<SEC-DOCUMENT>0001193125-14-010079.txt : 20140220
<SEC-HEADER>0001193125-14-010079.hdr.sgml : 20140220
<ACCEPTANCE-DATETIME>20140114070723
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-010079
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEGON NV
		CENTRAL INDEX KEY:			0000769218
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AEGONPLEIN 50
		STREET 2:		PO BOX 85
		CITY:			THE HAGUE
		STATE:			P7
		ZIP:			2501 CB
		BUSINESS PHONE:		011-31-70-344-7308

	MAIL ADDRESS:	
		STREET 1:		AEGONPLEIN 50
		STREET 2:		PO BOX 85
		CITY:			THE HAGUE
		STATE:			P7
		ZIP:			2501 CB
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g658124img01.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="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="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">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn. Mr.
Jim B. Rosenberg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant</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">100 F Street, NE</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC
20549-4720</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">United States of America</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>AEGON N.V.</B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B>P.O. Box 85</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B>2501 CB The Hague (The Netherlands)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">AEGONplein 50</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2591 TV The
Hague</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Telephone +31 70 344 8284</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Fax +31 70 344 8096</P></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="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Reference</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">The Hague</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">M CFC JvR</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">File No. 001-10882</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">January 14, 2014</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Rosenberg, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
thank you for your letter dated December&nbsp;30, 2013 regarding the Annual Report on Form 20-F of AEGON N.V. (&#147;AEGON&#148;) for the fiscal year ended December&nbsp;31, 2012 (&#147;2012 Form 20-F&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We set forth below our response to the comments of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange
Commission (the &#147;Commission&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Capital and liquidity management; Sources and uses of liquidity, page 103 </U></I></B></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>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I></I>We acknowledge your response and proposed revised disclosure to our comment 3. Please revise your proposed disclosure to clarify the significance of the excess additional capital the subsidiaries maintain above
the minimum capital requirements as your current proposed disclosure is vague. If not significant, please clarify in the disclosure<I>.</I> </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge your response and have
added a quantification of the excess capital above minimum local requirements to our intended disclosure in our 2013 Annual Report on Form 20-F as part of the capital and liquidity management paragraph: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;The ability of our insurance subsidiaries to transfer funds to the holding company is constrained by the need for these subsidiaries to
remain adequately capitalized to the levels set by local insurance regulations and as administered by local insurance regulatory authorities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Insurance laws and regulations in local regulatory jurisdictions often contain minimum regulatory capital requirements, e.g. 100% of the
Authorized Control Level (&#147;ACL&#148;) for US insurance entities, 100% Solvency I required capital for Dutch insurance companies and 100% Solvency I Pillar 1 capital for insurance companies in the United Kingdom. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">Register
The Hague no. 27076669 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The minimum regulatory capital requirements for our main subsidiaries and the actual
capitalization levels as per December&nbsp;31, 2013 are included in the following table: </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="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Amounts</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:49.25pt; font-size:8pt; font-family:Times New Roman">in EUR million</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Legal/Regulatory</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Minimum Capital</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Requirement</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Actual</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Capitalization</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Excess over</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Legal/Regulatory</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Minimum</I></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United States*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100% Authorized</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Control Level</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(NAIC RBC
ACL)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">~xxx % of combined ACL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128; xxx</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Netherlands</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">100% Solvency I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">~xxx% Solvency I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128; xxx</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">United Kingdom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100% Solvency I</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Pillar 1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">~xxx% Solvency I</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Pillar 1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128; xxx</TD></TR>
</TABLE> <P STYLE="font-size:12pt;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>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Capitalization for the United States represents the internally defined combined risk based capital (&#147;RBC&#148;) ratio of Aegon&#146;s life insurance subsidiaries in the United States. The combined RBC ratio
utilizes the NAIC RBC ratio excluding affiliated notes and taking into account excess or deficient amounts related to offshore life affiliates. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Local insurance regulators generally use their discretionary authority and judgment to restrict and/or prohibit the transfer of funds to the
holding company to capital levels well above the minimum capital requirements contained in the applicable insurance regulations. The discretionary nature of the regulatory assessment of capital adequacy creates a natural ambiguity around the exact
level of capital that is required by local regulatory authorities. Precise capitalization levels effectively required by local insurance regulators are often not known in advance, in part because the views and risk tolerances of certain regulators
for certain asset classes continue to develop over time, in line with the development and evolution of local, regional and global regulatory capital frameworks. In practice and for transfer of funds purposes, Aegon manages the capitalization of its
subsidiaries in excess of the minimum regulatory capital requirements contained in the applicable regulations, as shown in the table above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The capitalization level and shareholders&#146; equity of the subsidiaries can be impacted by various factors (e.g. general economic
conditions, capital markets risks, underwriting risk factors, changes in government regulations, legal and arbitrational proceedings). To mitigate the impact of such factors on the ability of subsidiaries to transfer funds, the subsidiaries hold
additional capital in excess of the levels required by local insurance regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The ability of the holding company to meet its cash
obligations depends on the amount of liquid assets on its balance sheet and on the ability of its subsidiaries to transfer funds to the holding company. In order to ensure the holding company&#146;s ability to fulfil its cash obligations, it is
Aegon&#146;s policy that the holding company holds liquid assets in reserve to fund at least 1.5 years of holding company operating and funding expenses without having to rely on the receipt of funds from its subsidiaries.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions or comments about the foregoing, please do not hesitate to contact me at +31 70 344
5458 or Sandor Knol, Head of Financial Reporting&nbsp;&amp; Analysis at +31 70 344 8512. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Jurgen H.P.M. van Rossum </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jurgen H.P.M. van Rossum </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice President and Corporate Controller </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g658124img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g658124img01.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@`*0"@`P$1``(1`0,1`?_$`+L````&`P$!`0``````
M```````"`P<("00&"@$%"P$!``$$`P$```````````````(#!`4'`08("1``
M``8!`@0#!00%"`L``````0(#!`4&!Q$(`"$2"3$3"D$B%!4647&Q,G*R,[,8
M\(&1H8)#=!IAP4+"(W.#PQ<92A$``0($!`$(!@@%!`,``````0(#`!$$!2$Q
M$@8305%A<8$B,@>AL7(S%`B1P=%B(W,D-$*"LL(5\/%2-4-TA/_:``P#`0`"
M$0,1`#\`[\%``H%,(Z%*.H_=X_U`'%-("=4Q-:^2*#R=.E1,FT&9AE,E[E-O
MN&F:\AE;,^,J"@V()SEL]T@8QX/2`FZ48U=Z$@NIH7D4B9C"/@'&;L^U-RWM
M0;H*"I><!EW$*(Z)F4AVF,#<=W[3M2"_<+A2M\LBXG5]$Y^B*Q,N=^G8'CDS
MAK5;3<\R2:`")$<>4]\G%J&T'0OU!:3U^,`1-RU)Y@>T-?;N.Q_+1YGWII+U
M4PQ24*LR^K21S3`GB>083C36X/F@\L[+J:I5OUM6D^%L8&7*%8X#JBL#+7J3
M<BR1W+3!NW"L5M`2F3:S64;*_LSXH"`@5<T%5_DK'S`U`>@SLY=0\1#C=NV/
MD]MZY.;BN;F(\+"4C'K5Q,.B7;&D-P_./=U+*-L6^F:;G@:@J4>HA*F_1#7X
M`WC=ZW>E94,J8>=N[G0\5W^N_5%2IC7'^.J7+K-S(3+JGR*LTLC-S*#Z*'I7
M`':GD@J03#S#BONO8?R\>65,[M^\<7_-U-*O@J5J<4A1!`69),N]B)RRPBPV
MCYA_,)YE5"+[9`E5DIJE'%2A(2E4B"4C'$:>03,HZ,=XW<\V?=O&I8IM&\W(
M;S"I,Q#*H52/<56T7!T>8K\=$2%CB')J3$3R2"T0$RB05#B5)41]PQN/":PR
MAQ;5.OB-(64A7/(Y]$QC*/H%3../4Z'GD%MY:`5)YE2$X@0;U0G9/*`&_BZ5
M'73D7#^91'F&O,/H37E_1Q&*T3PV.=UG8QW')+(<1M!S(.49'%;"OR=Y:GIU
MTJBD*QM#F3:0C@?JV!A0=D>.(=P4/)%3I\L>K3EPA$6=U7J).TCM#N<KCC(V
MZ*,MU]K[U:.L-8PU6K#EA>OR3<XIN(Z7F*JP=UAI(ME2B15N+X5T#@)5"D'E
MPA&?M*]0EVF]Y5PC,=8NW0Q%8R%//4HZO4W,5?G<3R=B?KB)$&$$_MC)G7).
M1<*:%2;)OA<K&$`33,/"$7+RDS$P<9(S4Y)L(6&B&;F1EI>7>-XV+C(]FB9P
M[?R$@\41:,V35N45%%E#E3(0!$P@'"$4*9M]3GV;,(VU]2G^YU[D>8BW"S61
M<8:QW=LB0+5RVZ@<HDLT5$I0$@"`D'J.T<N$@$!#JY#PA$P]D_>/[<G<&E1J
MVV/<I5;3D$K15\;%]E93-"R.JS;E*=PYCJI;X^(?3R+<@]2IH[XL$B@(GZ0#
MA"-KWQ=U78UVY)+'L1N^S$;%K[*;.>D*0D6FW2U?-FE:<QS2:6,-2@9KX(&2
M\J@`@MT";K]W70>$(FMC;)M!S%0:?E+%UKAKSCR_UZ+M5,M]=>)R$)88":;E
M=1TC'NTAZ3D62-[Q#=*B1P$ARE.4Q00B%..NZIL<RMO*M^P.BY@4F=U-$>7!
MA:<;C2[JQ)&.J(S(_LZ8V5_`-JPY^7MC@("D[/Y@Z@3J$.$(L0X0@<(0.$('
M"$-'G'&;3,V'LBXK=R\O!(7VI2]:3G("1>14S#O9)J=%A*L)!@L@[;KQS\4E
M@$APZ@()1Y"(<7UHNO\`BKK27-M"'4M/)64K$TE(.((F,Q.,'N2V.7JRU=KX
MBVUNLJ0E2#I4%D'3(F?+*/S1<OX^NF+<HWW&V2$W@WR@6F9JUG5EE7+U\O*1
M;Q5%1\#M^99RLUDTNERW.)A`Z"Q#!R'C[`[0K+=?-OTEZL:&D6UYA*I(2`)R
MQ)G,S^R4?&?=M)=K/?ZJTWI;QN##RDG4HY`X8=N?+#<@/@(@&@::F`I0-H/V
MFTY_SZ\=FGQ!+_P@][GCKDR.Z1WB,(SXR.DIJ08Q$.T7D)63D6,7&L&Q?,=2
M#^2<%:,&+9(-!.X=NE"IEY^)N+*J#5+1O5[^D4M,"MPG"38$R9S&,@<8KTM&
MJMJF:-E)54/D)0!_S)D!])&$=?V5<XQW9/V4;1<-5OY.]S%<[K!73++)0$57
M4K#I/(^;S5(@1006%58CE&$CE1T$/++TC[FG'@&PV!_YBO,;<.XZHI9LU'3+
M0P%*E)>E0:TDX$$C6>D].'T1OM^3\O&PK#MNW`KNM54)=?TIF"B:"L$#&6.D
M8\A.45+^LM8.\P;.>WYN*QTV6LV'D[[>%'=RCQ^(CX\N5*/5I6BF>>7UD01F
MD*X\(50Y@`BR7EC[Q@#CRW76ZIL]>[:ZA(2^PM2%=*DJD3U$8CGCUG:[BQ>[
M6S=Z54V7T)6.@*&788WK#N\?<G%X=Q1'L/2EKY`9L,9T-BSO8TW&#@;LR9U:
M*0;6H55,!O7"GU&DD5X`G55./G:B8P\Q@0C3,3GV?[Q?CAEOEXGH^V)0]Y;/
M=HVJ=B.6S_@_:G6M@.?-U1L4XJRO3*-3JM3;YBF+O3B;<6>NS=AI]<JSEU,(
M1$8O'HKG22.W^9',F4AQXA$(6],/VW]GU`[;&+-XE@Q/0LI9[SRTO-QM-^N-
M;B+G+UN&@;7/P$92:BG.-Y!&OI,6<"4[H6X).';M8YE3B'24J$5.]R+?+Z<_
M>])5FRYTVA[V,'6C'EN(62RI@_`-+Q'-V^.;+NVRM0M4T>4^72D:_=Z*H.%F
MPR3<Z>B*A.HQ>$(VWU'>_4ZW9_[;&.MH=@S!`;9MW%>D9)_,9$FI1[DNUXMQ
M%!UUE4Z/D*R.Y25DY9>5D)0KZ1*J\6%Z#%$%!,F)BF0CJ@[5O;6V;[0]F.`J
MYC##>,9N?LV):#;;]E>5J-?L%PR7:;558N=FK!)6>28.Y%>)=O)$XL69%2M&
MC3H32(&@B9".6_U:FR[!FSP=J/<0VG0\+MOW%/LWJ4^=>8G1:4;ZFD8VM/KI
M7<A-8:"19,FEJK+V`,V>/$4R?&(/4RN>LP!U(1![U+V:;-NOVY=C+..0V?RB
MY9NVT3=LNJ3=L"`C.V8F)QGI%FV,FFF@VD7YU72*7Y2$6*',`U%")G[`]VVX
MGTWF[Z*[=._2=D+CV_,[NV]KV\Y],T>A`8_^J3ME"VN'^)*L+*L#(/2M;="%
M,)XE\(2"`"BHH+A"-8[<,E'R_K"]V,M$2#*6B)>:W42D7*QCM!]&R<;)4>/?
M,)"/>M55FSQ@]:JD5153.8BB9@$!$!X0C]#3A"!PA`X0@<(0B)#=(E`H:"`!
MIU::#[=!T^SB!:1P@TGPY=ASB"2YQ"I0$L^V.1?U#NT$:Q=:3O'I\8*,;>?@
M<<Y<%H3J11M,>B<])M#D"E`4SRT0W/&JF$>DRC9`!'40U]T?*?OUY[C;(KG0
ME#6IQD*5BIL@:DCI2K)/,H8QX'^;3R\#-2SO>D:&E](;>*>1P$DJ5ADI)&/.
M#A',D)#%$P=(@`B`AU<AT`1^WQ$./9[#;AF9%#:UY*P,AGAU9<\>)@ZUW2HS
M6E)&&./)V3B>G;6O6VC%.ZREY:W3V)_#47%Z3FX5N,C:I,6QQ8,@-#(H5E!P
MTAV[M1LRAU5CR`F.70RS9,/;RU9YS4>[+SLRHL.RN&+G5CAN*6O0D-$&<E2,
MR1-,I8`SC;7D[<-G67>%->]XEPVVE5K0E"0LET&:01,8`@&<XM$W+=]R$N&8
MK3]&;1]N^7\;P3E2&Q]<\TU=U(7.3KR14SKOED7:2P0[1_*"HJBU*4`*F4!/
M[X\M!;;^6%REM+`N5\J;?=G,7VVA-N?,E04@KPPF0(WQNCYH*.YWIY=NLU+6
MVIKNL*J``XD2S*2%A)Y9`_3$F,)9PQSWR-E>[3M^98QMC3#%H=8^ZL8UN@)&
M1K\.BCH]I5[K\4]+UL'M"R(S:G>$;%!(6JY0T`%#@.F?.WR>K/+5ZGN;=0Y7
M6BK[O%7@Z'1/4%)Q[FG3I65&9FF0D)[S\BO.-KS(#MH<8;HZZE$PVF?#+>8T
MJPFN>H%.G!,C#<T#*GJM<9T6F8UA-B6PF1AL>U.N4>'?N\L-1<2$74X=G`,'
MRQBYF:`*SII'D4,(I)<S?D*/NAY^.#FG4#AE_K&/1Y4C`!)Y<>KU3Y(>>K81
M[MW<QJ6:MGO>,VI[:,0;3<FXEE@BK_@2\-+%DBM9CB9R#D,>SD(U-D&YI)GA
M%T7#P14;%3.=`B1S"FJH49PBN3:]L9]1YV4R6G#.S%AMTW[[2G=AD;)4ZA<[
M.SJLE`.I0XJ.7<=#V>V4*=ILC*`!5'[)E)RD6HZZE2:&,8YD(:3N,[$O4R=W
MC#IXC/.,=MF!,;TB8A[/5=J]!R166$ED:UF7^`&PV*Q*66W,%CU.+>KJHDD9
MMJ@0XCY+4ZQ@5*A%R+WL>,-W?9$VG=OG=85+%>?]O^,*^M5KY7'$7;SXKRU$
M)2S10Q%F#HT=:*S-1KWX24;(N"`NB<#IJ$623,"$0!VX5OU2O:ZQU$[8:/MZ
MVT]P;"6/4S5O$ETD,CL(^?@:HU.J6+B/C9N_XPM!H..;]";9K(LW"K-,`1(X
M.F4@$0C29WLO]W3O+;E\:YI[S5RQEM]VZ8K<F7K6V7#,ZPG9H8=X\(ZFZ_#I
MP$E8X.`=VPK)!O*3\A,R,F#=,I&R"92E`J$/MZC;LW[N-]<[L%B=C&):;+8^
MVSU6W5&7AWE\J5"95&#4D*`E48F*:6618J/6+2%K2A-4>LR8)%#01-PA%]W<
M$[;F#NY)L^>;8<_1"35XG`1SK'^0(]JU>6K$F2(V'2:1]MJSLR8BH":R8H/V
MW6"$BQ,HB?0!*8J$<I/8G[!_<9[=_=5AL^;@ZA3'V#ZA1LST5ODZNY*K4ZK8
MBS,"I!U&4:U0LDK;&#:83*D8$7*!#M"#T&T`@!PA'>KPA`X0@<(0.$('"$1N
MW88%KNY[`N4<%6E!)2,R!4GL8S=F3(HK"V)'5[6YY`#%,)%H:;;(+@8!`="&
M*'CIQV3:.XJW:NY**_4*054SZ5+FHI"D`C4G`&<Q/#+(QTK?M@IMV;8K]MU:
MCIJ:<AO2G4I#DE25B1@3(=D<&=%[7._+)%EF:S5=N%\<JUZPRU:E;)/(-Z74
M1?PSY2/=JM)RV.8QN^:J'3\TAV_G`9,>6H\N/I?7^>GE13,(NE3<VWE.LI*F
MFG"7&U`9!($\3G*/F+1>0_FE6W)RW4]J?;I4*(#CC<D*`)DHJG+$9?9%DN(_
M3D[GK-\&^S!EW&&*V)S$.ZBJZWF,B6-N40T,4AP3K\$"P`(@(@Y.7_3QJB_?
M-MM2WK*;!;:NL0.53@1ZT$^@1MZQ_)[N6O;XEZKV*11'A"-1ZNZH>DQ9_B+T
M\>S:C';.LE6/*V:GR9TU5D92P)4>OJF*!0,0T54$FLB=`_1ITG?&$`Y"(Z\:
M5O7S1>8=SU(M2:>WL&<M&I;@G]XZ1,<^D=4;HV]\IFPK8ZEV_5%3<7A]Q+:)
M](U+,NW&+6,&[-]KVVM<'6#<%T''4H+(\<M886%1/9G+-<4_/;O+-(&>S[Q)
M;R2"H"CDP'$H".N@<:7W)OW>>ZD)&YKA4UX"I`+5/2)X2&4@3.-[;=\O=F[3
M>+FW*%BD?T^)"?%R8GGY^B41#W>[%=Y^?\NGR#@'NJY^V=TIS6X>*=8AI>(,
M2Y$K!)R*%VDZLL9+7%JWFV"DVW42^(:BHLF"R0J$,`'Z0ZRXM1DD:.'U=XGK
MCMC&HS+H5Q#EC@!RS'3R1%D>U9W.RB!#>H"W1E-J`@!ML6WPHB.NH>)@$=>G
MP]O%(D`@'^(R'3%:8*B@>(`'L)('TD&#'[5W<\*/O>H!W1`.H%T_A?V]>)Q`
M`Y!X^/C[..3W1J.4`05:1XOL@H]K#N=`&@^H#W0``"`:_P`,.WG77V`)M=>?
M]?`X2GRD`=N7TQ%+B%":2):@.TY"#AVK.YZ`&'_,`;HM#CXCM@V\Z:B/@03#
MH7F'@73B`6@I"@1I.45"",X(':M[G0?_`$!;HO:'/;%MZ'F/LYF'4>)S`SYY
M=O-$-:93GA(GL&9@?^K#N<B(A_F`]T.NN@A_##MY#GIK]H:<@XX!!3J'A`GV
M<_HB4N]H_CE.71SPNS[6/<W3<-7)N_QNB>HD<(*J-S;9=OQ4G22*I5%6YC)B
M(I`LF42";Q`#>W33CD]U6A6"N:)%*@2DX$9Q?<T+Y#-JV<O!>+MT&Z+AVH4J
M2CE=%,A5'*J9/<2.NH7J$`Y`(Z!QPE25G2DS,I]F7U&(:A(F>`,CT&,@#)%U
M]_3F/,P_;IR`1#PXE(F4N6$QZ?7'HK)!I_Q"^]S#GX^WEPTG*.%+2@$J,@,X
M]!5,W@<!\0_H\?'BFIQ"%AM1`63@.>42&*=8\)$^R!YJ>NG674?9KSYZ@'X<
M5`"J93C*(%:`$DD249#IZH+YZ/CYA-.?/74.0:CS\.0<0"DD%0/=$2F`%$Y(
M\71UPMQ*.82..@ZZ<^0:@'W\N*9+BEZ$9`3B"U(1WU"9.$$(42G#F//774.0
M\N0!S]T`_GXX;<<=)G()3A'(X:#)*9*(SC(XJQ*!PA`X0C4KO4X&[5Q[`65D
MM(12XI+J-4)"2BU3K-3><W$CN)=LGI1!4H>Z50`-X#J'%Q2U%135"':4I#H4
M,P")'/,$>B+2NIF:NE6S4)*F2)D`R)ETQ6;@N$S1C2`QRVC(F]Q,0VVX3V1<
MG,5X-Q;;A=<H0$\HP@Z0UE;K)/D(.9D8=0YTVJ2:9W/N&,<H`)N-A7U=DN%?
M5D%L*57,I:TG2A+>@%U1"1WA,`=$S*-,;:3N.U4-!\/QVZ(6U9J$J!6X7.*Z
M&A,G`R]$H5IF8MVURD'\,C'6"*CW=WP*QBKA-8V\^4AZ_>7%J)E-NX;N:O38
M5ZK4FT='B=<6BB;(ZQ@.=8HAK=OV?R_1;V[@[,U1I:T*:2X0.*&T?#&4U&17
MJ!F>\.01Q;-S>8]97N6L=U@5=$4N%&;1<<^)&0G)&GJY^6/IV;*^Z:K0L>]?
M*STH,'>LO5MW"U[&:B60LAQ59MS5ECZ;BE"U.QT9LE,UX#@HBK\J*^4.19)P
MD4IBA945JV@M:VTZ6RMAA:9K&A*U!7$![Z5\@D0%2Y9`Q*X7SS$8ITU*4:TI
MJGFB`F2B`$<%8$B,U*Y1B(Q'3#.-)N^;,EMG]K<?4^XJH4]Q/N,>ELTM0,&.
ML>U-_)SE-@&J;Q.;9L;'HP5\ILY114,X<F(J<H@%8G;%90TEO>:1)%K>)D[P
M@M\%SA@J"2?O8F:L$S`@XG=UKN%?=;>IU:7KVV`2GBAFF6VP'%I05`'00LX$
M8])C?,=WS<]=;12V,HYE(BD)ES;++VI_BQ**EK]#4RT5EABQ.4CY,J1*2]ML
M-(/U#D(U(X<)MBJ)IH]?2&(N%#M6GHWU(;0:LE@)`J5=QP@ZR#H[\B!,SPR!
M,9RUU>]ZZKIP^^I%(D.DJ-*B=6@2(2H<3\/FY<YF&\2NF]XU,4L*T_,_4!=L
MB.6S5T,-5LA?_,'SQTR'%B8'(H[22/')%,JW,)WYM?,(JF7W.,^JFV&JZ(9:
M83\`JX<)2OBG#^!PVR5$Z,@LJD99X2,IQ@6KQYELV=^O>6HUS=I34)1\*WB^
M77T\$?B9A#;:OYIP^.X[%87Q3`]B)7K*]G%LOXRC+H2`G+-&$2H+A";=6)K,
M-H>49H%AD'2A`744)UD$0`3!H''7=HU]);E7&B?<;X*[?5J:UR6>,4Z6RE2D
M@S,AIYN01VC>UEKKFJWW!E3HK&KE1\70"D/L!04XTI*5$:.\J9,\R)2$1]@<
MJ[HXFJ*,JW#61Y:8K$.:GD[1I/$K]O#8LNM-.#?$<'6K"\10=9#^>+`*0I*/
MI)1^B'Q/FHA[H]A1:-F5-YG6.(_Q[ERHTI<XV@JIUF50I00DZ0G$@@`#*4=2
M5?M]4=K0BWH<-8U;*Q;K7""PS4MB;#8U$!9<G+/``<\@YY[+NWA;=-IJV:7L
M]>KV2MN\(P:&Q57F"-HJV1`BBY7?JOV"?Q2+&G"Z6Z%&XD.Q\LP+G6T]W'ML
M;+JJ!:BVANH<M]:XC]2Y@ZR#P$8HS7('EU3P`C,KN&_Z>X!OC*<IV[A1-']*
M@:F7S^.OWF361/)&AI9LW7'B95ZPBIV9NS?'^X&6M-)>XC<QD%CNW5)-V;$#
M*M6'X5B%Y"RO$D4?)!T],^1/YQ3(`70;H6'8;=6MA9_0BJHN$M+OO&B5_$E0
MEW5##V>V,6+UYBU%,FH45)K$4U=Q$?"H_3N:4?#:?Q/Q!,$\D\CE.',L,_NR
M@G-W)`RR]M&G;=8N^03%7&D2Q3R'F&9<7(J]2^*:.DBLFE?;L&!@C6PE=+"<
MH*+^^/5C**CV,OX%JN;2TY47-YM:B\I.AA`9*5RTG!6I8"ONY81G*NMW^RY<
M5TKQ>+-JI76?TR)NON*J`Z)<3!20EN:<93SC3AS;N.@D[=:(&.NV8:%C\N([
M!(IN,,.:A?[@2SKVR(R71Z1!&90:DG(4XGR>605*W$P`*[8ZRNH&+<LVC:-0
MAM:EMTM34JJ$F;REI0&PA3*U@@22N:D''$B8`RBV>O&]:85"6@NJIF%T?#_!
M2V5<1:Q4:5!2O=@).61AWL$9+W(WW(4E!Y:QPTQE%T&JK&M9HYLX?UF[W&V2
MC:2IYJ%9)(Q7#^,J].151F="@))=<4@]PA!'![@MFW++;34V.H%6IPD@2DI(
M2.]J&4U*Q3]T]!C.[:O6Y+]>W:6[TRJ6@ITC$Y.DSE+H`SZ8F]QU:-AP0WB/
M]C]8>(I]X>K[8BYX!U_9!2?F'](?P#B+7@/7$UYIZH5XJ1Q`X0@<(0@X_9#_
M`"]@\05XD>VGUQP?">J/G*_MU/T_^RIQ`^\8]I7U148_=J_)1_6N,A;\H?>I
M^*?%PYX>U/UQ;47ONU7U05;]@/WI?Z^(TW[Q?L)_NB-PS;_.1_5&(E^5G_U/
MW:O'+7B[!ZS$*3_K'/;_`+A&4M^7^VC^).+>J_@_]A'K$<I\/_SJ]2H4_P!H
MW^*+^Y'B5%X5^TKZHJU/NT^T(QT/[S_E.?U@XMS_`-DS^5]<7"OVW\H_NCU7
MP1^__=#BYH_=C\L>M44'?=N?G#ZH4/\`D#]%Y^L?BX3XQUQ2<\!ZC"2WBU^\
MGZH\0:_8J]@Q:5/[]CK3ZX34_N/\03\2<8VX9TOY@]8B_H_WSW6OU0<?V1?O
H/^])QD;A[A?4(MK3X4=;GJ@$_*G^B?\`5+QC+5^W5UF+^J]V.J/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
