<SEC-DOCUMENT>0001104659-23-054391.txt : 20230501
<SEC-HEADER>0001104659-23-054391.hdr.sgml : 20230501
<ACCEPTANCE-DATETIME>20230501162259
ACCESSION NUMBER:		0001104659-23-054391
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230501
DATE AS OF CHANGE:		20230501

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Healthpeak OP, LLC
		CENTRAL INDEX KEY:			0001963652
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-269718-01
		FILM NUMBER:		23874023

	BUSINESS ADDRESS:	
		STREET 1:		5050 S. SYRACUSE STREET
		STREET 2:		SUITE 800
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		(720) 428-5050

	MAIL ADDRESS:	
		STREET 1:		5050 S. SYRACUSE STREET
		STREET 2:		SUITE 800
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEALTHPEAK PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000765880
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330091377
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5050 SOUTH SYRACUSE STREET
		STREET 2:		SUITE 800
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		949-407-0700

	MAIL ADDRESS:	
		STREET 1:		5050 SOUTH SYRACUSE STREET
		STREET 2:		SUITE 800
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HCP, INC.
		DATE OF NAME CHANGE:	20070911

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH CARE PROPERTY INVESTORS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Issuer Free Writing
Prospectus, dated May&nbsp;1, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Filed Pursuant to Rule&nbsp;433
under the Securities Act of 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Supplementing the Preliminary
Prospectus Supplement dated May&nbsp;1, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Registration Statement
Nos. 333-269718 and 333-269718-01</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2314172d3_fwpimg001.jpg" ALT="" STYLE="height: 90px; width: 246px">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><BR>
Healthpeak OP, LLC</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">guaranteed by</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Healthpeak Properties,&nbsp;Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Final Term Sheet</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">5.250% Senior Notes due
2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">This term sheet relates
only to the securities described below and should be read together with Healthpeak OP, LLC&rsquo;s and Healthpeak Properties,&nbsp;Inc.&rsquo;s
preliminary prospectus supplement dated May&nbsp;1, 2023 (the &ldquo;Preliminary Prospectus Supplement&rdquo;), the accompanying prospectus
dated February&nbsp;10, 2023, and the documents incorporated by reference and deemed to be incorporated by reference therein. On January&nbsp;17,
2023, Healthpeak OP, LLC (as successor to Old Healthpeak (as defined in the Preliminary Prospectus Supplement)) issued $400,000,000 aggregate
principal amount of 5.250% Senior Notes due 2032 (the &ldquo;initial notes&rdquo;). The securities offered hereby (the &ldquo;additional
notes&rdquo;) will be issued as additional notes under the indenture pursuant to which the initial notes are outstanding. The initial
notes and the additional notes are collectively referred to as the notes in this pricing term sheet.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
<TD STYLE="width: 60%">Healthpeak OP, LLC &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantor:</FONT></TD>
<TD>Healthpeak Properties,&nbsp;Inc. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;1, 2023</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Settlement Date: &nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;10, 2023 (T+7)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Anticipated Ratings (Moody&rsquo;s / S&amp;P)<SUP>*</SUP>: &nbsp;</TD>
<TD>Baal (Stable) / BBB+ (Stable) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Offered:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.250% Senior Notes due 2032</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$350,000,000 (the additional notes will be part of the same series of notes as the $400,000,000 aggregate principal amount of initial notes, and the outstanding principal amount of the 5.250% Senior Notes due 2032 will be $750,000,000)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
<TD>December&nbsp;15, 2032 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
<TD>June&nbsp;15 and December&nbsp;15, commencing June&nbsp;15, 2023 (short first coupon) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Accrued Interest:</FONT></TD>
<TD>$5,767,708.33 of accrued interest from January&nbsp;17, 2023 up to, but not including, the date of delivery of the notes. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
<TD>3.500% due February&nbsp;15, 2033 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Price / Yield:</FONT></TD>
<TD>99-13 / 3.572% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Treasury:</FONT></TD>
<TD>+190 basis points &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield to Worst:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.472%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.250% per year</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.356% of the principal amount,
plus Aggregate Accrued Interest</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT> A securities
rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time.</P>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>Optional Redemption Provisions:</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; width: 40%">  Make-Whole Call: &nbsp;</TD>
<TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to</FONT> September&nbsp;15, 2032 (the &ldquo;Par Call Date&rdquo;), +30 basis points &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in">Par Call: &nbsp;</TD>
<TD>On and after the Par Call Date, at par</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42250P AE3 / US42250PAE34&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Net Proceeds: </FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately $347,738,708.33, including $5,767,708.33 of accrued interest, after deducting underwriting discounts but before deducting estimated offering expenses payable by the Issuer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
<TD>The Issuer intends to use the net proceeds from the offering to repay borrowings outstanding under its commercial paper program and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions, development and redevelopment activities, and capital expenditures. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
<TD STYLE="vertical-align: top; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0">Wells Fargo Securities, LLC</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">TD Securities (USA) LLC</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">Mizuho Securities USA LLC</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">Barclays Capital Inc.</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">RBC Capital Markets, LLC</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">BofA Securities,&nbsp;Inc.</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">Credit Agricole Securities (USA) Inc.</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">Credit Suisse Securities (USA) LLC</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD>
</TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
<TD STYLE="vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">PNC Capital Markets LLC</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">Scotia Capital (USA) Inc.</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">Truist Securities,&nbsp;Inc.</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">M&amp;T Securities,&nbsp;Inc.</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">Regions Securities LLC</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">Huntington Securities,&nbsp;Inc.</P>
                                <P STYLE="margin-top: 0; margin-bottom: 0">SMBC Nikko Securities America,&nbsp;Inc. &nbsp;</P></TD>
</TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The Issuer expects that delivery of the
additional notes will be made to investors on or about the settlement date specified above, which will be the seventh business day following
the date of this term sheet. Under rules&nbsp;of the Securities and Exchange Commission, trades in the secondary market are required to
settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the
notes offered hereby on the date of this term sheet or the next succeeding two business days will be required, by virtue of the fact that
the notes initially settle in T+7, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.
Purchasers who wish to trade the notes on the date of this term sheet or the next succeeding two business days should consult their advisors.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The Issuer and the Guarantor have filed
a registration statement (including a preliminary prospectus supplement and a prospectus) with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus
supplement and prospectus in that registration statement and other documents the Issuer and the Guarantor have filed with the SEC for
more complete information about the Issuer, the Guarantor and this offering. You may get these documents for free by visiting EDGAR on
the SEC&rsquo;s website at www.sec.gov. Alternatively, the Issuer, the Guarantor, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus supplement and prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at
(800) 645-3751, TD Securities (USA) LLC toll-free at (855) 495-9846, Mizuho Securities USA LLC toll-free at (866) 271-7403, Barclays Capital
Inc. toll-free at (888) 603-5847 or RBC Capital Markets, LLC toll-free at (866) 375-6829.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>No PRIIPs or UK PRIIPs KID &ndash; No PRIIPs
or UK PRIIPs key information document (KID)&nbsp;has been prepared as not available to retail in EEA or UK.</B></P>

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

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

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