<SEC-DOCUMENT>0001193125-13-246888.txt : 20130723
<SEC-HEADER>0001193125-13-246888.hdr.sgml : 20130723
<ACCEPTANCE-DATETIME>20130604160104
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-246888
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUITY LIFESTYLE PROPERTIES INC
		CENTRAL INDEX KEY:			0000895417
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363857664
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLZ
		STREET 2:		STE 800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3122791400

	MAIL ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLAZE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANUFACTURED HOME COMMUNITIES INC
		DATE OF NAME CHANGE:	19940218
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESPONDENCE</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR>
<TD VALIGN="top" ROWSPAN="6">


<IMG SRC="g550061ee.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>E</B>quity <B>L</B>ife<B>S</B>tyle Properties, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Two North Riverside Plaza</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, Illinois 60606</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(312) 279-1400</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax (312) 279-1710</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">www.equitylifestyle.com</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:56%" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;4, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR AND FEDEX </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Kevin Woody </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brand Chief United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:
Equity LifeStyle Properties, Inc. </B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the year ended December&nbsp;31, 2012</B> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed on February&nbsp;28, 2013</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;001-11718</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Woody: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is the response of Equity LifeStyle Properties, Inc. (the &#147;Company,&#148; &#147;we,&#148; or &#147;our&#148;) to the comments made by
the staff of the United States Securities and Exchange Commission (the &#147;Staff&#148;) in your letter to Mr.&nbsp;Paul Seavey dated May&nbsp;30, 2013. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K for the year ended December&nbsp;31, 2012 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Financial Statements
</U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Report of Independent Registered Public Accounting Firm, pages F-2 &amp; F-3 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 1:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In future filings please include the city and state where the audit report was issued in accordance with Article 2-02 of Regulation S-X.</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Response: In future periodic Exchange Act reports that require an audit report, beginning with the Company&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2013, the Company will include the city and state where the audit report was issued. </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Consolidated Statements of Income and Comprehensive Income, page F-5 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 2:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note that you have included distributions declared per common share on the face of your Consolidated Statements of Income and Comprehensive Income versus in the notes to
your financial statements. Tell us how your disclosure complies with the guidance in ASC Topic 260-10-45-5.</B></FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Response: As required by ASC Topic 260-10-45-5, the Company disclosed distributions declared
per share in the notes to the consolidated financial statements in its Form 10-K for the year ended December&nbsp;31, 2012 (refer to Note 4 &#150; Common Stock and Other Equity Related Transactions on page F-21), and in addition presented such
information on the face of its Consolidated Statements of Income and Comprehensive Income. In all future Form 10-K filings the Company will disclose distributions declared per common share outstanding only in the notes to the consolidated financial
statements and it will not include this information on the face of its Consolidated Statements of Income and Comprehensive Income. As required by Article 10 of Regulation S-X, the Company will continue to present distributions declared per common
share outstanding on the face of its Consolidated Statements of Operations in all future Form 10-Q filings. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-Q for the period ended
March&nbsp;31, 2013 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussion and Analysis of Financial Condition&#133;, page 22 </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Funds From Operations, page 31 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment 3:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note you have disclosed a performance measure referred to as &#147;normalized funds from operations.&#148; In future filings
disclose why this measure is useful to investors and where appropriate, address the usefulness of each significant adjustment. Please provide us with your intended disclosure.</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Response: In future periodic Exchange Act reports, beginning with the Company&#146;s Quarterly Report on Form 10-Q for
the quarter ended June&nbsp;30, 2013, the Company will disclose why normalized funds from operations is useful to investors and where appropriate, usefulness of significant adjustments. Our expected disclosure will be as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We believe that FFO and Normalized FFO are helpful to investors as supplemental measures of the performance of an equity REIT. We
believe that by excluding the effect of depreciation, amortization and actual or estimated gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance,
FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our
operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our operations. For example, we believe that excluding property
acquisition and other transaction costs related to mergers and acquisitions as well as the change in fair value of our contingent consideration asset from Normalized FFO allows investors, analysts and our management to assess the sustainability of
operating performance in future periods because these costs only affect property operations in the period in which the property is acquired. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because
it allows investors, analysts and our management to assess the impact of those items. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with our response to comments
received on May&nbsp;30, 2013 from the Staff pertaining to our Form 10-K for the fiscal year ended December&nbsp;31, 2012 and Form 10-Q for the period ended March&nbsp;31, 2013, we acknowledge that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in the filings; </FONT></TD></TR></TABLE>

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



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top" ROWSPAN="6">


<IMG SRC="g550061ee.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>E</B>quity <B>L</B>ife<B>S</B>tyle Properties, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Two North Riverside Plaza</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chicago, Illinois 60606</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(312) 279-1400</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax (312) 279-1710</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">www.equitylifestyle.com</FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">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
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United
States. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any questions or require additional information, please feel free to contact me at 312-279-1488.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">EQUITY LIFESTYLE PROPERTIES, INC.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Paul Seavey</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shannon Sobotka, U.S. Securities and Exchange Commission </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brian Ofenloch, Ernst&nbsp;&amp; Young, LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jonathan Dorr, Ernst&nbsp;&amp; Young LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Larry Medvinsky, Clifford Chance US LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alanna Franco, Clifford Chance US LLP </FONT></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g550061ee.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g550061ee.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@`4P"!`P$1``(1`0,1`?_$`,,````%!0$!````````
M```````&!PD*`0(%"`L#!`$```8#`0````````````````0%!@<(`0(#"1``
M``8!`P(#!`8'!`D%`````0(#!`4&!P`1""$2,1,)05$B%&%QL3)""I&A%19V
MMC?PX6*2@=%2@J+2,R870R0U1A@1``$"!`0#!`8%"`@'`0````$"`P`1!`4A
M,1(&01,'46%Q(H&1L3(4"*%"LC-S\-'Q4F(C-#7!X7*2HL(5%H+24V.#1"5T
M_]H`#`,!``(1`Q$`/P!@#*&P9%R.(CL`7NYCN/LVL<F(?K#7KY;/Y;3_`/YV
M_L"/-*OQN#P_[R_M&%3X;XEJ_(3E#Q_PE>IR;K54S!E"KT.=G*X1J>=C$+(X
M5:D<QQ9!!=D#GYLZ:93*$4*4IQ$2Z;F_;[<-M;/K;Y:TA5:PUJ`,Y88B<N';
M"MM>U4=YW'3VJM44TRW`"<.)`P_(1(_SU^5<RQ#NG4AQHY*TNWQ`%$[6MYG@
MI*GV%,P!T;IV>HMK!"O.XW0#&8,@V\1U7+;GS5T-0WR]XT#B7%)`+K1!EI.'
ME5CYCA@3*><3G??E]K0MQW;]6A:#IDTL2GVDG$89B&CLP>B;ZF6#R.W$YQBL
METAF1E3'G,32\)DIFHD3<QG!&$$["QD1,'4/,8D'WZEVQ]<^F-V3Y:Q+'<]Y
M)_WI3B*+UTFWQ;%R71K>'%30*A]`,-MW&A7W'K]2,R!1KK0Y)(XIJ,+K5)VJ
MNBG#<!*",XP9&.(;?AW#4E4>Y]OW1(^!K*9:5`2+:PJ?9D3#)J;)=J*8JZ1U
MN1QFDSP\1!0!5$0$04(IU_\`353,'L\0`PB`AOI4#K#>'-*E'&93J]4B((R?
M2)-G2DYZA(S_`#1Z;@38WEFVV^]L)B@(@4>O:`C^+].MB]S$\MXJ+!SD@@]V
M))]D<R@N>13B9]V<#?O#<"@&^WP["!NOCT'8-R^WKTU@-I'W(>/HC+8;:,RX
M<.Z/,QP*)0W[N[<0$H")1*4QB";OZ$[0,7WZW^(2,#..WPY/FQBO78!$!#N*
M!@W`2CL(;AT'6"L.8B.*T<LRBFL1I`T($#0@1<`CVB`>'B.L!/.YE,?KH'T$
MF-TLI6I*B<2J7Y>N-E^*7$+/?-7)PXBX\T].W7!"O2UIDP?2;6"A(."B"]J[
MZ9FGP@U8E=/3)M6Q1[CKNEB$`-A$P-C?&\MO[#MS=RNZI,/E#<LR2%2F`)DR
MSPX`F'/MK;5UW76N6ZV#]^VDJ'9Y1.7I]IA"KE4+3C^U6:BW:`DZO<:=,R=;
ML]<F&_RTK"3L.N=K(QKYN)A$J[=<G;N7<A@$#%,)1`=.2V7&BNM"U<[2ZERW
M.)!P(.!["(3JNB71..6^Y(**]!D(./E*_P"'_.E_SZ+:V^Z"_(,%+*IA6R-D
M9LE\9E+Y<!5$/%)$;)(_\9AUK;<;93@?]!O[`@U6^2X/.'@ZN7CJ,.&^C3B&
M<S/ZE7%:#AF1UV5(R"WRW97!0,*4;6L;LW$ZZ=+F`Q03(K((MFY!'Q67('7?
M;4<];KRQ8NF5Q?=(YE0CDH':HD3]05/T0\NEMI=NF]Z,-B:4+U+PG)(QG]!C
MIV%+WB!A'H(`;X1$!`=]]A'P$H:\QFUZ@D*/[R6(X8Q?E2&P<O/%WD$W$?BW
MW$?'J`CX["&PZW6VVYBM*28`4H83P@NV:D4RZLC1EQJ5:ML<?<#L+-!1<^R,
M`AL(&:RK1V@("'^'1FFJJNC,Z5YUL_LJ*?81!1ZAHJB?Q#+3D_UDA7M$:>V_
MTQ?3TO:SEQ:.&W'Q\N[[OF%VN-X"&6/WG\PP@I!M8TY!,?J(E$!T\:/J7OZ@
M;#5'=ZYML9`.'^F$-_9FU*HS?M]*H]Z!&O-A]"GTKK&8QUN*%:B3&,)O^W+;
MD*!(41,8WPI1ML01``$_0.W8`V]VEIOK5U00G0N\53C7ZJRE0/CY80:GI5L:
MI!'P2&R>*,"/#.$-FORW_I>ROF?)T'*M<!0$0[(+,5L`A!1'[Y"2ZDN4#*AT
M/OON`>S3BI/F*ZFT0DU4,'^TV3_GA&=Z);$=,U-/@]RQ_P`L$UI^6I]-AB::
M4.WSO)A*Q,E&QJ$IE(RK6O/GJ/EM9Z-*Q@8U9Q)PYB@9`':BS<?!1,X#MHXK
MYE.HZE)6E-O+8(*@&535VYN'/&<L>PQQ1T+V4\T>4:P+EA-U.'9AR_T\>V&B
M<V_EC9G%+*Z7PW./%E4Q!6(:1G5;5EFE/Z\^C$6OQMV\^ZCYX((R:J("45T3
M)JG6`I2-S";;4DV'YH':U;%`JSO/7-UU*"EM8$YRQ2"DRQ[?7G$>7GH(S3!Z
MXO5Z&+:TTHS4)F8F<3,=W;$6QXB@W<NT$'";Q%LZ<-T7J'>#=\DBN=)-ZW*H
M4BA4':904(!@`P%,&X;ZMJ*E]3#=06%HYB4D(G-0*NW`>R*U/T[5/5J9#R76
M02-21++TF/FVV`!$/'P#?Q^C1M>MI)YB"%@3(XQR0A-0[RF/>[XMU@8B<;EH
M`R.8@UTNC7C(\^SJ..Z=:+Y:9(1!C6J=7Y6RSCW80*)DHZ(9O'144S"'<H)0
M(7?XA`-)MWNULV]1F\7:J:IJ<>1)60!J[YD88B#MOM=7<ZM%+;6'7JS4"`G'
MZ)9Q,K_+H<`.5G&C(F><R\B,663#U=NV.ZK2Z;"W`\>UL%A>A9%+$_E%X!NN
MO)Q+6.:)))`+D$1446,`$$"[ZI1\Q6]-L;KIZ"V;>JA5*86I;BDD%()GE+(]
MF.'?%J>BVQ[Y8:BKN%Y873ON"20H2/Z/:(TZ_,[4+B;5LTXPM=#%)GRPOC9P
MZS3$5]^0\<OC^(C",:A9KA$I"H6.N;Z1[$&RP"FX=L$CG4(8J93B\_E;J]TU
M%+545=/_`&V!)E2@9ZN("IR*09<,S(<9-?KU3;=16T[E(97PD%R1$M/A+`G$
MG'@.,HC:;*?[2W^4W_/JTOPW[0B!)I_(QB<CHE2R3D7M(4`&^W'XOB$X?]R2
M7WQ`!$X#^K6;:M";=2)XK8;E_<&<:7%9<KJA9R2ZKVG*)CGY6CC;!LL89^Y8
M/4D'5KM-O)A*MJ*E*<T35:JPB+/8C(&[>Y(T_-338JFP[B5@7?QU3#YI[[4U
M%\H=LH5_\]M@/*'[96M/I\J1ZXL_\OUF0BU55_*1\4IWEHGF`$I4?#$RXQ+7
M3*8O0=M@V`!`=QVV]O3WZJH$RD?K<?Z(L>H@G5]8C&/76T8@:$"!H0(&A`@:
M$"+#%$W@/;]6N2DN*QU:?#'\T8(X`R$)EE?#N-,Y4V0QSF"AU/)E!F%&JTM4
M;K#M)Z!?+,5RN62ZT:]240,Y9.$RJ(J=#)J`!BB`AOI1MU?76FJ3<+>\MFO1
M+2M.$I8]L%*RAHZ^D715S27Z9S,*]7?$7[UD/1)X\P>&#\@.+-0I/'YQC-";
MDLFP\8-B<Q5]8R*3&+I$!7JU\ZYCXJP/[J];M1<HBV33;N#G.502@75D.D?7
M/=-KNBZ._/N5W/(*"O'EZ`5*)/ZND3[9^,01U(Z36`V]NOL+3=,&EIY@RU!2
M@`$]IQ]4:S^HQZ&6$^)7IQ-<JXN@\JW[DK2Y#'3K(]HCWLK.,9)A,=K>_."T
MJ,:JL8:JP2R_F)JID%1LFD!E%-A$0=&Q.NVY-V=55T]Y73M6"I66VYJ.!P"9
MX2$YS.<^$I8I&\.D]EL>S1=+6AQ=R2@*4`!V3.&8E$5:N5NP7:<BJI3X"9M%
MEL+M*/K\!7HQ[,3$V_7,8J3*(CV*+AV]=*@F;M*0HFV#?PZZM]<ZRBM#2JBX
MO-,TR4E6M2I)EG@?#**SLTU2\ZAAE"EOK,M*<5`G#$<,8Z"'H#>G9:>&G'6S
M9(S;CW]S.1.;+`=U)L98[%Q8ZGC&'202J56>"U4<A$NGSHSF0>M04\SS%DBJ
M@!T@*7STZ^=1J3>U];I-O.K<LU(T$D'RH6]J45*3*<QH*4@\<<(N=T@V34;:
MM"ZFZ(;3<GUZD$8J2@H2-*I@2.K5ACA+'&4/J7(UC;U"S*4U*-5MR<!+GJZ,
MLJHE%+V4D>N,`E**D*91*.5E?**N8-Q!(3#J!Z-%**YE=?J13+=;#FCS*TE0
M!TC"9`RRB7ZM=4FE<4P0JH#2]).`U:3I[<)RG')LY&N<T.\^9G6Y'.)EQG@,
M@V5OE@TZ[(]?IW1J]40E6A%TU%4`C6)R@BS(D;R$VI"%3`";`'K/LY-DI=L4
MK=C0!97*=);*0-1F,R!A+TQYU[N>KZ^^.BY&=T#J@K&:93PQ.,_1&%V_MOHY
MI1VK_+TPE\I7=&)R7_4G(N^_2^7$0V$2CTLDD.Q1*`B!AVZ=!#Z!UO9YJHJ0
M'--.B7]P1QN1":VH'ZSRA_B,='?T,./T!Q_]-S!24'8GEG5S%''SQ.2#QBC'
M@TFLDLXYZO!LD$A,8["";,TFR:J@BHL*8G';N``\W.L=ZJ;UOZL54"0IU<I(
MG/RIFJ9\2HX</&+Z],[2Q:=G4B&<W4<Q7B</8!#O6HMA_0-"!%-P]X:$"*Z!
MPS@13</>&AW<8$5T($#0@3$#0@0W-ZKF#LR<B>#&8,8<?DVSS+CQU0K/4(=V
M_;QJ-A>T;(%9MZD"+YXHDR;JR2,,8B8K&*D*FP&$`'3TV!=+3:-RMUE[256X
MLO(5+@5M+2DGNU$3AI;WM=QO&WG:*U&5;K;4/!"PI7T`QN6HXN`8O,X/!1DQ
MD$U%!<];D'J+&'D[C^[H&7A7[TJ+MNUC7<WW(*J`FJ0J1A'8P=!:3CE$W=9-
MK4W3KJ?*H3F$ZA(]LPF1\876M;=J;#R=;R*?S`\3+$'Q,X8+](;T5Y_B'EBU
M<LN3CZF2V=YU2U(4*C41=:5IN)X^V/W;B9D4)EPS9)REE?,7'RB!F[=!!BS,
MH0O><XF+./5SK*C>%NI[!9F76;8VV@+4HXK*$@8C@-0U=^7C%/3SI@O;MR<O
M]T"%5RUJ*$X$)!)(.78?0<9Q([3*!`$`'IN`]1]WZO#4!-K63)S3(#"43.Y(
MG`2),1D/7"]:"W<29J6XB<:FY6&=)6IQ<Q>,KOVZ#EIBV!M+9=2,:5*-7-V2
M=[D8\GS!'*W_`+:,(<A@*HL8OEV.Z*=$V=ZI5N:\DBQLN2TXS61EV33JE@,Y
M&>$0GU3ZEO[5<%FMH!KW6YZNP2,_`R_JB"U*2$A-2$E,2T@^EIB8?/).6EI5
MTL]DY23?+G</9"1>N3J.'CQTN<3J*G$3',(C[=7SM?\`IU!3-V^C2>4T)`2P
M$HII65]97U3E?5F;BR2?3"A;?0'Z?[M8Y@[(SS3&%R=L7(V1>X1`#7RY$$0Z
MB`*622)N'AU^+IKK:@'*2B>_4IT#_`(S<$E=SJ3P2ZH^I1,=$KT".1[3/_IO
M8FC%4&[2PX$<R&"+"@W`I"+!346CFN28(@.Z0R55E&9S!^)4IQ]NO-KK;MY[
M;^_ZHN^Y62?3X*)1[4&+S=)+TB\[-9TRU4ZBT?0`O_/#U.HDB3H&A`A%LWVC
M)U&QM9;5BBHU*\VNN,GDT2LW&TR=,BY*+C6KI_(((3D77+2LG*?+H=K<BC7R
M5#CL=1,/B`U:::@J:UBBN+I9+[@3J`U2F93EA@!B9&<)ETKZNEIJBJIF@Z6V
MR93E/2)F&>^`'JJ\GO4<J>0KIA#B?B"O1&.+-%56PDR-R,L<6]7E)6+&61-&
MI0&'+"BLT0;E[3F.=+X_N@8-QU+'4#I=MC8-12V^^7&K>-6P'T\II*D)3J($
MRMY!"M2<@,I&?"(^VOO;=.[*==1;J&B0&7BTOFNK2K`!4P$M+F,?UISGA#@7
M'#D'R*ON9LM85Y"\:F>%97'M9IMQJ5XJ5[D,EXVR;!6MW.1SC]W[.ZIU1!K,
MP#V&[7C!9('2952*&*!#D,9B7VR6*CM5/<]O5SM2Z\HH<2ZVEM2`G(8.+,I8
MC@8==MNEXJKBY0W2E9:+*=25H<4L&?9-"<Y]O;V00O4BYC9>X)X7F^1E:PO2
MLNXPIB<`C<VK_),S2[O'OK#8V]?:N(>-0I-@A9&(;#(('6.J];K%`3]J9NT.
MY3Z>[3MN];VC:[E8JEJGI@'1J2<)XG4"">&$L(+[OW5<-KV9=V:I0\TC.:@,
M^,I$R@Q>GERMRSS3P14>1EQQ%2\28_R5%N)C'L;#9%D[O:WC1G.2L$Y<V5LK
M3Z]%0Z2JL891`B#EVH8IOC!,>FB>^MKT>R]RU&VF*M50Y2%(42D@'4`>)/;Z
MXZ;1OM=?K6W=7J1+"'CP,^.?;&_8]R@%$IQ#J'0/Q;&'Z0\=,]>A)TR]V1/Y
MO&'6^@J4$)5H(.,L_"&@:[ZE=VY'\J<Y\4>%F*J5<Y'C4<668,Q9KOSZF4)I
M/_M-Q"F@J56ZA7;9<[>=I,,UVRSH2,FA%$#?'L9,3RN_T^I]O[9I=T;O=J*:
MCN#9-,VPTEUQ4@3-0<<:2!ACY@1WPP6=W5%_W`[9]M--K-+]XXXJ0P[)8XY8
M^.$;`8&Y'\EIWD?;>-O)3CQ`X\=Q6+F^4:+F3%MUF[[B?(L<6P-ZY-P;9S.U
M*LRM6M,,Y=IJ'CWH&7.B8%""=/8XM"\V7;[=C8O5DKENNJ=*'4.MH;4D`3!\
MKCDQEB#*%BSW>\.72HM%WI@U),TJ224G#@8<(#P#ZM-GPRAT2EA%AP`1`!+O
MN&V_NUR<92\E3;GW9$:EQ2"`.)CEV^K9>K'D/U)^8\W:$RH/XK-$_26+9-0%
M$VD!0V[*J0*13AT$ZT7%HK'V\#JCKT^Z.4C-+TRL_P`.04*:42>\S/MB@/5*
MK>?WI6\S`%>4-UCX#]0_9J4(CJ%0TG0I1A\F]<CY$(/W?W\N'ZK))#]H:ZVE
M11;*<)R+#?V!&E>M2+C4*&:G%S]9B6_^54RO%EC^7&$7DLBG.*26/,I0,*LN
MF15U%IQ\M5+#(,T3?$HFS<I1Q%S!OV]Z>_CJF_S86>J-;;]QLCRE@4Q,L$R6
MM8)&62U8\8L]\NMS1\#5V36D*YQ=">))2E.?_",.XQ,.(<1$H"8!-L/<`;>.
MV_U@(;AJHC:YJY<]12!,]IBR^E8`*C+N[8]==HS!#R5UQUD$P``[4FUB`>/7
M]@O^@E$-NNWA[M=Z((5<*=2M)<2\F7=,B$ZZ:56>J#>H$L.>,])RB%W^7HQQ
MS0NV'>1SWB_R;QG@JO,<JUEG:86\X(;Y9=3LR:K**L9!C)*VNN&B&[=ELCY`
M$5`P[FW#<-6OZ_5^TJ.ZVIF_6TUCJK>VK6*E;(">8KR:$@I..,\\9<(KKT?H
MMUU=NN+MHK4TZ/BE`I6T'"5:?>!5,@2PEEA$G#T]Z-G[">%):G\P+XTMN:Y_
MD)G*61MS^9:II7V*L-QDY>J2E2AU9%T:%BY*N)@LT@TA[XIL7R>P`3$1K=O&
MHLEQN_QNW:<4]M2TV`A`F$F4CJ.$S/,XSSB<-J)N5#:_AK_4EVZ*6LC5@5#`
M@`<99B-=?7T,(>E3R:-N4PBGCGNZ`(``Y+J8@`A^+3TZ&(9'5.WK<TEK5B")
M'`'CGCPA!ZM)<5L:H!!.(R44X>C/P@[^B+L7TK^&X[[=V/9L0#<`$"&R%<=N
M@>!1$!^L=$>M]2A75N]JDTD!2")=@;3W=WKCOTN16#8E`'M2E^<G'(:U:1GD
M!#GR\]#-5)=$TQ'`O`,"24RU*\:G<Q#)=)=P@^DVP+?,,6RZ#94Z9U"E*<J1
MA+OL.HQ2W4J5BA4GUR;4`2,@)8R!(/9/AC#^=?IDK4MPIU(1K(GB!VR[,,XC
M1\H/22OF2\S._48])?E-#XGOV4FCRY2,=#V%VA0\DRLPJHO+SM:N42,Q')-;
M6\1`SV)DF+B*,\(<^Z0F/JQ6U.K%LI;.CI]U7MJZJTTD@APH27FD2!\J5$&1
M'U@H$`S`XQ"=_P"G%=7UJMV]/JY3%8^H**4J4$**3B,,/01W&%B])GU.>1>;
M,W9,X$<Y:`G7>4^&X67EU[?%M8Z,:VII7'D:RF6-C@H<A85E,H-IEFZ:/F`F
M9R;-85"D2-T,D=6.EMBV[9:7>VQU-.[(N!\B7,T'(\%$^N#^P-_7.[72IVON
M-G1?Z4$*('OR'T&7IB0\'@'3;H'3W=/#4'"4A+*)@&46''80#?QVV#ZQ$-<:
MEQ*&M)]Y9D/$QD2*M/$"?HCEK^JO8JM:?4AYE3-,D&,M7WN;[$#>08*BNT</
MF#.-BYY1HL4PI*$+8&3HASAN!S!TZ;:]1ND%)5T/32TL/@I/*F4G,3G*//WJ
M:MI_>%<\P06^9F,HT!'P'ZA^S4E1'D*AI.A2C#Y,_J3D3^/+C_,<EK>V?RVG
M_`;^P(Y7'^/>_%5[3!FP9GC+G&O)U9S%A"[2]`R%4W(KQ<Y$K?`N@H9/YV'F
MHU4#,9RORB"?E.F3@IDEB#U#<"B"=N;;%CW;:E6B^-ERF<,C(`D3R(F1(SXB
M%?;%_N&W*\W"UKT5@3Z)8_UQT-O25]63'7J)8Z_8EA+$47DS1F*8Y$QR@Y\I
ME.L`+Y25]H!7AP=2-;>B4`<MP%1>+<&%)03$$BAO.GJCTIN/3>ZN:4%=@69M
M.`$Z9G!*\!(]DIC+&<77Z>]0*'>%M0E]>F\-CS))`U=I3CZ2,.T"4/)`J!MQ
M`!$H>WIX^[;??44)6E8\F)[/TQ)@`(F"#"%9WQ3<LP4EY3JIF:VX4/*HR+"9
MGZ1!4^;EW\1*1KJ-=1R0W*%FFL<.SGS2.$"%7(<H;&VTJVFOM]DKD5KE,T^I
M+B5R<G(D$'&4\Y2(RA)NMMJ+HTMANH<8:6VI!E*>(EV]_C#7'%/T667"=.UH
M\9^;?)C';&\+QSNU1(Q6'K)$S+Z)07;L))=C9<?2J2<FB@Y.3SR=IC$'8=P`
M-I+W?U7;WTZV]?[10NED!*"%+!"!+RS`$\9GTPR-N].?]KI<%NN%3K<F53E(
MJ,\93[Y1M)2/3[D&7(S'G)+,_*?.G(JQXEC[2GC2F9"2H4-CNG6&W1@P4E<8
MNL4>J5UJ:QIP2JS5)=85#)E7.)1#H&FK6[O0Y9*BPVNW45'3U"D%3B05.^0Z
MM(4K$`D8XRE,2QA>IMK*;N[%YJJM]ZH82L!)P0=8()E/A.?C&<YV\$"<\J$M
MB*YY[R9C;$$HG%J6>A8]B**4EHDX66_;$9(25BGJY*V%!-NZ31W:MUTFY_)*
M)BB(COMLG>2MDW1-XIZ1FIKDY*<GAX``CTYQUW5M:GW70_Z?5OO-TYS"3@3X
M3QA&L!>F3D+C#C"%PUA;G[R4K.-JU\\6M5N0JN"[,G`HR+UU).VL:^GL;/9%
M%F9^\44*D*HD()A```!T=W!O>V[GNCMZN]FHUW![WU!2Q.6`P`'#"$VT;,?L
M=N1;+?<:I-,@$"<CGV8X1LKQ:X90?&@<Q34AE#(V=<BYZM3*RY/R?EYW$/[3
M.MX:"1KE<JR*$!%PL+&56N18+$:,V[9,A!<J#[=(&X=PKOBJ04S+=$Q1H"4H
M:Q!(45:E$R\QG*>>`QA8LVWT6EEUMUQ56^_,+<=)UZ3]49X"9.>9C6O$/IC6
MWC`-I@>*/-3.&(\56><FK&WP_:*MC3,5+I,K89!S(RA\??OK7_VG66AUW)NQ
MN"RJ(#U,4XB.[AO>_&=S<M[<-MIJBXMH"><%*;6I(PDK1*8(P,R82K7L]ZR/
M*_TNOJ$4:BH\LB:02)3&.!&>6>.<*]Q6].;#W%S).3L](V*[YBY(YJ.`Y0SO
ME618/[=,M04;*?L6#CH.-AZ]4ZZ`LD`^39-B`)6Z13',5,I02]R;UNVX[;3V
M)6FFL%)]RP@32D\9ZL^/K],*%BVI;++55%PFIZYU,];JO>Q[/SSAP`RI4R"(
M@.Q`V'8`_"'L^C3-29K2W]90]D.E*"2$@XF&3/6K]3*#X,\?I*F4.<;FY-9F
MA']>QM$-UTSOJ7#.RK,9S*,NV)YBC-K!MSG)&^8!0=R0D`NY4SB$L]).G=9O
M?<E.\\R39:=X%PD&2I&92.!F!CB,Y<8BSJGOJCVC8WJ9I4[P\@A&DCR@X3.(
M(X\#VQSDUSK.5U73IRX=N5E5EUG+LXKNW3EPH99RZ=.3B*J[A990QC&-U$1$
M=]>ES#3+"33T:=%"TE*4I,IB6>6$48K*FIJI5-1,N.$DGMCR'P'ZA^S72"4*
MAI.A2C#Y,_J3D3^/+C_,<EK>V?RVG_`;^P(Y7'^/>_%5[3!*`>FWT_V^S1]R
M98_=_>A4Q'%F39YZO<RE^7C!CJEOMM!L45<*+:+#2K;`K?,PEHJDN^@K#%.0
M`@>;'RL8Y:/43G*0I3;'V,4-A`?#7.KIZ/<-(;?>J5FHIR,4K`((&,\>S,=\
M'[?<WK:]\1;77&:F<P02/$>F)*/IY_F.\U8=D8C&W-D)3.6+1\EBAE6,9L__
M`"_4`[P(FO-IHF:L,A1A2F^,R@(20%)W>:L;X!JKU+^7.PW-PU6P%*I[H3BT
MH$-3[B1(=TCI[HL!LGKA4T"12[L\](!@M.*^S$#$]\2S,(>I!P=Y&,F3C$_)
M_$4X]?$3.E7Y.V1]3M:2BO0&KJKVD\-,HN0/T\L4>X1`>W<.NJFW7I[O>PU*
MJ2Z6]]QT'-#1<3+N4@%,6"M6]MJWQGGL5K3:>Q2TH,O!1'],+=2>37'_`"+D
MFYX:HF9,>6K*V.U$T[M0(>S1SNTP`K-T78'=1)5@<J()(.""HHB54B0G`#B4
MVDBJL=[H*=-574C[-*I((6IM:42)D/,1I!)R!,SA"U17>T5KA8H*IEYU*B))
M<2I6`GD#,CO`E"\=P>\/TAI,SRA3/ESPBNX:QJ$R)B8@13</>'Z=9@9B8R@;
MA[P_3H2,9D8`B`=1$`#WB.VL%21F1&)$Y0`,4>H"`AN(;@(#U`=A#ZP$-:\Q
ML9J'K$9D8^<RB0!YG<4Q>X2CL8#!N.Q3`.PCX>[7%QQH2J-29)23F._*-PA2
ME!)P5PCE_P#J[6&]3OJ5\PU\@R,@^F(C+LS7H0L@X66"*HT6DS3I<;&E5V*U
MBTX`R"B:9`*03*";J8PB/I_T0HVFNFUIJ[<AM*GJ>:U8":]2@9GME*?&//OJ
MF[5U>\JQ%8M1#3I2`>P8C#TPW%N780V'?IL/T=-2D@J9"FED*4LYC'+OA@++
M[J`J?[E'"/,?`?J'[-9CC"H:3H4HP^3/ZDY$_CRX_P`QR6M[9_+:?\!O[`CE
M<?X][\57M,$C1Z"4#0@0-"!%ITTSB43$`QBF[BF$"]Q1#P,4VPB`_5L.@*1G
M.?TP>34R&8R@^8VR7?L17RNY1QO;IVFY%J$LG.URVPL@X;2["20-N4QG)3=S
MEH[3`$W2"WF(N4A$IRB`B&DJ];=ME[MKEKN+8=H'4D$9RPS@[;[U<[/6MW*T
M++=2A0F1V3G(_3^B.A'A;UN>,,IZ>T'R\RY=:VTR%6JRPB\EX3J\Q`ADQ_E)
MDY1A)"%J%)DI!@_=LYYXH5^T5V*V39K"8R@`D;7G%>NCFZ4[W<VQ:V7?@5K*
MF72DZ`A/F(*Y2G(:2)ZB>&,7>MO4^P/;5;O5S=3\4V$)<1,:BI1"9RXB>,Q@
M(=1XX\B\7\J,+4'/>')L+!0<BPJ<M$N#@5!_'N"&,A)P,XR[SGCIV#D$E&SM
M`VXIK)CL(EV,,<W^QU^W+P_9;BT45K>"CVX8$'L(Q^B'U9;G27RWBZT2PJF(
MP`X=H\1"BW:_4W&M5GKSD"S0=,IU6BW,S8K19)%K$PD+%-`$Z[R0D'9TV[=(
MI1Z`([G,/:4!,(!I-IZ6JKWT6VC2X]<5F24I!)GPR@W45M'14ZGZM:6J=(F2
MK`1'CR!^9ZX,52_R-7JV/,Z9,J,>Z59ADRL0E=CH"5505%%=S"15DGHJ=?1X
MB7=-8Z*(JEZ@0-6+M7RR=1:^UHKJA=.PXH3"%$:B.W"?JSB&KAURVI25RJ5:
M7EI09!23($=LOZ\H(W)?\S5Q?8X(GGW%6"O=DY`2B+=E4:[E&A.H.I5QTLL0
MKZ<M#UI-*IR3>,:=YD&S18PN5^PIC$)W"!O;?RS;HJ[^BDW2IIBR@+*G4*!)
M*02D`2PU&0,^&$$;YUQL:+0M>W0ZN\>625`R`)&HSG(R3/LQB-_4?6T]2RLY
ME9YEDN25ENBB;I=20QK8VD:GB258K)."%B3T>):M&4<R;*K%.DHU,DZ**8;J
MF[C;V,JNA/32NLXL2*$,OI'WX!U3E[TYGU91!--UAWC2W0UJWU.X_=JQ3X2R
MA\7T+O6)Y`Y]Y+SG&3EK?6-_'*3.RVS$UJD(^+@Y2`M\0"DK(X]:A%MVK-[7
M9."!PK&(J%%9J=IY1#'*8`""NO/1+;>UMM,[AVLS*G9`0\D`F?#5(S())![)
M3B8^E?5&Z7[<"[-N!7[Y8FV2>)QTY#P]4)5^9WX6%KMUQMSCI<2=.&NJ;'$N
M91:(E\MO;XY%9?'=J?`!0`?V[#HKQBRIAV%1HV#Q/IP_*QOX.TM9L>ZKD6T*
M>I4DS(44R4D#@!('TG#"$GKOM%D.#<U,F0Y80X0,U@DZCWE)&/=$3+;V_0'A
MX>SP]X:MXPVTBE"3+F`S])./T16$8-2[3%H^`_4/V:$<X5#2="E&'R9_4G(G
M\>7'^8Y+6]L_EM/^`W]@1RN/\>]^*KVF"1H]!*!H0(&A`@:$"!KLR^ZQJY1E
MJ$C@#AZ09>(QC?6K1HGY9SBWRDS'`PIIB?8"`<2%[]NFP=^W=MT`/'PT55)L
M)6VA)6E0(\HGB<<93^F-^>Y+S*)0!E,R]42./R^WJ1LN+6:I#C%F*UMHG`^=
MY1)>N3D_(%;0V.,PF2(S8.EG3M0K:,@+\U3*Q=J&%-)-\FV4.8I14-JLGS#=
M.?\`<M"=V;8IUFYTR?WP0"HK3/'#$3&>`[99Q/?13J"NV59L%V4$VVH,D%1D
M$GQ)&9[XV8_-&YCS6ED7CYA1O+RD9QRLF/'>1$FL6Y[8/(61&5B>1KO]LNFY
MNV61J<(9BHU:G$R1!>@OL)C%$J#\JMAV\]17*[5"657]A<DJ<F5-B0R2KRXG
M5C(XX<(=/7V\W9FLIK;3*_\`D.,ZB`0`?>QF,<)#C*(FAPV$/@`NP]VW;MW>
M/W@Z`8/B'QU;=M"`2I+BUDF9))D#+(#(#N`E%6E$R"M862.'#'(]^$XM^GZ"
ME_W2@!2A]10+T]VC"U%QOE*Q1V?EC&$.+;5K09*Q^G.!K9MU;2=*)2\`?;&-
M:BK7]:#?0[W;L8W6J9'H,X\K-XHMBB;;4Y^//Y;F)GX-VF^C7A`W*51(BZ?:
MJD/P*HG.0P=IATB7JBMM_MU3:[B%&FJ4D*2M,DDRD#@!+T2A<MM?<K95LW>@
M/W*P>'`XXYF)1/*3UX./7-/TS<MX*RYC>V5SE!;JO!P[.&CX=M*8Y<7.)G(2
M0;7N#M)G158)F@JQ4="T60%R@<PI$.H40-JJNV^@>[]E=1J6^VJH878>;JUE
M4E)3B.203YL,=7?B9Q8/</5O;6ZMF+MMY:<3=3(`($TDB7G)QEV:8BDCX"`B
M`CTW$H"`&V_$&_78=7!?+!J2VTF90)D@D@$C'CQBL!D)I1/E`X3S$>8^`_4/
MV:$:0J&DZ%*,/DS^I.1/X\N/\QR6M[9_+:?\!O[`CE<?X][\57M,$C1Z"4#0
M@0-"!`T($#0@14/]7VA^O71OWHR/1D<_"+5]_EG'_2V\LV_F=OE^`_\`7W^+
MR]_';Z?9KDW\3R'OA^?IX\KD<O\`\O.QE_9@W0\GG)YO+SPU\V?_`(^7Q[)\
M8V"S%Y?[GX?\O_\`2O\`\#*=W_G?YG]T.[S&']%?F?\`ZQMO\SV_#W>5[=M-
M/;VG5<-7^BSU#^$G/A[^GZW;PG.4.O='WC'\;]U_['@<OV?'&7?.$"4\0^]X
M?B\=.[@/=R'NY0S%Z=*-/*]WZD^T^]/CX82E'GK$<X&A`BXOW@_N^C_1K3S<
M[&<I?7EI]$L?7!M?\&/O)=WN^GC%P^/M]GN]WT=-$E_$<QOF?$\OF_7Y/)X9
M:/WDOI@.\GD#1R)R^IS9Y\=6$_#"+1\?[>_V>S2DF7,>TZ=/E]R>G/CJQ]4%
6D?='Q],6#X#]0_9K6-85#2="E'__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
