<SEC-DOCUMENT>0001144204-14-003155.txt : 20140121
<SEC-HEADER>0001144204-14-003155.hdr.sgml : 20140120
<ACCEPTANCE-DATETIME>20140121170521
ACCESSION NUMBER:		0001144204-14-003155
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140121
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140121
DATE AS OF CHANGE:		20140121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Power REIT
		CENTRAL INDEX KEY:			0001532619
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				453116572
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54560
		FILM NUMBER:		14538520

	BUSINESS ADDRESS:	
		STREET 1:		301 WINDING ROAD
		CITY:			OLD BETHPAGE
		STATE:			NY
		ZIP:			11804
		BUSINESS PHONE:		212-750-0373

	MAIL ADDRESS:	
		STREET 1:		301 WINDING ROAD
		CITY:			OLD BETHPAGE
		STATE:			NY
		ZIP:			11804
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v365912_8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. &nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
<B>January 21, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER REIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maryland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>000-54560 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>45-3116572 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer Identification No.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>301 Winding Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Old Bethpage, NY 11804</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(212) 750-0373</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 96.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On January&nbsp;21, 2014, Power REIT issued
a press release announcing that it has executed a term sheet with a large developer of renewable energy projects, pursuant to which
Power REIT would acquire the real property on which a substantial solar power generation project is under development. If the project
goes forward, Power REIT&rsquo;s investment is anticipated to be approximately $9.5 million. A copy of the press release is attached
hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The project is scheduled to break ground
in the first quarter of 2014 and has a target to achieve commercial operation by the end of 2014. There can be no assurances that
this schedule will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The term sheet provides that the developer
and Power REIT will work together exclusively to negotiate definitive, binding agreements. The execution of such agreements is
subject to a number of conditions, including the completion by Power REIT of its due diligence review and the achievement of certain
late-stage development milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02 Departure of Directors or Certain Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Power REIT also announces that Arun Mittal
has resigned from his positions as Executive Vice President, Secretary and Treasurer. David Lesser, Power REIT&rsquo;s Chairman
and CEO, will assume the titles and duties of Secretary and Treasurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) <U>Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding: 2.9pt 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ex. No.</B></FONT></TD>
    <TD STYLE="width: 90%; padding: 2.9pt 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding: 2.9pt 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release: Power REIT Signs Term Sheet for Potential Acquisition</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.2pt">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 hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>POWER REIT</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 60%"><FONT STYLE="font-size: 10pt">Date: January 21, 2014</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%"><FONT STYLE="font-size: 10pt"><U>/s/ &nbsp;David H. Lesser </U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David H. Lesser</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman, CEO, Secretary &amp; Treasurer</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v365912_ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 21, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Power REIT Signs Term Sheet for Potential
Acquisition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Power REIT announces that it has executed a term sheet with
a large developer of renewable energy projects, pursuant to which Power REIT would acquire the real property on which a substantial
solar power generation project is under development. If the project goes forward, Power REIT&rsquo;s investment is anticipated
to be approximately $9.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The developer of the project has significant experience completing
developments of this nature. The project is slated to break ground in the first quarter of 2014 and has a target to achieve commercial
operation by the end of 2014. There can be no assurances that this schedule will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The term sheet provides that the developer and Power REIT will
work together exclusively to negotiate definitive, binding agreements. The execution of such agreements is subject to a number
of conditions, including the completion by Power REIT of its due diligence review and the achievement of certain late-stage development
milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Lesser, Power REIT&rsquo;s Chairman and CEO commented,
&ldquo;I believe that the contemplated transaction, if completed, would represent a compelling risk-adjusted return on Power REIT&rsquo;s
invested capital. Similar to other recent acquisitions of ours, we believe that the rental payment stream is highly predictable,
given that the prospective tenant would be investing more than 15 times the amount we would be investing, and that the improvements
on our land would be uneconomic to relocate. In addition, we believe that the steps contemplated in the term sheet represent a
prudent way forward to bridge the remaining project development risk. The transaction would be accretive to our common stock from
day one and would be consistent with Power REIT&rsquo;s strategy to create shareholder value.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Power REIT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Power REIT is a real estate investment trust focused on the
acquisition of real estate related to infrastructure assets, with a core focus on renewable energy assets. Power REIT is actively
seeking to expand its real estate portfolio within the renewable energy sector and is pursuing investment opportunities within
solar, wind, hydroelectric, geothermal, transmission and other infrastructure projects that qualify for REIT ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This document may contain forward-looking statements within
the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements
are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally
identify forward-looking statements as statements containing the words &quot;believe,&quot; &quot;expect,&quot; &quot;will,&quot;
&quot;anticipate,&quot; &quot;intend,&quot; &quot;estimate,&quot; &quot;would,&quot; &quot;should,&quot; &quot;project,&quot; &quot;plan,&quot;
&quot;assume&quot; or other similar expressions, or negatives of those expressions, although not all forward-looking statements
contain these identifying words. All statements contained in this document regarding Power REIT's future strategy, future operations,
projected financial position, estimated future revenues, projected costs, future prospects, the future of Power REIT's industries
and results that might be obtained by pursuing management's current or future plans and objectives are forward-looking statements.
Over time, Power REIT's actual results, performance, financial condition or achievements may differ from the anticipated results,
performance, financial condition or achievements that are expressed or implied by Power REIT's forward-looking statements, and
such differences may be significant and materially adverse to Power REIT and its security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All forward-looking statements reflect Power REIT's good-faith
beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, Power REIT disclaims any
obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes. For a further discussion of factors that could cause Power REIT's
future results or financial condition to differ materially from any forward-looking statements, see the sections entitled &quot;Risk
Factors&quot; in Power REIT's registration statements and quarterly and annual reports as filed by Power REIT from time to time
with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Power REIT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">301 Winding Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Old Bethpage, NY 11804</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212-750-0373</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ir@pwreit.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">http://pwreit.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``Z`,D#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_****`"B
MBB@#R7Q%^UO;>%_VB=(\`7?@?Q_'::U<2V,'BMK.UCT/[7'92WSP_/<+>.H@
MB.;B.V:V#L(S,)-R+R_PV_X*,^&/B#H/B#4KCP;\3M!AT?1+3Q1817.@B_N_
M$FCW<DD=M?V5O827,Q1VC.8IDBN(E96EAB4YJC\1OV![KXI_MFZ-\4-6\0^%
M?[.T(N+:.T\():^*)+=[&:U?2Y=:2X!ETLO<27'V9K8OYVT^=A%`S_@'^PCX
MX^!7@;5+8?$[0-=\367A&Q\">$]2O/",RVND:39M*8C>VZ:@'OKIA+B25)K9
M&\J,I%'\_F92<_9-I>]9V7G:7ROS<B711<KMR2;T:CS*STNOS2?G;EYF^O-R
MVT;2]L^'GQLM/BI^SWHOQ%T/2-;O++Q#X?A\0V&E[8$U&>.:W$\=O@RB$3$,
M%P90FX_?Q\U>0^$_^"G_`()\7>$]`U*+P[XUM+SQ'\.[KXEVVEW<5C%=I8PX
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M_P#!1GX>_`/PGX*O-.\7?#?Q%J_Q`O\`2(_#^DR^,;:RN?$%A?WL%M]MT]56
M5KQ46<2@1KL<*?WB]:YGQ_\`\$^O%'CWX]W7BZX\<^#)M)E^(>F^/8=)O/!,
MUT\)LM).G1P&8ZB%,@.R=9Q$NQT&$/!'F_AK_@D=\1?!7PUT_P`.Z7\;/"R>
M9IGA^RUJZNOA[+<27\FB:E+>V30'^U`UO"P=8I86:7=M9XW@9VJ8R4I1<E9<
MT;K^[9.6OK>.FNFE[IHE=*RUT>OGS-;?X;2\[]+6?T<G[?GP<T[PU-JNO_$S
MX>>%+2*>_C#:MXNTF-9(K._^P2W`>.Y=/*\\QKRP=&FCCD6.4F,;^H?M<?"G
M2/C/:_#B[^)WP]MOB'?;/L_A>7Q'9IK5QOC\Q-EF9/.;='\XPG*\CCFOFGQI
M_P`$I_&'CR*_74/B9X'FDGB\<K:2M\/YWETZ7Q*>9HV;5#M>V!=,C!E21US'
MDFN)_9X_9)^,WPP_X*20:_JOA+^U/"EM=C[1XCG,D6DR!="AL7O[.W'B:58+
MR:2!4._0S*$DE1KMUQ*TT/?E&-33W;OUV<>R:TUN[IZ+1V==\JE*GK[TDO2Z
MY7;=W5]-+-)-ZIOZD_:H_;._X9?\5>'-'C^&OQ!^(%WXDLM0U",^&YM&ACLX
M;%(WG,S:CJ%H!A)0PV;LA6Z'`.]9?MD?"]YO`=GJ/CSPIX=UWXF6%MJ/AK0M
M:U:VT_5]7CG56C$-I*XED?Y@I5%)#9'6N`_;=_X)[Z9^W3X^\#3^*;W0)?"/
MA2TU:*XTVYT$W6I&YO($B@OK"^^T*+"ZMG021RB"5@<[2AYKCM3_`."<7C[Q
MEJUG/XF^+?A[64UNW\.P^-IE\#-%?:Z^AW[WEG-93&_<6#R$J)MZ7*E@\D(M
MV?A4;WM4VYH_*/O<ST[:=&[6^)M\I5Z.'9_?[MOPYKZI-]K:^U6/[<?P4U.+
MQ?);?&#X6W"?#[/_``E+1>*[!QX;Q(8C]M(E_P!&Q(K)^]V_,I'48J']C#]J
M>S_;$^#4_C/35T!M.77=4TBUN=$UM=:T[48K.]EMDNH;I8XUD258PXPN%W8#
M-C<?FO4_^"2?Q'UGXT:WXZOOCM8ZOK5Q?1:CI/\`:_AG5-3@L9+;5X=2M%DM
MY];>V$2"-H7CLH;)'S'(HBDC#'Z5_8_^`/B/]G3X>ZWI/B?Q;IOC/4M:\2:G
MXB-]9:&VD1Q&^N&N9(?*-Q/D)+)(%;<#Y>Q6#,K2.Z&M/FJZ2L]//F5M?-7T
MV5MVVE$K.TN6GJN9:_W>65]/*7+KN^R2=_"/^"BG[?/CG]ECXV:7X>\-0Z#+
M8WFB1:C(;ZU>63S6N+B,@%74;=L2\8ZYKP3_`(?'_%K_`)]?!_\`X+Y?_CU7
M_P#@M)_R=/X?_P"Q6M__`$LO*]+^,VC?">]^/6H_#G7XO")N]2\6:+!I&GZ3
MH/\`9]SH]L4C:X2>Z2&-76;=M"J\A'F*<@C"?NN58'**.5X2=?!JK*I!RDTK
MNT7%-_\`DZ;NTK)ZWLG_`#UG./SJOFV-AA\<Z,*<XQBF[)N49R26O7D:5DW=
MK2UVO)?^'Q_Q:_Y]?!__`(+Y?_CU'_#X_P"+7_/KX/\`_!?+_P#'JUKE;GQ+
M;?'.#Q;X#\+^'=*\#V[W>B3P>&[>R_LR]BN56VMA,D:F99E/*R%MXY'!KT2Z
M_9_\&:E<^*Y[?PYH\</QVM(F\#Q/;HDFFLNC/>O)&,?N@URZ)A<=ATXKKK+A
M^BOWN!CM?2S6T)/7351DY-=HOR;Y:,>):\K4LPGNUK=-6<XWMKHYQ44^KFMK
M.WDO_#X_XM?\^O@__P`%\O\`\>H_X?'_`!:_Y]?!_P#X+Y?_`(]7>1>&?#7@
M&T^)>E2:7HEC??#3PGX;TN?4[7PU9ZW*;YGW74ZV\^U))'>8QL68$!,]5`J3
M]D?P_P"&_&'@;2KW4IO"OVO6/']_;+#J7@NQ,_B6!+6%ULT7;Y5DS#)`$BJK
MO@%NY4CD,:,\0L!'EC;H]>:*FGI%JW*UUNNJ2U)I/B*=:&'>8S4I<W5*SC)P
M:UDG=25MDGT;>AY__P`/C_BU_P`^O@__`,%\O_QZC_A\?\6O^?7P?_X+Y?\`
MX]7S)XW6-/&FL+#ILNCPB]F$>GREB]BOF-B%BW)*#Y3GGBLNOL(<(9)**E]5
M@K^2_0^'K<;9_"<H?7)NS:W?3U2?WJY]Z?LE?\%._B/\;OVBO"WA76;?PRFF
M:S<O%.;:RD24`1.XVDR$`Y4=C7Z"5^.7_!.K_D]3P#_U^R?^D\M?L;7XMXF9
M9A,#F%*G@Z:A%P3:6FO-)7/WGPHS?&9AEE6KC:CJ251I-N^G+%V_%GFO[9/Q
M>U7X`_LH?$;QMHD5I-J_A7P]>ZG:?:T:2VCDBA9UDE52I:-"-[`,N54_,OWA
M\D_'GQ;\0?A-XN?P5=?&;QA\1K>RU3X?>)(=8E-EI.I:8U]XLM]/FM)FTF&T
MAFL;NV\[9#-$Y/ES[GD&P+]^W5K%?6LL$\:30S*4DC=0R.I&"I!X((XP:\OT
M#]A?X)>%?AO=>#=+^#OPLTWPA?:A'JUQH=KX3L(=-N+R/;Y=R]NL0C:9-B;9
M"NX;%P1@5^<TGRUH5);1E%M=[/;RZ--;M6>A^HR?N.*W_P""G\TTG%IZ).ZU
MT?@'PB_:C\6?M`_\%`_`%^VGVGAOP)J6A>,K+2[:W\;W5Y=:Y_9VIV-HUQ?:
M2+>.UMI$D$FQQ-<2JLQ1C&=R5RWQ?^/7Q=\(?M_>)+&U\??$+3_A_HWC#PII
MH-SI_AB3P?90ZB+1)M/N,6_]N/<SO*4@>%C$DL\9EE6-7`^NM`_9)^%/A3XI
MW'CK2_AE\/M-\;7=U+?3^(+7P[9PZK-<2HR23-<K&)6D=&968MEE8@D@FJ\G
M[&GP@F^-@^);_"GX;/\`$<3"Y_X2H^&;(ZWYHC\H2?;/+\[<(P$W;\[>.G%*
ME[LJ+E]AWEY^]=JVVM]]%=;6;0JFL:B7VKV\M++7?33OZZ)GR!KO_!9?XA>-
M&\0I\/\`X)-+;6'BRU\/:7K/B677=,TB]4^([?0YUGNFT<6L=P\LX:)+2XO,
M1K.\FUX?L\O2_"W]J3XE?"K]K+XD>%KKPG%KVC>(?B-;Z.EWJ7CRZG@T#4+C
MP=8ZF+&PCDM97:R^TQ7!=B+98Q=(\4,I,D<?T?J7["WP1UG6_%6IWGP<^%=W
MJ7CJ-HO$EW-X3L))_$*-*DK+>.8MUPIEC1R)2P+(K=0#38_V%O@UIZK)IOPJ
M^&VC7T%W;ZE:7MEX4TZ.XL;VV@,%K>1$PD+/!$=D3D$HORCY<BHBY1I/K/EM
M?U<&[=/LMKNVMDGS7*2;DDM'>WEI[K>[;3W\F]V?-?@W_@KWXM\3?"&Q\2WW
MPI\,Z#?^*/"&D>,/"^FR^,K[4Y=5BO+E;:6VDCT[2+JZ6X$C!H([:WN6GCY<
M6SK)&E?2/^"PWCOQK=>`5\-?`/4-7B\2:19ZOKDIO]:2+0HY+N\@N")8]$DA
M7R$LI9"E_)832;D1(2Y('MOP%_X):_`[X$?LY)\,?^%>^#?%^A7-O:P:S<>(
M?#&DSW7B@VI)MIM1$-K%#=31#`61X]P(W9+%F/&^,/\`@BS\%O$G[07A[Q]I
M^E6GA9?#5Q97=GH.C>%O#D6GPRVMTUVKPSR::]_9EYW+R?8[N`.Q9B-SNS:U
M+.=HNRYM^G+KHUOV3MJ[7]V]E#:]Z23M;1:7OIUU5]WV3=M4M=/_`()Z?\%*
MC^VYHQNM<\"ZK\-VU:&TO?#1U*+4X(/$EO<V\UP$MI-0T^Q^T7,44#O,EH+F
M!$:-TN)58E>A_P""@?C'XG>$-)^&_P#PJC5TL_$VH^+#"VF7$5LUGXCAATR_
MO&T^9YHG:%9FM%C$L31O&SAMQ4%3V?PU_8D^#OP7\91^(?!GPN\!>#]9266X
M-SH6A6VFF6:1&1II!`B+)+L>1!(X+JLTJJ0)7#=EXU^%7A?XDW^AW?B/PWH.
MOW7AB_35='FU+3X;J32;Q5*K<V[2*3#,JLP$B88!B,\T5;2:]G[NWGM:_KZ/
M1[-).Q,.9*:EK=22Z;II/RL]='==[ZGQ9I7[5GCSQ1^RYK7QY\-?$'Q+JOAW
MP1XZU#4=3\,:CINE6CWV@H4BFT>1A9>=;W-D3(5RPF,L,D,TAW;H_IK1?!/Q
M-\$_LP75A=?$.UUCXDBUDNGU_6-$@N[.UF9O,:)+6T^Q"2&-=T<18A\!6D,A
MW!NH\:_L^>`OB5X$U;PMXC\$>$-?\,Z_=&^U/2-2T:VN[#4;@R"4S302(8Y)
M#(JON8$[@#G(S6CXR^%?ACXB_#VZ\(^(?#F@Z[X4OK=;.YT74=/ANM.N(%QM
MB>!U,;(-JX4K@8''%8U8.6'=.&DN5*]V]>2,6[[ZRC?J]6]'*5](NU93EJN9
MNVFSDVEV=E*W1:):I1Y?F+4OCO\`%*\_8B_9Q\>V'C#3;6^\3W7@U/%SSZ%%
M/=ZXNI76GPSB%PZ06N[SY2^+=R0P$?DD!JY+Q]^TG\3=%_;AO_LOC?Q`_@C1
M_&L'ALZ=;Z;H[>%Y0^D1W']DS%H3K1UEY)?.22%Q8!#$K2!_,A/T5JO_``3Z
M^`FN_#C2?!M]\$?A#>^$=!N);S3-#G\':=)ING3R_P"MEAMS"8XW?^)E4%NY
M-=!9_LI?"[3_`(O6WQ!@^&W@&#Q[96ZV=OXEC\/6BZQ!`L7DK$EV(_.5!%^[
M"AL!/EQCBMJ[YYSE'W4Y.2\DU#2VUERR2Z>]S6T<99Q5J:@]7RVZ[KFUOO=W
M3;W]VV]I1^0_@7^W+X^\'>!9/$6K>(O$_P`8D\8?#KPYXXL[33_"#7\OAJ_U
M6ZN(6@CM]'M&NFTV,(7`E2>Y5;2;,TK'"^_?\$S?VB-1_:<_9"\/^)-:OO$.
MJZY'<WEA?WVK^&;GP]->217,BK(MO-!`"OE[!NC0IN#+G>K@>G_#+X`>!/@K
M!K47@WP3X2\)1^);Q]1U=-%T>WL%U6Y<8>><1(OFRL.KOECW-7OAA\*/"WP1
M\$V?AGP9X:T#PCX<T\R-:Z5HNG0Z?8VQD=I'*0Q*J+N=F8X`RS$GDDTW).^E
MNWE=MI>?*GRIZ.5DY:H))\UT_P"N5)O3:[7-;:-VEH?G)_P6ES_PU-H'7/\`
MPBMO_P"EEY7S!XVB\4ZOJDVL^)%U^ZOKMU$M]J0F>69@H"[I).6(50!D]`/2
MOJ/_`(+,G'[6/ALD]/#%K_Z67E=G^T-\:],\;:'\<]+T7Q#J^JZM%=P1OINL
M^(ENM*.GK*CO<Z9"$55E5E`*$L57YE9CE:_H_(,SJ87*L!&%+F4HZN]N5<\(
M]MO>N_\`#]W\M\1Y33QF;YE.I6Y.2:M&U^9\E22TNM?<LO\`%\G\B>-_%GQ+
M\8Z'!9>)-3\=:KIL$B^5!J5Q=3P1O]U=JR$J#S@8YYQ4=OKGQ'N4T5XKSQM(
M/#+,FDLDMT1I1!"LL&#^Z(*`$)CE<=J^P?VB-3UR_P#CTFIKJOB.7PDOBW3;
M@RR_$NPN]':`7D.&72U42HH;!`+'9C<>!D</K?[06N:%H_[3<6F>-]6LTM=?
M27P^EKK$D8A$NLRM,UJ%<;0ZL2QC^\&).0:Z\)GDZU"#I8>&O+HFFESRC%WL
MG9KGU3L[7N<6/X>AA\54A6Q-1J/,KV:<N12FK<S5XOD]UIM7:LV?,^@_&;QG
MX/UW4]2TOQ9XGTO4]7D,FH75KJ<\$]Z^XL6E=6#.VYF.6).23WJO>_%;Q3J=
MU%/<^)=?N)X;_P#M6.234)G=+SY?])!+9$WRK^\'S?*.>!6%-,]Q*\DCM))(
M2S,QR6)ZDGN:T_!G@;6OB+K\.E:#I6H:SJ4_*6UG`TTK#N<*"0!W)X'>OL94
M,/"]6<8JRU=ELO/LCX>.)Q4VJ-.<G=Z*[U;\N[*6K:M=Z]JMU?W]S<7M]>RM
M/<7$\C22SR,Q9G=FR69B222<DG-5Z]T'_!-OXQ%0A\,6HO#'YOV(ZS8_:MN,
MY\OSMW3MU]J\A\:^`];^&^ORZ5X@TG4=%U*$9>VO;=H)`#T;#`94XX(X/:L<
M)FF"Q#]GA:L9M=(R3LO1/8VQV49AA4JF,HS@GUE%J[]6MSU7_@G5_P`GJ>`?
M^OV3_P!)Y:_8VOQR_P""=7_)ZG@'_K]D_P#2>6OV-K\-\7/^1I1_Z]K_`-*D
M?T)X+?\`(HK?]?'_`.DQ"BBBORD_80HHHH`**\E_:>_:JL_V6_$?PZ?7H]!L
M_"7C#6;O2=7U[5-;738?#B0Z5?:B+E@\9C>(K8R(Y>6()N5LMR!@^,?^"HO[
M.?@'4-2M-7^-OPTM+G2O#T/BN6/^WK>1I=,FC:6*YA"L?/5XUWA8M[%9(FQB
M6,L-JU_ZVO\`DF_D^S*<)72MNDUZ.7*OOEIZM=U?W+4)$BL)WE\XQK&Q;RE=
MI,8YVA/F+>@7G/3FOSZ_9<T#X8ZAX,^.FM:5\,/CA\,]#\1Z/8_VAHMGX(\5
M:#?W@@FNO+NVD2WBO]0UFY:4M=2VQG+1+`DDDI#N_P!8Z'^WS\"_$[Z2FG?&
MCX47SZ]<6EIIJ0>+;"1]0GNS(+6*("7+R3&&81HN6<Q.%!VG&Y\4_P!H#2_!
M'PDU/Q-HLECXKGM[[^Q+"SL[Y-E_JS78L4L3*H<1/]L(AD)!\HARP^1A6=:@
MYJ=.6G,G#YO37NTVK+N_-6<*JM&4>ZE?RW5NUTGKV\KW^`_B8G@?XC?\$Y?@
M'X.\9_"#XQZQJ\?@^/1?M7_"K/$U[<^`[BUM+>&XNX+-;)C!JH==EE=/&@4^
M8ZS"+>LOU_\`';1KCXI_!#Q_:_%/X/Z'X[^'VDV=OJ^B>'[>\FU[5O%KVX^T
M+;W>FRV<4,4WG1Q*L0FN4<D[R@&#UWCG]JCPU\-OC%#X7U_4]!T*RCT^WGO=
M6U75XK&&"\O+DP:=8QB7`FFN3#>$*K!E^SJ-K>:N&^'OVW/@QXNL+:[TKXN_
M##5+:\TFZU^":T\4V,\<VG6KO'<WJLLI#6\+HZR2CY$9&#$$&NBK-U^>;^U)
MO3[+O?1=&FG)7OI[VJLR*:=/DBE\*26^J=K+IHU967HK.Y\+_M-_L;:+\`O@
MG\(_#-M\'_A]XBUW3--US6)/#G_"A;OQOX0N-9O);.:2TB^P/%'I$AE'DP75
MPAB6!9"^-F#W5Y\,M:UC_@H(^K?\*PUBW^*=GXYMM7T_Q8VDW:Z;'X1'AM8G
MTXZTL+0)!]N,L;6"NS&>3[0+<C,P^L_%_P"V;\'_`(?7VI6NO_%?X:Z)<Z+.
MUKJ$6H>)[*VDL9EM3=M'*KR@QN+8&<JV"(@7^[S57XC_`+;7PJ^&:^(K6\^(
M'@:?Q!X:T!_$UUH*^*-,MM1^P!`R7!6YN(DBB?<@6:9XX<R*6D4'-0IM2YEW
MOY+535KWZ12=[ITTU97;8H\T53WNFO6]XMNUE\4F]+>^TW>T4OEG_@HAX,\3
M_%:P\*GXK?![_A*'O?!GB;3])TSP?!J'C.S\/^+)9+,:3=I.+*W:VF,*S>7J
M$L,"VCM,//C5][FM?""XO/\`@I?\+]2?P%?:OXFT@"T\4:]<>"=36Y,+Z#<P
MR7D7BEI6LWTX22)$-'1(I#<R27!7(W-]9_"G]K[X7?''XF^)_!7A+Q_X3\0^
M,/!;A-<T6QU.&>^TTE8VW/&K$E`944NN4#Y0MO5E%"\_;Q^!VG^$]<U^X^,W
MPI@T+PQJ0T;6-1D\6Z>MII-\2P%K<2F79#.2K8C<ACM/'!I+E@M4K._HTW+\
MW/E;ZQ4(_%&,@<G-:/:Z]&U%_@H\R7=R<KJ33^7?#'[%7PU^%?P1^-'B;2_@
M/H_@O0]?GB\+:;H>D?#Z6\NKS2M/N?)6]U+3+%X;S5;>>Z,UQ+;;V>YLEA5E
M<NR'W#_@E=X/OO`'[%>@:/>^&O\`A%4M-4UAK.S719]!BFM9-4NI8+B+2Y_W
MNFPRQNLD=E)\UNC+&?NUZ)J'[7WPFTG7--TN[^*/P[MM3U@61L+27Q)9I/??
M;5=[/RD,FY_M"Q2-%M!\P1N5W!3CI?AA\5_"WQN\$V?B;P9XET#Q?X<U`R+:
MZKHNH0ZA8W)C=HW"31,R-M=64X)PRD'D$5:<DI)Z[)^J[^;U?35O1^[RJ5I6
M?=W^]:)>5MF[NT59_%S?GW_P5T^'^N?$3]K'2K?0M)U#6+BQ\%Q7L\=I`TK1
M0I=W>Z0A1PHR.?4CUKXJK[6_X*S?$+6_A7^VGX3U[P]J=UI.KZ?X8MI(+F!L
M,I^UWF00>&4C@JP*L"0002*\XU34_AO^VB9;Z^O=)^%7Q/GS)<S3YB\.Z_)C
M)D9N?LDS8RQ.58Y/S.YQ_3'"N.JX7)\+*I"])P7O1NW%W?Q1W<?-7MU5M3^3
M^,,OHXO.\7"E4Y:RF_=DTE)67PR>BDOY96OT=]'\X45[1K?_``3S^,>B:U'9
M?\(1J5]YY_<W-E)%<VTJDX#^:C%54]?F*G!Y`KH+']F7PA^S9C4OC/K-O=:O
M;_-#X'T2[2?4)WP&"W<R$I;1D,IX)9E)*G(Q7T<^(<!9>QJ*I)[1@U*3]$GM
MW;LEU:/EX<,YES/V])THK>51.$5ZMK5]DKR?1,XWX`_LNW7Q5TF[\3^(-2B\
M(?#W1S_Q,->NT)5V'_+"W3K-,>FU<X[\D*W0_$']L1?"GAU_!_P@L;CP)X35
M!'<WZ,!KFO,I_P!=<W"_,N>2(XR%7<PSM(5>+_:!_:3U[]H/6;8WJ6NDZ!I*
M>1H^A:>@AL-)A``"QH."Q`Y<\GIPH51YY44\NJ8J2KYDD[:QI[QCYO\`GEYO
M1?97VGI6S6E@XO#Y4VKZ2J;3EW2_DAY+WI?:?V5(;F4W!F,DAF+;M^X[L^N?
M6O<OAU^V)_PDGAR/P=\7;*X\=^#V7R[>[D8'6M!8G_76UPWS-CC,<A*D*J\*
M"K>$T5Z&-R^ABH*-:.JU36DHOO%K5/T]-CS,!FF)P<W*A+1Z23UC)=I1>C7D
M_5:GU?\`LX?`^S^#W[=7PNNM$\2Z7XL\+^(YIKS2-0M9`LS1"&162>$G?#(K
M?*0PP2#CD,J_J37XY?\`!.K_`)/4\`_]?LG_`*3RU^QM?@7BE3J4\?0A5GSM
M4][)7]Z5KI:7MO:R;ULMC^D/"*K2JY=B*E&')%U7[MVTO<A>S>MK[7NTM&WN
MRBBBOS$_6`HHHH`\B_:C_9GO_P!H?Q7\*=2M=9T#3HOAGXN7Q8]MJN@-JR:C
M(EC=VD:)BXA\AT^UM*LN)"LD49"\<^$^%O\`@EEXST/X5ZGX0N?BKX9NM-\4
M_"D?"WQ!+'X(GBGGCA&JBTO;4G4V6W9/[3/FQR+.)?)&UH=W'VG10M$TNNK^
M[E_+]'NDS159J2DGJDE\HRYU]TM?PVT/@OQO^PG\8/CC^UMK">*]1\)6_AK4
M_`&@>']<\86?@V%5UL6>LWU]-8Z;')K$MUILA2:TW23QW43M$S`*R1BOH#P[
M^SQKVF_$SPKI^HRV&H>%?#VMZ]XTDN[73K;3(KC4+V\N&LK5K>$_O#!#>7#R
M7#KNFFCBF8F1FQ[I15<SNGV;?S;;^5F[JUM4N[OBXJS2T3Y5\HQ4%ZWC=.][
MW\HV^,_VN_V:O'_Q1_8_\;QV7@\>(/'_`,0/'^BZW<:1+]@O8;/3K#6;%X8Y
M4N+J"">)+"Q$CP"==\LTJ@C>6KHM._X)G-JUMHEYXI\8V.J^()?$NK:WXLGT
M[0#I]AXAL]2$9N=+BMVN)7MK=Y;33W8O-.S&V<$_O<I]545FH14'"UT]->UH
M*WH^2-^LOM-K0T<Y733M9W5M-7?7RTDTK:1^RD?,*_\`!.^^@^&?P?\`#C^,
M=(UL_#KQ5;>)M;O=?\,_VA-XJ-O9R6<2$+<QK!*D#1JLSB<@V\1*L0<^8_%C
M_@C%=^,/C=\1?%'A_P"(>G:1I7CE+^:RTK4=.UV^B\.WEWH?]CO-!;P:Y;:8
MZK!NVB2P,@5R@E`5"GW9152U<F]Y73\[J*?X1C;M;2SN*+Y7'ETY;6\K.36G
MK*7K>ST/FKP;^Q3\0/!_BWQ>T'Q3T2#PQX]N=-O]<LK3P@\>HS30:58Z9<QQ
M7;WTB16\\-D&51`98GDR)G`P>5\)_P#!.[XD^#O"'@,6OQ)^%:^+?A6UM;>&
M=73X6RQP36,6G7&G>3J-NNK`W,HAG)CEMY;58F\P",I(T=?7]%.;<E*,OM6O
M_P!N[+T6J2V2;75WA0BE%6^%67DK6_%)7>[LF]4K?#?BC_@CE=ZCX1@T*P\;
M^#)=.L?!'A_P7:G7/`7]I3"+3=674IS(4OH4:WNF7RVMD2-$58N7$84_27[*
M'P`UG]GCPUXMT_6?$MAXF;Q'XNU;Q-:O::3)IR:?%?7+7'V4J]Q/YAC9W'F`
MH&!'R*<Y]2HIJ33;77F_\FDI2^^23\ME9-HJ?O:R[I_.,>1/_P`!T\]WKJ?'
M7_!0C_@GOXT_:Q^,^F>(_#NI^&+*RLM%BTUTU*XGCE,BSSR$@1PN-N)5YSG(
M/'0GPG_ARS\4_P#H/^`/_`Z[_P#D:OT[HK[7+_$'-\%AH86A*/+!65XW/@,S
M\-<EQ^*GC,1&7/-W=I-*_H?FOI7_``2-^->A:5<6%EXU\)V=E=Y\^W@U>_CB
MFR,'<HMP&X`ZCM69_P`.6?BG_P!!_P``?^!UW_\`(U?IW176O$W.TVTX:[^Z
MCCEX3Y#))24VEM[[T/S$_P"'+/Q3_P"@_P"`/_`Z[_\`D:C_`(<L_%/_`*#_
M`(`_\#KO_P"1J_3NBJ_XBAGG\T?_``%$_P#$(^'OY9_^!,_,3_ARS\4_^@_X
M`_\``Z[_`/D:C_ARS\4_^@_X`_\``Z[_`/D:OT[HH_XBAGG\T?\`P%!_Q"/A
M[^6?_@3/@?\`92_X)9?$'X%_M">&/%NKZQX.N=.T6X>6>.SN[EYW!B=!M#0*
MI.6'5AQ7WQ117RV>\08O-ZT:^,:<HJRLK:7;_4^OX>X;P62T)8;`IJ,GS.[O
'K9+\DC__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
