SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDED SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 21)*
Genta Incorporated
------------------
(Name of Issuer)
Common Stock, par value $.001 per share
---------------------------------------
(Title of Class of Securities)
372 45 M 20 7
--------------
(CUSIP Number)
Paramount BioCapital Asset Management, Inc.
c/o Lindsay A. Rosenwald, M.D.
787 Seventh Avenue
New York, NY 10019
(212) 554-4300
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
May 6, 2004
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following: |_|
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 13
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CUSIP No. 372 45 M 20 7 13D Page 2 of 14 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paramount BioCapital Asset Management, Inc.
--------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------- ----------------------------------------------------------------
3 SEC USE ONLY
--------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |-|
--------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------ -----------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,751,532
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER
1,751,532
--------------------------------------------- ------------ ---------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,751,532
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------- ----------------------------------------------------------------
Page 2 of 13
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CUSIP No. 372 45 M 20 7 13D Page 3 of 14 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------- ----------------------------------------------------------------
3 SEC USE ONLY
--------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |-|
--------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------ -----------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 699,373
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER
699,373
--------------------------------------------- ------------ ---------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
699,373
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------- ----------------------------------
Page 3 of 13
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CUSIP No. 372 45 M 20 7 13D Page 4 of 14 Pages
--------------- ----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aries Domestic Fund II, LP
--------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------- ----------------------------------------------------------------
3 SEC USE ONLY
--------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |-|
--------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------ -----------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 73,866
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER
73,866
--------------------------------------------- ------------ ---------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
73,866
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------- ----------------------------------------------------------------
Page 4 of 13
--------------------------- --------------------
CUSIP No. 372 45 M 20 7 13D Page 5 of 14 Pages
--------------- ----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Aries Master Fund II, Ltd.
--------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------- ----------------------------------------------------------------
3 SEC USE ONLY
--------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |-|
--------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------ -----------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 978,293
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER
978,293
--------------------------------------------- ------------ ---------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
978,293
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
--------------- ----------------------------------------------------------------
Page 5 of 13
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CUSIP No. 372 45 M 20 7 13D Page 6 of 14 Pages
--------------- ----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lindsay A. Rosenwald
--------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) X
--------------- ----------------------------------------------------------------
3 SEC USE ONLY
--------------- ----------------------------------------------------------------
4 SOURCE OF FUNDS*
OO (see Item 3)
--------------- ----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) |-|
--------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
2,739,218
NUMBER OF ------------ -----------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 1,751,532
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 2,739,218
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER
1,751,532
--------------------------------------------- ------------ ---------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,490,750
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* |_|
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (see Item 2)
--------------- ----------------------------------------------------------------
This Amendment No. 21 amends and supplements the following items of the
Statement on Schedule 13D filed by certain of the reporting persons, dated
February 24, 1997, as amended to date (the "Schedule").
Page 6 of 13
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended in its entirety to read as follows:
(a) This statement is filed on behalf of Dr. Lindsay A. Rosenwald,
Paramount BioCapital Asset Management, Inc. ("PCAM"), Aries
Domestic Fund, L.P. ("ADF1"), The Aries Master Fund II, Ltd.,
a Cayman Island exempted company ("AMF2"), and Aries Domestic
Fund II, L.P. ("ADF2" and, collectively, the "Filing
Persons"). See attached Exhibit A which is a copy of their
agreement in writing to file this statement jointly on behalf
of each of them. The Filing Persons have made, and will
continue to make, their own investment decisions.
(b) The business address of Dr. Rosenwald, PCAM, Aries Domestic
and Aries Domestic II is 787 Seventh Avenue, 48th Floor, New
York, New York 10019. The business address for Aries Select
and AMF2 is c/o Fortis Fund Services, P.O. Box 2003, British
American Centre, Phase 3, Dr. Roy's Drive, George Town, Grand
Cayman.
(c) Dr. Rosenwald is an investment banker, venture capitalist,
fund manager and sole shareholder of PCAM,(1) a Subchapter S
corporation incorporated in the State of Delaware. PCAM is the
General Partner of ADF1 and ADF2, each a limited partnership
organized under the laws of Delaware and the investment
manager to AMF2(2), each a Cayman Island exempted company.
(d) The Filing Persons and their respective officers, directors,
general partners, investment managers, and trustees have not,
during the five years prior to the date hereof, been convicted
in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) The Filing Persons and their respective officers, directors,
general partners, investment managers, and trustees have not
been, during the five years prior to the date hereof, parties
to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was
or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities
subject to, Federal or State securities laws or funding any
violation with respect to such laws.
(f) Dr. Rosenwald is a citizen of the United States.
----------
(1) Please see Exhibit B, filed herewith, indicating the executive officers
and directors of PCAM and providing information called for by Items 2-6 of
this statement as to said officers and directors.
(2) Please see Exhibit C indicating the executive officers and directors of
AMF2 and providing information called for by Items 2-6 of this statement
as to said officers and directors.
Page 7 of 13
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The information contained in Item 3 to the Schedule is hereby amended
by adding the following:
On May 6, 2004, pursuant to Rule 144 (a) AMF2 sold 66,300 Shares of the
Issuer at a price equal to $4.88 for aggregate gross proceeds equal to
$3,249,525, (b) ADF sold 500,700 shares of the Issuer at a price equal to $4.88
for aggregate gross proceeds equal to $2,441,914 and (c) ADF2 sold 53,000 Shares
of the Issuer at a price equal to $4.88 for aggregate gross proceeds equal to
$258,481.
On May 7, 2004, pursuant to Rule 144 (a) AMF2 sold 300,400 Shares of
the Issuer at a price equal to $4.72 for aggregate gross proceeds equal to
$1,417,888, (b) ADF sold 225,700 shares of the Issuer at a price equal to $4.72
for aggregate gross proceeds equal to $1,065,304 and (c) ADF2 sold 23,900 Shares
of the Issuer at a price equal to $4.72 for aggregate gross proceeds equal to
$112,808.
On May 10, 2004, pursuant to Rule 144 (a) AMF2 sold 428,700 Shares of
the Issuer at a price equal to $4.40 for aggregate gross proceeds equal to
$1,886,280, (b) ADF sold 322,200 shares of the Issuer at a price equal to $4.40
for aggregate gross proceeds equal to $1,417,680 and (c) ADF2 sold 34,100 Shares
of the Issuer at a price equal to $4.40 for aggregate gross proceeds equal to
$160,952.
In addition, on May 10, 2004 Dr. Rosenwald exercised warrants to
3,116,801 shares of Common Stock at exercise prices ranging between $0.87 and
$0.88 per share. The warrants contained a cashless exercise feature, whereby, in
lieu of a cash payment, Dr. Rosenwald received fewer shares of Common Stock in
connection with his exercise. Accordingly, following exercise of warrants to
purchase 3,116,801 shares of Common Stock of the Issuer, Dr. Rosenwald was
issued 2,525,497 shares of Common Stock, the balance being used to satisfy
payment of the exercise price.
ITEM 4. PURPOSE OF THE TRANSACTION.
On May 6, 2004, May 7, 2004 and May 10, 2004, the Reporting Persons
took advantage of the increased trading volume in the Issuer's Common Stock in
order to substantially reduce its ownership position in the Issuer.
The Filing Persons currently hold the securities reported herein as
being beneficially owned by them for investment purposes. Depending upon market
conditions and other factors that the Filing Persons may deem material to their
respective investment decisions, the Filing Persons may purchase additional
securities of the Company in the open market or in private transactions, or may
dispose of all or a portion of the securities of the Company that the Filing
Persons own or hereafter may acquire. Except as otherwise set forth herein, none
of the persons or entities named in Item 2 has any plans or proposals which
relate to, or could result, in any of the matters referred to in Paragraphs (b)
through (j) of Item 4 of Schedule 13D.
The Filing Persons may formulate other purposes, plans or proposals
relating to any of such securities of the Issuer to the extent deemed advisable
in light of market conditions, investment policies and other factors.
Page 8 of 13
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
The information contained in Item 5 to the Schedule is hereby amended
and supplemented to read as follows:
(a) As of May 10, 2004, the Filing Persons may be deemed to
beneficially own the following:
(i) AMF2: 978,293 Shares (1.2%);
(ii) Aries Domestic: 699,373 Shares (0.8%);
(iii) Aries Domestic II: 73,866 Shares (0.0%);
(iv) PCAM: 1,751,532 Shares (2.1%), comprised of the
Shares held by AMF2, Aries Domestic and Aries
Domestic II; and
(v) Dr. Rosenwald: 4,490,750 Shares (5.6%), comprised of
2,550,497 Shares and 188,721 Shares issuable upon
exercise of Common Stock purchase warrants held
directly by Dr. Rosenwald and 1,751,532 Shares
beneficially owned by PCAM.
Pursuant to Rule 13d-4 promulgated under the Securities
Exchange Act of 1934, as amended, each Filing Person other
than Dr. Rosenwald disclaims beneficial ownership of the
securities held by each other.
(b) Dr. Rosenwald and PCAM share the power to vote or to direct
the vote and to dispose or to direct the disposition of those
shares owned by each of AMF2, Aries Domestic and Aries
Domestic II.
(c) The Filing Persons have engaged in the following transactions
in the Common Stock of the Issuer in the past 60 days:
Please see 13D Amendment Number 20 on May 6, 2004 and Item 3
for additional transactions.
(d) Dr. Rosenwald, as the sole shareholder of PCAM, has the right
to participate in the receipt of dividends from, or proceeds
from the sale of, Shares held by PCAM in accordance with his
ownership interests in PCAM.
(e) N/A.
Item 7. Material to be Filed as Exhibits:
Exhibit A - Copy of an Agreement between the Filing Persons to file this
Statement on Schedule 13D on behalf of each of them.
Exhibit B - List of executive officers and directors of PCAM and information
called for by Items 2-6 of this statement relating to said officers
and directors.
Exhibit C - List of executive officers and directors of AMF2 Aries Select and
information called for by Items 2-6 of this statement relating to
said officers and directors.
Page 9 of 13
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: May 11, 2004
New York, NY
--------------------------------
Lindsay A. Rosenwald, M.D.
Page 10 of 13
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13D
The undersigned hereby agree jointly to prepare and file with
regulatory authorities a Schedule 13D and any amendments thereto reporting each
of the undersigned's ownership of securities of Genta Incorporated and hereby
affirm that such Schedule 13D is being filed on behalf of each of the
undersigned.
PARAMOUNT BIOCAPITAL ASSET MANAGEMENT, INC.
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
THE ARIES MASTER FUND
By: Paramount BioCapital Asset Management, Inc.
Investment Manager
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
ARIES DOMESTIC FUND II, L.P.
By: Paramount BioCapital Asset Management, Inc.
General Partner
Dated: May 11, 2004
New York, NY By:
--------------------------------
Lindsay A. Rosenwald, M.D.
Chairman
Dated: May 11, 2004
New York, NY
--------------------------------
Lindsay A. Rosenwald, M.D.
Page 11 of 13
EXHIBIT B
The name and principal occupation or employment of each executive
officer and director of Paramount BioCapital is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- --------------------
Lindsay A. Rosenwald, M.D. Chairman of the Board of Paramount
BioCapital Asset Management, Inc., Horizon
BioMedical Investments, LLC and Paramount
BioCapital, Inc.
Peter Morgan Kash Director of Paramount BioCapital Asset
Management, Inc., Senior Managing Director,
Paramount BioCapital, Inc.
Dr. Yuichi Iwaki Director of Paramount BioCapital Asset
Management, Inc., Professor, University of
Southern California School of Medicine
Item 2.
During the five years prior to the date hereof, none of the above
persons (to the best of PCAM's knowledge) was convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction, as a
result of which such person was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, Federal or State securities laws or finding any violation with
respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
Page 12 of 13
EXHIBIT C
The name and principal occupation or employment of each executive
officer and director of Aries Master Fund II is as follows:
PRINCIPAL OCCUPATION
NAME OR EMPLOYMENT
---- --------------------
Peter M. Kash Director of Paramount BioCapital Asset
Management, Inc., Senior Managing Director,
Paramount BioCapital, Inc. Investment
Manager
Wayne L. Rubin Accountant, Independent Director
Fortis Fund Services (Cayman) Administrator
Exhibit B is hereby incorporated by reference.
Item 2.
During the five years prior to the date hereof, neither of the above
persons (to the best of Aries Select's knowledge) have been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, as a result of which such person was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
Items 3-6.
Please refer to Items 3-6 herein reporting the beneficial ownership.
Page 13 of 13