<SEC-DOCUMENT>0001156375-22-000303.txt : 20221123
<SEC-HEADER>0001156375-22-000303.hdr.sgml : 20221123
<ACCEPTANCE-DATETIME>20220930125505
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001156375-22-000303
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CME GROUP INC.
		CENTRAL INDEX KEY:			0001156375
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				364459170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 S. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129301000

	MAIL ADDRESS:	
		STREET 1:		20 S. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHICAGO MERCANTILE EXCHANGE HOLDINGS INC
		DATE OF NAME CHANGE:	20010802
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="ie678602a3ad940d697b2c26d62a7f33f_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><img alt="cmelogo.jpg" src="cmelogo.jpg" style="height:32px;margin-bottom:5pt;vertical-align:text-bottom;width:205px"></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">September 30, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">U.S. Securities and Exchange Commission </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Division of Corporate Finance </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Disclosure Review Program</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Washington, D.C. 20549</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">ATTN&#58;  Amanda Ravitz</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Barbara Jacobs</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Filed Via EDGAR as Correspondence</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">RE&#58; &#160;&#160;&#160;&#160;CME Group Inc.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Definitive Proxy Statement on Schedule 14A</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Filed March 17, 2022</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">File No. 001-31553</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">This letter sets forth the responses of CME Group Inc. (&#8220;CME Group&#8221;, &#8220;the Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; or &#8220;us&#8221;) to the comments of the Staff of the U.S. Securities and Exchange Commission  &#8220;Staff&#8221;) from comment letter dated September 21, 2022 with respect to the above referenced Proxy Statement. For your convenience, we have duplicated the original comments of the Staff as set forth in the comment letter below in italics in providing our responses to each of the Staff&#8217;s comments.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;text-decoration:underline">Definitive Proxy Statement on Schedule 14A filed March 17, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;text-decoration:underline">General</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">Please expand your discussion of the reasons you believe that your leadership structure is appropriate, addressing your specific characteristics or circumstances. In your discussion, please also address how the experience of your Lead Director is brought to bear in connection with your board&#8217;s role in risk oversight.</font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CME Response&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">It is our belief that the Company&#8217;s disclosures in the Proxy Statement comply with all applicable rules and regulations, including Item 407(h) of Regulation S-K. Nonetheless, we will consider the Staff&#8217;s comments in due course as we evaluate the extent to which we voluntarily supplement our required disclosures in the future.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">2. &#160;&#160;&#160;&#160;Please expand upon the role that your Lead Director plays in the leadership of the board. For example, please enhance your disclosure to address whether or not your Lead Director may&#58;</font></div><div><font><br></font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">represent the board in communications with shareholders and other stakeholders&#59; and</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">require board consideration of, and&#47;or override your CEO on, any risk matters.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CME Response&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">It is our belief that the Company&#8217;s disclosures in the Proxy Statement comply with all applicable rules and regulations, including Item 407(h) of Regulation S-K. Nonetheless, we will consider </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">cmegroup.com &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CME GROUP CONFIDENTIAL</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">the Staff&#8217;s comments in due course as we evaluate the extent to which we voluntarily supplement our required disclosures in the future.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">3. &#160;&#160;&#160;&#160;Please expand upon how your board administers its risk oversight function. For example, please disclose&#58;</font></div><div><font><br></font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">the specific risks over which the board elected to retain direct oversight responsibility and why oversight of those risks was not assigned to a board committee&#59;</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">the timeframe over which you evaluate risks (e.g., short-term, intermediate-term, or long-term) and how you apply different oversight standards based upon the immediacy of the risk assessed&#59;</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">whether you consult with outside advisors and experts to anticipate future threats and trends, and how often you re-assess your risk environment&#59;</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">how the board interacts with management to address existing risks and identify significant emerging risks&#59;</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">whether you have a Chief Compliance Officer and to whom this position reports&#59; and</font></div><div style="margin-bottom:3pt;padding-left:54pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.15pt">how your risk oversight process aligns with your disclosure controls and procedures.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CME Response&#58;</font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">It is our belief that the Company&#8217;s disclosures in the Proxy Statement comply with all applicable rules and regulations, including Item 407(h) of Regulation S-K. Nonetheless, we will consider the Staff&#8217;s comments in due course as we evaluate the extent to which we voluntarily supplement our required disclosures in the future.</font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">*   *   *</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Please do not hesitate to call me at 312-930-8492 if you have any questions or would like any additional information regarding this matter. </font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:133%">Sincerely, </font></div><div><font><br></font></div><div style="margin-bottom:0.1pt"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#47;s&#47; Terrence A. Duffy</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Terrence A. Duffy</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Chairman and Chief Executive Officer </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">CME Group Inc.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:100%">cmegroup.com &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CME GROUP CONFIDENTIAL</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cmelogo.jpg
<TEXT>
begin 644 cmelogo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 B17AI9@  34T *@    @  0$2  ,
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MU]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0
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MCEI';&6=V8\FMZ.#I483A*TI.+?HEM]YG4Q52K.,HZ14DO5]?N-__@J#\?\
M]HSXA_\ !<'5/@=\*/C!XD\%PZTVEV>DVO\ ;-S9:9:22:7!.[,(5=@&8N20
MC'+5Z#_PZ7_X*4-_S=3HO_A;:W_\@U\[?\%5+CXEV?\ P<::E)\'8(;CXF+/
MHY\/12FW"/<?V-;\'[01#]W=]\@5]%?\)5_P5^_Z%O1?^_OA7_X_1.+C2I\C
M@KQ7Q6N*-I5)\RD_>>U['WS_ ,$K?V>OC?\ LU?L_:SH?Q[\?VOQ&\87?B*>
M_L]3@U2ZU%8+%K:V1(/,N(HG!$L<[;0I4>9G.20(_P#@JQ_P4P\._P#!,?\
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MKX=:YXNTOXM>!IO#/AJ6*'5-3DU2.&WLI)0QBC9G*_.^QMJC)8J0 37Y+_\
M!KTN[]G7]KK_ + FF_\ I+J]>._\&]W_  3"\+?\%%O$WC:Z^)&H:Q=> ? <
MME.WANSO9+6+6;ZX$X1YG0APD<44@^0JY,HPZ@,K=D\NI0=7FD[0M^)S1QU6
M2ARI7E?\#]WOV=OV[/@[^UG=S6WPY^)'A'Q9J%NKR36-E?(;Z.-&56D-NV)1
M'EE&_;M)(P37K@(%?@G_ ,%PO^"7?AG_ ()22_#OX]_ #4-6\#M!XCBTTZ?_
M &A+=_8+SR))X)[=YB\FPBVG$B2NX.]0!M++7[6?LP?%NX^/G[,_P[\=W%K'
M:W'C;PSINO2P0@^7 UU:Q3E%R2< R$#))XZUPXK#TX0C5I.\9=]TSJP^(E*;
MIU%9KML?"'[17[(&E?LG^.(Y[K3-?U'P3K:O9?VL-20)8^<K+^^C6W+9C8JZ
M\D-Y8QSE1Y%8V^@>'?#7C"QNM#UZ*XM5MXY5_MJ!@<3KRK"VP0>"&&0001P<
MU^O?B3PQI_B_1+K3=4L[?4-/O8S%/;SQAXY5/4$'@UQUO^RU\/;5(1'X0T/_
M $=(XDW6JMA8WWQCG/"MR,YQP.@Q7Z!E_B!R45'&1E*:MJI-7L[I[[]&?CF;
M>$?/B7/+IQA!WM%Q3M=6:3MJNJOMJ?FY\)?@A;_&S7=)\%Z%X=UYKN=_[2U6
MX.LQ^7IZ, L?G'[+C*(&8 ?-FX*_>! _3'X"?!NP^ 7PHTGPGILUU<6>E*^V
M6X(:21I)&D<G  Y=VP.PP*O_  _^%'AWX56UU#X?TBRTI;R8W%QY$85IY#_$
M[=6/U-=*3M:OG>).)JF9R5."<::=[-W;?=[][)=$?8<%\#TLDBZU1J5:2M=)
M))::*R6]DVWU/Q=_X*N?\$E_C-^SE^VI-^U+^R[:ZAJ&HW%\^LZII6E(+C4M
M.OY0RW,T5NP)NH+C>YDB4.V9I/D,9^3)L?\ @YQ^/W_"-2>%Y/V;8YOB<TWV
M2&5%U%8%FR%\MM-\HSL^[<-HN5.2!CCG]N.@ZTF,=AFO&CF$7!1K4U*VSV?_
M  3Z^6#DI.5*;C?=;GP9_P $2A^USXA\,^-/%/[2EXT&E^*;I+W0=(U6U6#6
M+&0@"0B) HM;8J%58)%W[E9ML8),OR;_ ,&G_P (_%7PT^(7QP?Q'X9\0>'U
MNK+24A;4M.FM!,5EO,A3(HR1D9QZU^TP&#2XQV_*LWC&XSCRI<UMM+6+CA+2
MC)R;Y;[];G'>%_@-X/\  _Q8\3^.=)\/Z?8^+O&D5K#K>J1)^_U%;9"D <YQ
M\BG' &0%SG:,?D9\0?A'XLG_ .#L'3_$J>%_$4GAW[79O_:JZ=,;+:/#*1D^
M=MV8#@J>>H(ZU^T8/%&WFL\/BI4G)[W31I6PZFDMK.Y_/_\ \%4]4^)'[.W_
M  7XU3XO>%_AKXE\7P^&I-(OK18M,NGL[XKI,$3+YL:,,!BP.,X*D5Z]_P 1
M)/[1V?\ DU6^_P# ?4__ (S7[1!<CI0%QU%=G]H4Y1C&I33Y4EN^AS_4ZD9-
MPG:[OLCY5_X).?MU>.?V^O@MXA\2^//AS-\-]1T?6VTRWLI$N%^U1""*3S1Y
MR*WWI&7CCY:Y3_@ME_P2K_X>>? #3;?0KRQTOXA^"[B2ZT"ZO69;:X24(+BT
ME90Q59!'&P;:2KQ+T5FK[6 "BD45Q1Q#C5]K27+V.IT>:G[.;N?@_P# ;_@L
M)^U=_P $J/#>E_"GXS? _5/%FF>%XO[.TF:[2;3[IK:%!''%#?11S6]U#'A0
MKJCDC@N>,<+^T-%^U=_P<5?$?P8MO\(;?P1X,\*FZ&GZK=V]S9Z;:K<- L\D
MUY./])8&&/Y+>,L #\AY-?T-%>.E*HP*[8YE"+]I"FE+OK^1Q_4)27).;<>W
M_!/Q@_X.K/@GXI\6^&/V<['P[X?U[Q*=%M]=M[I],TZ:Z$1V:4JEPBMMW;&Q
MGKM/H:_9.\TJVU#2I;&>WADLYHC!)"Z QO&1M*E>F".,>E6WP3S3NM<=3%2G
M3C3_ );_ (NYUT\.H3E-?:M^!^"_@OX5?M$_\&Y7[5OC36/"?PYU;XM? _Q4
M-LD]JLDBS6L+EK9YYH(W-G=0^<T9:6(Q2!Y=JGY60_:9^-?[3'_!Q5JG@_P#
MX3^#>H?#+X6:9J U*_U343+/9?:4W0FXEOI(85?RHYFVVT*&0EW8[\+Y?[S%
M<>]"=*Z_[2U]HX+G_FU_+N<WU#3DYGR]O^"?F7_P6Q_X)3:O\3/^"77P]\%?
M"72[KQ!JWP-^R+96(VF_U73X[0VT_EHJ@27+$0S%1@OLD"AG95/S+^S!_P %
M6?VL/'_[+-A^SCX/_9_U1O'FBZ,GA8^+KNWO+>'0[%+<0)/<V[0A8YXX0")'
MFVLX7]RY.QOW-QD_UI57TK.GC^6').*E9W5^Y4\'>?/"36EF?B+_ ,&V7PK\
M4?#/]G3]K!O$GAO7_#ZWVB:?]F.I:?+:?:-EMJN_9YBC=MW+G'3<,]17RS_P
M1%_:7^.W[%MG\0/B-\,OAO<_%CX?K)::?XST"Q#_ &V%@EQ+:W<9C222,(/M
M 9Q')&%9@Z@F-U_H_P#BEX7N/&GPR\1:+:O#'=:OIES90O*2L:O)$R*6(!.,
ML,X!^E?$'_!"+_@E?\0?^"7_ (5^(UAX^UCP=J\WC"[L)[(^'[NYN%B6!)U?
MS/.@A(),JXVANASCOV_VC&<*LZB5Y<NG>VAS/!3C*G&#=HWU/@O]I#XF?M)_
M\'&'Q&\$^#M#^$>K_#+X4Z'J'VR[O[P33V4$IVPRW4]U*D$<\D4;R>7;Q()/
MWDN=P.4_=#X1_#73?@Q\*O#/@[1?-_L?PGI5KH]CY[YD\BWA2&/<0 "VU!D@
A#GL*Z3[AZ"@$*:\S$8KVD5"*Y8K9'?0P_(W*3NWU/__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
