<SEC-DOCUMENT>0000950123-22-002953.txt : 20240717
<SEC-HEADER>0000950123-22-002953.hdr.sgml : 20240717
<ACCEPTANCE-DATETIME>20220214155109
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-22-002953
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tempus Labs, Inc.
		CENTRAL INDEX KEY:			0001717115
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				474903308
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		600 WEST CHICAGO AVENUE
		STREET 2:		SUITE 510
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		800-976-5448

	MAIL ADDRESS:	
		STREET 1:		600 WEST CHICAGO AVENUE
		STREET 2:		SUITE 510
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tempus Labs, Inc.
		DATE OF NAME CHANGE:	20170915
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>DRSLTR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g221145g0107061412776.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicole C. Brookshire</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 212 479 6157</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">nbrookshire@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Via EDGAR</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;14, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Jan
Woo, Legal Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyle Wiley, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Littlepage, Accounting Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lisa Etheredge, Senior Staff Accountant </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Tempus Labs, Inc. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted December&nbsp;3, 2021 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK: 0001717115 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Tempus Labs, Inc. (the
&#147;<B><I>Company</I></B>&#148;), we are providing this letter in response to comments (the &#147;<B><I>Comments</I></B>&#148;) received from the staff of the U.S. Securities and Exchange Commission&#146;s Division of Corporation Finance (the
&#147;<B><I>Staff</I></B>&#148;) by letter dated December&nbsp;17, 2021 with respect to the Company&#146;s Amendment No.&nbsp;2 to the Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> as confidentially submitted to
the Staff on December&nbsp;3, 2021 (the &#147;<B><I>Draft Registration Statement</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the
Comments. The numbering of the paragraphs below corresponds to the numbering of the Comments, which for your convenience we have incorporated into this response letter in italics. Capitalized terms used in this letter but not otherwise defined in
this letter have the meanings assigned to them in the Draft Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comparison of the Nine Months Ended September</U><U></U><U>&nbsp;30, 2020 and 2021, page 114</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>In the discussion of changes in cost of revenues, you indicate that a portion of the increase was due to
$11.3&nbsp;million in service fees related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> PCR testing arrangements. In the discussion of cost of revenues, genomics, you refer to an increase of $11.3&nbsp;million in marketing expenses. If these
increases refer to the same issue, please revise your MD&amp;A to describe them consistently. </I></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s Comment, the Company will revise the applicable disclosure as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;This increase was primarily due to an increase
of $27.0 million in material and service costs, an increase of $11.3&nbsp;million <U>in service fees related to COVID-19 PCR testing arrangements</U>, and a $3.1 million increase in personnel, labor and overhead costs.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;500 Boylston Street&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA&nbsp;&nbsp;&nbsp;&nbsp;02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f:
(617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;14, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You disclose on page <FONT STYLE="white-space:nowrap">F-33</FONT> that you have RSUs and PSUs subject to
both a time based vesting condition and the occurrence of a liquidity event. If the successful completion of this IPO would be considered a liquidity event, please revise your MD&amp;A to quantify the amount of stock based compensation that you
expect to recognize in the next 12 months related to the vesting of any RSUs and PSUs that would meet both conditions upon completion of an IPO. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s Comment, the Company will revise the disclosure to include the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;In addition, based on RSUs and PSUs outstanding as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2022, we expect to recognize approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of additional stock-based compensation expense related to these awards over the next twelve months.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity and Capital Resources </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Operating Activities,
page 119 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You disclose that one of the reasons for the net change in operating assets and liabilities for the nine
months ended September&nbsp;30, 2020 was a $4.2&nbsp;million increase in accrued data licensing fees. You also indicate that $13.1&nbsp;million of that increase is the result of extending the term of licensed data intangible. It&#146;s unclear if
this discussion of the $13.1&nbsp;million increase contains a typo or if there are other offsetting factors affecting the increase in accrued data licensing fees. Please revise accordingly. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s Comment, the Company will revise the applicable disclosure as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;The net change in our operating assets and liabilities was primarily the result of a $20.4 million increase in accounts receivable due
to increased volume of clinical oncology tests performed in Genomics and increased data deliveries in our Data product line, a $24.3 million increase in inventory as a result of building supplies for COVID kit tests, a $14.5 million increase in
investments and other assets, and a $4.2 million increase in accrued data licensing fees, $13.1 million of which is the result of extending the term of licensed data intangible, <U>partially offset by $9.0 million in associated minimum
payments</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (212) <FONT STYLE="white-space:nowrap">479-6157</FONT> with any questions or further comments regarding our responses to the Staff&#146;s
Comments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;500 Boylston Street&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA&nbsp;&nbsp;&nbsp;&nbsp;02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f:
(617) 937-2400 cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;14, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicole&nbsp;C.&nbsp;Brookshire&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nicole C. Brookshire</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eric Lefkofsky, <I>Tempus Labs, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jim Rogers, <I>Tempus Labs, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Erik Phelps, <I>Tempus Labs, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ryan Bartolucci, <I>Tempus Labs, Inc.</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Courtney Tygesson, <I>Cooley LLP</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Christina Roupas, <I>Cooley LLP</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Richard Segal<I>, Cooley LLP</I></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;500 Boylston Street&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA&nbsp;&nbsp;&nbsp;&nbsp;02116-3736 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">t: (617) 937-2300 f:
(617) 937-2400 cooley.com </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g221145g0107061412776.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g221145g0107061412776.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  M (D# 2(  A$! Q$!_\0
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MXSC\Q67\/--AU_Q!>ZGJ"B9HCO57Y^8GK76^ _#,FD^'I5O4VSWF2Z'JJD8
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MTW%W1A0^"_#EO,)8]*A#@Y!)8C\B<5NJJHH50%4#  ' HS1FDDEL74K5*O\
M$DWZNY2N=&TV\NENKFSBEG7&)&'(QTJ]29HS3L2YRDDF]C%O/"&@7\YGN=+A
M>0]6&5S^1%7]/TJPTJ+RK&UB@4]=@Y/U/4U;S1FDHI.]BY5ZLH\DI-KM=D-[
M=Q6-E-=SMMBA0NQ]@*\M\#VLOB;QE>>(+M<QPOO4'LQ^Z/P _05Z!XFT6;Q!
MI#:?'??9%=@9&$>\L!VZCOBE\-:##X;T=+"*3S6#%WEV[=Y/?'/; _"LY1<I
;KLCOPV(I8?"5.5_O)Z>BZ_>;%)1FBM3RS__9

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