td id="TBL627.finRow.23.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.24" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA578" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><b>LIABILITIES AND CAPITAL</b></p></td>
<td id="TBL627.finRow.24.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td>
<td id="TBL627.finRow.24.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff"><b>&nbsp;</b></td></tr>
<tr id="TBL627.finRow.25" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.25.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.25.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.25" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA579" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accounts payable and accrued expenses</font></p></td>
<td id="TBL627.finRow.25.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.25.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL627.finRow.25.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,342,067</td>
<td id="TBL627.finRow.25.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.25.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.25.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL627.finRow.25.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">868,807</td>
<td id="TBL627.finRow.25.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.26" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA584" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income taxes payable</font></p></td>
<td id="TBL627.finRow.26.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.26.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.26.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL627.finRow.26.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.26.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.26.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.26.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">634,911</td>
<td id="TBL627.finRow.26.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.27" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA587" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other taxes payable </font></p></td>
<td id="TBL627.finRow.27.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.27.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.27.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">325,263</td>
<td id="TBL627.finRow.27.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.27.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.27.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.27.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">167,290</td>
<td id="TBL627.finRow.27.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.28" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">Unearned revenue</td>
<td id="TBL627.finRow.28.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.28.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.28.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">9,546,211</td>
<td id="TBL627.finRow.28.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.28.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.28.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.28.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,579,406</td>
<td id="TBL627.finRow.28.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.29" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA593" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Deferred taxes</font></p></td>
<td id="TBL627.finRow.29.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.29.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.29.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">185,210</td>
<td id="TBL627.finRow.29.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.29.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.29.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.29.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">163,213</td>
<td id="TBL627.finRow.29.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.30" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA596" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pension plan liability</font></p></td>
<td id="TBL627.finRow.30.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.30.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.30.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">380,658</td>
<td id="TBL627.finRow.30.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.30.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.30.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.30.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">333,239</td>
<td id="TBL627.finRow.30.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.31" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 45pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA599" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total liabilities</font></p></td>
<td id="TBL627.finRow.31.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.31.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.31.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,779,409</td>
<td id="TBL627.finRow.31.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.31.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.31.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.31.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,746,866</td>
<td id="TBL627.finRow.31.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.32" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA602" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Capital:</font></p></td>
<td id="TBL627.finRow.32.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.32.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL627.finRow.34" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA604" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certificates of Proprietary Interest, par value $100 each; outstanding 0 certificates</font></p></td>
<td id="TBL627.finRow.34.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.34.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.34.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.34.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.34.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.34.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.34.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL627.finRow.34.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.37" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<p id="PARA609" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding: 7,950,961 Sub-shares in 2016 and 8,118,064 Sub-shares in 2015</font></p></td>
<td id="TBL627.finRow.37.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.37.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.37.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL627.finRow.37.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.37.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.37.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.37.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL627.finRow.37.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.38" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA612" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other comprehensive loss</font></p></td>
<td id="TBL627.finRow.38.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.38.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.38.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,180,340</td>
<td id="TBL627.finRow.38.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA614" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL627.finRow.38.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.38.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.38.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,248,906</td>
<td id="TBL627.finRow.38.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA616" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL627.finRow.39" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<p id="PARA617" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net proceeds from all sources</font></p></td>
<td id="TBL627.finRow.39.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.39.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.39.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">43,963,729</td>
<td id="TBL627.finRow.39.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.39.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.39.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.39.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">46,937,585</td>
<td id="TBL627.finRow.39.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.40" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-LEFT: 45pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA620" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total capital</font></p></td>
<td id="TBL627.finRow.40.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.40.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.40.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">42,783,389</td>
<td id="TBL627.finRow.40.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.40.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.40.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL627.finRow.40.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">45,688,679</td>
<td id="TBL627.finRow.40.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL627.finRow.41" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.41.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.41.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.41.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">54,562,798</td>
<td id="TBL627.finRow.41.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL627.finRow.41.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL627.finRow.41.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL627.finRow.41.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">50,435,545</td>
<td id="TBL627.finRow.41.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr></table></div>
<p id="PARA628" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL631" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<p id="PARA630" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See accompanying notes to financial statements.</font></p></td></tr></table>
<p id="PARA632.1" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<div id="PGBK632" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR632" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM632" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR632" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA632.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA633" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>TEXAS PACIFIC LAND TRUST</b></font></p>
<p id="PARA634" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>STATEMENTS OF INCOME</b><b> AND TOTAL COMPREHENSIVE INCOME</b></font></p>
<p id="PARA635" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>(Unaudited)</b></font></p>
<p id="PARA636" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<div data-td-taggable-table="" data-td-statement-type="income"><table id="TBL740" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr id="TBL740.finRow.1">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6">
<p id="PARA638" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Three Months Ended<br></b><b>September</b><b> 30,</b></font></p></td>
<td id="TBL740.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL740.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6">
<p id="PARA639" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Nine</b><b> Months Ended<br></b><b>September</b><b> 30,</b></font></p></td>
<td id="TBL740.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL740.finRow.2">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA640" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>201</b><b>6</b></font></p></td>
<td id="TBL740.finRow.2.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA641" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>20</b><b>15</b></font></p></td>
<td id="TBL740.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA642" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>201</b><b>6</b></font></p></td>
<td id="TBL740.finRow.2.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL740.finRow.2.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA643" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>20</b><b>15</b></font></p></td>
<td id="TBL740.finRow.2.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL740.finRow.3" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<p id="PARA644" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income:</font></p></td>
<td id="TBL740.finRow.3.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.lead.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.symb.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.amt.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.trail.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.lead.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.symb.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.amt.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.3.trail.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL740.finRow.4" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA645" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Oil and gas royalties</font></p></td>
<td id="TBL740.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,454,876</td>
<td id="TBL740.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,060,645</td>
<td id="TBL740.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">20,932,329</td>
<td id="TBL740.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">18,285,504</td>
<td id="TBL740.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.5" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA650" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Land sales</font></p></td>
<td id="TBL740.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">485,505</td>
<td id="TBL740.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,888,635</td>
<td id="TBL740.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">571,505</td>
<td id="TBL740.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">22,316,635</td>
<td id="TBL740.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.6" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA655" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Easements and sundry income</font></p></td>
<td id="TBL740.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">5,200,748</td>
<td id="TBL740.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">10,091,161</td>
<td id="TBL740.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">20,470,691</td>
<td id="TBL740.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">23,697,100</td>
<td id="TBL740.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.7" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA660" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other income</font></p></td>
<td id="TBL740.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">124,623</td>
<td id="TBL740.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">139,017</td>
<td id="TBL740.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">373,655</td>
<td id="TBL740.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">400,753</td>
<td id="TBL740.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.8" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">14,265,752</td>
<td id="TBL740.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">18,179,458</td>
<td id="TBL740.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">42,348,180</td>
<td id="TBL740.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">64,699,992</td>
<td id="TBL740.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.9" style="BACKGROUND-COLOR: #cceeff">
<td style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.lead.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.symb.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.amt.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.trail.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.lead.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.symb.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.amt.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.9.trail.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL740.finRow.10" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p id="PARA669" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Expenses:</font></p></td>
<td id="TBL740.finRow.10.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.lead.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.symb.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.amt.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.trail.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.lead.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.symb.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.amt.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.10.trail.B5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL740.finRow.11" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA670" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Taxes, other than income taxes</font></p></td>
<td id="TBL740.finRow.11.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">497,244</td>
<td id="TBL740.finRow.11.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.11.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">362,556</td>
<td id="TBL740.finRow.11.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.11.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,238,046</td>
<td id="TBL740.finRow.11.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.11.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.11.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,081,136</td>
<td id="TBL740.finRow.11.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.12" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA675" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">General and administrative expenses</font></p></td>
<td id="TBL740.finRow.12.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">676,332</td>
<td id="TBL740.finRow.12.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.12.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">590,984</td>
<td id="TBL740.finRow.12.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.12.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,123,860</td>
<td id="TBL740.finRow.12.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.12.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.12.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,702,248</td>
<td id="TBL740.finRow.12.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.13" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,173,576</td>
<td id="TBL740.finRow.13.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.13.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">953,540</td>
<td id="TBL740.finRow.13.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.13.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">3,361,906</td>
<td id="TBL740.finRow.13.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.13.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.13.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">2,783,384</td>
<td id="TBL740.finRow.13.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.14" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA684" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Operating income</font></p></td>
<td id="TBL740.finRow.14.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">13,092,176</td>
<td id="TBL740.finRow.14.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.14.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">17,225,918</td>
<td id="TBL740.finRow.14.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.14.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">38,986,274</td>
<td id="TBL740.finRow.14.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.14.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.14.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">61,916,608</td>
<td id="TBL740.finRow.14.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.15" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA689" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Interest income earned from investments</font></p></td>
<td id="TBL740.finRow.15.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,500</td>
<td id="TBL740.finRow.15.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.15.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,290</td>
<td id="TBL740.finRow.15.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.15.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">19,286</td>
<td id="TBL740.finRow.15.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.15.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.15.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">21,243</td>
<td id="TBL740.finRow.15.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.16" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.lead.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.symb.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.amt.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.trail.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.lead.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.symb.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.amt.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.16.trail.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL740.finRow.17" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA694" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income before income taxes</font></p></td>
<td id="TBL740.finRow.17.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">13,099,676</td>
<td id="TBL740.finRow.17.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.17.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">17,233,208</td>
<td id="TBL740.finRow.17.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.17.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">39,005,560</td>
<td id="TBL740.finRow.17.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.17.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.17.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">61,937,851</td>
<td id="TBL740.finRow.17.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.18" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p id="PARA699" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income taxes</font></p></td>
<td id="TBL740.finRow.18.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">4,170,264</td>
<td id="TBL740.finRow.18.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.18.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">5,771,859</td>
<td id="TBL740.finRow.18.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.18.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">12,672,980</td>
<td id="TBL740.finRow.18.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.18.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.18.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">20,894,401</td>
<td id="TBL740.finRow.18.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.19" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA704" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net income</font></p></td>
<td id="TBL740.finRow.19.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.19.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL740.finRow.19.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,929,412</td>
<td id="TBL740.finRow.19.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.19.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.19.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL740.finRow.19.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,461,349</td>
<td id="TBL740.finRow.19.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.19.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.19.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL740.finRow.19.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">26,332,580</td>
<td id="TBL740.finRow.19.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.19.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.19.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL740.finRow.19.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">41,043,450</td>
<td id="TBL740.finRow.19.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.20" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.lead.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.symb.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.amt.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.trail.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.lead.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.symb.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.amt.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.20.trail.B5" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL740.finRow.23" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -18pt">
<p id="PARA711" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other comprehensive income &#8211; periodic pension costs, net of income taxes of $12,909, $4,527, $38,728, and $13,582 respectively</font></p></td>
<td id="TBL740.finRow.23.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">22,855</td>
<td id="TBL740.finRow.23.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.23.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">23,975</td>
<td id="TBL740.finRow.23.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.23.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">68,566</td>
<td id="TBL740.finRow.23.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.23.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.23.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">71,924</td>
<td id="TBL740.finRow.23.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.24" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA716" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total comprehensive income</font></p></td>
<td id="TBL740.finRow.24.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.24.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.24.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,952,267</td>
<td id="TBL740.finRow.24.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.24.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.24.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.24.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">11,485,324</td>
<td id="TBL740.finRow.24.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.24.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.24.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.24.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">26,401,146</td>
<td id="TBL740.finRow.24.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.24.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.24.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.24.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">41,115,374</td>
<td id="TBL740.finRow.24.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.25" style="BACKGROUND-COLOR: #cceeff">
<td style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.lead.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.symb.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.amt.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.trail.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.lead.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.symb.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.amt.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.25.trail.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL740.finRow.28" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -18pt">
<p id="PARA723" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Average number of sub-share certificates and equivalent sub-share certificates outstanding</font></p></td>
<td id="TBL740.finRow.28.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">7,984,936</td>
<td id="TBL740.finRow.28.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.28.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,190,757</td>
<td id="TBL740.finRow.28.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.28.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,025,222</td>
<td id="TBL740.finRow.28.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.28.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.28.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,226,185</td>
<td id="TBL740.finRow.28.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.29" style="BACKGROUND-COLOR: #cceeff">
<td style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.lead.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.symb.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.amt.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.trail.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.lead.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.symb.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.amt.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.29.trail.B5" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL740.finRow.31" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -18pt">
<p id="PARA729" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Basic and dilutive earnings per sub-share certificate on net income</font></p></td>
<td id="TBL740.finRow.31.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.31.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1.12</td>
<td id="TBL740.finRow.31.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.31.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1.40</td>
<td id="TBL740.finRow.31.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.31.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">3.28</td>
<td id="TBL740.finRow.31.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.31.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">4.99</td>
<td id="TBL740.finRow.31.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.31" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -18pt">&nbsp;</td>
<td id="TBL740.finRow.31.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.31.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL740.finRow.31.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL740.finRow.32" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p id="PARA734" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<p id="PARA735" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash dividends per sub-share certificate</font></p></td>
<td id="TBL740.finRow.32.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.32.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.32.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL740.finRow.32.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.32.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.32.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.32.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL740.finRow.32.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.32.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.32.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.32.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">.31</td>
<td id="TBL740.finRow.32.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL740.finRow.32.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL740.finRow.32.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL740.finRow.32.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">.29</td>
<td id="TBL740.finRow.32.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr></table></div>
<p id="PARA741" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA742" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA743" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See accompanying notes to financial statements.</font></p>
<p id="PARA744.1" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<div id="PGBK744" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR744" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM744" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">2</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR744" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA744.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA745" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>TEXAS PACIFIC LAND TRUST</b></font></p>
<p id="PARA746" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>STATEMENTS OF CASH FLOWS</b></font></p>
<p id="PARA747" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>(Unaudited)</b></font></p>
<p id="PARA748" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</p>
<div data-td-taggable-table="" data-td-statement-type="cash-flows"><table id="TBL839" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr id="TBL839.finRow.1">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL839.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL839.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6">
<p id="PARA749" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Nine</b><b> Months<br>Ended </b><b>September</b><b> 30,</b></font></p></td>
<td id="TBL839.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL839.finRow.2">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL839.finRow.2.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL839.finRow.2.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA750" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>201</b><b>6</b></font></p></td>
<td id="TBL839.finRow.2.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
<td id="TBL839.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
<td id="TBL839.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA751" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>20</b><b>15</b></font></p></td>
<td id="TBL839.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td></tr>
<tr id="TBL839.finRow.3" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA752" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from operating activities:</font></p></td>
<td id="TBL839.finRow.3.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.3.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL839.finRow.4" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<p id="PARA753" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net income</font></p></td>
<td id="TBL839.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL839.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">26,332,580</td>
<td id="TBL839.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL839.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">41,043,450</td>
<td id="TBL839.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.6" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA759" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Adjustments to reconcile net income to net cash provided by operating activities:</font></p></td>
<td id="TBL839.finRow.6.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.6.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL839.finRow.7" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA760" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Deferred taxes</font></p></td>
<td id="TBL839.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">21,997</td>
<td id="TBL839.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(237,637</td>
<td id="TBL839.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA763" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.8" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA764" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Depreciation and amortization</font></p></td>
<td id="TBL839.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">18,674</td>
<td id="TBL839.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">13,799</td>
<td id="TBL839.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.9" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA767" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Gain) loss on disposal of fixed assets</font></p></td>
<td id="TBL839.finRow.9.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.9.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.9.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">8,201</td>
<td id="TBL839.finRow.9.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.9.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.9.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.9.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(712</td>
<td id="TBL839.finRow.9.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA770" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.10" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA771" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Changes in operating assets and liabilities:</font></p></td>
<td id="TBL839.finRow.10.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.10.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL839.finRow.11" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA772" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accrued receivables and other assets</font></p></td>
<td id="TBL839.finRow.11.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.11.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.11.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3,160,632</td>
<td id="TBL839.finRow.11.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA774" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.11.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.11.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.11.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(797,628</td>
<td id="TBL839.finRow.11.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA776" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.12" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA777" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prepaid income taxes </font></p></td>
<td id="TBL839.finRow.12.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.12.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.12.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(202,494</td>
<td id="TBL839.finRow.12.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA779" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.12.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.12.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.12.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">815,937</td>
<td id="TBL839.finRow.12.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.13" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA781" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Notes receivable for land sales</font></p></td>
<td id="TBL839.finRow.13.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.13.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.13.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">44,143</td>
<td id="TBL839.finRow.13.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.13.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.13.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.13.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">784,001</td>
<td id="TBL839.finRow.13.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.15" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA785" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accounts payable, accrued expenses and other liabilities</font></p></td>
<td id="TBL839.finRow.15.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.15.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.15.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,714,023</td>
<td id="TBL839.finRow.15.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.15.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.15.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.15.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,424,737</td>
<td id="TBL839.finRow.15.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA788" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.16" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA789" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income taxes payable</font></p></td>
<td id="TBL839.finRow.16.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.16.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.16.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(634,911</td>
<td id="TBL839.finRow.16.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA791" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.16.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.16.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.16.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,468,351</td>
<td id="TBL839.finRow.16.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.17" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 108pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA793" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net cash provided by operating activities</font></p></td>
<td id="TBL839.finRow.17.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.17.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.17.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">30,141,581</td>
<td id="TBL839.finRow.17.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.17.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.17.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.17.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">42,664,824</td>
<td id="TBL839.finRow.17.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.18" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.18.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL839.finRow.19" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA796" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from investing activities:</font></p></td>
<td id="TBL839.finRow.19.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.19.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL839.finRow.20" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<p id="PARA797" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Proceeds from sale of fixed assets</font></p></td>
<td id="TBL839.finRow.20.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.20.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.20.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">18,000</td>
<td id="TBL839.finRow.20.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.20.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.20.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.20.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">25,000</td>
<td id="TBL839.finRow.20.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.21" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA800" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Purchase of fixed assets</font></p></td>
<td id="TBL839.finRow.21.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.21.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.21.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(368,938</td>
<td id="TBL839.finRow.21.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA802" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.21.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.21.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.21.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(111,646</td>
<td id="TBL839.finRow.21.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA804" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.22" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 108pt; BACKGROUND-COLOR: #ffffff">
<p id="PARA805" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net cash used in investing activities </font></p></td>
<td id="TBL839.finRow.22.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.22.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.22.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(350,938</td>
<td id="TBL839.finRow.22.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA807" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.22.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.22.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.22.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(86,646</td>
<td id="TBL839.finRow.22.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA809" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.23" style="BACKGROUND-COLOR: #cceeff">
<td style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.lead.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.symb.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.amt.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.trail.B2" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.23.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td></tr>
<tr id="TBL839.finRow.24" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p id="PARA810" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from financing activities:</font></p></td>
<td id="TBL839.finRow.24.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.24.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL839.finRow.26" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<p id="PARA812" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Purchase of Sub-share Certificates in Certificates of Proprietary Interest</font></p></td>
<td id="TBL839.finRow.26.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.26.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.26.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(26,799,253</td>
<td id="TBL839.finRow.26.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA814" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.26.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.26.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.26.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(20,819,786</td>
<td id="TBL839.finRow.26.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA816" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.27" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<p id="PARA817" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dividends paid</font></p></td>
<td id="TBL839.finRow.27.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.27.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.27.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2,507,183</td>
<td id="TBL839.finRow.27.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA819" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.27.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.27.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.27.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2,402,460</td>
<td id="TBL839.finRow.27.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">
<p id="PARA821" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.28" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 108pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA822" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net cash used in financing activities</font></p></td>
<td id="TBL839.finRow.28.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.28.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.28.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(29,306,436</td>
<td id="TBL839.finRow.28.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA824" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td>
<td id="TBL839.finRow.28.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.28.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.28.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(23,222,246</td>
<td id="TBL839.finRow.28.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">
<p id="PARA826" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">)</font></p></td></tr>
<tr id="TBL839.finRow.29" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.29.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL839.finRow.31" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 108pt; BACKGROUND-COLOR: #cceeff">
<p id="PARA828" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net increase in cash and cash equivalents</font></p></td>
<td id="TBL839.finRow.31.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.31.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.31.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">484,207</td>
<td id="TBL839.finRow.31.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.31.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.31.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.31.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">19,355,932</td>
<td id="TBL839.finRow.31.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.32" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.32.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL839.finRow.33" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA831" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents, beginning of period</font></p></td>
<td id="TBL839.finRow.33.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.33.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.33.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">45,011,969</td>
<td id="TBL839.finRow.33.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.33.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.33.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.33.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">26,814,759</td>
<td id="TBL839.finRow.33.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL839.finRow.34" style="BACKGROUND-COLOR: #ffffff">
<td style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.lead.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.symb.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.amt.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.trail.B2" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL839.finRow.34.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td></tr>
<tr id="TBL839.finRow.35" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA834" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents, end of period</font></p></td>
<td id="TBL839.finRow.35.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.35.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL839.finRow.35.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">45,496,176</td>
<td id="TBL839.finRow.35.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL839.finRow.35.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL839.finRow.35.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL839.finRow.35.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">46,170,691</td>
<td id="TBL839.finRow.35.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr></table></div>
<p id="PARA840" style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 81%; LINE-HEIGHT: 1.25; TEXT-INDENT: -414pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA841" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See accompanying notes to financial statements.</font></p>
<p id="PARA456.1" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<div id="PGBK456" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR456" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM456" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR456" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA456.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA842" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>TEXAS PACIFIC LAND TRUST</b></font></p>
<p id="PARA843" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA844" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS </b></font></p>
<p id="PARA845" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA846" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>SEPTEMBER</b><b> 30, 201</b><b>6</b></font></p>
<p id="PARA847" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB849" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA850" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p></td></tr></table><div data-td-statement-type="note"><table id="MTAB849" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><p id="PARA850" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA851" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of Texas Pacific Land Trust (the &#8220;Trust&#8221;) as of September 30, 2016 and the results of its operations for the three month and nine month periods ended September 30, 2016 and 2015, respectively, and its cash flows for the nine month periods ended September 30, 2016 and 2015, respectively. The financial statements and footnotes included herein should be read in conjunction with the Trust&#8217;s annual financial statements as of December 31, 2015 and 2014 and for each of the years in the three year period ended December 31, 2015 included in the Trust&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015. Beginning with the second quarter of 2015, the Trust updated the format of the revenue section in the Statements of Income and Total Comprehensive Income to provide more detail regarding revenue sources.</font></p></td></tr></table>
<p id="PARA852" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA852" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<div data-td-statement-type="note"><table id="MTAB854" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA855" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA856" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We evaluate events that occur after the balance sheet date but before financial statements are, or are available to be, issued to determine if a material event requires our amending the financial statements or disclosing the event. We evaluated subsequent events through November 3, 2016, the date we issued these financial statements.</font></p></td></tr></table>
<p id="PARA857" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA857" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<table id="MTAB859" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA860" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p></td></tr></table><div data-td-statement-type="note"><table id="MTAB859" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><p id="PARA860" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA861" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">No value has been assigned to the land held by the Trust other than parcels which have been acquired through foreclosure and a limited number of parcels which have been acquired because they were offered for sale and were contiguous to parcels already owned by the Trust. Consequently, no allowance for depletion is computed, and no charge to income is made, with respect thereto, and no cost is deducted from the proceeds of the land sales in computing gain or loss thereon.</font></p></td></tr></table>
<p id="PARA862" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA862" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<div data-td-statement-type="note"><table id="MTAB864" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA865" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA866" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Sub-shares and the Certificates of Proprietary Interest are freely interchangeable in the ratio of one Certificate of Proprietary Interest for 3,000 Sub-shares or 3,000 Sub-shares for one Certificate of Proprietary Interest.</font></p></td></tr></table>
<p id="PARA867" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA867" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<table id="MTAB869" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA870" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p></td></tr></table><div data-td-statement-type="note"><table id="MTAB869" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><p id="PARA870" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA871" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Trust&#8217;s effective Federal income tax rate is less than the 35% statutory rate because taxable income is reduced by statutory percentage depletion allowed on mineral royalty income.</font></p></td></tr></table>
<p id="PARA872" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA872" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<div data-td-statement-type="note"><table id="MTAB874" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA875" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA876" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The results of operations for the three month and nine month periods ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year.</font></p></td></tr></table>
<p id="PARA877" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA877" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<div data-td-statement-type="note"><table id="MTAB879" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA880" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA881" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Trust invests cash in excess of daily requirements primarily in bank deposit and savings accounts and certificates of deposit with maturities of ninety days or less. Such investments are deemed to be highly liquid debt instruments and classified as cash equivalents for purposes of the statements of cash flows.</font></p></td></tr></table>
<p id="PARA882" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA883" style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Supplemental cash flow information for the nine month periods ended September 30, 2016 and 2015 is summarized as follows:</font></p>
<p id="PARA884" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<div data-td-taggable-table=""><table id="TBL890" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 80%; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr id="TBL890.finRow.1">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top">&nbsp;</td>
<td id="TBL890.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top">&nbsp;</td>
<td id="TBL890.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA885" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2016</font></p></td>
<td id="TBL890.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px">&nbsp;</td>
<td id="TBL890.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top">&nbsp;</td>
<td id="TBL890.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA886" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2015</font></p></td>
<td id="TBL890.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px">&nbsp;</td></tr>
<tr id="TBL890.finRow.2">
<td>&nbsp;</td>
<td id="TBL890.finRow.2.lead.B2">&nbsp;</td>
<td id="TBL890.finRow.2.symb.B2">&nbsp;</td>
<td id="TBL890.finRow.2.amt.B2">&nbsp;</td>
<td id="TBL890.finRow.2.trail.B2">&nbsp;</td>
<td id="TBL890.finRow.2.lead.B3">&nbsp;</td>
<td id="TBL890.finRow.2.symb.B3">&nbsp;</td>
<td id="TBL890.finRow.2.amt.B3">&nbsp;</td>
<td id="TBL890.finRow.2.trail.B3">&nbsp;</td></tr>
<tr id="TBL890.finRow.3" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<p id="PARA887" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income taxes paid</font></p></td>
<td id="TBL890.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL890.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL890.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">13,525,307</td>
<td id="TBL890.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL890.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL890.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL890.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">17,886,479</td>
<td id="TBL890.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr></table></div>
<p id="PARA891" style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p></div><p id="PARA891" style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></font></p>
<div id="PGBK457" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR457" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM457" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR457" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA457.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<table id="MTAB893" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA894" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p></td></tr></table><div data-td-statement-type="note"><table id="MTAB893" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><p id="PARA894" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(8)<i></i><i></i><i></i></font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA895" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ASC 280, &#8220;<i>Segment</i><i> Reporting</i><i>,&#8221;</i> establishes standards for the way public business enterprises are to report information about operating segments. In accordance with ASC 280, the Trust utilizes the management approach as a basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The Trust&#8217;s management views its operations as one segment and believes the only significant activity is managing the land which was conveyed to the Trust in 1888 and any other land thereafter acquired. The Trust&#8217;s management makes decisions about resource allocation and performance assessment based on the same financial information presented in these financial statements. Managing the land includes sales and leases of such land, and the retention of oil and gas royalties.</font></p></td></tr></table>
<p id="PARA896" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA896" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<div data-td-statement-type="note"><table id="MTAB898" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA899" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(9)<i></i></font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA900" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, &#8220;<i>Revenue Recognition (Topic 606): Revenue from Contracts with Customers&#8221; </i>(&#8220;ASU 2014-09&#8221;). This ASU introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 31, 2017, including interim periods within that reporting period. The Trust is currently evaluating the new guidance to determine the impact it will have on our financial statements.</font></p></td></tr></table>
<p id="PARA902" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA902" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<table id="MTAB903" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA904" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p></td></tr></table><div data-td-statement-type="note"><table id="MTAB903" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><p id="PARA904" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(10)<i></i></font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA905" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In February 2016, the FASB issued ASU No. 2016-02, &#8220;<i>Leases (Topic 842)&#8221; </i>(&#8220;ASU 2016-02&#8221;). This ASU requires lessees to recognize on the balance sheet, the assets and liabilities arising from leases with terms of more than twelve months. This ASU also requires both qualitative and quantitative disclosures sufficient to enable investors and other users of the financial statements to assess the amount, timing and uncertainty of cash flows arising from these leases. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Trust is currently evaluating the new guidance to determine the impact it will have on our financial statements.</font></p></td></tr></table>
<p id="PARA907" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></div><p id="PARA907" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<p id="PARA906" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</b></font></p>
<p id="PARA908" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA909" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><i>The following discussion and analysis should be read together with (i) the factors discussed in Item 1A &#8220;Risk Factors&#8221; of Part I of our Annual Report on Form 10-K for the year ended December 31, 20</i><i>15</i><i>, (ii) the factors discussed in Part II, Item 1A &#8220;Risk Factors,&#8221; if any, of this Quarterly Report on Form 10-Q and (iii) the Financial Statements, including the Notes thereto, and the other financial information appearing elsewhere in this Report. Period-to-period comparisons of financial data are not necessarily indicative, and therefore should not be relied upon as indicators, of the Trust&#8217;s future performance. Words or phrases such as &#8220;does not believe&#8221; and &#8220;believes&#8221;, or similar expressions, when used in this Form 10-Q or other filings with the Securities and Exchange Commission, are intended to identify &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995.</i></font></p>
<p id="PARA910" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA911" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Results of Operations for the Quarter Ended </b><b>September</b><b> 30, 201</b><b>6</b><b> Compared to the Quarter Ended </b><b>September</b><b>&nbsp;30, 20</b><b>15</b><b> </b></font></p>
<p id="PARA912" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA913" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Earnings per Sub-share certificate were $1.12 for the third quarter of 2016, compared to $1.40 for the third quarter of 2015. Total operating and investing revenues were $14,273,252 for the third quarter of 2016 compared to $18,186,748 for the third quarter of 2015, a decrease of 21.5%. This decrease in revenue and earnings was due primarily to decreases in easements and sundry income and land sales. These decreases were partially offset by an increase in oil and gas royalty revenue. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
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<p id="PARA458.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA915" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Oil and gas royalty revenue was $8,454,876 for the third quarter of 2016, compared to $6,060,645 for the third quarter of 2015, an increase of 39.5%. Oil royalty revenue was $5,942,203 for the third quarter of 2016, an increase of 35.9% from the third quarter of 2015 when oil royalty revenue was $4,371,573. Crude oil production subject to the Trust&#8217;s royalty interests increased 58.6% in the third quarter of 2016 compared to the third quarter of 2015. This increase in production was partially offset by a 14.3% decrease in the average price per royalty barrel of crude oil during the third quarter of 2016 compared to the third quarter of 2015. Gas royalty revenue was $2,512,673 for the third quarter of 2016, an increase of 48.8% from the third quarter of 2015 when gas royalty revenue was $1,689,072. This increase in gas royalty revenue resulted from a volume increase of 31.2% in the third quarter of 2016 compared to the third quarter of 2015, in addition to a 13.2% increase in the average price received.</font></p>
<p id="PARA916" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA917" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In the third quarter of 2016, the Trust sold approximately 647 acres of land for a total of $485,505, or approximately $750 per acre. In the third quarter of 2015, the Trust sold approximately 267.85 acres for a total of $1,888,635, or approximately $7,051 per acre.</font></p>
<p id="PARA918" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA919" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Easements and sundry income was $5,200,748 for the third quarter of 2016, a decrease of 48.5% compared to the third quarter of 2015 when easements and sundry income was $10,091,161. This decrease resulted primarily from a decrease in pipeline easement income and, to a lesser extent, seismic permit income. These decreases were partially offset by an increase in sundry income. The Trust is currently moving toward the use of term easements (in lieu of perpetual) which will require us to gradually recognize the income for easements over the life of the agreement, in lieu of recognizing it all at the beginning of the term of the easement. As a result, $3,240,403 of easement income received in the third quarter of 2016 was deferred and therefore not reflected in the statements of income and total comprehensive income. This was also the primary reason for the 270.1% increase in unearned revenue. This category of income is unpredictable and may vary significantly from quarter to quarter.</font></p>
<p id="PARA920" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA921" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other income, including interest on investments, was $132,123 for the third quarter of 2016 compared to $146,307 for the third quarter of 2015, a decrease of 9.7%. Grazing lease income was $122,769 for the third quarter of 2016, compared to $133,333 for the third quarter of 2015, a decrease of 7.9%. Interest on notes receivable for the third quarter of 2016 was $1,854, a decrease of 67.4% compared to the third quarter of 2015 when interest on notes receivable was $5,684. This decrease is primarily due to principal prepayments received on notes due to the Trust. As of September 30, 2016, notes receivable for land sales were $94,971 compared to $139,114 at September 30, 2015, a decrease of 31.7%. Interest income earned from investments was $7,500 for the third quarter of 2016, compared to $7,290 for the third quarter of 2015, an increase of 2.9%. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.</font></p>
<p id="PARA922" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA923" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Taxes, other than income taxes, were $497,244 for the third quarter of 2016 compared to $362,556 for the third quarter of 2015, an increase of 37.1%. This increase is primarily attributable to an increase in oil and gas production taxes which resulted from the increase in oil and gas royalty revenues discussed above.</font></p>
<p id="PARA924" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA925" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">General and administrative expenses were $676,332 for the third quarter of 2016 compared to $590,984 for the third quarter of 2015, an increase of 14.4%. This increase was primarily due to increases in employment expenses, and to a lesser extent, legal fees.</font></p>
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<p id="PARA933" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Results of Operations for the </b><b>Nine</b><b> Months Ended </b><b>September</b><b> 30, 201</b><b>6</b><b> Compared to the </b><b>Nine</b><b> Months Ended </b><b>September</b><b>&nbsp;30, 20</b><b>15</b></font></p>
<p id="PARA934" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA935" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Earnings per Sub-share certificate were $3.28 for the first nine months of 2016, compared to $4.99 for the first nine months of 2015. Total operating and investing revenues were $42,367,466 for the first nine months of 2016 compared to $64,721,235 for the first nine months of 2015, a decrease of 34.5%. This decrease in revenue and earnings was due primarily to decreases in land sales and easements and sundry income, which were partially offset by an increase in oil and gas royalty revenue. </font></p>
<p id="PARA936" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA937" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Oil and gas royalty revenue was $20,932,329 for the first nine months of 2016, compared to $18,285,504 for the first nine months of 2015, an increase of 14.5%. Oil royalty revenue was $15,387,710 for the first nine months of 2016, an increase of 10.8% from the first nine months of 2015 when oil royalty revenue was $13,884,267. Crude oil production subject to the Trust&#8217;s royalty interests increased 52.3% in the first nine months of 2016 compared to the first nine months of 2015. This increase in production was offset by a 27.2% decrease in the average price per royalty barrel of crude oil during the first nine months of 2016 compared to the first nine months of 2015. Gas royalty revenue was $5,544,619 for the first nine months of 2016, an increase of 26.0% from the first nine months of 2015 when gas royalty revenue was $4,401,237. This increase in gas royalty revenue resulted from a volume increase of 38.6% in the first nine months of 2016 compared to the first nine months of 2015, which was partially offset by a price decrease of 9.2%.</font></p>
<p id="PARA938" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA939" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">During the first nine months of 2016, the Trust sold approximately 656 acres of land for a total of $571,505 or approximately $871 per acre. In the first nine months of 2015, the Trust sold approximately 20,900 acres for a total of $22,316,635, or approximately $1,068 per acre.</font></p>
<p id="PARA940" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA941" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Easements and sundry income was $20,470,691 for the first nine months of 2016, a decrease of 13.6% compared to the first nine months of 2015 when easements and sundry income was $23,697,100. This decrease resulted primarily from a decrease in pipeline easement income, which was partially offset by an increase in sundry income. The Trust is currently moving toward the use of term easements (in lieu of perpetual) which will require us to gradually recognize the income for easements over the life of the agreement, in lieu of recognizing it all at the beginning of the term of the easement. As a result, $5,726,314 of easement income received in the first nine months of 2016 was deferred and therefore not reflected in the statements of income and comprehensive income. This was also the primary reason for the 270.1% increase in unearned revenue. This category of income is unpredictable and may vary significantly from quarter to quarter.</font></p>
<p id="PARA942" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA943" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other income, including interest on investments, was $392,941 for the first nine months of 2016 compared to $421,996 for the first nine months of 2015, a decrease of 6.9%. Grazing lease income was $367,078 for the first nine months of 2016, compared to $362,375 for the first nine months of 2015, an increase of 1.3%. Interest on notes receivable for the first nine months of 2016 was $6,577, a decrease of 82.9% compared to the first nine months of 2015 when interest on notes receivable was $38,378. This decrease is primarily due to principal prepayments received on notes due to the Trust. As of September 30, 2016, notes receivable for land sales were $94,971 compared to $139,114 at September 30, 2015, a decrease of 31.7%. Interest income earned from investments was $19,286 for the first nine months of 2016, compared to $21,243 for the first nine months of 2015, a decrease of 9.2%. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.</font></p>
<p id="PARA944" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA945" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Taxes, other than income taxes, were $1,238,046 for the first nine months of 2016 compared to $1,081,136 for the first nine months of 2015, an increase of 14.5%. This increase is primarily attributable to an increase in oil and gas production taxes which resulted from the increase in oil and gas royalty revenue discussed above.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
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<p id="PARA460.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA947" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">General and administrative expenses were $2,123,860 for the first nine months of 2016 compared to $1,702,248 for the first nine months of 2015, an increase of 24.8%. This increase is primarily due to an ongoing project to enhance the information systems of the Trust and, to a lesser extent, an increase in non-recurring legal fees and employment expenses. </font></p>
<p id="PARA948" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA949" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Liquidity and Capital Resources</b></font></p>
<p id="PARA950" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA951" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Trust&#8217;s principal sources of liquidity are revenues from oil and gas royalties, easements and sundry income, and land sales. In the past, those sources have generated more than adequate amounts of cash to meet the Trust&#8217;s needs and, in the opinion of management, should continue to do so in the foreseeable future.</font></p>
<p id="PARA952" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA953" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures Abou</b><b>t</b><b> Market Risk</b></font></p>
<p id="PARA954" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA955" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">There have been no material changes in the information related to market risk of the Trust since December 31, 2015.</font></p>
<p id="PARA956" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA957" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures</b></font></p>
<p id="PARA958" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA959" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to Rule 13a-15, management of the Trust under the supervision and with the participation of David M. Peterson, the Trust&#8217;s Chief Executive Officer, and Robert J. Packer, the Trust&#8217;s Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Trust&#8217;s disclosure controls and procedures as of the end of the Trust&#8217;s fiscal quarter covered by this Report on Form 10-Q. Based upon that evaluation, Mr. Peterson and Mr. Packer concluded that the Trust&#8217;s disclosure controls and procedures are effective in timely alerting them to material information relating to the Trust required to be included in the Trust&#8217;s periodic SEC filings.</font></p>
<p id="PARA960" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA961" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">There have been no changes in the Trust&#8217;s internal control over financial reporting during the Trust&#8217;s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Trust&#8217;s internal control over financial reporting.</font></p>
<p id="PARA962" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
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<p id="PARA964" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>PART II</b></font></p>
<p id="PARA965" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>OTHER INFORMATION</b></font></p>
<p id="PARA966" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA967" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors</b></font></p>
<p id="PARA968" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA969" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">There have been no material changes in the risk factors previously disclosed in response to Item 1A &#8220;Risk Factors&#8221; of Part I of the Trust&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015.</font></p>
<p id="PARA970" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA971" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 2.&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds</b></font></p>
<p id="PARA972" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB974" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA975" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(c)</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA976" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">During the third quarter of 2016, the Trust repurchased Sub-share certificates as follows:</font></p></td></tr></table>
<p id="PARA977" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA978" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA979" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1024" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr id="TBL1024.finRow.1">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<p id="PARA980" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Period</b></font></u></p></td>
<td id="TBL1024.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</td>
<td id="TBL1024.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA981" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Total </b></font></p>
<p id="PARA982" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Number of </b></font></p>
<p id="PARA983" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Sub-shares </b></font></p>
<p id="PARA984" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Purchased</b></font></p></td>
<td id="TBL1024.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</td>
<td id="TBL1024.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</td>
<td id="TBL1024.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA985" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Average</b></font></p>
<p id="PARA986" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Price Paid</b></font></p>
<p id="PARA987" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>per</b></font></p>
<p id="PARA988" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Sub-share</b></font></p></td>
<td id="TBL1024.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</td>
<td id="TBL1024.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</td>
<td id="TBL1024.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA989" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Total Number</b></font></p>
<p id="PARA990" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>of Sub-shares </b></font></p>
<p id="PARA991" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Purchased as</b></font></p>
<p id="PARA992" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Part of Publicly </b></font></p>
<p id="PARA993" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Announced Plans </b></font></p>
<p id="PARA994" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>or Programs</b></font></p></td>
<td id="TBL1024.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</td>
<td id="TBL1024.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</td>
<td id="TBL1024.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2">
<p id="PARA995" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Maximum</b></font></p>
<p id="PARA996" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Number (or</b></font></p>
<p id="PARA997" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Approximate</b></font></p>
<p id="PARA998" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Dollar Value) of</b></font></p>
<p id="PARA999" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Sub-shares that</b></font></p>
<p id="PARA1000" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>May Yet Be</b></font></p>
<p id="PARA1001" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Purchased Under</b></font></p>
<p id="PARA1002" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>the Plans or</b></font></p>
<p id="PARA1003" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Programs</b></font></p></td>
<td id="TBL1024.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</td></tr>
<tr id="TBL1024.finRow.2" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<p id="PARA1004" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">July 1, through July 31, 2016</font></p></td>
<td id="TBL1024.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">20,803</td>
<td id="TBL1024.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL1024.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">168.95</td>
<td id="TBL1024.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL1024.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL1024.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL1024.finRow.3" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p id="PARA1009" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">August 1, through August 31, 2016</font></p></td>
<td id="TBL1024.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">24,723</td>
<td id="TBL1024.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL1024.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">174.43</td>
<td id="TBL1024.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL1024.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL1024.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr>
<tr id="TBL1024.finRow.4" style="BACKGROUND-COLOR: #cceeff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<p id="PARA1014" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September 1, through September 30, 2016</font></p></td>
<td id="TBL1024.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">18,146</td>
<td id="TBL1024.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
<td id="TBL1024.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">204.84</td>
<td id="TBL1024.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL1024.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
<td id="TBL1024.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8211;</td>
<td id="TBL1024.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="">&nbsp;</td></tr>
<tr id="TBL1024.finRow.5" style="BACKGROUND-COLOR: #ffffff">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p id="PARA1019" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total</font></p></td>
<td id="TBL1024.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">63,672</td>
<td id="TBL1024.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">*&nbsp;</td>
<td id="TBL1024.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
<td id="TBL1024.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">181.31</td>
<td id="TBL1024.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL1024.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td>
<td id="TBL1024.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
<td id="TBL1024.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8211;</td>
<td id="TBL1024.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="">&nbsp;</td></tr></table>
<p id="PARA1025" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1026" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1027" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">* The Trust purchased and retired 63,672 Sub-shares in the open market.</font></p>
<p id="PARA1028" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<div id="PGBK1029" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR1029" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM1029" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">9</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR1029" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA1029.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA1030" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>Item 6. Exhibits </b></font></p>
<p id="PARA1031" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB1033" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt">&nbsp;</td>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA1034" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.1</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA1035" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rule 13a-14(a) Certification of Chief Executive Officer.</font></p></td></tr></table>
<p id="PARA1036" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB1038" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt">&nbsp;</td>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA1039" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.2</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA1040" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rule 13a-14(a) Certification of Chief Financial Officer.</font></p></td></tr></table>
<p id="PARA1041" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB1043" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt">&nbsp;</td>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA1044" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">32.1</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA1045" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p></td></tr></table>
<p id="PARA1046" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="MTAB1048" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt">&nbsp;</td>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<p id="PARA1049" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">32.2</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA1050" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p></td></tr></table>
<p id="PARA1051" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL462" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt">
<p id="PARA494" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA492"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.INS</font></p></td>
<td style="VERTICAL-ALIGN: top">
<p id="PARA493"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Instance</font></p></td></tr></table>
<p id="PARA1053" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1054" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top">&nbsp;</td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA468"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.SCH</font></p></td>
<td>XBRL Taxonomy Extension Schema</td></tr></table>
<p id="PARA1055" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1056" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top">&nbsp;</td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA470"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.CAL</font></p></td>
<td>XBRL Taxonomy Extension Calculation</td></tr></table>
<p id="PARA1057" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1058" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top">&nbsp;</td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA472"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.DEF</font></p></td>
<td>XBRL Taxonomy Extension Definition</td></tr></table>
<p id="PARA1059" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1060" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top">&nbsp;</td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA474"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.LAB</font></p></td>
<td>XBRL Taxonomy Extension Labels</td></tr></table>
<p id="PARA1061" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -54pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1062" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top">&nbsp;</td>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top">
<p id="PARA476"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.PRE</font></p></td>
<td>XBRL Taxonomy Extension Presentation</td></tr></table>
<p id="PARA1063" style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 108pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1067.1" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></font></p>
<div id="PGBK1067" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR1067" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM1067" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">10</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR1067" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA1067.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA1068" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>SIGNATURES</b></font></p>
<p id="PARA1069" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1070" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>
<p id="PARA1071" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1072" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1083" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 93.5%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="578" colspan="2">
<p id="PARA1073" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><u>TEXAS PACIFIC LAND TRUST</u></font></p>
<p id="PARA1074" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Registrant)</font></p>
<p id="PARA1075" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</p></td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">
<p id="PARA1076" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date: November 3, 2016</font></p></td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="20">
<p id="PARA1077" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By: </font></p></td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" width="558">/s/ David M. Peterson</td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="20">&nbsp; </td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px" width="558">
<p id="PARA1078" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">David M. Peterson, General Agent and</font></p>
<p id="PARA1079" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Executive Officer</font></p></td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="578" colspan="2">&nbsp; </td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp;</td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp;</td>
<td style="VERTICAL-ALIGN: top" width="578" colspan="2">&nbsp;</td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="578" colspan="2">&nbsp; </td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="20">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="558">&nbsp; </td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">
<p id="PARA1080" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date: November 3, 2016</font></p></td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp; </td>
<td style="VERTICAL-ALIGN: top" width="20">
<p id="PARA1081" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:</font></p></td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" width="558">/s/ Robert J. Packer</td></tr>
<tr>
<td style="VERTICAL-ALIGN: top" width="481">&nbsp;</td>
<td style="VERTICAL-ALIGN: top" width="31">&nbsp;</td>
<td style="VERTICAL-ALIGN: top" width="20">&nbsp;</td>
<td style="VERTICAL-ALIGN: top" width="558"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Robert J. Packer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">, Chief Financial Officer</font></td></tr></table>
<p id="PARA1084" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<div id="PGBK1085" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="PGFTR1085" style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</div>
<div id="PGNUM1085" style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">11</div>
<hr style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<div id="PGHDR1085" style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</div></div>
<p id="PARA1085.2" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</font></p>
<p id="PARA1086" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>INDEX TO EXHIBITS</b></font></p>
<p id="PARA1087" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<p id="PARA1088" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p>
<table id="TBL1100S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom" width="123">
<p id="PARA1089" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b>EXHIBIT</b></font></p>
<p id="PARA1090" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b><u>NUMBER</u></b></font></p></td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: bottom" width="1110">
<p id="PARA1091" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><b><u>DESCRIPTION</u></b></font></p></td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">&nbsp; </td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">&nbsp; </td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">
<p id="PARA1092" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.1</font></p></td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">
<p id="PARA1093" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rule 13a-14(a) Certification of Chief Executive Officer.</font></p></td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">&nbsp;</td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">
<p id="PARA1094" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.2</font></p></td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">
<p id="PARA1095" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Rule 13a-14(a) Certification of Chief Financial Officer.</font></p></td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">&nbsp;</td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">
<p id="PARA1096" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">32.1</font></p></td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">
<p id="PARA1097" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p></td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">&nbsp;</td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top" width="123">
<p id="PARA1098" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">32.2</font></p></td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top" width="1110">
<p id="PARA1099" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p></td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.INS</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Instance</td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.SCH</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Taxonomy Extension Schema</td></tr>
<tr>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-LEFT: 36pt">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.CAL</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Taxonomy Extension Calculation </td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.DEF</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Taxonomy Extension Definition</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.LAB</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Taxonomy Extension Labels</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">&nbsp;</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">&nbsp;</td></tr>
<tr>
<td style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; MARGIN-TOP: 0px">101.PRE</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">XBRL Taxonomy Extension Presentation</td></tr></table>
<p id="PARA497" style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</p>
<p id="PARA1111" style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></p>
<p id="PARA490" style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font></font>&nbsp;</p><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">
<p id="PARA479" style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></font>&nbsp;</p>
<p id="PARA480" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">12</font></p></font></body></html>
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{"company-data": {"conformed-name": "TEXAS PACIFIC LAND TRUST", "cik": "0000097517", "assigned-sic": "6792", "irs-number": "750279735", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-00737", "film-number": "161972348"}, "business-address": {"street1": "1700 PACIFIC AVE", "street2": "STE 2770", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "2149695530"}, "mail-address": {"street1": "1700 PACIFIC AVE", "street2": "STE 2770", "city": "DALLAS", "state": "TX", "zip": "75201"}}
tpl20160818_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 10-Q
_____________________
(Mark One)
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the quarterly period ended September 30, 2016
OR
[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ______ to ______
Commission File Number: 1-737
Texas Pacific Land Trust
(Exact Name of Registrant as Specified in Its Charter)
NOT APPLICABLE
(State or Other Jurisdiction of Incorporation
or Organization)
75-0279735
(I.R.S. Employer
Identification No.)
1700 Pacific Avenue, Suite 2770, Dallas, Texas
(Address of Principal Executive Offices)
75201
(Zip Code)
(214) 969-5530
(Registrant's Telephone Number, Including Area Code)
__________________________________________________________________
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑        No ☐
Indicate
by
check mark whether
the
registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑        No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
☑
Accelerated Filer
☐
Non-Accelerated Filer
☐
Smaller reporting company
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐        No ☑
Cautionary Statement Regarding Forward-Looking Statements
Statements in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding management's expectations, hopes, intentions or strategies regarding the future. Forward-looking statements include statements regarding the Trust's future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management's intent, beliefs or current expectations with respect to the Trust's future financial performance and other matters. All forward-looking statements in this Report are based on information available to us as of the date this Report is filed with the Securities and Exchange Commission, and we assume no responsibility to update any such forward-looking statements, except as required by law. All forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the factors discussed in Item 1A "Risk Factors" of Part I of
our Annual Report
on Form 10-K
f
or the year ended December 31, 20
15
, and in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A "Risk Factors" of this Quarterly Report on Form 10-Q.
PART I. FINANCIAL INFORMATION
Item 1.     Financial Statements
TEXAS PACIFIC LAND TRUST
BALANCE SHEETS
September
30,
December 31,
201
6
20
15
(Unaudited)
ASSETS
Cash and cash equivalents
$
45,496,176
$
45,011,969
Accrued receivables
7,001,383
3,787,534
Other assets
68,209
121,426
Prepaid income taxes
202,494
–
Notes receivable for land sales
94,971
139,114
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation
584,964
260,901
Real estate acquired: (10,065 acres at September 30, 2016 and 10,065 at December 31, 2015)
1,114,601
1,114,601
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
Land (surface rights) situated in eighteen counties in Texas – 877,606 acres in 2016 and 878,268 acres in 2015
–
–
1/16 nonparticipating perpetual royalty interest in 373,777 acres in 2016
and 2015
–
–
1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2016
and 2015
–
–
$
54,562,798
$
50,435,545
LIABILITIES AND CAPITAL
Accounts payable and accrued expenses
$
1,342,067
$
868,807
Income taxes payable
–
634,911
Other taxes payable
325,263
167,290
Unearned revenue
9,546,211
2,579,406
Deferred taxes
185,210
163,213
Pension plan liability
380,658
333,239
Total liabilities
11,779,409
4,746,866
Capital:
Certificates of Proprietary Interest, par value $100 each; outstanding 0 certificates
–
–
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding: 7,950,961 Sub-shares in 2016 and 8,118,064 Sub-shares in 2015
–
–
Other comprehensive loss
(1,180,340
)
(1,248,906
)
Net proceeds from all sources
43,963,729
46,937,585
Total capital
42,783,389
45,688,679
$
54,562,798
$
50,435,545
See accompanying notes to financial statements.
1
TEXAS PACIFIC LAND TRUST
STATEMENTS OF INCOME
AND TOTAL COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September
30,
Nine
Months Ended
September
30,
201
6
20
15
201
6
20
15
Income:
Oil and gas royalties
$
8,454,876
$
6,060,645
$
20,932,329
$
18,285,504
Land sales
485,505
1,888,635
571,505
22,316,635
Easements and sundry income
5,200,748
10,091,161
20,470,691
23,697,100
Other income
124,623
139,017
373,655
400,753
14,265,752
18,179,458
42,348,180
64,699,992
Expenses:
Taxes, other than income taxes
497,244
362,556
1,238,046
1,081,136
General and administrative expenses
676,332
590,984
2,123,860
1,702,248
1,173,576
953,540
3,361,906
2,783,384
Operating income
13,092,176
17,225,918
38,986,274
61,916,608
Interest income earned from investments
7,500
7,290
19,286
21,243
Income before income taxes
13,099,676
17,233,208
39,005,560
61,937,851
Income taxes
4,170,264
5,771,859
12,672,980
20,894,401
Net income
$
8,929,412
$
11,461,349
$
26,332,580
$
41,043,450
Other comprehensive income – periodic pension costs, net of income taxes of $12,909, $4,527, $38,728, and $13,582 respectively
22,855
23,975
68,566
71,924
Total comprehensive income
$
8,952,267
$
11,485,324
$
26,401,146
$
41,115,374
Average number of sub-share certificates and equivalent sub-share certificates outstanding
7,984,936
8,190,757
8,025,222
8,226,185
Basic and dilutive earnings per sub-share certificate on net income
$
1.12
$
1.40
$
3.28
$
4.99
Cash dividends per sub-share certificate
$
–
$
–
$
.31
$
.29
See accompanying notes to financial statements.
2
TEXAS PACIFIC LAND TRUST
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine
Months
Ended
September
30,
201
6
20
15
Cash flows from operating activities:
Net income
$
26,332,580
$
41,043,450
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes
21,997
(237,637
)
Depreciation and amortization
18,674
13,799
(Gain) loss on disposal of fixed assets
8,201
(712
)
Changes in operating assets and liabilities:
Accrued receivables and other assets
(3,160,632
)
(797,628
)
Prepaid income taxes
(202,494
)
815,937
Notes receivable for land sales
44,143
784,001
Accounts payable, accrued expenses and other liabilities
7,714,023
(1,424,737
)
Income taxes payable
(634,911
)
2,468,351
Net cash provided by operating activities
30,141,581
42,664,824
Cash flows from investing activities:
Proceeds from sale of fixed assets
18,000
25,000
Purchase of fixed assets
(368,938
)
(111,646
)
Net cash used in investing activities
(350,938
)
(86,646
)
Cash flows from financing activities:
Purchase of Sub-share Certificates in Certificates of Proprietary Interest
(26,799,253
)
(20,819,786
)
Dividends paid
(2,507,183
)
(2,402,460
)
Net cash used in financing activities
(29,306,436
)
(23,222,246
)
Net increase in cash and cash equivalents
484,207
19,355,932
Cash and cash equivalents, beginning of period
45,011,969
26,814,759
Cash and cash equivalents, end of period
$
45,496,176
$
46,170,691
See accompanying notes to financial statements.
3
TEXAS PACIFIC LAND TRUST
NOTES TO UNAUDITED FINANCIAL STATEMENTS
SEPTEMBER
30, 201
6
(1)
In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of Texas Pacific Land Trust (the "Trust") as of September 30, 2016 and the results of its operations for the three month and nine month periods ended September 30, 2016 and 2015, respectively, and its cash flows for the nine month periods ended September 30, 2016 and 2015, respectively. The financial statements and footnotes included herein should be read in conjunction with the Trust's annual financial statements as of December 31, 2015 and 2014 and for each of the years in the three year period ended December 31, 2015 included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2015. Beginning with the second quarter of 2015, the Trust updated the format of the revenue section in the Statements of Income and Total Comprehensive Income to provide more detail regarding revenue sources.
(2)
We evaluate events that occur after the balance sheet date but before financial statements are, or are available to be, issued to determine if a material event requires our amending the financial statements or disclosing the event. We evaluated subsequent events through November 3, 2016, the date we issued these financial statements.
(3)
No value has been assigned to the land held by the Trust other than parcels which have been acquired through foreclosure and a limited number of parcels which have been acquired because they were offered for sale and were contiguous to parcels already owned by the Trust. Consequently, no allowance for depletion is computed, and no charge to income is made, with respect thereto, and no cost is deducted from the proceeds of the land sales in computing gain or loss thereon.
(4)
The Sub-shares and the Certificates of Proprietary Interest are freely interchangeable in the ratio of one Certificate of Proprietary Interest for 3,000 Sub-shares or 3,000 Sub-shares for one Certificate of Proprietary Interest.
(5)
The Trust's effective Federal income tax rate is less than the 35% statutory rate because taxable income is reduced by statutory percentage depletion allowed on mineral royalty income.
(6)
The results of operations for the three month and nine month periods ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year.
(7)
The Trust invests cash in excess of daily requirements primarily in bank deposit and savings accounts and certificates of deposit with maturities of ninety days or less. Such investments are deemed to be highly liquid debt instruments and classified as cash equivalents for purposes of the statements of cash flows.
Supplemental cash flow information for the nine month periods ended September 30, 2016 and 2015 is summarized as follows:
2016
2015
Income taxes paid
$
13,525,307
$
17,886,479
4
(8)
ASC 280, "
Segment
Reporting
,"
establishes standards for the way public business enterprises are to report information about operating segments. In accordance with ASC 280, the Trust utilizes the management approach as a basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The Trust's management views its operations as one segment and believes the only significant activity is managing the land which was conveyed to the Trust in 1888 and any other land thereafter acquired. The Trust's management makes decisions about resource allocation and performance assessment based on the same financial information presented in these financial statements. Managing the land includes sales and leases of such land, and the retention of oil and gas royalties.
(9)
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, "
Revenue Recognition (Topic 606): Revenue from Contracts with Customers"
("ASU 2014-09"). This ASU introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 31, 2017, including interim periods within that reporting period. The Trust is currently evaluating the new guidance to determine the impact it will have on our financial statements.
(10)
In February 2016, the FASB issued ASU No. 2016-02, "
Leases (Topic 842)"
("ASU 2016-02"). This ASU requires lessees to recognize on the balance sheet, the assets and liabilities arising from leases with terms of more than twelve months. This ASU also requires both qualitative and quantitative disclosures sufficient to enable investors and other users of the financial statements to assess the amount, timing and uncertainty of cash flows arising from these leases. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Trust is currently evaluating the new guidance to determine the impact it will have on our financial statements.
Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read together with (i) the factors discussed in Item 1A "Risk Factors" of Part I of our Annual Report on Form 10-K for the year ended December 31, 20
15
, (ii) the factors discussed in Part II, Item 1A "Risk Factors," if any, of this Quarterly Report on Form 10-Q and (iii) the Financial Statements, including the Notes thereto, and the other financial information appearing elsewhere in this Report. Period-to-period comparisons of financial data are not necessarily indicative, and therefore should not be relied upon as indicators, of the Trust's future performance. Words or phrases such as "does not believe" and "believes", or similar expressions, when used in this Form 10-Q or other filings with the Securities and Exchange Commission, are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
Results of Operations for the Quarter Ended
September
30, 201
6
Compared to the Quarter Ended
September
30, 20
15
Earnings per Sub-share certificate were $1.12 for the third quarter of 2016, compared to $1.40 for the third quarter of 2015. Total operating and investing revenues were $14,273,252 for the third quarter of 2016 compared to $18,186,748 for the third quarter of 2015, a decrease of 21.5%. This decrease in revenue and earnings was due primarily to decreases in easements and sundry income and land sales. These decreases were partially offset by an increase in oil and gas royalty revenue.
5
Oil and gas royalty revenue was $8,454,876 for the third quarter of 2016, compared to $6,060,645 for the third quarter of 2015, an increase of 39.5%. Oil royalty revenue was $5,942,203 for the third quarter of 2016, an increase of 35.9% from the third quarter of 2015 when oil royalty revenue was $4,371,573. Crude oil production subject to the Trust's royalty interests increased 58.6% in the third quarter of 2016 compared to the third quarter of 2015. This increase in production was partially offset by a 14.3% decrease in the average price per royalty barrel of crude oil during the third quarter of 2016 compared to the third quarter of 2015. Gas royalty revenue was $2,512,673 for the third quarter of 2016, an increase of 48.8% from the third quarter of 2015 when gas royalty revenue was $1,689,072. This increase in gas royalty revenue resulted from a volume increase of 31.2% in the third quarter of 2016 compared to the third quarter of 2015, in addition to a 13.2% increase in the average price received.
In the third quarter of 2016, the Trust sold approximately 647 acres of land for a total of $485,505, or approximately $750 per acre. In the third quarter of 2015, the Trust sold approximately 267.85 acres for a total of $1,888,635, or approximately $7,051 per acre.
Easements and sundry income was $5,200,748 for the third quarter of 2016, a decrease of 48.5% compared to the third quarter of 2015 when easements and sundry income was $10,091,161. This decrease resulted primarily from a decrease in pipeline easement income and, to a lesser extent, seismic permit income. These decreases were partially offset by an increase in sundry income. The Trust is currently moving toward the use of term easements (in lieu of perpetual) which will require us to gradually recognize the income for easements over the life of the agreement, in lieu of recognizing it all at the beginning of the term of the easement. As a result, $3,240,403 of easement income received in the third quarter of 2016 was deferred and therefore not reflected in the statements of income and total comprehensive income. This was also the primary reason for the 270.1% increase in unearned revenue. This category of income is unpredictable and may vary significantly from quarter to quarter.
Other income, including interest on investments, was $132,123 for the third quarter of 2016 compared to $146,307 for the third quarter of 2015, a decrease of 9.7%. Grazing lease income was $122,769 for the third quarter of 2016, compared to $133,333 for the third quarter of 2015, a decrease of 7.9%. Interest on notes receivable for the third quarter of 2016 was $1,854, a decrease of 67.4% compared to the third quarter of 2015 when interest on notes receivable was $5,684. This decrease is primarily due to principal prepayments received on notes due to the Trust. As of September 30, 2016, notes receivable for land sales were $94,971 compared to $139,114 at September 30, 2015, a decrease of 31.7%. Interest income earned from investments was $7,500 for the third quarter of 2016, compared to $7,290 for the third quarter of 2015, an increase of 2.9%. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.
Taxes, other than income taxes, were $497,244 for the third quarter of 2016 compared to $362,556 for the third quarter of 2015, an increase of 37.1%. This increase is primarily attributable to an increase in oil and gas production taxes which resulted from the increase in oil and gas royalty revenues discussed above.
General and administrative expenses were $676,332 for the third quarter of 2016 compared to $590,984 for the third quarter of 2015, an increase of 14.4%. This increase was primarily due to increases in employment expenses, and to a lesser extent, legal fees.
6
Results of Operations for the
Nine
Months Ended
September
30, 201
6
Compared to the
Nine
Months Ended
September
30, 20
15
Earnings per Sub-share certificate were $3.28 for the first nine months of 2016, compared to $4.99 for the first nine months of 2015. Total operating and investing revenues were $42,367,466 for the first nine months of 2016 compared to $64,721,235 for the first nine months of 2015, a decrease of 34.5%. This decrease in revenue and earnings was due primarily to decreases in land sales and easements and sundry income, which were partially offset by an increase in oil and gas royalty revenue.
Oil and gas royalty revenue was $20,932,329 for the first nine months of 2016, compared to $18,285,504 for the first nine months of 2015, an increase of 14.5%. Oil royalty revenue was $15,387,710 for the first nine months of 2016, an increase of 10.8% from the first nine months of 2015 when oil royalty revenue was $13,884,267. Crude oil production subject to the Trust's royalty interests increased 52.3% in the first nine months of 2016 compared to the first nine months of 2015. This increase in production was offset by a 27.2% decrease in the average price per royalty barrel of crude oil during the first nine months of 2016 compared to the first nine months of 2015. Gas royalty revenue was $5,544,619 for the first nine months of 2016, an increase of 26.0% from the first nine months of 2015 when gas royalty revenue was $4,401,237. This increase in gas royalty revenue resulted from a volume increase of 38.6% in the first nine months of 2016 compared to the first nine months of 2015, which was partially offset by a price decrease of 9.2%.
During the first nine months of 2016, the Trust sold approximately 656 acres of land for a total of $571,505 or approximately $871 per acre. In the first nine months of 2015, the Trust sold approximately 20,900 acres for a total of $22,316,635, or approximately $1,068 per acre.
Easements and sundry income was $20,470,691 for the first nine months of 2016, a decrease of 13.6% compared to the first nine months of 2015 when easements and sundry income was $23,697,100. This decrease resulted primarily from a decrease in pipeline easement income, which was partially offset by an increase in sundry income. The Trust is currently moving toward the use of term easements (in lieu of perpetual) which will require us to gradually recognize the income for easements over the life of the agreement, in lieu of recognizing it all at the beginning of the term of the easement. As a result, $5,726,314 of easement income received in the first nine months of 2016 was deferred and therefore not reflected in the statements of income and comprehensive income. This was also the primary reason for the 270.1% increase in unearned revenue. This category of income is unpredictable and may vary significantly from quarter to quarter.
Other income, including interest on investments, was $392,941 for the first nine months of 2016 compared to $421,996 for the first nine months of 2015, a decrease of 6.9%. Grazing lease income was $367,078 for the first nine months of 2016, compared to $362,375 for the first nine months of 2015, an increase of 1.3%. Interest on notes receivable for the first nine months of 2016 was $6,577, a decrease of 82.9% compared to the first nine months of 2015 when interest on notes receivable was $38,378. This decrease is primarily due to principal prepayments received on notes due to the Trust. As of September 30, 2016, notes receivable for land sales were $94,971 compared to $139,114 at September 30, 2015, a decrease of 31.7%. Interest income earned from investments was $19,286 for the first nine months of 2016, compared to $21,243 for the first nine months of 2015, a decrease of 9.2%. Interest on investments is affected by such variables as cash on hand for investment and the rate of interest on short-term investments.
Taxes, other than income taxes, were $1,238,046 for the first nine months of 2016 compared to $1,081,136 for the first nine months of 2015, an increase of 14.5%. This increase is primarily attributable to an increase in oil and gas production taxes which resulted from the increase in oil and gas royalty revenue discussed above.
7
General and administrative expenses were $2,123,860 for the first nine months of 2016 compared to $1,702,248 for the first nine months of 2015, an increase of 24.8%. This increase is primarily due to an ongoing project to enhance the information systems of the Trust and, to a lesser extent, an increase in non-recurring legal fees and employment expenses.
Liquidity and Capital Resources
The Trust's principal sources of liquidity are revenues from oil and gas royalties, easements and sundry income, and land sales. In the past, those sources have generated more than adequate amounts of cash to meet the Trust's needs and, in the opinion of management, should continue to do so in the foreseeable future.
Item 3.     Quantitative and Qualitative Disclosures Abou
t
Market Risk
There have been no material changes in the information related to market risk of the Trust since December 31, 2015.
Item 4.     Controls and Procedures
Pursuant to Rule 13a-15, management of the Trust under the supervision and with the participation of David M. Peterson, the Trust's Chief Executive Officer, and Robert J. Packer, the Trust's Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Trust's disclosure controls and procedures as of the end of the Trust's fiscal quarter covered by this Report on Form 10-Q. Based upon that evaluation, Mr. Peterson and Mr. Packer concluded that the Trust's disclosure controls and procedures are effective in timely alerting them to material information relating to the Trust required to be included in the Trust's periodic SEC filings.
There have been no changes in the Trust's internal control over financial reporting during the Trust's most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over financial reporting.
8
PART II
OTHER INFORMATION
Item 1A.     Risk Factors
There have been no material changes in the risk factors previously disclosed in response to Item 1A "Risk Factors" of Part I of the Trust's Annual Report on Form 10-K for the year ended December 31, 2015.
Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds
(c)
During the third quarter of 2016, the Trust repurchased Sub-share certificates as follows:
Period
Total
Number of
Sub-shares
Purchased
Average
Price Paid
per
Sub-share
Total Number
of Sub-shares
Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum
Number (or
Approximate
Dollar Value) of
Sub-shares that
May Yet Be
Purchased Under
the Plans or
Programs
July 1, through July 31, 2016
20,803
$
168.95
–
–
August 1, through August 31, 2016
24,723
$
174.43
–
–
September 1, through September 30, 2016
18,146
$
204.84
–
–
Total
63,672
*
$
181.31
–
–
* The Trust purchased and retired 63,672 Sub-shares in the open market.
9
Item 6. Exhibits
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS
XBRL Instance
101.SCH
XBRL Taxonomy Extension Schema
101.CAL
XBRL Taxonomy Extension Calculation
101.DEF
XBRL Taxonomy Extension Definition
101.LAB
XBRL Taxonomy Extension Labels
101.PRE
XBRL Taxonomy Extension Presentation
10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
TEXAS PACIFIC LAND TRUST
(Registrant)
Date: November 3, 2016
By:
/s/ David M. Peterson
David M. Peterson, General Agent and
Chief Executive Officer
Date: November 3, 2016
By:
/s/ Robert J. Packer
Robert J. Packer
, Chief Financial Officer
11
INDEX TO EXHIBITS
EXHIBIT
NUMBER
DESCRIPTION
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS
XBRL Instance
101.SCH
XBRL Taxonomy Extension Schema
101.CAL
XBRL Taxonomy Extension Calculation
101.DEF
XBRL Taxonomy Extension Definition
101.LAB
XBRL Taxonomy Extension Labels
101.PRE
XBRL Taxonomy Extension Presentation
12