-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CZgZYEUI5dkV27trJKrFqx6jqlW9J2fosGcq5iLTrWhnzH7XdBEzVy+p9GD88CWL
 gCNnPUbTp6gffRTbFLJcKA==

<SEC-DOCUMENT>0000950144-08-002166.txt : 20080609
<SEC-HEADER>0000950144-08-002166.hdr.sgml : 20080609
<ACCEPTANCE-DATETIME>20080320161602
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-08-002166
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AFLAC INC
		CENTRAL INDEX KEY:			0000004977
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		IRS NUMBER:				581167100
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1932 WYNNTON RD
		CITY:			COLUMBUS
		STATE:			GA
		ZIP:			31999
		BUSINESS PHONE:		7063233431

	MAIL ADDRESS:	
		STREET 1:		1932 WYNNTON ROAD
		CITY:			COLUMBUS
		STATE:			GA
		ZIP:			31999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FAMILY CORP
		DATE OF NAME CHANGE:	19920306
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>AFLAC INCORPORATED</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><IMG src="g12399g1239900.gif" alt="(AFLAC INCORPORATED LOGO)">
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 6pt"><B>Ralph A. Rogers, Jr.<BR>
Senior Vice President<BR>
Chief Accounting Officer<BR>
Financial Services</B>

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
March&nbsp;20, 2008
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Mr.&nbsp;Jim B. Rosenberg<BR>
Senior Assistant Chief Accountant<BR>
Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, DC 20549
</DIV>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aflac Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed February&nbsp;29, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File Number: 001-07434</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Dear Mr.&nbsp;Rosenberg:
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We appreciate the efforts of the Securities and Exchange Commission to improve the financial
reporting process and compliance. We make every effort to be transparent in our financial
reporting in order to allow investors to understand our company and the matters which affect our
financial position and results of operations.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Below, we have listed your comments for ease of reference and our responses.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page II-6</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Critical Accounting Estimates, page II-7</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Policy Liabilities, page II-9</U>
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It appears that you have significantly revised your estimate of the liability for unpaid
policy claims recorded in prior years. Please provide us, using disclosure- type format,
proposed revisions to your existing disclosure an explanation of the reasons for your change
in estimate. For each liability and lines of business, please include the following
disclosures:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identify the years to which the change in estimate relates and disclose the amount of
the related liability as of the beginning of the year that was re-estimated. Discuss and
quantify offsetting changes in estimates that increase and decrease the liability.</TD>
</TR>

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identify the changes in the key assumptions you made to estimate the liability since
the last reporting date.</TD>
</TR>

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identify the nature and timing of the change in estimate, explicitly identifying and
describing in reasonable specificity the new events that occurred or additional
information required since the last reporting date that led to the change in estimate.</TD>
</TR>

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure your disclosure clearly explains why recognition occurred in the periods that
it did and why recognition was not required in earlier periods.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We acknowledge that we previously commented on this matter in comment one of our August&nbsp;16,
2007 comment letter, and also in comment three of our January&nbsp;7, 2004 comment letter. However,
we are unsure how the current discussion addresses the change in estimates that occurred during
the year ended December&nbsp;31, 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
In 2007, our unpaid policy claims liability for prior years declined by approximately $400&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
More than 70% of the release of our unpaid policy claims liability resulted from IBNR that is
estimated using a claim cost and completion factor method. During the first 12&nbsp;months after a
claim is incurred, we estimate the ultimate cost of the claim based on initial expected claim cost
factors that reflect our experience in prior periods. In the thirteenth month after incurral, we
change the estimating basis to a completion factor method because the actual cash payments to date
for claims 13 or more months old are deemed to have sufficient credibility on which to base the
remaining liability estimate. Prior to the thirteenth month, the historical claim cost method is
deemed to have more credibility. The difference in estimate between the two methods is routinely
recognized in our financial statements in the thirteenth month after a claim is incurred.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
For the past several years, we have experienced a downward trend in our current period
hospitalization claim costs, primarily in Japan. For this reason, our claim cost estimate as of
December&nbsp;31, 2006 was high. Redundancy or insufficiency is initially recognized when the claims
reach the thirteenth month after incurral. If the downward trend in hospital claims continues, we
will see a release in the unpaid policy claims liability for prior years during 2008 that is
similar to what we experienced in 2007. However, if claim trends stabilize or deteriorate, then
the unpaid policy claims liability for prior years could have a much smaller release or an
increase.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
More than 75% of the 2007 release of prior period claim liability was related to claims incurred in
2006. The remainder was related to claims incurred prior to 2006.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Note 3. Investments page II-64</U>
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please revise your disclosure to comply with paragraph 17b of FSP FAS 115-1/FAS 124-1.
More specifically, please provide a more robust discussion of your rationale for concluding
that unrealized losses are not other-than-temporary impairments, particularly given that 77%
of the unrealized loss has been in an unrealized loss position for more than 12&nbsp;months. Your
discussion on page II-72 only discusses a small part of the unrealized losses. In addition,
please revise to discuss your significant concentration of unrealized losses in the
banking/financial institution industry and the significant increase in the unrealized losses
in that industry from the prior year clarifying why you believe no impairment is required.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
As disclosed in our Form 10-K, as of December&nbsp;31, 2007 our investment portfolio is very highly
rated with only 1.9% at amortized cost below investment grade (1.5% at fair value) and 81.3% at
amortized cost rated A or better (81.9% at fair value). Accordingly, the main contributor to the
increasing unrealized losses in sectors other than the government and guaranteed sector is the common factor of widening credit spreads globally and to a lesser extent,
changes in foreign exchange rates, while the government and guaranteed sector is purely driven by
existing risk free interest rates and/or exchange rates as of December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
In light of your comment, we propose the following expanded disclosures to be included in our
future filings to include disclosure regarding our concentration in the banks/financial
institutions sector.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Our total investment in the banks and financial institutions sector including those classified as
perpetual debentures as of December&nbsp;31, 2007 is $23,941&nbsp;million or 44% of our total investment
portfolio at amortized cost ($23,348&nbsp;million or 43% at fair value) compared with $21,803&nbsp;million or
45% of our total investment portfolio at amortized cost ($22,139&nbsp;million or 44% at fair value) as
of December&nbsp;31, 2006. We invest in the top financial institutions globally because we believe this
sector has a very desirable risk profile. The banks and financial institutions sector is a highly
regulated industry and plays a strategic role in the global economy. While this is our largest
sector concentration, we achieve some degree of diversification through a geographically diverse
universe of credit exposures.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The following table shows the composition of our investments in an unrealized loss position in the
banks and financial institutions sectors by fixed maturity securities and perpetual debentures.
The table reflects those securities in that sector that are in an unrealized loss position as a
percentage of our total investment portfolio in an unrealized loss position and their respective
unrealized losses as a percentage of total unrealized losses as of December&nbsp;31.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">2006</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Investments in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Total</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>an Unrealized Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">an Unrealized Loss</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Unrealized</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Position</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Losses</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">40%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">41%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">36%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">36%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perpetual debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">14%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">22%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">17%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">22%</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">54%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">63%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">53%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">58%</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
All of the investments in the government and guaranteed sector were investment grade at
December&nbsp;31, 2007 and 2006. The unrealized losses on our investments in this sector, which include
U.S. Treasury obligations, direct obligations of U.S. government agencies, Japan government bonds,
and direct obligations of Japan government agencies were caused by changes in interest rates and/or
foreign exchange rates. The contractual cash flows of these investments are guaranteed by either
the U.S. or Japanese governments. Furthermore, the contractual terms of these investments do not
permit the issuer to settle the securities at a price less than the amortized cost of the
investment. Unrealized gains and losses related to prevailing interest rate environments are
impacted by the remaining time to maturity of an investment. As the investments near maturity the
unrealized gains or losses can be expected to diminish. Because the unrealized losses in this
sector are considered to be interest rate driven and because we have the ability and intent to hold
these investments until a recovery of fair value, which may be maturity, we do not consider these
investments to be other than temporarily impaired at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
As of December&nbsp;31, 2007 and 2006, all of our fixed maturity investments in the municipalities;
mortgage and asset backed securities; sovereign and supranational; and banks/financial institutions
sectors were investment grade while 99.7% of securities in the public utilities sector was
investment grade compared with 100% at the end of the preceding period. We have determined that the
majority of the unrealized losses on the investments in these sectors were caused by widening
credit spreads globally and to a lesser extent, changes in foreign exchange rates. Due to the
liquidity contraction experienced in the capital markets during 2007, credit spreads continued to
widen sharply throughout the year causing the increase in the unrealized losses in these sectors as
of December&nbsp;31, 2007 as compared to 2006. However, we have determined that the ability of the
issuers to service our investments has not been compromised by these factors. Unrealized gains or
losses related to prevailing interest rate environments are impacted by the remaining time to
maturity of an investment. Assuming no credit related factors develop, as investments near maturity
the unrealized gains or losses can be expected to diminish. Because the unrealized losses in these
sectors are considered to be principally the result of widening credit spreads and because we have
the ability and intent to hold these investments
until a recovery of fair value, which may be maturity, we do not consider these investments to be
other than temporarily impaired at December&nbsp;31, 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We have determined that the unrealized losses in our collateralized debt obligation (CDO)&nbsp;portfolio
are primarily the result of widening global credit spreads due to, among other things, a
contraction of liquidity in all capital markets. However, as of December&nbsp;31, 2007 and 2006, all of
our investments in the CDO sector carried ratings of single-A or better. Moreover, during this
period none of our CDOs experienced any credit events to the underlying reference obligations. Nor
did they experience any changes in structural subordination or writedowns of underlying collateral.
Based on our reviews, we currently believe it is probable that we will collect all amounts due
according to the contractual terms of our CDO investments. Therefore, it is expected that our
investment would not be settled at a price less than the amortized cost of the investment. Because
we have the ability and intent to hold these investments until a recovery of fair value, which may
be maturity, we do not consider these investments to be other than temporarily impaired at December
31, 2007.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
As of December&nbsp;31, 2007, 54% of the securities in the other corporate sector was investment grade
compared with 40% at the end of the preceding period. For any credit-related declines in market
value, we perform a more focused review of the related issuer&#146;s credit ratings, financial
statements and other available financial data, timeliness of payment, competitive environment and
any other significant data related to the issuer. From those reviews, we evaluate the issuers&#146;
continued ability to service our investments. Included in the unrealized losses on the other
corporate sector is an unrealized loss of $67&nbsp;million on Aflac Japan&#146;s investment of $210&nbsp;million
(24&nbsp;billion Yen) in Tollo Shipping Company S.A. Our investment is guaranteed by the issuer&#146;s
parent, Compania Sudamerican de Vapores S.A. (CSAV). The decline in fair value of the security was
primarily caused by two factors: depressed revenue due to competitive pricing pressures in the
container shipping industry and weaker operating margins due to sharply increased fuel costs. The
contractual terms of this investment do not permit the issuer or its parent to settle the security
at a price less than the amortized cost of the investment, and give priority to repayment of our
investment under certain circumstances. While CSAV&#146;s credit rating has remained at BB&#043; (S&#038;P), we
currently believe it is probable that we will collect all amounts due according to the contractual
terms of the investment. Therefore, it is expected that our investment would not be settled at a
price less than the amortized cost of the investment.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
On page II-56 in Note 1 of the Notes to the Consolidated Financial Statements, we describe in
detail our processes for monitoring and evaluating the difference between the amortized cost and
fair value of our investments. Based on our credit related reviews of the issuers in the other
corporate sector, we have determined that there is little risk that we will not recover our
investment in these issuers. Because we have the ability and intent to hold these investments until
a recovery of fair value, which may be maturity, we do not consider these investments to be other
than temporarily impaired at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The majority of our investments in the perpetual debenture category are in Tier 1 and Tier 2
capital securities of highly rated global financial institutions. As of December&nbsp;31, 2007, 93% of
our investments in this category were investment grade compared with 86% at the end of the
preceding period. For any credit-related declines in market value, we perform a more focused
review of the related issuer&#146;s credit ratings, financial statements and other available financial
data, timeliness of payment, competitive environment and any other significant data related to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
the
issuer. From those reviews, we evaluate the issuer&#146;s continued ability to service our investment.
Included in the unrealized losses in this category is an unrealized loss of $33&nbsp;million on Aflac
Japan&#146;s $123&nbsp;million (14&nbsp;billion Yen) investment in BAWAG Capital Finance Jersey II (BAWAG). BAWAG
is the only below investment grade security in this category. The decline in fair value of the
security was primarily caused by losses BAWAG incurred from lending to the failed U.S. brokerage
firm, REFCO and from derivative speculation in 2000. While BAWAG&#146;s credit rating has declined from
Baa3 to Ba1 (Moody&#146;s), we currently believe it is probable we will collect all amounts due
according to the contractual terms of the investment. Therefore, it is expected that our
investment would not be settled at a price less than the amortized cost of the investment. Based on
our credit related reviews of BAWAG, we have determined that there is little risk that we will not
recover our investment in this issuer.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We have determined that the majority of our unrealized losses in the perpetual debenture category,
including the increase over 2006, were principally due to widening credit spreads globally largely
as the result of the contraction of liquidity in the capital markets. Credit spreads for this
category were also impacted by the uncertain outlook for the classification of subordinated
securities in certain regulatory environments, and to a lesser extent, changes in foreign exchange
rates. Based on our reviews, we concluded that the ability of the issuers to service our investment
has not been compromised by these factors. Unrealized gains or losses related to prevailing
interest rate environments are impacted by the remaining time to maturity of an investment.
Assuming no credit related factors develop, as the investments near maturity the unrealized gains
or losses can be expected to diminish. Because the unrealized losses in this sector are considered
to be principally driven by widening credit spreads and because we have the ability and intent to
hold these investments until a recovery of fair value, which may be maturity, we do not consider
these investments to be other than temporarily impaired at December&nbsp;31, 2007.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You state on page II-76 that you have variable interest entities that you do not consolidate
because you are not the primary beneficiary. Please refer to Item&nbsp;303(a)(4) of Regulation&nbsp;S-K
regarding disclosures of off-balance sheet arrangements.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Our interests in the non-consolidated entities you reference are considered to be variable interest
entities (VIEs) under FIN 46(R) <I>Consolidation of Variable Interest Entities </I>(FIN 46(R))<I>. </I>The
activities of these VIEs are limited to holding the underlying collateral used to service our
investment therein. Our involvement in these entities is passive in nature and we are not the
arranger of these entities. Except as relates to our review and evaluation of the structure of the
VIEs in the normal course of our investment decision making process, we have not been involved in
establishing these entities. We have no direct or contingent obligations to fund the limited
activities of these VIEs nor do we have any direct or indirect financial guarantees related to the
limited activities of these VIEs. As disclosed in our 2007 Form 10-K, our sole risk of loss related
to our interests in these VIEs is limited to our investment in the debt securities issued by the
VIEs. Our responses to your questions are in the order of your comments.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please tell us the extent that the following items are applicable and material, for
your non-consolidated CDO for which you have material exposure, and provide us revised
disclosure or tell us why revised disclosure is not necessary to address these items:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Categories and rating of assets the off-balance sheet entity holds;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The categories and ratings of the assets held by the non-consolidated VIEs that we own are
reflected in the table below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Moody&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>S&#038;P</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(CDO Amortized Cost)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Rating</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Rating</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Floating Rate Credit Card ABS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="center">409,176,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">AAA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Floating Rate Guaranteed Investment Contracts (GIC)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">AAA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Floating Rate Note (Rabobank)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">43,802,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">AAA</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="center">493,978,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Aaa</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">AAA</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Weighted-average life of assets the off-balance sheet entity holds;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The weighted-average lives of the assets held by the non-consolidated VIEs that we own are
reflected in the table below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-Average</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(CDO Amortized Cost)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Life</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Credit Card ABS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="center">409,176,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Guaranteed Investment Contracts (GIC)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Floating Rate Note (Rabobank)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">43,802,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="center">493,978,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forms of funding (commercial paper, medium-term notes, etc.) and
weighted-average life of the funding the off-balance sheet entity holds;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The VIEs in which we have interests are static with respect to funding and have no ongoing forms of
funding after the initial funding date. The weighted-average lives of our notes are very similar
to the underlying collateral.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any material difficulties the off-balance sheet entity has experienced in issuing
its commercial paper or other financing during the period;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The VIEs in which we have interests are static with respect to funding and have no ongoing forms of
funding after the initial funding date.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any material write-downs or downgrades of assets the off-balance sheet entity holds;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The VIEs in which we have interests have not experienced any material write-downs or downgrades of
their underlying assets.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maximum limit of the losses to be borne by any first loss note holders;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The maximum risk of loss of any equity or debt investor is the amount of its investment in the VIE.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Detailed disclosure regarding your obligations under the liquidity facilities. For
example, consider the following items, to the extent applicable:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The VIEs in which we have interests have no liquidity facilities, they have no ongoing forms
of funding nor do we have any direct or indirect obligation relating to same. Accordingly, the
sub-bullets following this main bullet are not applicable.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether there are triggers associated with your obligations to fund,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U> Not Applicable
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether there are any terms that would limit your obligations to perform,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U> Not Applicable
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any obligations under the facilities (e.g., to purchase assets from or
commercial paper the off-balance sheet entity issued), and their material
needs,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U> Not Applicable
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether there are any other liquidity providers, and if so, how your
obligation ranks with the other liquidity providers;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U> Not Applicable
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether any agreement required you to purchased securities issued by any off-balance
sheet entities that you manage. If not, consider discussing your reasons for the
purchase;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We have not been nor are we required to purchase securities issued by the VIEs we have interests
in. Furthermore, we do not manage any of these VIEs. As noted above, our interest in these VIEs is
limited to holding the investment grade debt obligations issued by the VIEs. The reason for
purchasing the debt obligations issued by these VIEs is based on our normal evaluation of the risk
and return profile of the investment security issued by the respective VIE.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether you provided or assisted the off-balance sheet entity in obtaining any other
type of support, or whether it is your current intention to do so; and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We have not provided any assistance or any other type of financing support to the VIEs we have
interests in nor do we have any intention to do so in the future.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Potential impact on debt covenants, capital ratios, credit ratings, or dividends,
should you be required to consolidate the entity or incur significant losses associated
with the entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We do not anticipate any impact on debt covenants, capital ratios, credit ratings or dividends
should we be required to consolidate these VIEs in the future. In the event that we incur losses on
the debt securities issued by these VIEs, the impact on debt covenants, capital ratios, credit
ratings or dividends would be no different than the impact from losses on any of the other debt
securities we own.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please revise your disclosures to address:
</TD>
</TR>

</TABLE>
</div>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The scenarios where you would have to consolidate the off-balance sheet entity, and
your expectation of the likelihood of such consolidation; and</TD>
</TR>

<TR>
    <TD style="font-size: 14pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The frequency of which you reconsider, and the typical triggers which require you to
reconsider, whether you are the primary beneficiary of the entity,</TD>
</TR>

<TR>
    <TD style="font-size: 14pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any known trends or uncertainties that you may reasonably expect to have a material
favorable or unfavorable impact on your income from operations, liquidity and capital
resources. In this regard, please consider, to the extent material in light of your
particular facts and circumstances, disclosing the amount of any material loss you
expect to realize as a result of your involvement with any material off-balance sheet
entity.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Under paragraph 15 of FIN 46(R) we evaluate our involvement with the VIE at inception to determine
our beneficial interests in the VIE and, accordingly, our beneficiary status. As a condition to
our involvement or investment in a VIE, we enter into certain protective rights and covenants that
preclude changes in the structure of the VIE that would alter the creditworthiness of our
investment or our beneficial interest in the VIE. We would reevaluate our beneficiary status
should a reconsideration event occur as contemplated by paragraph 15 of FIN 46(R). However, due to
the static nature of these VIEs and our protective rights entered into as a condition of investing
in the VIEs, there are few, if any, scenarios that would constitute a reconsideration event under
FIN 46(R). To date, we have not had any reconsideration events in any of our VIEs. Absent a
change in the current accounting guidance; we do not anticipate a scenario in which we would have
to consolidate these VIEs.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We discuss any known trends and uncertainties which could impact our investments in the relevant
sections of our management&#146;s discussion and analysis. Since our interests in these VIEs are limited
to holding the debt securities issued by the VIEs, those discussions would apply equally to our
investments in the non-consolidated VIEs and to the debt securities supporting our interest
therein.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tell us why you do not believe you are required to consolidate the CDO in light
of the funding requirements. Addressing FIN 46R in your response.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The referenced non-consolidated entities that we have interests in do not have sufficient equity at
risk to finance their activities without additional subordinated support by other parties including
equity holders and are therefore considered VIEs under FIN 46(R). The VIEs that we invest in do not
have multiple tranche structures but rather are single tranche structures and we invest in less
than 50% of the variable interests created by those VIEs. Furthermore, we ensure by confirmation
from the arranging investment bank that the remaining variable interests created by the VIEs we
have interests in are issued to unrelated third parties. Since we hold less than 50% of the
variable interests created by these VIEs, we are not considered to be the primary beneficiary of
the VIE as contemplated by FIN 46(R) and therefore are not required to consolidate these VIEs.
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please provide in your financial statements all the disclosures required by
paragraph 24 of FIN 46R.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Due to the nature of our investment in these VIEs as demonstrated by the above responses, we do not
feel that our investment in these non-consolidated VIEs constitute off-balance sheet arrangements
as contemplated by
<FONT style="white-space: nowrap">Item&nbsp;303(a)(4)</font> of Regulation&nbsp;S-K. However, in light of your comments, we offer
the following revised disclosures to be included in our investments footnote in future filings
beginning with the 2008 first quarter Form 10-Q.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We have interests in VIEs in which we are not the primary beneficiary and are therefore not
required to consolidate totaling $760&nbsp;million at fair value ($853&nbsp;million at amortized cost) as of
December&nbsp;31, 2007. Included in these VIEs are collateralized debt obligations (CDOs) totaling $399
million at fair value ($494&nbsp;million at amortized cost) as of December&nbsp;31, 2007. The assets and
funding of these VIEs are generally static in nature. The VIEs are limited to holding the
underlying collateral and credit default swap (CDS)&nbsp;contracts on specific corporate entities and
utilizing the cash flows from the collateral and CDS contracts to service our investment therein.
The underlying collateral and the reference corporate entities covered by the CDS contracts are all
investment grade at the time of issuance. These VIEs do not rely on outside or ongoing forms of
funding to support their activities beyond the underlying collateral and CDS contracts. We have no
continuing obligation to fund these VIEs nor do we guarantee any of the VIEs in any manner. Our
involvement with these VIEs began in 2006 and we have continued to invest in this type of financing
vehicle from time to time. Our risk of loss associated with our interest in these VIEs is limited
to our current investment therein.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
The remaining VIEs that we are not required to consolidate totaled $361&nbsp;million at fair value ($359
million at amortized cost) at December&nbsp;31, 2007. Our investment in these VIEs is limited to loans
in the form of debt obligations from the VIEs that are irrevocably and unconditionally guaranteed
by their corporate parents. These VIEs are used to raise financing for their parent companies in
the international capital markets. These VIEs do not rely on outside or ongoing forms of funding to
support their activities beyond the guarantees of their corporate parents. We have no continuing
obligation to fund these VIEs nor do we guarantee any of the VIEs in any manner. Our involvement
with these VIEs began in 2004 and we have continued to invest in these financing vehicles from time
to time. Our risk of loss associated with our interest in these VIEs is limited to our current
investment therein.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Request:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with responding to our comment, please provide, in your letter, a statement from
the company acknowledging that:
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company is responsible for the adequacy and accuracy of the disclosure in the
filing;</TD>
</TR>

<TR>
    <TD style="font-size: 14pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 14pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company may not assert staff comments as defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 14pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
<U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
We acknowledge that:
</DIV>

<DIV style="margin-top: 14pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company is responsible for the adequacy and accuracy of the disclosure of its
filings;</TD>
</TR>

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filings; and</TD>
</TR>

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company may not assert staff comments as a defense in any proceedings initiated by
the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Thank you for your time and consideration. I look forward to discussing these items with you and
your colleagues as needed. My contact information is
(706)&nbsp;317-6495 or <u>rrogers@aflac.com</u>.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt">
Sincerely,
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt">&nbsp;<BR>&nbsp;<BR>
Ralph
A. Rogers, Jr.<BR>
wlh/RAR,Jr.

</DIV>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tabatha Akins, Staff Accountant</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mary Mast, Senior Accountant</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g12399g1239900.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g12399g1239900.gif
M1TE&.#EAL0!3`/<``/[3GX&\TYVMQ:NYSL#=Z/3V^=SBZ_Z6&Q5XIP"6M.+G
M[O[=M/VT4X*9M`&.L/#R]E^^T`-\J+?#U?ZC-/S\_?VQ31."K0&&K0"2LA^D
MOMC>Z-G?Z?Z2%?^-$.;J\2^JPO+T^-;=Y_V]9M_M\[&^T0*"J_K[_._V^?Z*
M"0-XI_VJ0N/H[P&-L`&)KF*JQ_ZF/(2IQ?O\_?CZ^_?X^OCX^[_@ZN[P]?W#
M<LC2WX#$UHJ=NG&SS;G$UL'-VL_7X_W(?@-]J0*`JOVM1OVE./ZA+@*$K,?0
MWOZ>*OZ:(I*DO]#8Y`1VI@1TI9'%V<_F[@&*K\S4X2*2MJ&SQZ*QR$^VR_VY
M7J>URT./MX*TSX*VT.WP]`-[J.SO].KM\]3;YOW;JK_BZ_Z,#,/-W+[)V:'*
MW`1PH_[[]?[TY/^C0.GL\M_E[?[CPM/:Y;#5X_^&`OZ'!9_7X[O&U[7!U+/`
MTJ6SROVI/B*,LS^QQW_+VK_E[._X^@^=N4^WS-_R]?^%`9_8XV_$U8_1WJ_>
MY\_K\?[___[^_OW^_O_HS__W[_[^_P"3LP"0L?^R8`"1LO;W^?^;,`4X:/_O
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MP=[CZ_W1DF"TS.^I7_W0CYVUS&.?P,#?ZO[LT_VW6$"HPWV4LI;`UL_I\'.C
MP?[AO=#8XWNRS:BWS/W";OZ8'\S5X4)IC7.,K/VN27B0K_F]?#)<@]_P]=?B
MZS*3N#>*LZ2XS0"7M?___R'Y!```````+`````"Q`%,```C_`/\)'$BPH,&#
M"!,J))@'#Y\['_;<N1-(S\*+&#-JW,BQH\>/"?7@R>"OI$F3>P8-U/-PHLL[
M>$#*G$FSIDV$@O:<W&DRP\`\/$W>'$ITJ*"6+@,-A1"TZ<^@"1(4G4JU(]"@
M@&PR;<K3I\"K)A,H6N2@JMFS"?DTW6-Q)B"N0?\\+2EV$8L6%]#JU:L'KER9
M8'G>$32P3YX^#.EB<-#"4PE+>R-7#03WP\P/32%<!)H``PMJC[>D$$BHD.33
M-4G"1?SQ3U,^&/.(_5P"B`L"`PE5FC'#$.K?'`?!+9GUH]J@K!?F4<2XA`4G
M!0D9D@&"D@S@V"]NA>NU8]^@L#%J_UK4HC9T@X9,..*BAD+V]P;UZ!SNCW!'
MUW$S@F'AR=(.A(10((,D*X0`WX$"X4>?9AV]%50>^I5GQPD`5F)"`90HL0&"
M\-U!GTEM;>1A4!J!<8%_"A42PPPV&"#'=1P"U\>')OVUD6H\:51#"1$PHQ`A
M#?A"H#0XQ`B<@S1:QA%7.@9AQT)20((/")<8(8"1O\VW$Q]:[I1<1DQF5(,E
MR83RR4"UL$-0`Y!`4H`'H`@@#Y:2"=+4']OM5)Q&86)$#A`!E..-0&N\\`)!
M/4`RCR,>*$&'%'1&=MQ.>_PC7%#=@>E41N1L0<`"-]Q0Q01(D!)=)8PJ,8`]
M!O4AB$,O\?^!AR`A@M3''WB\-!$@?WQYUHQ!,8CC3O8A](>N7.GJ4DP%$6#!
M/].,4L$+J'#PAD&5%'")#YLTL.$_ZF`S;&:^9M3'2/0!4NMD34'X#Y);)@0L
MC9@:1,`.9XC`0!U''(""'X<41$$!"G"K0S]-1$'-(@G0R&Q&>N2YH%[CEM3=
MO#RM.Y""].[$($',C/"%.2H0<4`8?OAQ"D&$Q`""`J!LHL,J2UAR`0L-T_CQ
M0CEU[$^E9P5VTI[_8!:44@=-ZK-)Q1*4RBA"D-J!&RDSPK()LW1CQ`!)P+($
M$$6PH$C'1",D<9)HG5W2EY0%I:1!2V=LD!FY5#"$-M:FG'+`_R3_4DDI76P@
MQCO<T,-$!"5T@H'/[IH=MS\/4R6?VP5]%Y1*!0F]-!5S_S#M$1PXHW?*CR#B
MMPP/K.#%&'0(@`X"6Y3P1",Y^P/1<'<D!"]X@>3A>R`01%3V5!R?A#1!2@\=
M'P3*)JLK!.N><<.^)O\[>LIH5$(=)=U`(<<`5C0P3`I!M+`('W_4*HC1R!UD
M)U?J9L?^3AH7CY*F)"[$"SSF1!T/RM?36RL*H`4%>$$,`^#!`&3Q"O)](Q\(
MT</\C!>?+IUD#XT#SJ5X$I[*69!I&.G304+Q!5'5@U2DH%H`4W8/&UQ"`SB0
M``],,8<D',,%(U#.:PR"!ZYD\$AW<AQX_T*XJ8-\(AS+D!:U\G:]3!R"$6YP
MA0(V@(,XS.$6H.#!-N:0D8K9SH--B1QV/OBSA+PO*!J#6Q$+L@M6_$!?_#J`
MZ*XW"40`P`_@V(`2C,`#.7@A!$H8PQ2NA)$1Y8@@]BL)6^"32'_LS"!>],?Q
M$B)"@@#`%L+X1<E.=KT.8.(?4`2'#W`P!CF(80,&,$`(3&&%*63$D#LI2/),
M,KS?S+(D/RS([DSR-DJN$2$+>,'41L<(1"!B$AV0X@;:H2$#J$$!"C``#L#W
MRE]R!7/9P=A),G60#?($FPBI)$+6<(U'=&`2F(C$/PZ1B4?T8D"4\``T+Y&&
M+G1!%/(@P0`4DO\'X$WP)(GY)7!ZB!4]^.Z@"/4=&?U12X*(TR#9X$`O"H()
M/T`#$<V83@$D\8!8Q.(!'/6`%R1``H,(`A#_7&,C<P>?2)[K<4#S9?X2L@`4
M\$T@AT!#!TYQ@BM@H325B($)9$!4&<R`"QN0AAP&8@TJ+(T@!!4,?#17$LM$
M=6DV.LA#"5*-#@!`G9%@A!_J2``$E`$+I"E-(0IAB*`^P``]X,$)`A`%L3UU
M(%<]"4NSHS9)_H.J-.J@5@5:$$0\(F69\`,:.'&"'2QA"67(0D(*X0A1&$$<
MR(A`$3HQ-I]!M2E[!8[EY/:/A7ZH7`/9:D$.P0E.1.($3;"`)8"P!2;_2!8A
ME+V$/&#`!+!QMBL0"$1*_?'9H(3V-VWCX$!N2:-)%D2U!LF',8)0@A(4@4>V
MG6PI/.`#W@+!$W:M:B"2`TN`XK4IW$3-<&W4R`^E-[6$14@-+M""%G2B,998
M`ADF.X,TL&$=O07OV#Z0R_(*92[MT^!:"H(K/#CXP1#NJS_`Z=#X'@0,#EA$
M(QK!@A,QH1@)200-N*`!8-3L9@EXY$`,7!*":/,D63U-7U5\D4C2^!_0+8@F
MHA(5!W@XAPB9CA8VH(H3.Z"7!6$Q<0FRT/?N9:&YO,@N%1E."QL$+`GP,1"8
MH!`A=V,<-:.&`^"0$"471,(QWDLCG;R0%]=H_[`SW4Q86%"$+1"CRS*(13>N
M0+Z%:2(AP\T<5U*"&B4W]"+#%2Q\XZS#DBBB$R5(00`4D@@32((6_""?^<CL
M/G%&\F<4_A574(N1]I8KQP'U!P9:$(04X"8AA##!RZ*1@A*TH!&Z<)]IKPR7
M/3C7+'GE)4A&NY-?HWHN"5@$-8#P+$K+6A1,B-T3%@>]PDBXQ09A;D\"$6H]
MG/0#Q]W80P!!:H)$,LT;Z6MZC_T5NM`Y`B[X42$NI(]H)ZZS$KD=?32FAT_O
MY"7C.L@',O"'HQ#:C%Q)HT;.R),?LONO_NA,>;;0AA\E(@8%4,;APM99QG73
MM!]"\C]&$HA=`8+-___HJZ(]8N/G6EG06::&)9K]HQ6EXVLH[G53FD:00?A[
M.+^&2:XH,Z-0+YHG//?(E']6JX<#Y=%%L,U%=",#=X39`;7C"00`*T:"Z$')
M^S:(T/>P!]CX(\H"63!-W%R2K#H]V1/WT4*H'@Q-,ZPI62&V25;.8)!CY2#,
MRY6=[*1P'`>EZQ]1<N3(&-/-**+#0=A'1MI*!@O8FG9=:5Q*;^SU/_R<EVD<
MA$0@U,-#CQS"#D;W1\Z%>@>KK_5X0#M"GI&#'`2@XE-/!"'^<0)<G*/C_L@`
M!'@^"-@7WB"#*#D9/\"'BB3$YXI$?*0.='RB&"8/1E=('[(__>Y[__O@#[__
M^,=/_O*;__SH3[_ZUT^5AD@_1@[^-?NIXB#O7RK<\Y_*B+Q_%<[G'ZJJAQ$D
M@7('0E#O=Q9ZP'U4,2.FMQ`E@7\QXB!)IQ<>PG=FP13R%QO$X7TCHA+G<@>(
M(0@346T#(8+^\`&1DP<0D`%EUS@?B!@E%QXD@0<1LP<?$&,&)WS)@2=9T0</
M42Q_P`<#=P?#]P^NLA40X&`$(8)[D`'QLQ(EIV\'>"#S(1"7@@<<LR<24QSV
MXRY72%`L51+"=1+%(C%[P!K'T6^X]`]?QQ-9P6(#(3$?(WH-YWT6`U]JD0%&
MPU)M4W8D01COLP<.455X:!(Q<2DDL8(E$1X$]0%C_\A0`D%0V\&&1B,KQZ$4
MN*(:J2<0#A)['@(T=.A(Z#)AW7<5++5!L`$LN3,YI.AM`J$:F*,:[:9(Q0(6
M<J&*1F@Q%@$L2C(I?-`6!%4<!-4X#^ABBR@03*$D(_(7^]=][U,<5[%(5Q$3
M^%$VE_(Q(P(A8-$T8`A?N=,VQW-@(_(VD],=Q\$:WR%8#J(2^"$7_3<0.B%R
M1F*``M$VS((?2K$5/T10-C(B%D%0'601#L(:N#@BR7&'I542V/2,*X9M$`<Y
M!($9&6""$/DN)6$?WP&!''(<[N(@[C*,_]",Q=4XLFB19U>")>>0^!$3(HF+
M&3F2`O$=;],V;J=7C2.2*__)@6LC$")YCB%9$NL"D@\9'B(Y<DUX@@WI#X@A
MDN#XD)$CE%NQ5T*9=C\S7C'YB@ZIB7:8E67$D]AV''(1,7)!CQ*TAO\P@`2!
M)'QXC#]YDI.S2/A87'*A(`^3C>8&E%9XAF>YD]LA>]1'B%2Y5\7X#PIR!SH!
M&QNDB([DC5YG-$XX(GI)F(H$`?.!-%/Y#WWH(2-"<%X9?'<PD2E757BP%81Q
M''KH#\=Q!W[Y'J9HA1O(AFQ9--N$.;OSB[-8-O:3`>`T00^3AEZG)6=X'.'!
M<!#)BHKT%X$!@B:1@=3G.^CHG#$)G3$9@\Y7@LRS=5XGG>?E2'S0?/4S;E\R
M"+XZTRJ``!,6(1*Q]Q/,PRM0.!%6^1,/@33N5V[_YQ&^69_XR1%%F9_\Z8!?
2U)\`*B^Q&:`$.A=3Z'T!`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
