<SEC-DOCUMENT>0001104659-22-084184.txt : 20220920
<SEC-HEADER>0001104659-22-084184.hdr.sgml : 20220920
<ACCEPTANCE-DATETIME>20220729153026
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-084184
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Booking Holdings Inc.
		CENTRAL INDEX KEY:			0001075531
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				061528493
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854
		BUSINESS PHONE:		203-299-8000

	MAIL ADDRESS:	
		STREET 1:		800 CONNECTICUT AVE
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06854

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Priceline Group Inc.
		DATE OF NAME CHANGE:	20140328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICELINE COM INC
		DATE OF NAME CHANGE:	19981221
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2222163d1_correspimg001.jpg" ALT=""></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: right">July&nbsp;29, 2022</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">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</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 0pt 0.5in">Re: Booking Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Filed February&nbsp;23, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Form&nbsp;10-Q for the Quarter Ended March&nbsp;31, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Filed May&nbsp;4, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">File No.&nbsp;001-36691</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">Dear Ms.&nbsp;Snyder and Mr.&nbsp;Babula:</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">On behalf of Booking Holdings Inc. (the &ldquo;Company&rdquo;),&nbsp;I
am responding to your letter addressed to Glenn D. Fogel, Chief Executive Officer of the Company, dated June&nbsp;28, 2022, relating to
your comment letter on the Form&nbsp;10-K for the year ended December&nbsp;31, 2021, filed on February&nbsp;23, 2022 (the &ldquo;10-K&rdquo;)
and the Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2022, filed on May&nbsp;4, 2022 (the &ldquo;10-Q&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">For your convenience,&nbsp;I have included your comments in this response
letter.</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>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2021 - Management's
Discussion and Analysis of Financial Condition and Results of Operations Trends, page&nbsp;39</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"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We note from your disclosures that the impact of cancellation
rates on your accommodation room nights has in the past and may in the future have a significant impact on your operations including room
nights, revenues, marketing efficiency, customer service costs and expected credit losses. Please disaggregate, discuss and analyze trends
in your cancellation rates in more detail. Refer to Item 303 of Regulation S-K.</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"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font-size: 10pt; text-align: left"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></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"><U>Response</U></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">A high percentage of our room nights are booked with flexible cancellation
policies, which contribute to a rate of canceled room nights that fluctuates over time. The Company&rsquo;s &ldquo;accommodation room
nights booked&rdquo; figure includes cancelable and non-cancelable room nights booked during the relevant time period as well as a reduction
in room nights for cancellations made during the same time period. The cancellation rate in any period is the number of canceled room
nights divided by the number of room nights booked before deducting the canceled room nights.</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"><FONT STYLE="background-color: white">Because the Company recognizes
revenue from bookings when the traveler checks in, the Company&rsquo;s reported revenue is not at risk of being reversed due to cancellations.
When a room night is canceled, we will not recognize the revenue in the future that we would have otherwise recognized if the room night
was not canceled and the traveler actually checked in.</FONT></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 Company&rsquo;s marketing efficiency, which is its marketing expenses
as a percentage of gross bookings, is impacted by cancellation rates. This is the result of incurring performance marketing expense at
the time a booking is made even though that booking could be canceled in the future if it was booked under a flexible cancellation policy.
The Company considers an estimation of cancellation rate when spending on performance marketing. However, meaningful changes in the estimated
cancellation rate may impact the efficiency of that marketing spend. There are many dynamic factors that contribute to marketing efficiency
that the Company reacts to, including ADRs, costs per click, cancellation rates, foreign currency exchange rates, our ability to convert
paid traffic to booking customers, the timing and effectiveness of our brand marketing campaigns, and the extent to which consumers come
directly to our platforms for bookings.</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">There are many reasons for a traveler to contact customer service that
could change during the course of the interaction with customer service (billing issues, service issues, product quality, re-booking,
special requests,&nbsp;etc.). However, the Company estimates that its customer service costs will generally increase with increased cancellations
because travelers wishing to cancel bookings are more likely to utilize customer service than travelers that do not cancel their bookings.</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"><FONT STYLE="background-color: white">The Company&rsquo;s expected
credit losses are generally not materially impacted by cancellations as we do not recognize revenue or record receivables in such situations.</FONT></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"><FONT STYLE="background-color: white">The Company respectfully acknowledges
the Staff&rsquo;s comment, and while we believe our current disclosures address the requirements of Item 303 of Regulation S-K and are
consistent with our other investor communications, we acknowledge that additional detail related to cancellation rates may be helpful
to investors. As a result, to the extent material, we will include additional qualitative information regarding cancellation rates in
our future filings, including the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2022 and Annual
Report on Form&nbsp;10-K for the year ending December&nbsp;31, 2022.</FONT></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; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font-size: 10pt; text-align: left"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></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"><B>Form&nbsp;10-Q for the Quarter Ended March&nbsp;31, 2022 - Management's
Discussion and Analysis of Financial Condition and Results of Operations Trends, page&nbsp;27</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"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We note your disclosure that you saw an immediate negative impact
on your room night trends, primarily in Europe after the news broke that Russia had invaded Ukraine. You also disclose that you suspended
the booking of travel services in Russia and Belarus in early March&nbsp;which led to the loss of new bookings as well as significantly
elevated levels of cancellations of reservations from these countries. Please describe the adverse impact of Russia&rsquo;s invasion of
Ukraine on your business and results of operations. Discuss how management considered the invasion, higher oil prices, and inflation in
the development of your estimates for cancellations and sales incentives. Describe and quantify for investors how the changes in these
estimates impact your revenue. For additional guidance, refer to the Division of Corporation Finance&rsquo;s Sample Letter to Companies
Regarding Disclosures Pertaining to Russia&rsquo;s Invasion of Ukraine and Related Supply Chain Issues.</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"><U>Response</U></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">T<FONT STYLE="color: #222222; background-color: white">he Company does
not believe the impact of the Russian invasion of Ukraine on its business and operations is material at this time. </FONT>As a result
of the invasion, we suspended the booking of travel services in Russia and Belarus in early March&nbsp;2022. This led to the loss of new
bookings as well as elevated levels of cancellations of reservations from these countries (the limited impact of which is described below).</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; color: #222222"><FONT STYLE="background-color: white">Although the
Company does not believe the impact of the invasion on its business and operations is material at this time, the Company disclosed additional
geographical data in its Current Report on Form&nbsp;8-K filed with the SEC on March&nbsp;8, 2022, and in the 10-Q, to provide investors
with the scale of the Company&rsquo;s exposure in the region given the cessation of certain business activities in Russia and Belarus.
Prior to the invasion, Russia and Ukraine combined on a booker basis (i.e., based on the location of a customer making a booking) historically
represented a low single digit percentage of our total gross bookings and was not material to the Company&rsquo;s revenues. The Company
is unable to estimate the impact of the invasion on its potential future revenue given the uncertainty surrounding the ongoing conflict.
However, at this time we do not believe it would be material.</FONT></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; color: #222222"><FONT STYLE="background-color: white">Although there
have been recent increases in inflation and oil prices, the Company cannot predict whether these trends will continue. The Company is
generally more focused on (a)&nbsp;overall macroeconomic trends rather than on individual factors like higher inflation or oil prices
and (b)&nbsp;certain of our key metrics such as &ldquo;accommodation room nights booked&rdquo; that are net of actual cancellations (not
estimates of cancellation rates).</FONT></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: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font-size: 10pt; text-align: left"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #222222; background-color: white">We
appreciate the feedback from the Staff reflected in this comment. </FONT><FONT STYLE="background-color: white">In future filings, including
the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ending December&nbsp;31, 2022, the Company will continue to evaluate
the impacts of the Russian invasion of Ukraine on our business and results of operations and, to the extent they become material, expand
our discussion of such impacts.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
connection with your review of our response, if you or your staff believes it would be useful to discuss these matters with us over
the phone, have any questions, or require further information, please email our Chief Accounting Officer, Sue D&rsquo;Emic </FONT><U>sue.demic@bookingholdings.com</U>
or call her or me at (203) 299-8000.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ David Goulden</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">David Goulden</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President and Chief Financial Officer</TD></TR>
  </TABLE>


<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: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; font-size: 10pt; text-align: left"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2222163d1_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2222163d1_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !' :X# 2(  A$! 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#WF6ZM[>2*
M.:>.-Y6VQJ[ %SZ#U-,^WVF;@?:H<VXS,/,'[KC/S>G'/-9.OOX?75-%&L*A
MNVN<:>65CB7CTX].O'2L]Y?!WF^)]\<>Y%7^U\H_(P<?7O\ =[^],1TWV^SQ
M;G[5!BY_U'[P?O>,_+Z\>E)_:-D5N&^V6^+8XG/F#]U_O<\?C7,B7P;M\+XC
MCPY_XD_R/QP/R[?>[U76;P)]D\3%8X?(20?VM\DF"V3C_P >W?=[T ==_:-E
MYEO']K@WW W0KY@S*,9RH[\>E6:XQ9?!/]I^&PL<?VIH =*.Q^(\<>W_ 'US
MFM_2?$.F:Y/>PZ?<^<]E)Y4XV,NUN?4<]#T]* -2BBB@ HKR/X@^/_$6@>+_
M .RM*>'RVBC*HT(9BS50M/BCXJT/6;>#Q5IVRVE^\&MS$X7IN7L<>E 'M=%(
MK!E# Y!Y%>;^._B@N@W3Z1HT0N-44A7=ERD9/; ^\WMV_2@#TFBO")/B#\1=
M&6.]U2Q<6C$<7%EY:'VR "#]:]:\)^*K+Q;HZW]H"CJ=DT+'YHV]/<>AH W:
M*R?$GB*Q\+Z/)J5^S>6I"HB?>D8]%'^>U>1'XB^/?$%S-/H&GR+9HQ 6"T\W
M:/1F(.3],4 >YT5Y7X)^*D^H:HNC>(X4M[QW\N.94* O_==3T.?\,5ZI0 45
MY5X7\>:YJOQ*N-#NI8391RW"*JQ -A"=O/X4WQ/\0-<D\=Q^'?"[P-AEA=GC
M#YD_B.>P4=?H: /5Z*;&&6-0[;G  9L8R?6O-=#\:ZS?_%2]\/SR0FPADG5%
M$8#87..: /3**@OI6@L+F9,!XXF9<^H!->.^#/BWJ%UX@CM/$,T M)QL21(@
MNR0D8)([=1^- 'M-%>6?$WQWK?A?Q!:6>F2PK#+;"5@\08[M[#K] *]24Y0$
M]Q0 M%><^/OB<OANZ.DZ5"MSJ>!O9^4BST&!]YL=O<?2N1/CCXF:=&+^]TZ8
MV@^9O.L-J >Y !'YT >Z45F>'M3GUG0;34;FR>SEG3>87.2!V/XCG\:TZ "B
M@]*S-!OYM2TI+F?;YA=U^48& Q _E5*+<7+L0YI34.KO^%O\S3HK'\0ZG/I=
MM:26X0M+=)"V\9^4YS^/%;%#@U%2Z/\ 04:D93E!;JWXA16+J6KW/VPZ;I,"
M3WH4,[2'$<(/3=[GTJKGQ7:8GD-A>(.7AC!1B/\ 9)[_ %K14&U=M*_=_P!?
MB92Q45)I1;MNTKI?UY7.DHJGIFIV^JV8N+=CC.&1N&1NX([&H-?OYM,TE[F#
M;Y@=%^89&"P!_G4*G)SY.II*M!4_:WO&US3HHHJ#4**Y>"\\2:A<7ILI-.2"
M"YD@43*V[Y3[?6I6UG5])7?K5C$UL#A[FT8D+GIE3S^-=#PTMDTWVOJ<:QL+
M<SBTN]M/S?Y'1T4R*5)XDEB8-&ZAE8="#6=<7\T7B&SL5V^3-%([9'.5QC^=
M8Q@Y-I?U8Z9U(P2;ZM+[S4HHKG/#?B4ZK(]K=J([H%FCP,+(@)&1[C!S3C3E
M*+DMD3.O"$XPD]9;'1T5C^(M3N-+M;62W"%I;I(FWC/RG.?QXK8I.#45+H_T
M'&I&4Y06ZM^(45C:EJ]PMX=.TJW6XO0H9RYQ'$#T+'U]JJ[?%MOB5I-.NE'+
M0J"A/L#_ (UHJ+:NVEZLREBHJ348MVW:5TOZ\KG1T4R)F>%&="CE02A.=I]*
MQM7U:[CU"+2=,B1KZ5/,+R_<C3.,GUJ(4W.7*C2K6C3CS2_X+OLC<HK%T[_A
M((;T1ZC]DGMF!_>PY4H?<'KFMJE.'*[73]!TJGM(WLUZZ&)KFIVUCJ6CPSZ9
M)=O<W.R*58PPMVQC<3VZ_EFJ+:[9++XD']AS$V2J;@B ?Z8"IX'][@8Y[&M;
M4[S4K:\T^.RTX74,TVRYD\P+Y"?WL=__ *WO59M2UL/K &B BV -D?/'^E'!
MS_N\XZ^M-)6V_'S_ *_,LH#7;'9X9QH4V+W_ (]QY(_T/Y0.>/EX...V:A7Q
M'8&V\2R?\([< 6;[;A?LXS=YRN?]H8'?L16H-3US;HQ_L09NO^/[]\/]%X_\
M>[_E40U;Q 8=88^'P'MFQ9)]H7_2ASSG^'C!_'%59=OQ\_Z_,5V4UU^P.I>'
M(O[ F$EW!OMY3 /]$!7[N<<<<'':KOAO5K34[S5X[;29;!H+G;*[Q!//;D;N
M.IX[^HIPU37C>:1&=" AN8]UY)YX_P!&;'W<=ZLZ-?:K>7%^FI:4+&.&7;;N
M)0_G)S\W'3M^?M2:5MOQ\_Z_,$V:U%%%9E'S]\5S.OQ,B-L,W B@,0]6SQ^M
M9WBF?Q&^M:9=>.;2?[,K85$5$W(""P!7C/3K76?$?P?XFU;QN-3T?3WFB2*/
M9*)$&&7GHQK.NO!GQ%\87=M'K[>7!$3B29XP$!QDA4ZGC_Z] 'M]C=6]]807
M=JX>WFC#QL.ZD9%>">#4BNOC/*=2P91=W#J'_P">H+$?ER1]!7N^DZ=%I&D6
MFG0DM';1+$I;J0!C)KS+QY\,M0O-:?Q!X<E NG82/ &\M@X_C1NF3C/..><T
M >EZS;V=UHMY#?JC6C0MYN_H%QR?PZUX[\#);D:UJL2[OLIMU9^.-X;Y?T+5
M4N]%^*?B&W73+];HVP/S"62-%/\ O$<M^M>I^!/"$?@_0OLK2++=S-YEQ*HP
M"<8 'L/\?6@#BOCL\HL=%09\DRREO]X!<?H6KM_A]#:P^ M'%F%V-;J[D=W/
M+Y]]V:F\8^%X/%V@2:=)((I0PDAFVYV./;T(R/QKR6V\._$WPD9+'2?.:U+$
M@P.DD9SW ;E?R% $?QG@L[;QA;2V>U+N2 //L/.X$A2?? _05[M8M(^GVS39
M\TQ*7S_>P,UY'X.^&.L3>(4UWQ4P)1_-\F1Q(\K]BQ&0 .O7M7LE 'S(EQK5
MK\0]5ET!'>_%S<[0B!CMW-N(!]JZOX)"PDUO4Y;D[M4$8,1<\[23O(]\[<__
M *ZTO"?@_7].^*=SJ]WI[16#S7++,9$((8MMX!SSD=JA\3>!_$&F_$--?\-6
M'GPF1;@JDBH%?^-3DC@\G_@1H ]DKQ+PM_R7K4_^NUS_ %KVJ%VDA1VC:-F4
M$HV,J?0XKR[P_P"%-;L_B]?ZU<6#)ITLL[)/O4@ALXX!SS]* /2=4_Y!-Y_U
MP?\ ]!-?+NB^'KC6]+U6>T1GGL(TFV+U9,D-CW'!_ U]2W\;S:==11C<[Q,J
MCU)!KS'X3>$M<\.ZEJ4FKV#6T<T*JA+JVX@\]": /+_$WB*3Q(NCW%P<W5O:
M"VF;^\5=B&_$$?CFOJ1/]6OT%>!^+/A9KD?B:Z?1-.^T:?*_FQE)$79GDK@D
M=#^F*]]0810>N* /G_0Q#=?'27^TL'&H7!4-TWKNV?J!C\*].^(GBC5?"^GV
ML^FV$5VLK.)_-C9E10,Y.TC ^M<Q\0OAGJ6I:VVO>'RAG?#2P[]C;QT93TSP
M/3GZUA2Z9\5]:L)=.NS="V\LAQ*\:;QC[I8<MGI_.@#T7X<^+;WQ?H]U=WL%
MO"\,_E*( 0"-H/<GUKLJX#X3^']4\.Z#>V^JVAMI9+G>BEU;*[5&>">XKOZ
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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
