ULNRC-06349, Callaway, Unit 1 - Enclosure 6 to ULNRC-06349 - Non-Unanimous Stipulation and Agreement
Text
BEFORE THE PUBLEC SERVICE COMMISSION OF THE STATE OF MISSOURI Apphcation ofUnion Electric Company dlb/a Ameren Missouri for Approval of Decommissioning Cost Estimates and funding Levels ofNticIcar Decommissioning Trust Funds for the CaHaway Energy Center and for the Callaway Independent Spent Fuel)file No.EO-201 5-0253 Storage Installation (ISfSI);Approval ofRevised Investment Guidelines; and Approval oflnvestrnent Managers for Investment ofISfSt Decommissioning funds.NON-UNANIMOUS STIPULATION AND AGREEMENT COME NOW Union Electric Company d/b/a Arneren Missouri ("Ameren Missouri"or'Company")
and the Staffofthe Missouri Public Scrvice Commission
('Staff')(collectively, the"Parties")
and submit this Non-Unanimous Stipulation and Agreement to the Missouri Public Service Commission
('Commission')
in resolution ofFile No.EO-2015-0253.
INTRODUCTION1 I.On April 1, 2015, Ameren Missouri tiled its 2014 Triennial Decommissioning Update for the expected costs for decommissioning of its nuclear plant at Ameren Nhssouds Callaway Energy Centerf"Callaway").
On August 15, 2014, in file No.EE-2014-0046, Ameren Missouri filed a reqtiest to allow it to fllc its 2014 Triennial Decommissioning Update pursuant to 4 CSR 240-3185(3) no later than ApriL 1, 2015, due to its license extension request that was pending bcfore thc Nuclear Regulatory Commission
("NRC)and the potential impact of that request upon the necessary funding level of its decommissioning trust.2 The Staff recommended Sea Attachment A for the Callawsy Energy Center Dccornrnisoning Trust Fund 1listory-Arneren Missouri Request for Variance OfDate for DecoiuinisWoning Cost Esrirnote filing AiF.foiion For w Expedited Trnoneiit was based in pan on the finding of the US.Court of Appeals for the D.C.Circuit on June 8, S a 2012 hat some aSpects of the 2010 Waste Confidence Rote rulemaldng thd not satisfy the Nuclear Regulatory I;Crnnnussion's
("NRC')National Environmental Policy Act ('NEPA")obligations and vacated the rulemaking.
L ,Ve;y)'orkv.NRC., 68 t f.3d 471 (D.C.Cir.2012).In response to the Court's decision, (conthsredon nrr page) that the Commission grant the variance.The Commission issued an O,dcr Graiiting Variance on August 27, 2014, granting Arneren Missouri's request.2.Ameren Missouri's April 1 201 5, Application for Approval of Decommissioning Cost Estimate for Catlaway Energy Center and Funding Level of Nuclear Decommissioning Trust Fund related that on March 6, 2015, the NRC approved its Application for a 20-year operating license extension to October 1 8.2044.The decommissioning cost estimate and finding adequacy analysis presented with Ameren Missouri's April 1, 2015, Application are based on this extended life ofthe Callaway Energy CcEster.3 Attachment I to Ameren Missout's April 1, 2015, Application is the updated decommissioning cost estimates prepared by TLG Services, Inc.('TLG"), titled Dccomnussio;li?zg Cost Analysis foi the Cattawav Energy Center.The decommissioning trust fund requirement of$864,734,000 in 2014 dollars is based on the March 2015, TLG estimated cost to decommission the Cat]away Energy Center employing the DECON altemative process,4 using an assumed 60-year plant operating life, not including the cost of decommissioning the Independent Spent Fuel Storage Installation
('lSfSI')that has been constructed at Caltaway.Attachment 2 to Ameren Missouri's April 1, 2015, Application is the Amcrcn Missouri updated the NRC decided to stop alt ticsnsIng activities that rtied on the Wstc Confidtnce Rule, inctuding the Cattaway Energy Centers ticcnsc renewal.Before the NRC coutd tift its suspension of ati licensing activities that rdid on the Waste Confidence Rule, the NRC had to issue a new ntis.On Juty 21, 20t4.the NRC staff submitted to ttte NRC a propotat for the final Wst Confidncc Rule.The NRC staff's subtoitial also tttcluded the necessary proposed Waste Contidence Generic Environmentat Impact Statement (GElS').The fittal rule was seheduted to be tsssed in early October 20t4, svhich requtred the NRC to act expeditiously to avoid detsys.After ttte final sale was issued, the NRC would be free to nile on the Cailaway Energy Centers Itcente rcocwat.3 Ameren Mtssourt cootrocted setth TLG to perform, uttdcr the direction of Arneren Missouri, the site specific cost study to determine the ctttmsted cost for decontmissiottisg the Catlaway Energy Center after 2044.Since 1982, TLO tao provided csgineertng and field services for contaminated facilities itacludIttg estimates of decommissioning costs for nuclear generating ttnits, TLG also ta the company that prepared the decommissioning cast estimate that was filed wtth the Commtssiots by Amerets Missouri to 1991, 1993, 1999, 2002, 2005, 2008 tutU 2011.(0 DECON assustes decontanttnattng and decommisstontng tmrnediately following conclusion ofpower operations its'a 2044, when the 60-year operating license expires.Votk is anticipated to be completed by 2053.DECON consists a j of removal of fuel asoetobites, source material, radioactive tisston and corrosion products, and other radioactive t'materials inttstediatcly after cessation ofpower operations.
2 funding adequacy analysis calculating he required annual funding levels to cover the estimated cost to decommission the Callaway Energy Center employing the DECON alternative process using an assumed 60-year plant operating life, not including the cost of decommissioning the ISfSI.3.SInce that time, additional decommissioning scope has deeetoped, specifically the addition ofdecommissioning costs for an ISFSI facility that has been constructed at CaHaway.4.Attached to this Non-Unanimous Stipulation and Agreement, as Attachment 1 is the"Callaway Energy Cenier IfldepeF?de?l1 Spent fuel Storage installation Decommissioning Cost AnciliisW', dated February 1 , 201&This documents the expected cost for decommissioning the ISFSL.This represents an additional cost that was not included in Ameren Missouri's original filing in this case.The Department of Energy ("DOE")had a contract with Amcren Missouri and nuclear customers were paying in fates fees to remove, transport and dispose of spent nuclear fuel assembtics (high1evet radioactive waste)from the Catlaway Energy Center to a Nevada-Yucca Mountain repository site.With DOE not taking the spent nuclear fuel assemblies for the Yucca Mountain site, Amcren Missouri has been storing and will continue to store these spent nuclear fuel assemblies on site at the Callaway Energy Center.The ISFSI was constructed to hold the 3,782 spent fuel assemblies that are expected to be produced over the 60-year life of Callaway.5.The current annual contribution of$6,758,605 to Ameren Missouri's nuclear decommissioning trust fund is reasonable given the uncertainties in the numerous forecasted assumptions used to determine the contribution level.The forecasted assumptions include, but are not limited to, capital market expectations, projected decommissioning inflation rates and the costs to decommission Callaway.The Parties agree on the annual contribution level.DWfl.
6.The Nan-Una,ünwus Stipulation and Agreement approved by the Commission in its October 3, 2012 Order Approving Stipulation and Agreement in file No.EO-2012-0070, states at paragraph 5: The Parties agree that, it is reasonable to use capital market return expectation information provided by Arneren Missouri's pension plan consultant, or the 2%real rate ofreturn set forth in 10 CFR§SO75(e)(1)(ii), for purposes of developing expected portfolio returns for Arncren Missouri's nuclear decommissioning trust fund.The Parties agree that any proposed changes to the annual contribution to Ameren Missouri's nuclear decommissioning trust find shall be based on capital market return expectation information provided by Arneren Missouri's pension plan consultant, or the aforementioned 2%real rate of return, unless the Parties agree to use a different source and/or methodology for capital market return expectations or the Commission finds in a contested case that different source aid/or methodology for capital market return expectation are more appropriate.
7.Ameren MIssouri, after talking with Staff, also revisited its assumptions used in calculating the level of funds required to he collected from its customers in order to fund the Callaway Energy Center and the lSfSI's decommissioning.
The updated ftrnding adequacy analysis calculating the required annual funding levels is attached to this document as Attachment 2.Separate analyses were performed for the Callaway Energy Center and for the lSFSl.In addition, the following updates were done to the calculations:
5 tfdecorntnissioning tinancial assurance is provided by an external sinking fund, as it is with Callaway, tO CfR§50.75fe)(lXii) requires that"the total amount of hinds woutd be sufficient to pay deconmtissiomng costa at the time permanent termination ofoperalions is expected."
0 CFR§5075tc)f1)(ii) siso goes on to sisie, in part:.A ticensee that has collected funds baaed on a sIte-spccitic estimate under§5075(b)(1) of this section may take credit for projected Santiago on the external striking funda using up to a 2 pcrcettt sousa!real rate of retina from the into of future usda'collection through tite dccomniissiomng period, provided tttat the abe-specific estimate is bused on a period of safe storage that is specifically described in the estimate.This includes the periods of safe storage, fma)dismantlement, sod license termination.
A licensee that itsa collected funds based on the fonoslas in§S0.7Sfc)ofthis section may tske credit for collected eantmgs on the decommissioning finds using up to a 2 percent annual real rate of return up to the time of permanent tersoinalion of operations.
A licentee may use a credit of greater than 2 percent if the licensee's rate-settitig suttiority has specifically authorized a higher rate ii, Because Ameren Missouri does nor contemplate shutting down Callaway pnor to the end of its license life.Cm a sltstdown date used in the economtc unalysit, which it Attachment 2 to limit Non-Uaaitimouu Stiputation and me 0 , Agreement is 2044, tIme year in which Callsway'a NRC Operating License expires Ameren Missouri collects Lg i (continued on next page)4 A.The starting balance in the decommissioning trust fluid was updated to December31, 2015, from that as ofDecernber 31, 2014.8.The total cost of decommissioning was increased by S9437,000 (2015 dollars)to reflect the additional costs for decommissioning the ISFSJ.C.Return assumptions were updated to be consistent with the"October 1, 201 5 capital market assumptions" provided by Towers Watson, Ameren Missouri's pension plan consultant.
i:t.Ameren Missouri adjusted the deconniissioning inflation rate assumption to 3.5864%.8.After recalculating the required contribution levels for the Callaway Energy Center and for the lSfSl, Amcren Missouri and the Staffbclicve that there is no need to increase the total amount collected from Ameren Missouri's customers.
9.The Parties agree with the following:
A.The overall, current contribution level of$6,75g,605 annually does not need to be modified at this time.B.Ameren Missouri will allocate this total contribution amount between the plant and the ISFSI.The majority ofthe total contribution,$6,314,620 annually, will be used to fund the decommissioning trust fund for the plant.The remainder, S443.985 annually, will be used to fund the decommissioning trust find for the ISF$I.Due to the relatively small amount of the annual JSFSl contribution, these contributions will be invested in mutual funds.The finds for decommissioning the ISFSI will be maintained
.: dscornrnissaning hinds based on a sits specific csttrnate.
The economic analysIs assumes credit for samuigs at an L 0.expected 4.415%annual reat ptctax&expense rate ofreturn througit 2043 sad at 1.100%thereafier.
in a separate subaccocint, separate from the flinds needed to fund decommissioning the plant itself, C.In order to allow the above investment in mutual funds for ISFSI decommissioning, the Parties agree the Commission should order Ameren Missouri to use mutual funds offcrcd by one of the major mutual fttnd companies for this purpose;specIfically, the Parties agree Arneren Missouri should use the Vanguard 500 Index Fund Admiral Shares ("\'anguard 500 Index fund)for the equity atlocation of the ISFSI sub-account and the Vanguard Total Bond Market Index fund (Vanguard Bond Index Fund')for the fixed income allocation of the ISFSI subaccount.
to addition, Commission approval of the revision to the Investment Guidelines for the Callaway Plant Nuclear Decommissioning Trust Fund(s)", included as Attachment 3, is requested.
The revisions to the guidelines primarily involve the investment of the ISfSI funds in the foregoing mutual fund investments.
Certain other revisions were also included to update the guidelines and include certain modifications requested by the investment managers.Io While not a signatory, the Office ofthe Public Counsel has authorized counsel to state that OPC does not oppose this Non-Unanimous Stipulation and Agreement.
I I.Except as explicitly agreed otherwise herein, none of the Parties to this Non-Unanimous Stipulation and Agreement shall be deemed to have approved or acquiesced in any question of Commission authority, decommissioning methodology, ratemaking principle, vaLuation methodology, cost of service methodology or determination, depreciation principle or method, rate design methodology, cost allocation, cost recovery, or prudence that may underlie this Non-Unanimous Stipulation and Agreement or for which provision is made in this Non-Unanimous Stipulation and Agreement.
3 DLUQ 6 12.If the Commission does not unconditionally approve this Non-Unanimous Stipulation and Agreement without modification, and notwithstanding its provision that it shall become vokl thereon.neither this Non-Unanimous Stipulation and Agreement nor any matters associated with its consideration by the Commission shall be considered or argued to be a waiver of the rights that any Party has to a hearing on the issues presented by the Non-Unanimous Stipulation and Agreement, regarding cross-examination or a decision in accordance with Section 536080.1 RSMo.or Art.V.Section 18 Mo.Conet.The Parties shall retain all procedural and due process rights as fully as though this Non-Unanimous Stipulation and Agreement had not been presented for approval, and any testimony or exhibits that may have been offered or received in support of or in opposition to this Non-Unainmous Stipulation and Agreement shall thereupon become privileged as reflecting the substantive content of settlement discussions, and shall be stricken from and not be considered as part of the administrative or evidentiary record before the Commission for any further purpose whatsoever.
13.To assist the Commission in its review of this Non-Unanimous Stipulation and Agreement, the Parties also request that the Commission advise them of any additional information that the Commission may desire from the Parties related to the matters addressed in this Non-Unanimous Stipulation and Agreement, including any procedures for ftimishing such information to the Commission.
14.If requested by the Commission, the Staff shall submit to the Commission a memorandum responsive to the Commission's request.Each Party of record shall be served with a copy of any memorandum and shall be entitled to submit to the Commission within five (5)days of receipt of the Staffs memorandum, a responsive memorandum which shall also be served on all Parties.The contents of any memorandum provided by any Party are its own and z DWfl.
are not acquiesced in or othcrwisc adopted by the other signatory to ibis Non-Unanimous Stipulation and Agreement, whether or not the Commission approves and adopts this Non-Unanimous Stipulation and Agreement.
1 5.The Staffalso shalt provide, at any agenda meeting at which this Non-Unanimous Stipulation and Agreement is noticed to be considered by the Commission, whatever oral explanation the Commission requests.The Staff shall, to the extent reasonably practicable, provide the other Parties with advance notice of when the Staff shall respond to the Commissions request for such explanation once such explanation is requested from the Staff.The Staffs oral explanation shall he subject to public disclosure, except to the extent it refers to matters that are privileged or protected from disclosure pursuant to any Protective Order issued in this case.16.Because this is a Non-Unanimous Stipulation and Agreement with the sole purpose of addressing the authority requested by the Application of Amcren Missouri, except as specified herein, the Parties to the Non-Unanimous Stipulation and Agreement shall not be prejudiced, bound by, or in any way affcted by the terms of this Non-Unanimous Stipulation and Agreement: (a)In any future proceeding fb)in any proceeding currently pending under a separate docket;and/or (c)in this proceeding.
should the Commission decide not to approve the Non-Unanimous Stipulation and Agreement or in any way condition its approval of the same, except as stated herein.Because this is a Non-Unanimous Stipulation and Agreement for the purpose of settling matters in this case, it shall not be cited as precedent or referred to in testimony in any subsequent or pending judicial or administrative proceeding, except that this shall not be construed to prohibit reference to its existence in futtare proceedings, including I proceedings to enforce compliance with its terms, 17.Pursuant to Section 393.292 RSMo.and 4 CSR 24O-3.185 the Parties agree that the Commission may review for good cause, incuding a change of cIrcumstances of a matcda nature, and outhotize changes to Arneren Missouri's rates and charges as a result of a change in the annual accrual of funding for the Missouri jurisdictional account of the Callaway decommissioning trust, after a full hearing, including but not limited to any general rate increase case or excess earnings complaint case, and after considering all facts relevant to such accrual rate I 8 The provisions of this Non-Unanimous Stipulation and Agreement have resulted from numerous discussions/negotiations among the signatory Parties and are interdependent.
Jo the event that the Commission does not approve and adopt the ternis of this Non-Unanimous Stipulation and Agreement in total, it shall be void and no Party hereto shalt he bound by, prejudiced, or in any way aftected by any of the agreements or provisions hereof unless otherwise provided herein.19.In the event the Commission accepts the specific terms of this Non-Unanimous Stipulation and Agreement, the signatories waive their respective rights: a)to cross-examine witnesses pursuant to Section 536.070(2)
RSMo.: b)to present oral argument and written briefs pursuant to Section 536080.1 RSMo.;c)to the reading of the transcript by the Commission pursuant to Section 536080.2 RSMo.;and d)to judicial review pursuant to Section 386.510 RSMo.This waiver applies only to a Commission Order respecting this Non-Unanimous Stipulation and Agreement issued in this proceeding, and does not apply to any matters raised in any subsequent Commission proceeding, or any matters not explicItly addressed by this Non-Unanimous Stipulation and Agreement.
Zn Dais.9 WHEREFORE, the Parties hereto request that the Commission issuc an Order: t Approving the Non-Unanimous Stipulation and Agreement; 2.Receiving into evidence this Non-Unanimous Stipulation and Agreement; Attachment I to Amcren Missouris original Apr]1, 2015 filing in this case, TLGs DecoI?1Inissiouing Cost Analvsisfor the Caltaway Eneigy Center,"dated March, 2015;Attachment 1 to this Non-Unanimous Stpu1ation and Agreement, Ameren Missouri and TLG's"Caltaway Energy Center hidepeiidcns Speii fuel Storage I,tstallatio,;
Decommissioning Cost Analesis,"
dated February 1 , 20]6;and Attachment 2 to this Non-Unanimous Stipulation and Agreemcnt, Ameren Missouri's funding adequacy analysis calculating the required annual fi.inding levels for the Catlaway Energy Center and ISfSI decommissioning, which assumes a decommissioning cost escalation rate of 3.5864%;3.Approve the actuarial assumptions used in Attachment 2 to this Non-Unanimous Stipulation and Agreement, Ameren Missouri's funding adequacy analysis calculating the required annual finding levels for the Callaway Energy Center and f$FSI decommissioning.
specifically:
For the Missouri Jurisdictional Caltaway Energy Center annual decommissioning expense and contribution amounts:$6,314,620 ofthe total decommissioning expense and contribution amount of$6,75$605 is allocated for Callaway Energy Center decommissioning and is to be contributed to the Callaway Energy Center sub-account The beginning balance (after-tax liquidation value)of the Callaway Energy Center sub-account as-of December 3 1 , 201 5 is$513,106,633 The proposed decommissioning expense and contribution amount is to be effectiveianuary 1, 2016 for the Missouri Jurisdictional ISFSL annual decommissioning expense and$contribution amount: z 10
$443,985 of the total decommissioning expense and contribution amount of$6,758,605 is allocated for ISFSI decommissioning and is to be contributed to the 1SfSJ sub-account a The beginning balance (after-tax liquidation value)of the ISf$l sub-account as-of December 3 1 , 201 5 is$0 The proposed decommissioning expense and contribution amount is to be effective January 1, 2016 For the Missouri Jurisdictional Consolidated Callaway Energy Center and ISfSI annual decommissioning expense and contribution amounts: The Missourijurisdictional allocator is 100%.C The federal income tax rate Is 20%.D The state Income tax rate is 0%.The composite federal&state income tax rate is 20%.An asset allocation of 65%equities and 35%bonds is assumed to exist through 2043, at which time all equity investments will be divested.Investment management and trust fees are estimated at 1 5 basis points annually.An inflation rate of2.300%is assumed for general ('CPI")inflation.
The pre-tax&expense nominal retum on bonds is assumed to be 3.400%.a The pie-tax&expense real return on bonds is assumed to be I.100%The pre-tax&expense nominal return on equities is assumed to be 8.500%.'The pie-tax&expense real return on equities is assumed to be 6.200%The pre-tax&expense nominal weighted-average return is assumed to be 6.7 15%through the 2043 date ofdivestiture of equIty investments.
The pie-tax&expense real weighted-average return is assumed to be 4.41 5%through the 2043 date ofdivestiture ofequity investments.
a The pie-tax&expense teal weighted-average return is assumed to be t.100%following the 2043 date ofdivestiture of equity investments.
4, finding, pursuant to this Non-Unanimous Stipulation and Agreement, that Ameren Missouris Missouri retail jurisdiction annual decommissioning expense accruals and trust fund payments shall continue at the current level of$6758,605, with$6,3 14,620 allocated to decommissioning the Callaway Energy Center and$443,985 allocated to decommissioning the 1SfSI;5.Finding.in order for the Callaway decotnmissioning fund to continue to utilize the external sinking fund method of decommissioning ftanding, that the current DWQ.
decommissioning costs for the Callaway Energy Center, including the ISFSI, arc in Ameren Missouri's current Missouri retail cost of servicc and arc reflected in its current retail rates for rateniaking purposes;6 Recognizing (hat TLG's'Decommissioning Cost Anatsisfor the Ca ltaway Energy Center,'dated March, 201 5 and Aineren Missouri and TLGs"Callaiiay Energy Center Independent Spent fuel Storage Installation Decommissioning Cost Analysis,"
dated February 1 , 2016 meet the requirements of4 CSR 240-3.185(3);7.Approving, pursuant to 4 CSR 240-20.070f4)(C), the use of a urisdictionaI demand allocator of 100.00%;8.Approving AUachment 3 to this Non-Unanimous Stipulation and Agiemaent, the revised'Invesi,,icn Gztideli,testor the Cattaway Plant Nuclear Decommissioning Trusi Fund(s).90.ApprovIng the use of the Vanguard 500 Index Fund and the Vanguard Bond Index Fund for investment of the ISFSI decommissioning contribution amounts (in accordance with 4 CSR 240-20.07 0(4)(A));10.Finding that the decommissioning expense and contribution for the ISF$I decommissioning shall be contributed to a separate sub-account ofthe Company's tax-qualified decommissioning trust unless not allowed by the IRS;if disallowed, then a non-tax qualified trust shall be established and the contributions msde to the non-tax qualified trust.a z 1%
I 1.Recognizing that any reimbursements for I$fSI decommissioning received by Arneren Missouri from DOE shall be refunded to fatepayers by Arneren Missouri pursuant to a methodology approved by the Commission.
RespectMly submitted, Is!Weiidy K Tatro Wendy K Taflo,#60261 Director and Assistant Getseral Counsel Ameren Missouri P.O.Box 66149 St.Louis, MO 63166-6149 (3 1 4)554-3484 (phone)(314)554-4014 (fax)AmerenMOService(ameren.com ATTORNEY FOR UNION ELECTRtC COMPANY dlb)a AMEREN MISSOURI Is/Steven Dottheim Steven Dottheim ChicfDcputy Staff Counsel Missouri Bar No.29149 (573)751-7489 (Telephone)
(573)751-9285 (Fax)steve.dottheimpsc.mo.gov ATTORNEY FOR THE STAFF OF THE MO.PUBLIC SERVICE COMMISSION P.0.Box 360 Jefferson City.MO 65102 CERI'IFICATE OF SERVICE I do hereby certify that a true and correct copy ofthe foregoing document has been hand-delivered, transmitted by e-mail or mailed, First Class, postage prepaid, this 30th day of March, 2016 to counsel for all Parties on the Commission's service list in this case.IsIJVe:tdyK Tati'o a f!3 DWfl.13 -P1MT I f5øo, 36K%I Dennlo&ng v.s o D.comml.slonbig fl*co*mISio(In9 L_-_-Ep.n.s 1nfi n1OnR.4a ExpM-----li4.734aQo
,[____--DECDUMlSSONING ENE-sFsIrcoMMI55IoMQ I 2015$N I 3.5lS (ffiI.4.d$s)
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.: Decommlsslonln,gExp.ns.
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'6245,136352 S 59,133,279 Febcuay 5, 2016 Ameren Missouri Callaway Energy Center lax-Qualified Nuclear Decommissioning Trust FLuid Missouri Jurisdiction Reconciliation of December 31.2014 EndIng Balance with December 31, 2015 After-Tax LIquidt3on Value S 55626007237 34049267726 i-215767195.
1 2000%After-Tax Uqudatlon Value ot Fund (Use for Beainnino Balance (cs Fundino Adeouacv Anaivsisl December 31, 2014 Tolal Market Value of Fund: Contributions 10 Fund-Junua,y 1, 2015 lhcough December 31.2D15+Investment Income-S 548,726.306.87 6,758,565.00
--.---j ,, uuiu iuuuqn uucernuer.ui, uiu Manugement&
Trust Fees---:--....---.--...-,..-
Tax Eupensa--January 1, 2015 through December 31,2015 4.837,000.00 December 31, 2015-Total MarkelValue ol Fund: 556,260,072.37 December 31, 2015 Total Market Value of Fund: Total Book Value of Fund: Tolal UnreaIzoU Gdns ConuoSdated Federal&Stale Income Tax Rate ,r.:pnl eTaxLtabitiyonUnreallzedGains
..Tolal Market Value of Fund: S 556,260,072.37
-z--Income Tax Lebtlity on Unrealized Garnx S 43,153,43902 December3l,2015 L cr5 z.o:xwa.Attachment 2 Page 2 at 5
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