<SEC-DOCUMENT>0000052988-19-000043.txt : 20190823
<SEC-HEADER>0000052988-19-000043.hdr.sgml : 20190823
<ACCEPTANCE-DATETIME>20190716163223
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000052988-19-000043
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JACOBS ENGINEERING GROUP INC /DE/
		CENTRAL INDEX KEY:			0000052988
		STANDARD INDUSTRIAL CLASSIFICATION:	HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
		IRS NUMBER:				954081636
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0927

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1999 BRYAN STREET, SUITE 1200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		214-583-8500

	MAIL ADDRESS:	
		STREET 1:		1999 BRYAN STREET, SUITE 1200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</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 1 -->
		<!-- Copyright 2019 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sBB0FA9EC706427E69CEDB41FA9D46233"></a></div><div></div><div><br></div><div style="line-height:130%;padding-bottom:10px;text-align:left;"><img src="image0a07.jpg" alt="image0a07.jpg" style="height:24px;width:150px;"></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 16, 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">United States Securities and Exchange Commission </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F Street, N.E., Mail Stop 4631 </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, DC 20549-4631 </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:55.12820512820513%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:8%;"></td><td style="width:92%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Re:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Your Letter Dated July 2, 2019 Regarding </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Jacobs Engineering Group Inc. (File No. 1-7463) </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Form 10-K for the Fiscal Year Ended September&#160;28, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Filed November&#160;21, 2018 </font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Mr. Greene: </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thank you for your letter of July 2 with respect to the Form 10-K for the fiscal year ended September 28, 2018 (the &#8220;Form 10-K&#8221;) filed by Jacobs Engineering Group Inc. (the &#8220;Company&#8221;, &#8220;we&#8221; or &#8220;our&#8221;) on November 21, 2018.  We appreciate the opportunity to address the Staff&#8217;s comment, and respectfully provide the following response. For ease of reference, the heading and numbered paragraph below corresponds to the heading and numbered comment in your letter. The Staff&#8217;s comment is presented first in italicized text with our response immediately following. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">2. Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Contractual Guarantees, Litigation, Investigations and Insurance, page F-13</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">You indicate in your response to prior comment one from our letter dated May 1, 2019 that the maximum potential amount of future payments the Company could be required to make under outstanding performance guarantees related to joint venture projects generally represents the remaining cost of work to be performed by or on behalf of third parties under the related contracts. Please quantify this amount or disclose the reasons why you cannot estimate this amount. Refer to ASC 460-10-50-4b.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RESPONSE:</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In our previous response letter dated June 12, 2019, we had indicated to the Staff that we would provide additional disclosure language regarding the nature of the Company&#8217;s estimated maximum potential amount of future payments under performance guarantees related to our joint ventures, as shown below:</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;The maximum potential amount of future payments that the Company could be required to make under outstanding performance guarantees related to joint venture projects generally represents the remaining cost of work to be performed by or on behalf of third parties under the related contracts.&#8221;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">After further consideration and analysis, we believe the amount is not reasonably estimable. While it remains generally true that the amount represents the remaining cost of work to be performed by or on behalf of third parties under the relevant contract, a number of factors make the estimation of that cost of work impracticable. The Company has greater than 150 joint ventures at any given time, in various stages of completion and each arrangement is inherently unique. In the event a joint venture partner of the Company were to default with respect to its obligations under the relevant contract, the Company could seek to perform the work itself or to secure a substitute service provider. A substantial majority of the joint ventures' arrangements with customers are cost reimbursable in nature, so additional work required to be performed on behalf of joint venture partners would in many cases be recovered through customer billings. This creates further uncertainty in estimating the maximum </font></div><div><br></div><div><div style="line-height:120%;text-align:justify;padding-left:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:95.51020408163265%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Jacobs Engineering Group Inc.</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1999 Bryan Street, Suite 1200</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dallas, TX 75201</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(214) 583-8500</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Jacobs Engineering Group Inc. </font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 16, 2019</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 2</font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">payment amounts the Company would be exposed to as a result of the performance guarantees. In either case, the cost to complete the contract would depend on, among other things:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the relative availability or scarcity of resources at the time, the nature of those resources and related procurement and ramp-up costs; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the likely delay in performance caused by the default, the length of that delay and any related contractual penalties or similar contractual remedies;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the location of the customer or the subject matter of the relevant contract and the application of foreign law or legal principles to the remedies available under the contract with the customer; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the terms and conditions of the relevant contract including any contractual limitations on the guarantee.   </font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Regarding the last point, while certain of the Company&#8217;s guarantees contain contractual ceilings on the Company's liability, those ceilings may not be applicable depending on, among other things, the nature of the event triggering the liability or the nature of the alleged damages to the customer. In light of all the above, the Company believes any disclosure of maximum potential amount would not be meaningful and would be potentially misleading. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, for certain of the Company&#8217;s joint ventures, the Company and/or the joint venture have delivered a letter of credit or a surety bond in favor of the joint venture&#8217;s client.  The aggregate amount of the Company&#8217;s outstanding letters of credit and surety bonds, including with respect to joint ventures, is disclosed on page F-42 (Note 14 - Commitments and Contingencies and Derivative Financial Instruments) of the Form 10-K and on page 32 (Note 18 - Commitments and Contingencies) of our most recent Form 10-Q for the fiscal quarter ended March 29, 2019. Although such letters of credit and surety bonds may be used to satisfy a portion of the Company&#8217;s liabilities in connection with the joint venture, the Company does not believe the amount of such letters of credit and surety bonds approximate the maximum liability of the Company under its performance guarantees for such joint ventures.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Therefore, the Company will clarify its disclosures in future filings to indicate that the Company is unable to estimate the maximum potential amount and provide a brief description of the reasons it is unable to do so.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">**** </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We hope this response has addressed the Staff&#8217;s comment. Should you have additional questions regarding the information contained herein, we would be pleased to discuss them with you. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Very truly yours, </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">JACOBS ENGINEERING GROUP INC. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:41.452991452991455%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:8%;"></td><td style="width:2%;"></td><td style="width:90%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Kevin C. Berryman</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Kevin C. Berryman</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:95.51020408163265%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Jacobs Engineering Group Inc.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;text-indent:432px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image0a07.jpg
<TEXT>
begin 644 image0a07.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ & "7 P$1  (1 0,1 ?_$ *$   (# 0$!
M      D*!P@+!@$% 0 # 0 # 0$!           &!P@% P0)  $"$   !P$
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MM$?7 Q_7!)YHS7Q('D8_O1OAQ1>T\]'N3 P91:>JRZ9 /"1>3<O 'DP'[6'
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M4M3ZGYYSRV0:B24U5;CL>?UZRPZJ[5!\@E*0$G/MY9@JLR<IK$*JB0QDE"G
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M+-):#FUK(0"3\?2D(8> 1I&/'+V;W)]CE'P5PU+>Z%4^ D7I^&H54FO,Z .
M"=BR]JF^K>J9JYJ.U;D_Z%W!S83/1.9V6:#1K,1TBJ"@B<!;J$^F4H_RE(!0
M_0 ]4%LN&TM]GXJ&R ^R7'6P2G33Z*4/YCG7A:9]GEW)=&X)+FZ?57XESJZ]
M.=?PXU7.&JG0*/QIRS6<N91;"A,<!RA>N$ATT$V+MI*4J'EE9CW;@!'#R=>/
ME7KE<?<[ARNHJ<1.<PCY/;ZN\A?;TRMSE&9L@<A<!]1-05E9=//H% "J.@4
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M!=B)UHU("FH=""PB7D?$5H>AJ"1Q=7Q ?CL;15=GS[I[NZ)AZ) YC-QEVH&
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MG#D#'.OZW8^ZG9SM1M6+!8*_6]@M4810P.;B21F9G;5*/X2EG8DEF55KY5H
MO&:^R][[US39/*6YMS,P+NZ^D% "J**P#'R@ 4#'ESYU/#S%(X*H>>>.A]X[
M*Q:)AI2Y'FO0.?'5\49MEIX[C3JE9(*W7S^F"J#,))[.6M[)D:?4^DF<X(@8
M2E^7J$K[?]_D>XZ]Q[J)#>KDX;L15.FD$B-'%JZT"QJFJE2!6G%&6^W;>UVR
7=LPN1 ;5X==!6LBL&>G3F6+4Z>''_]D!

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