Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
(Mark One)
ý
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2017
OR
¨
Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from __________to__________             
Commission file number 1-9518

A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:

THE PROGRESSIVE CORPORATION
EXECUTIVE DEFERRED COMPENSATION PLAN

B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
THE PROGRESSIVE CORPORATION
6300 WILSON MILLS ROAD
MAYFIELD VILLAGE, OHIO 44143





REQUIRED INFORMATION

See the attached Financial Statements for The Progressive Corporation Executive Deferred Compensation Plan, as of December 31, 2017 and 2016 and for each of the three years in the period ended December 31, 2017.
 


SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
 
 
 
 
 
The Progressive Corporation Executive Deferred Compensation Plan
 
 
By:
/s/ Jeffrey W. Basch
 
 
Name:
Jeffrey W. Basch
 
 
 
Authorized Signatory
 
 
 
 
Date:
March 16, 2018
 
 





















THE PROGRESSIVE CORPORATION
EXECUTIVE DEFERRED COMPENSATION PLAN


FINANCIAL STATEMENTS
WITH
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

As of December 31, 2017 and 2016
and for Each of the Three Years in the Period Ended December 31, 2017


























INDEX


 
 
Page
 
Report of Independent Registered Public Accounting Firm
 
1
 
 
 
 
 
 
 
Financial Statements:
 
 
 
 
 
 
 
 
 
 
 
Statement of Net Assets Available for Benefits
 
2
 
 
 
 
 
Statement of Changes in Net Assets Available for Benefits
 
3
 
 
 
 
 
 
 
Notes to Financial Statements
 
4
-
9
 
 
 
 
 
 
 





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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors
The Progressive Corporation
Cleveland, Ohio

Opinion of the Financial Statements

We have audited the accompanying Statement of Net Assets Available for Benefits of The Progressive Corporation Executive Deferred Compensation Plan (the Plan) as of December 31, 2017 and 2016 and the related Statements of Changes in Net Assets Available for Benefits for each of the three years in the period ended December 31, 2017 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016 and the changes in net assets available for benefits for each of the three years in the period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.



/s/ Meaden & Moore, Ltd.
MEADEN & MOORE, LTD.

We have served as the Plan’s auditor since 1999.

Cleveland, Ohio
March 16, 2018






STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

The Progressive Corporation
Executive Deferred Compensation Plan


 
 
 
 
 
December 31
 
 
2017
 
2016
Assets:
 
 
 
 
 
 
 
 
 
Receivables:
 
 
 
 
Employer
 
$
3,506,961

 
$
3,911,936

 
 
 
 
 
Total Receivables
 
3,506,961

 
3,911,936

 
 
 
 
 
Investments, at Fair Value:
 
 
 
 
Common Shares of The Progressive Corporation
 
288,446,011

 
195,861,568

Other investments
 
167,003,912

 
136,914,243

 
 
 
 
 
Total Investments
 
455,449,923

 
332,775,811

 
 
 
 
 
 
 
 
 
 
Net Assets Available for Benefits
 
$
458,956,884

 
$
336,687,747



See accompanying notes.



























- 2 -




STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

The Progressive Corporation
Executive Deferred Compensation Plan


 
 
Year Ended December 31
 
 
2017
 
2016
 
2015
Additions to Net Assets Attributed to:
 
 
 
 
 
 
Contributions:
 
 
 
 
 
 
Employer
 
$
9,606,380

 
$
18,480,820

 
$
33,174,695

 
 
 
 
 
 
 
Net appreciation in fair value of investments
 
116,928,050

 
24,005,137

 
16,090,309

Net realized gains
 
15,251,173

 
4,331,418

 
1,342,612

Dividends
 
7,521,936

 
7,750,469

 
7,088,961

Interest
 
11

 
1,278

 
4,415

Revenue Share - see footnote 2
 
42,778

 
90,633

 
83,532

 
 
 
 
 
 
 
Total Additions
 
149,350,328

 
54,659,755

 
57,784,524

 
 
 
 
 
 
 
Deductions from Net Assets Attributed to:
 
 
 
 
 
 
Benefits paid to participants
 
27,081,191

 
8,857,525

 
7,084,846

 
 
 
 
 
 
 
Net Increase
 
122,269,137

 
45,802,230

 
50,699,678

 
 
 
 
 
 
 
Net Assets Available for Benefits:
 
 
 
 
 
 
Beginning of Year
 
336,687,747

 
290,885,517

 
240,185,839

 
 
 
 
 
 
 
End of Year
 
$
458,956,884

 
$
336,687,747

 
$
290,885,517


See accompanying notes.













- 3 -




NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

1 Description of the Plan

The Progressive Corporation Executive Deferred Compensation Plan (the "Plan") became effective January 1, 1995, and is maintained pursuant to a 2010 Amendment and Restatement and First, Second, Third and Fourth Amendments thereto. The Plan permits eligible executives of The Progressive Corporation (the "Company") and certain of its subsidiaries to defer all, or a portion, of their bonuses, annual restricted stock unit awards and incentive awards payable under certain bonus and incentive plans of the Company. Eligible executives include those with bonus targets of at least 35% and other employees designated by the Compensation Committee of the Company's Board of Directors. Plan participation is voluntary.

During 2017, employees of ARX Holding Corp. and its subsidiaries became eligible to participate in the Plan beginning with bonuses earned and incentive awards granted in 2018.

Eligible executives who wish to participate in the Plan must enter into an irrevocable deferral agreement specifying the portion of the bonus to be deferred. Participants must enter into a different deferral agreement for each bonus or other incentive award prior to the year in which the bonus or incentive award is earned. Deferral agreements relating to stock awards must be entered into before the year in which the award is granted. Each Participant may elect to transfer any portion of their account from one investment fund to another on any day the New York Stock Exchange is open, but not more frequently than twice per calendar quarter.

The Plan is intended to be an unfunded Plan providing benefits for a select group of management and highly compensated employees for purposes of the Employee Retirement Income Security Act of 1974 ("ERISA") and is, therefore, exempt from certain ERISA requirements.

A deferral account is established for all deferrals that relate to the same payout date. The account is credited with an amount equal to the initial amounts deferred as of the date such amounts otherwise would have been paid to the participant in cash. All amounts initially credited to each account will be deemed to be invested in the investment fund selected by the participant. Any deferral of a stock award granted on or after March 17, 2005, shall be deemed to be invested in the company stock fund until the deferral account has been distributed or withdrawn. The gains or losses of each investment fund are allocated among the appropriate accounts based on the proportion each participant's account balance bears to the total account balances for all participants. Each participant’s benefit at any date is equal to the value of his/her account as of that date.

All deferrals credited to a deferral account will be deemed to be invested in one or more of the investment funds available under the Plan, based on the participant's investment election. Investment funds include common shares of the Company, a money market fund, and several stock and bond mutual funds. Income from each fund is deemed to be reinvested in the fund that produced the income.

The investment funds available under the Plan are merely devices used to calculate gains and losses on the amounts deferred by Plan participants. No participant has any rights or interests in any particular funds, securities or property of the Company or the Trust described in Note 5, or in any investment vehicle in which deferrals are deemed to be invested, by virtue of any investment election. Each deferral account, however, shall be credited or charged in accordance with the Plan with gains and losses as if the participant in fact had made a corresponding actual investment.

The balance of each deferral account will be distributed to the participant upon the earlier of death, termination of employment, change in control of the Company or the date on which any fixed deferral period elected by the participant expires. Distribution may also be made with the consent of the Plan committee, if the participant becomes disabled or experiences an unforeseeable emergency. A participant's fixed deferral period election is irrevocable.

Distributions made on account of the participant's death, disability, unforeseeable emergency or change in control of the Company will be paid in a lump sum. Distributions made on account of the participant's termination of employment or expiration of a fixed deferral period will be paid in either a lump sum or in three, five or ten annual installments, as elected by the participant. Distributions of deferred stock awards granted in 2005 and later years will be made in common shares; all other Plan distributions will be made in cash.

The above description is provided for informational purposes. Participants should refer to the Plan documents for a more complete description of the Plan's provisions.



- 4 -



NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

2 Summary of Significant Accounting Policies

General:

The accompanying financial statements have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment Valuation:

The investment in common shares of the Company is valued at the last reported trade price on the New York Stock Exchange on the last business day of the year. Investments in the stock and bond mutual funds and money market fund are valued at market. Market values for these investments were determined by quoted prices, which represent the net asset value of shares held by the Plan at year-end.

Investment securities are exposed to various risks such as interest rate, market and credit risks. Market values of securities fluctuate based on the magnitude of changing market conditions. Significant changes in market conditions could materially affect Plan investments.

Fair Value:

As defined in FASB ASC 820, "Fair Value Measurements", fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a framework for measuring fair value, establishes a fair value hierarchy based on inputs used to measure fair value, and expands disclosure about fair value measurements.

The Plan has categorized its financial instruments, based on the degree of subjectivity inherent in the valuation technique, into a fair value hierarchy of three levels, as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical instruments at the measurement date (e.g. active exchange-traded equity securities).

Level 2: Inputs (other than quoted prices included within Level 1) that are observable for the instrument either directly or indirectly. This includes: (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, (iii) inputs other than quoted prices that are observable for the instruments, and (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs that are unobservable. Unobservable inputs reflect the reporting entity’s subjective evaluation about the assumptions market participants would use in pricing the financial instrument.

The composition of the investment portfolio as of December 31 was:
Description
12/31/2017
 
Level 1
 
Level 2
 
Level 3
Money Market
$
8,007,575

 
$
8,007,575

 
$

 
$

Mutual Funds
158,996,337

 
158,996,337

 

 

Common Stock
288,446,011

 
288,446,011

 

 

Total
$
455,449,923

 
$
455,449,923

 
$

 
$

 
 
 
 
 
 
 
 
Description
12/31/2016
 
Level 1
 
Level 2
 
Level 3
Money Market
$
6,932,287

 
$
6,932,287

 
$

 
$

Mutual Funds
129,981,956

 
129,981,956

 

 

Common Stock
195,861,568

 
195,861,568

 

 

Total
$
332,775,811

 
$
332,775,811

 
$

 
$


- 5 -



NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

2 Summary of Significant Accounting Policies, Continued

Subsequent Events:

Management evaluates events occurring subsequent to the date of the financial statements in determining the accounting for and disclosure of transactions and events that affect the financial statements.

Other:

Investment transactions are recorded on a trade date basis.

Realized gains and losses on the sale or distribution of securities are determined based on the average cost of the securities sold.

Dividend income is recorded on the ex-dividend date. Interest and other investment income are recorded as earned on the accrual basis.

Short-term trading fees are imposed by some funds in the Plan if any shares are sold, withdrawn or transferred out, after holding them for less than a specified period of time.

Administrative expenses of the Plan, including trust management, legal and other fees, are paid by the Company and are not expenses of the Plan.

Revenue Share:

Beginning in 2015, for any investment that generates revenue share for Fidelity Management Trust Company (FMTC), the trustee of the rabbi trust described in Note 5, FMTC is returning that revenue share back to the Plan and the Plan in turn returns that revenue to the participants who are invested in those funds. This fee credit is issued to participants quarterly.

Recent Accounting Pronouncements:

In February 2017, the FASB issued Accounting Standards Update No. 2017-06, Plan Accounting (Topics 960, 962, and 965): Employee Benefit Plan Master Trust Reporting (ASU 2017-06). ASU 2017-06 requires the Plan's interest in the master trust and any change in that interest to be presented as separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. The amendment also requires all plans to disclose their master trust's other asset and liability balances and the dollar amount of the plan's interest in each of those balances. In addition, the amendment eliminates the requirement to disclose the percentage interest in the master trust for plans with dividend interest and requires that all plans disclose the dollar amount of their interest in each general type of investment. ASU 2017-06 is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. Plan management has determined this pronouncement has no impact on the Plan's financial statements or disclosures.


- 6 -



NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

3 Participant Accounts

Participant balances for all funds are maintained in shares. Share values are determined on a periodic basis. The total number of shares and share values as of December 31, 2017 and 2016, by fund, were as follows:
 
 
2017
 
Ticker
Total Number
Net Asset
Fair
Investment Options
Symbol
of Shares
Share Value ($)
Value
American Beacon Small Cap Value Fund
 
 
 
 
Class Institutional
AVFIX
21,029.46

27.41

$
576,417

Fidelity Diversified International K6 Fund
FKIDX
441,236.07

10.84

4,782,999

Fidelity Low-Priced Stock K6 Fund
FLKSX
214,872.09

11.22

2,410,865

Fidelity Mid-Cap Stock Fund - Class K
FKMCX
55,634.94

38.23

2,126,924

John Hancock Small Company Fund Class A
JCSAX
15,083.52

28.23

425,808

Oakmark Equity And Income Fund Class I
OAKBX
205,057.52

32.19

6,600,802

PIMCO Total Return Fund Institutional Class
PTTRX
1,239,526.46

10.27

12,729,937

Templeton World Fund Class A
TEMWX
10,227.42

16.92

173,048

The Progressive Corporation
PGR
5,121,555.59

56.32

288,446,011

Vanguard Balanced Index Fund Institutional Shares
VBAIX
19,086.65

34.72

662,688

Vanguard Federal Money Market Fund Investor Shares
VMFXX
8,007,575.54

1.00

8,007,576

Vanguard Growth Index Fund Institutional Shares
VIGIX
43,472.21

72.35

3,145,214

Vanguard Institutional Index Fund Institutional
 
 
 
 
Plus Shares
VIIIX
420,764.52

243.48

102,447,745

Vanguard Mid-Cap Index Fund Institutional Shares
VMCIX
90,944.98

42.32

3,848,792

Vanguard Small-Cap Index Fund
 
 
 
 
Institutional Plus Shares
VSCPX
13,934.73

204.30

2,846,865

Vanguard Total Bond Market Index Fund
 
 
 
 
Institutional Plus Shares
VBMPX
518,343.07

10.75

5,572,188

Vanguard Total International Stock Index Fund
 
 
 
 
Institutional Shares
VTSNX
20,443.59

122.03

2,494,731

Vanguard Value Index Fund Institutional Shares
VIVIX
141,975.67

41.41

5,879,212

Wasatch Small Cap Growth Fund
WAAEX
52,400.86

43.36

2,272,101

 
 
 
 
$
455,449,923

 
 
 
 
 
 
 
2016
 
Ticker
Total Number
Net Asset
Fair
Investment Options
Symbol
of Shares
Share Value ($)
Value
American Beacon Small Cap Value Fund
 
 
 
 
Class Institutional
AVFIX
17,979.09

27.63

$
496,762

Fidelity Diversified International Fund - Class K
FDIKX
111,984.69

33.23

3,721,251

Fidelity Low-Priced Stock Fund - Class K
FLPKX
41,648.70

49.43

2,058,695

Fidelity Mid-Cap Stock Fund - Class K
FKMCX
47,874.97

34.63

1,657,910

Fidelity Money Market Trust Retirement
 
 
 
 
Government Money Market II Portfolio
FRTXX
6,932,287.02

1.00

6,932,287

John Hancock Small Company Fund Class A
JCSAX
14,781.71

27.95

413,149

Oakmark Equity And Income Fund Class I
OAKBX
214,192.70

30.42

6,515,742

PIMCO Total Return Fund Institutional Class
PTTRX
870,867.36

10.03

8,734,800

Templeton World Fund Class A
TEMWX
10,267.53

15.88

163,048

The Progressive Corporation
PGR
5,517,227.26

35.50

195,861,568

Vanguard Growth Index Fund Institutional Shares
VIGIX
44,405.92

57.31

2,544,903

Vanguard Institutional Index Fund Institutional
 
 
 
 
Plus Shares
VIIIX
417,639.27

203.84

85,131,589

Vanguard Mid-Cap Index Fund Institutional Shares
VMCIX
79,341.72

35.99

2,855,509

Vanguard Small-Cap Index Fund
 
 
 
 
Institutional Shares
VSCIX
29,791.33

61.77

1,840,210

Vanguard Total Bond Market Index Fund
 
 
 
 
Institutional Shares
VBTIX
474,564.62

10.65

5,054,113

Vanguard Total International Stock Index Fund
 
 
 
 
Institutional Shares
VTSNX
16,748.31

98.50

1,649,709

Vanguard Value Index Fund Institutional Shares
VIVIX
137,220.55

36.23

4,971,501

Wasatch Small Cap Growth Fund
WAAEX
54,627.07

39.78

2,173,065

 
 
 
 
$
332,775,811


- 7 -




NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

4 Investment Programs

Various changes were made to the investment options available in the Plan in 2017. The changes are summarized below:
Fund Name
Ticker Symbol
Effective Date
Change
Oakmark Equity And Income Fund Class I
OAKBX
June 1
Frozen to new deferrals and exchanges in.
American Beacon Small Cap Value Fund
 
 
 
Class Institutional
AVFIX
June 1
Frozen to new deferrals and exchanges in.
Wasatch Small Cap Growth Fund
WAAEX
June 1
Frozen to new deferrals and exchanges in.
Vanguard Balanced Index Fund Institutional Shares
VBAIX
June 1
Added to the investment fund lineup.
Vanguard Federal Money Market Fund Investor Shares
VMFXX
June 1
Added to the investment fund lineup.
Fidelity Money Market Trust Retirement
 
 
 
Government Money Market II Portfolio
FRTXX
June 1
Removed from the investment fund lineup.
Fidelity Diversified International K6 Fund
FKIDX
November 3
Added to the investment fund lineup.
Fidelity Low-Priced Stock K6 Fund
FLKSX
November 3
Added to the investment fund lineup.
Vanguard Small-Cap Index Fund
 
 
 
Institutional Plus Shares
VSCPX
November 3
Added to the investment fund lineup.
Vanguard Total Bond Market Index Fund
 
 
 
Institutional Plus Shares
VBMPX
November 3
Added to the investment fund lineup.
Fidelity Diversified International Fund - Class K
FDIKX
November 3
Removed from the investment fund lineup.
Fidelity Low-Priced Stock Fund - Class K
FLPKX
November 3
Removed from the investment fund lineup.
Vanguard Small-Cap Index Fund
 
 
 
Institutional Shares
VSCIX
November 3
Removed from the investment fund lineup.
Vanguard Total Bond Market Index Fund
 
 
 
Institutional Shares
VBTIX
November 3
Removed from the investment fund lineup.

At December 31, 2017 and 2016, there were 79 and 77 (respectively) Plan participants.

5 Trust

The Company maintains a Trust to provide a source of funds to assist the Company in meeting its obligations under the Plan. The Trust is irrevocable. The Company is required to make annual deposits to the Trust to the extent necessary to insure that the value of all Trust assets is sufficient to pay all Plan obligations as of the close of each Plan year. The rights of participants and their beneficiaries under the Plan are merely unsecured contractual rights against the Company and its participating subsidiaries. Participants and beneficiaries have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. All assets of the Trust are subject to the claims of the general creditors of the Company and its participating subsidiaries under federal and state law, should the Company and its participating subsidiaries become unable to pay their debts as they become due or become subject to federal bankruptcy proceedings.

6 Related Party

Certain Plan investment choices are mutual funds managed by Fidelity Management & Research Company (FMR Co.). Fidelity Management Trust Company (FMTC) is the current trustee of the Trust and along with FMR Co. is a subsidiary of FMR Corp. These transactions, therefore, qualify as related party transactions. The Plan paid no fees in 2017, 2016 or 2015 for investment management or Trust services.

7 Administration of the Plan

The Plan is administered by a committee consisting of not less than two members of the Company's Board of Directors, all of whom serve on the committee at the pleasure of the Board. The committee has full power to administer the Plan, including, but not limited to, the authority to make and enforce rules and regulations, to interpret the Plan's provisions, to compute amounts payable under the Plan and to authorize disbursements from the Plan and the Trust.

Certain administrative functions are performed by employees of the Company, or its subsidiaries. No such employees receive compensation from the Plan.

- 8 -



NOTES TO FINANCIAL STATEMENTS

The Progressive Corporation
Executive Deferred Compensation Plan

December 31, 2017

8 Tax Status

The Plan is not, and is not intended to be, qualified under Section 401 of the Internal Revenue Code. Consequently, an application for a favorable determination has not been filed with the Internal Revenue Service.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2017, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress.

9 Right to Terminate

The Company may terminate the Plan at any time and for any reason. Following termination of the Plan, no additional deferrals may be made, but all existing participant accounts will continue to be administered in accordance with the Plan, unless the Company elects to accelerate distribution of all Plan accounts in accordance with Section 409A of the Internal Revenue Code.


- 9 -



THE PROGRESSIVE CORPORATION
EXECUTIVE DEFERRED COMPENSATION PLAN


EXHIBIT INDEX


EXHIBIT NO. UNDER REG. S-K ITEM 601
 
FORM 11-K EXHIBIT NO.
 
DESCRIPTION OF EXHIBIT
 
 
 
 
 
23
 
23