<SEC-DOCUMENT>0000895417-14-000020.txt : 20140228
<SEC-HEADER>0000895417-14-000020.hdr.sgml : 20140228
<ACCEPTANCE-DATETIME>20140228170239
ACCESSION NUMBER:		0000895417-14-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140228
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140228
DATE AS OF CHANGE:		20140228

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11718
		FILM NUMBER:		14656445

	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>8-K
<SEQUENCE>1
<FILENAME>a8-kitem701citiceoconferen.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using WebFilings 1 -->
		<!-- Copyright 2008-2014 WebFilings LLC. All Rights Reserved -->
		<title>8-K Item 7.01 CITI CEO Conference</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s459475c1df104e6eb3b145ba9ea4b505"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.9921875%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Washington, D.C. 20549 </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;">FORM 8-K</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">CURRENT REPORT </font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Date of Report: February 28, 2014</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Date of earliest event reported) </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">EQUITY LIFESTYLE PROPERTIES, INC. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter) </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.7734375%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="32%"></td><td width="3%"></td><td width="31%"></td><td width="3%"></td><td width="31%"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Maryland</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1-11718</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">36-3857664</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or other jurisdiction of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">incorporation or organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File No.)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer Identification Number)</font></div></td></tr><tr><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Two North Riverside Plaza, Chicago, Illinois</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">60606</font></div></td></tr><tr><td colspan="3" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(312) 279-1400</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code) </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">see </font><font style="font-family:inherit;font-size:10pt;">General Instruction A.2. below):</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.4375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Pre-commencement material pursuant to Rule 14a14d-2(b) under the Exchange  Act (17 CFR 240.14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Pre-commencement material pursuant to Rule 13e-4(c) under the Exchange  Act (17 CFE 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.9921875%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><a name="scc9e5a349fc54ce7bde18273dd2cb324"></a><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 7.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Regulation FD Disclosure.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On February 28, 2014, Equity LifeStyle Properties, Inc. (referred to herein as &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;)  issued a press release announcing that Marguerite Nader, ELS&#8217; President and CEO, will participate in a roundtable discussion followed by a question and answer session at the Citi 2014 Global Property CEO Conference on Tuesday, March 4, 2014 at 3:35 pm Eastern Time. The press release is furnished as Exhibit 99.1 to this report on Form 8-K.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In accordance with General Instruction B.2. of Form 8-K, the information included in this Current Report on Form 8-K shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Nor shall the information in this Current Report be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.  The Company disclaims any intention or obligation to update or revise this information. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This report includes certain &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;may be&#8221; and &#8220;will be&#8221; and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our recent acquisitions.  These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our assumptions about rental and home sales markets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our assumptions and guidance concerning 2014 estimated net income, FFO and Normalized FFO;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">our ability to manage counterparty risk; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in the age-qualified properties, home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">impact of government intervention to stabilize site-built single family housing and not manufactured housing;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the completion of transactions in their entirety and future transactions, if any, and timing and effective integration with respect thereto;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">unanticipated costs or unforeseen liabilities associated with recent acquisitions;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ability to obtain financing or refinance existing debt on favorable terms or at all;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the effect of interest rates;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the dilutive effects of issuing additional securities;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the effect of accounting for the entry of contracts with customers representing a right-to-use the Properties under the Codification Topic &#8220;Revenue Recognition;&#8221; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">other risks indicated from time to time in our filings with the Securities and Exchange Commission.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:11pt;">These forward-looking statements are based on management</font><font style="font-family:inherit;font-size:12pt;">&#8217;</font><font style="font-family:inherit;font-size:11pt;">s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise. </font></div><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We own or have an interest in 379 quality properties in 32 states and British Columbia consisting of 140,298 sites. We are a self-administered, self-managed real estate investment trust (&#8220;REIT&#8221;) with headquarters in Chicago.</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 9.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Financial Statements and Exhibits</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(d) Exhibits</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;Exhibit 99.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Equity LifeStyle Properties, Inc. Press Release dated February 28, 2014, &#8220;ELS to Participate                           at Citi CEO Conference&#8221;</font></div></td></tr></table><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><a name="s05b8c21fbd664fff9a75182b0bfce557"></a><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SIGNATURE</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;text-indent:378px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EQUITY LIFESTYLE PROPERTIES, INC.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:378px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">By:    /s/ Paul Seavey                    </font></div><div style="line-height:120%;text-align:justify;text-indent:378px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Paul Seavey</font></div><div style="line-height:120%;text-align:left;padding-left:378px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President, Chief Financial Officer and Treasurer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Date: February 28, 2014</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease_elspresentati.htm
<DESCRIPTION>PRESS RELEASE DATED FEB. 28, 2014 "ELS TO PARTICIPATE AT CITI CEO CONFERENCE"
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using WebFilings 1 -->
		<!-- Copyright 2008-2014 WebFilings LLC. All Rights Reserved -->
		<title>PressRelease_ELSPresentationAtCitiCEOConference_2014</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s1576F32E7E48CAFF9DF07993A05BD6FF"></a><div></div><br><div style="line-height:120%;text-align:right;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;color:#808080;font-weight:bold;">N </font><font style="font-family:inherit;font-size:14pt;color:#808080;font-weight:bold;">E W S</font><font style="font-family:inherit;font-size:18pt;color:#808080;font-weight:bold;">&#32;&#32;R </font><font style="font-family:inherit;font-size:14pt;color:#808080;font-weight:bold;">E L E A S E</font></div><div style="line-height:100%;text-align:left;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;"><br></font></div><div style="line-height:120%;text-indent:144px;font-size:10pt;"><img src="pressreleaseelspresen_image1.gif" style="height:72px;width:128px;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">CONTACT: Paul Seavey&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;         FOR IMMEDIATE RELEASE</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(312) 279-1488&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;         February 28, 2014</font></div><div style="line-height:180%;text-align:center;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:180%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">ELS TO PARTICIPATE AT CITI CEO CONFERENCE</font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:180%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CHICAGO, IL</font><font style="font-family:inherit;font-size:10pt;">&#32;&#8211; </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 28, 2014</font><font style="font-family:inherit;font-size:10pt;">&#32;&#8211; Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;) today announced that will participate at the Citi 2014 Global Property CEO Conference. Marguerite Nader, ELS&#8217; President and CEO, will participate in a roundtable discussion followed by a question and answer session on Tuesday, March 4, 2014 at 3:35 pm Eastern time. The session will be broadcasted live and can be accessed via a listen-only webcast at:</font><font style="font-family:inherit;font-size:10pt;color:#0000ff;">&#32;</font><font style="font-family:inherit;font-size:10pt;color:#0000ff;text-decoration:underline;">http://www.veracast.com/webcasts/citigroup/globalproperty2014/15212467048.cfm.</font></div><div style="line-height:180%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:180%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This press release includes certain &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;may be&#8221; and &#8220;will be&#8221; and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our recent acquisitions. These forward looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our assumptions about rental and home sales markets;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our assumptions and guidance concerning 2014 estimated net income, FFO and Normalized FFO;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; our ability to manage counterparty risk;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; in the age-qualified properties, home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;</font></div><br><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="34%"></td><td width="33%"></td><td width="33%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s1576F32E7E48CAFF9DF07993A05BD6FF"></a><div></div><br><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; impact of government intervention to stabilize site-built single family housing and not manufactured housing;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; the completion of transactions in their entirety and future transactions, if any, and timing and effective integration with respect thereto;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; unanticipated costs or unforeseen liabilities associated with recent acquisitions;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; ability to obtain financing or refinance existing debt on favorable terms or at all;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; the effect of interest rates;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; the dilutive effects of issuing additional securities;</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; the effect of accounting for the entry of contracts with customers representing a right-to-use the Properties under the Codification Topic &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition;</font><font style="font-family:inherit;font-size:10pt;">&#8221; and</font></div><div style="line-height:180%;text-align:justify;padding-left:36px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8226; other risks indicated from time to time in our filings with the Securities and Exchange Commission.</font></div><div style="line-height:180%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:180%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These forward-looking statements are based on management&#8217;s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward looking statements whether as a result of such changes, new information, subsequent events or otherwise.</font></div><div style="line-height:180%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:180%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We own or have an interest in 379 quality properties in 32 states and British Columbia consisting of 140,298 sites. We are a self-administered, self-managed real estate investment trust (&#8220;REIT&#8221;) with headquarters in Chicago.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="34%"></td><td width="33%"></td><td width="33%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pressreleaseelspresen_image1.gif
<TEXT>
begin 644 pressreleaseelspresen_image1.gif
M1TE&.#EA)0&E`/<```````````$!`0!2GP!2G@!2G@!2G@!2G@!2GP!2GP!2
MH`!2H`!2H`!2H`!2H`!2H`!2H`!2H`!2H`!3H`!3H`!3H`!3H`!3H`!3H`!3
MH`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3H`!3
MGP!3GP!3GP!3GP!3GP!3GP!3GP!3GP!3GP!3GP!3GP!3GP%3GP%3H`%3H`)3
MH`)4H`)4H`-4H`-4H`15H015H056H096H096H0=7H0A7H@E8H@E9H@M:HPQ;
MI`Y<I`]=I1%>IA)>IA)?IA)?IA)?IA1@IA5@IQ9AIQ=BJ!IDJ1MDJ1UFJB!G
MJR)IK"5KK29LK2AMKBENKBMOKRYQL#!SL3)TLC1ULC=WLSIYM#Q[M3Y\MD!]
MMT)_N$6!N4>"NDF$NDJ%NTR&NTZ'O%&)O5.*OE2+OE:,OUF.P%J/P5N/P5V1
MPE^2PF*4Q&26Q&>8Q6R;QV^=R'&>R7*?R72@RG6ARW>CRWFDS'JES'RFS7ZG
MSH"ISX*JSX.KT(6LT8>NT8BNTHJOTHRQTXVRU(^SU)*UUI:WUYBYV)JZV9V\
MV:"^VJ&_VZ/`W*7"W:;"W:;"W:;"W:;"WJ;#WJ;#WJ;#WJ;#WJG%WJW'WZ_(
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M__[__________________R'Y!`$`````+``````E`:4`1PC_`!.4&%AB`<&#
M!P4.3,`08<&"`A,8=/A0H46""C$ZC$@18<:%(#-R?#AP8L*.)3ZFG"CQH$&5
M"TRZ).EP@4*;*CVFO%B2ID2&/#'F!#D3Z,R>$&N&7`C4U[VG4*-*G0JUI\R4
M3)$V#,GPD3FH^,*9FS?O7C9HH`*)(2(R(@JL)PG&U&ISX4N$=PO6C2OP*M&4
M*.INW6AQ:U^A.W7&U9EQ+N&A&/T._LO2H]&7$1V+7*I1KERG5$.'K@A9XTV6
MJ&^)7LV:M3EOYLQU"X?OV;%:C1B!`=-E)]"\(^O:]+OT<-"_2).:-`H7Y%7)
M*$L3;3BQ^O2-/K?F19$`6%FJXP2U_T0>,0'HUJMO=BY<D:M)),[&H9]/O[[]
M^_A=AZ/FZYE8<^'LQX9G[)TD4V-[.=;<4=CYAI)0"?PQUGR#--070PN<E]\]
MGIUT7$(,H2&-.?)M:.*)**9('RET7-$#4##"V)-%>PV5DV`,!8885A.AH,4S
M)YJ332I%($>8AODQ2)E&W"5PRCP3JBCEE%162=4\912BC3F&,"0+/J(!\B!G
M1FVE!"Y?F1B.-X(HU2!#2.(7$X;))<814)U8J>>>?*9X"E#-P#:?-%A,ML`!
M*""!C%AZ`O@,&V7F=6!,<=X'45Y&XK1,FGUVZNFGJR$"E"'?B6;.+6(8<801
M<8#"*97A3/^C1XXT)H1:K4Q5:M]A?&%5GB.@!BOLL,2N9LXCTC6X4@EO):1K
M?<.5]]%'+-V@2K&KC6..-@%N0=U.9"SZZE/FI`**'#0`!2QZ`-*FC!FF)4##
M)P%R&XZ*TMBA`XQ?R`+@6*^%1<L8.RW`!YB@LL)<9\1U2--"S](G79F;#31+
ME-B&UHI>U"42VCSX(%,%"F24BA\Q[3%D1Y7F*%.&3#@EL(4?OGB338D9WV-.
M)-^:IN2#<*+8G(66\2A4)";G'%4K%@+E\96Q+9+&'TG;1PQ,*U/9+FOXC%,(
M$A0S%,DX^%1MY3R23*:302;5Z"N/$<\WM(</UP0C"F,LBO.G4)+_2$TD+V+8
MM!5TX'$**H@G+@H==!@1HR&MQ4;+)TJ4YUL"8-`Q2.*)GW**'6[<(+@HX52-
MCSE3Q-@#':-L.LX\9!\#2A0QKD',N%:22'"SBY5T5\4SWADW>GI9%=E>?+7$
M-D4,9:$+B4I'+[V5VFIS1YG,SPC77)!1&_2)O#)%YV&5T754]X4Q5(4CQXP3
MSM[3QS]]@$4B:"17RRZHV$BY"MW13S;J%;/XMZ.2,`<GV4L)$M`0"31I`Q_9
M$!*`IB(6VKPO0&:3GP9-U8P>%$<Q8YK69!HCON&UIFB>,4B3F@5`WC&+=Q9"
MWIP4])`Y+>PMP&M(DR8ED,!8ITE>V%0&_S>('I"90QB">`)04,"=)B7@!HJ`
M$B[`D(`F5B$6`(,?5+3UC"PL+$?+L@D+$>+"@>`P)]Q)B0E9H[\QT>U`^4M,
M>RZ7%/%%1X3ADV.=$`.4,U1#*N:81-,.<*T4S:,;YIC%%V($(<LPY`"/3``D
M9007RZ$0>Y),@`]J,<'0B(4:6DBC7-2FE^5EY7XP6^-J+K4>5M:D;3Z98P+W
MN)):E:]AO;L(`5>RG!I9Z(Q;B`;7WJ>()D4&:,[)7G68\Q.2C*<H($S($5!!
M(MP]91YF&&/=MD>WQ11&E:+QWMR*`LO[Q9*&S(-94&*"H^0,YBH_H>&T+F><
M2GK$7P%*TSBR@?\,*E!26794S[(LUQBU(5">QRP@=B"#F3;FDI0;J=0@:!"+
M>R@B`9)HAA;:8(Y8Z``-:7J;T2(S&&GA94=WHB=I[.DKB%Z.G=J!"/]^4S#\
M6>>+<AQ)/)W)E)C!$4/L=&9)QU.9WQ7H.A7Y'69B)A$;:J]X(C6,^&#TDN4(
M3HU3(0L^C`$&T9&!BC0(PRR@5!42`L\]#IIAC.`YMZ8Y\H/3@0XM`SC*M8F4
MIT8B96F",Q/DU9)H_^O,27ED(^\-E89%K1MQ>)(9<([&883Q:S,OIQH534,9
MKG!$&+H0HTF.9X1V&0Y2NW=2<<IHGJ>L:5\26T/AV-,ZR'SF-NUR$!S_!L\P
M@D,>`*V:`#I0XUY/J<:L$H,\'-K0L50)[$H?Q!(QK(.(4RE;5*0;E=>9`V$Z
M@QU4RO*JD!GCN^!5!2,605Y&C)<49:L-(W3@Q--V*'S*2ZUL67K6$')&4@_B
M3BHR"#+84>,4G%U809`[E:%4=7^6$01T%YR?6JA!H)M)EL,D:U8W6J8(83"$
M*X1QP?=AES6J*$)+:(H3`DM%L!=JJU"LT`P&NWA*)"(#BDO@A5/\)RSF,,6+
M[FB@Z3!D$+$9(FO"H8U:.$%M-V&F>83V(7<F)`TOCO*>#L&05E`WJ]`P1!+^
MR;P$Z$`,C""&G@+TBCQ2A%(HTB4`T0<&X$KY_\V&G`,3JW@+:TI%6[*X#+-^
M`(KW50E,V5!$ND0XRY68."JDW<@"U@7G1CO:/A<]+<6.&12+'!HJD[4CA-2U
M)OG52T6Q&8<64^0^1N5N+.'(1@1C`Y7_D$C(59K''`SZ,Q)7;,DG2N9@`0L4
M3X2%B*W`B6">%KE;A&(5VN@&K*5RM5JF)&M3"D?JFB8+Z[*&%6_P@YWW9(4#
MC#0IA7&,5;>':Q,E$&:$70@<_*S!8-\I1O"&$1E.A#*=0KM*[IO'+?+@`T:*
MCSM@F,4]EEVE6S09F72TT*6?@E>'2=6M"?#$Z^+'-*L2>S[C$`84$N"%45.%
M&,MCV[TCMPPI),`,4_\QQS&.G(`VB,7CV\U&EV02!P#!G-3A`,6^<-H<3%WD
MP!!9.(<,V+!=YE0A,-0",+JAK4<[&D#9^$^Q8N,(,/K&+VUC+/XN)W2CMU0D
M"#5G3GKPAV9DHRQB(;C3UX[Q<'#"@]%QZ/YXHMO&IKG0VM.M[[`N0&ZJT%=&
M8#3;!V\J-"!Y;0=_C$?4*70XNH0];7&KG11=7U_ALCP(S21#H*#$S`"E!W=8
M!N%S)NIG:$'`N,S>52'KG.%T7;`6)D_OT(VIP3Y>*U)=3G:Z#",^L!J0XT`D
M;?H4&U=#Y5__$HU80,%7YC(&(RYO33.\14E+*O:MFAYEAOP7[HJ5DZ=[Q>O_
M,R^$>3WZ+*F4CP[W9!HVXJ``"K*`W;;O')ML'$()*I0PM?28Y!HZ/*$091+<
M\0G<`G/FD`M/T%Z`A6#7868E(72T!7M_<6OFEU<,U4ZO)!@V1$#6YTL@E!.H
MA4`8H6VA\3I<`&%%H7\,"(*^\U3.$7G5QQ!&P`?-`#_-X$5ZE4(^PSWH!B//
M,@VH<`9@LP`Z``:4D`TG]C!J9B`LV%1--8')H7<MU4BF=&:I]5YL`W9C4G0@
MR!!!(`9BT`AY4"A4E4``!"+*I1&2]1@I=GY"%4M06$F[I'LA(4.\5&Y;I`8]
M0`WF<%&1(`DW<`?:H`Q7$`;4,'J(F(AKUTZU,E_S_R43950^E7>&=2)7>E09
M)25?<D@8VP-;;F-[WL1;6A%[B\%6NF9?))0_N+(9RX1@#&4:K_>!7T<2Y9,2
MAL`IOG`);N`X\=81FM$6HP@<(G5+>46+%9B"RI2)G-@PN#0G"#=Y`J4_EC1N
MX%>)J,$2H#52;0@3$@&!M;<@(]8K$2$&\_<48;%J4$(+H(`'9,"+J1A-X/@P
MHH6&O)=N=25`M7B%W^A7IR08<:=B<[%8YP,T!#6*!$(0W&$&M1`+:C!HCV<Y
M.`*!';A:6X=@E45J7]$WU:0MQ;`*CG`'6C`$HI-PDU9%E4A'`TEI1N-X(BAW
MBJ:*5J$9X+=_LYB&+FA`=?]D9C+)$'Y0-DGC"U;`(!'FC>8$3?^3`#5PD0NF
MD>88#JR@"E`9"G4PE75`!SW0`SYPE3G`%)X521O(9<QR`#W@D,%H?835/6R%
M6V[(5$9C*-@X6](X"::"#[7@3T/5/[E63^$'>PWA%8KH*>/`+>;P#*8P!VQA
M*..DA>]D%T2%DY'"4N3&30T"6W^E2LB0>]W(?5<H@4>7`$'P)1_VE\(")65!
M%D]1:G4`CP#E@&;8@..$%>T%&$"Q!:<0FA]C#GQ`4Y$AD7(A&:F7$GB@#3<G
MFL,""R?X?U*%%^44C?BU=W@180P1!K3@#::&'^&0"D800GB8)%B(C3#!%&3P
M<L3_&3_5!!9C,0^R0`EK,%1MZ"9OPHT&=%5^0%8FPE5GU4M8!3[WPU<MT215
M@`SE.)[0%0M5%"-%8`IA$HX.TG!$,2=I8)OV41O31H\<@1H0Z%`-Y1&09`P"
M2GBS($EP<%T?(P:-N#;K!Q128&-7EA_51`R+Y(O/>:$C)F$[`64=RG;X8'()
M\`P0&A6QD4A9L`"V!1)-XB^G,YSW`3(Z\RCW&%,[(:.E^":7@*0WNF!S0!!T
MX`U4:A9D\!LLP07!L">Q(0MAD$,8\1;8>*%MQ)\)D`<W$Z!5ND$@$PZD4*`)
M,`C#"26P<`-I9!!6``I(F#NI$&!'U48RM)UR,H67DCX,_R%X<;IVTB`*GQ"H
M]P&G^#$/G2=@I"@MO,F/@[5HCQJJH`(@S=!OW^F*"%E2L:AIQA$1!U`'/2JJ
MLBHES]`;?,0Q`]669H6HEK):,ZHL*,`(;B8]X8`*@[9$.+)6OAIOS#`?8+-6
MO)4C/_`\H!8.P/`)8%`Y\39GS=(#:F"I4L(,J6.4VSA*I&03O%F1P&,38_!'
MT,4*!%!2%T<5L>$-E!"=X^`-]!$@D%!7"6`':D<?'?4#9L00N<`UV4`'#+$%
ME/HI00DTS'B4J]HS=O2+"2`&$;2EPL(T;3&O4U$-MI`,]Y!VHF8UXA,3(Y<B
MYO!@7[<&U+H:81&K>U(AF%A3;O^DFP,AH^^64BHU$(0`KAM+50QA!8-0M$9K
MM&6P+PLP;R9R-42S`"DK);I0!I$D..-Q!'4@"M'02<1B<,I94`G2B]^$(I[Z
M63Z6A5%P=AOD;D*!"*'Q&J[P`PG`M!M2;RT5M5HC%MZ0#*J`!TD@2CV5`%(@
M"\-B</&6@_>5=6IZC*?((]QQ,0'[*1MC<:(A:GV#7=H5L"@C5'A;@JS!#(A0
M!JA0.F1C*M?%"D&0/N$)M/E!%JL@MY((C&*'%U!ZE'/'%%(0"U$7N7N""I*7
M!=(P&Q\C%MV0#<\0"4+`$*8PK&_K#8K@3C[0#,D''A64-BD1?W<6#FM@0'[`
M#*G&O"/_&QO/T*68T04-RR>/`+B65U!0N!4NE)FY=EMT4I-IY2N(D@!(\`?N
M^BF-P`1*P`0`',`"/,#_.\`&#,!*P`@R>P]5X+\%?,`0',$`S`GWDD':T`RN
MH`=AP`0O@@*0Q!V3I`-,T`6%,`NN!KY50@M'IH0QE1E#\X2N94#>&$/VLYE-
M\Q-#.A!<H`NE(Z*S.BRF.2P>=@M5\)A%>9`4*Z0>\7HMZ8QO$T,'F4Z8L06Y
M`"`+_,-.)VH`X@E#H!UT(H7J9T]=R)N1QQG?5E3+5'O2@@)*L`>L$$%83'B^
M4#EE!*,,@UHX.7F^L[@J85"4Z<)QQU`9P1U5`*C5&<<+%@Z7_\!,)QM&FRB-
M>0QTH[2JG/E\K:I+`!6!0,,$?F`,*(S(2A,.E0!#F8846<=</Z=3OM&IPB%;
M+FPH@X&FR9F&Z>.;3+1"":`%::`(G-`,I0(EB0`C/J`(U=!TH'PB4!(.J;EZ
MTOB-4?IS_\/'/S/-E2P4,2./Z^1]=32,RDF'*9$$K'#%:Y=/V\(,GI`':[`&
MC*`*L8%=[:(-47?(H<$,A6*[#J=U<&DKZ)IF[V8KZS%"FKJ8>26)>$<@Y%?*
M>Y4`BL"Z##8+73II;24&URP^I,!N5"$6^'!Z3_B<(-+'SP<1?0HQ9/N,12,I
M:A8^E]=:I_H<=6,_F)R"?U`Z4@$EQ?_$$'OP>RI[GN$@#(-`J(OU!F\@":*`
M"SIC#J1P"!L'R/=8A]A8=X<09+?)#!J-F&",''QW2KQJ'PMJE@+E>#?KA@C"
M:_C9<^?GQ2[AS1%Q!7&PUG#P3P)1!O)<'R1B"VE0H'`5>PO#-F^Y>')4A0=Q
M`+3P7#!K#B=83ZUTJ'?%OI]Q=YYZ5R#BUXJMUY7'B<DIT.]8S72EFD`A(98*
M)80020'UQPK5T8::S_&HBMR!!UQ+0>;@"YI:E-.BUSS(J6F&&2R($C_5.WYW
M6_Y*BA]DEH]=>?-()@.A`ZZPVM.5<R&8/N]5S8'LSQU]%]Z<$%]`"T1V,U-Q
MKVA(=TT6C;;_\BQA4;I%#;XM6#0\2[%(%5OPV)Y]W9M*0J,?4J%9(1D)$`9$
M-BYA$<P%HYA5Q2N`Q9:@Z)A*F,D%Y)U4<`<([@;'.D=H'=N<R'YQ`B#7DP6>
ML`H6;@O0``<HP`;:@&D&U619F%#EW=LR58'-=)^JZ60Y)5\1MM23@HT_``C&
M0!;<A0_1``6(\L3%J..?E6DL[7]U"(SS=<2&;<TL3+'_O4[[/--94`=E<5%E
M``948`N'5'7'P'!UXL7#W;B^W4H5J3_-^,@]YX\G91T',D^X@F(P6!HAIXF)
MK2R>YX9F[-W'\^#NN84FO<I9E0Q@T`.+P`BYL0S+P`A^``52``W'_YSHHP<[
M0_0O>AL@Y+U0[GUFO"*06>Z()O757IY]/O-%Y)>3;O)]AU?*ON-U*0F79+Y<
M*QY"Z`19V6@@-7O:2=9XO!<MI85;,8*FBZK;#(,:2N&`>&RN4;S=]U5&\GVR
MU,*/2&9TE688(1Z%G%EA;%6S!Z6&,]9E>,['A66SC.D;0P`&A@"24/!U,XH^
MT&G0[YBLDYZ)I]&/9II^X?C2\?G"/9;)\/2.S/EPCVW59BN.,;S7"TJ'$;&X
ME)'9>9P`C]#AYA@;RR`*>O#0!]2`OM[<BA=8.%M*B1M'W^;8%)]2V,/J;$Z,
M#$YW[7M4P0Z9K$=+!/D3,YQPPGZJOG(&`?\:&[A@"X.P!E=PF$#A;:E75+=M
MZ3?BA)7-OCWN=>/#2@7YFS;<R&K(/[6(UAY2D%9X[PG`!,F;U^TM;-L'/@OH
M?$]<'DP`#*U!%J%V#Z=#%MH2"I/`!F4Z5?2KJ\Z$6,`MX':HX]M=B_"-0K/4
M,S>RS;S^3,^QY>FD/1D!!]40:G@@>3:<U?7A?ZEW'#>5`$II(O,`&_\"#;9P
M"H*P!E4`!<;$U0X2;MZ<TAR_H(B1C]`\YW%(/I9'U@ZEC`OROO2T>BXE%%#P
M/&Z&#]-0!N"VGXQ/'XS;^GMI$)/?*4+B#:;@"7J@!H4-;VQ)]<0^0L(&R(>G
M\7Z_[^P+3WXM6$W_G$SSE,/NM$O!SA"Z(!J?(+>I)2EJ>N:^"%1>"A'%WRD^
M^6H`\WO44`OX#PJ```A_\`=B0`4`045@CA()2I18L""!08,%#R98<!#%PH()
M4*!X2+%A1HD+(6;<>/"@0I$B(SIT2'%D298B56Z,Z+'E2I8*(YYDR5`CL'L]
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M2+KI$(.(O\(VF@.M\!Z$,,+6PAK'G&S""@LL2FY[J+C1('O*II9&PPC$^X`+
M<;(AC%'+JV.HX.TH`V'KCSC]#K.O!!2TP$="'W\$LJMQD)DB/\4F8RBQEC@4
M;:KZ*E+)J`0.2``),NZ0A)EL5ILGE2+X(RF!&5]C4K?!CGQ("5R"9+--'\UQ
MQH\H"(O)QL!R"_$VW)H4::*HDN1H(B+F"*66[O]:PTH5)/S#+:8Q77MRR>'N
M;`@%55IT,U--7TO#Q)0DBRDWP/#\5,DEH71#&F_.&J<YUT[Y<C?.'FW-QDF-
M,TFG!%YQ<%-??^4*LUA>>641/,HPPH>[;KVK-!0+PPC-DG9H99SOO,'EB.!0
M&HY6UDJE;#[(%FH$6'//=2T<2'HX#B0CS'`$%&:(<22**'/*#K+'D%,"&7-<
MG=`L1DS4\U//P`L).PZ?%`Z25M&%..*FL&JD*H:X($:;<"H\"Y]QJAAWOR,K
M38`(8\*:+IMP[O`HS'8M]G:U7!$3#<H[P.I18IUW)L;>3XZQ8R$XK&T*$(3^
M%,PBQ"82Y-#7S&DFB?[_:O0M9M"*`A3/B"9"P9B=OP;['GRR&8J+9XA>:AY`
MDE1PI&AS2H`&1L+)>;IYS!&FBXD\)=AJKVZ"6[OA`@R[\(AG60B2C9L:QQ"8
M:.[0H"D,6>;?>>J&;9Y6\09C:AVC%!-AZ[)#D;\$TC`\]7/GZ8/*9\AB"K-@
M"CEBHCOA=D(4M#"5\*P!2_VM0/`08I)T!!.0PVG5EV?3EB)<-PLT5F0:2<H_
ML@$XPF[.8J8-TQ.RCB&_NWH9Q](6\B1[YM?W$1*/1#$'[6#?2)#M!!`Y2_WP
MS))FC;VCW)=.%#(^KB2G6;L)#`U$@3GV-1!"<W@(%8RA/Z8\PS8-(<(H>!>A
M_["H0@KZ>IRD0O>=Q4!N;V\PQL,<N$+P5&@.=XF$\I1R%FULYB4_"`60QH8,
M^B7,24CR"`&W$BJH/,LWP%`A"Y7XG6=`P2.$H"!0<$$%V]0A*3+T#C[F08U1
M%&%O*#!>1DYSNQ%ZYTBFF5E!:!'%);81-,J0SRWDQY1Y].H>8=G2C\R1B`-0
M24'4JXF3RC@=^R&P.(YP8R(5R114Y``O9PHCOHPB1*V<RED*0>0B-=G&RXWC
M#;@"I1@+)AA*-L4A>YJ,8TJ0R4VVTH&R(<:=ZG0F)96H:@@[3G(^Y`@VNM*7
M.YN'-P(A,O\\:RJX*253_BB<SBR$"L>03=CF<;<'C?\-B^&QG`[_M3'U4;-"
MOQH'XB(SSCT1)S$#Q.6(M),1*)PL;!8R13SE.4]ZUM.>I"`%-4"3"GOV,YZP
MP-Z/EF$*/LA!#EXX"A8,*@=)D((5VNA&+WMG!4#F"%#!RU,REQ(R2PXG#"C[
MFFQ(L0<^>($&+_&($J"P4I:RU)$+\2,L0#,+0NQA#Q_,5T9^@`:2RB(:$@6-
M.4)1&Y@.@0U\2(4L9+&*/7QA"'GI`2N`"B%6^)%.ZU32:0Y&PMMU]5.S9`3S
M!C&N!5@F6*M@`I6:!M*NF$,;BCAE1:C`0/"@!1#Y.MTU[]&-1G@D#K_"!T7G
MLR#(W9*KH@KDT3SB-=5-;V'_E>&*;/`!#2^@(`RP\\I9A%&F!-1ACG7E`\D2
M<`RNW"T9]DJ`/GU%49J!R3%9RXA&E0+*P]!R(7/;X-=:44[(9C8;%XK?9[<2
MRZ(LP`X^"L<4FID&9FBQM.'(XZ;,(0>8F(Z6K\V);'_B+'`=B0O4R.W.6@$\
MLS)%&]GXPP+<(-S5$(.9$#EN[R91O\<XX1/0P$J%Z'HN020()"(R2D&*XQO>
M:-<G4VL9*@-\D%G\RW"[K6YYEQ*.0BR$#-\A+DCB&Z$*R8()N;R+$,K@B%N4
M!5WSN,4/P;<@NXP(*</+)1%/E9<^T.W!.+*-@*5D$0MC&#<>V;"/M(&,1/R`
M0+D4_\,I5&NN%$,'11\BWF1(8V#J/!FKR8E"-U(WWF;201E?!O.7DR&*,O38
M.[%\;)"!%)9;)$*P2LN-%&2!E5^E^$12)LF*#Q,^*M_#,#1Y7/`6\`.9/AA*
M%4'$9<(QE`N?F5((47-XYCA-CE4H%Y/80@T64B*/0"$:=0811D<U1DKUF5(M
MOO)M%I(&O:)KO,/I+5/HEJ%6<P7-R(DT>##4%6V8PQ5(:)E'SL!6-V6!8$D[
MT:2Z-3QS=E27'DF>-MA[KE90SR`2!LT6S>&-_3(%S5+)=5/REPUJ./@GY@#&
M0J00C(BVVBQN>%M!R/#--FV[S)RYB:J]FAB(3!(\6B7-@O]+5Y$IS&(<'A.O
MB=YPQRC&[V[QH]\![&".;OLD?K]C"1ONQD:*W\,9<5@(()9"\3,LI`9]H(;F
M9.CP</`!C%`"Q1W;-`]G4/0B1W,9@8W9)S&^^#MHW$^9`O/8V]9:4RQ34"*(
M_9-Y;,\<HU##WJ:P#,Q.+!QXP+%%#`'<IM0Q&W<(PD+,MA394.(X77B%QI32
M]''T#SI=$$;%(Y2M41HL<%(VIJGM<]'\M&WH"XG"*L++)E-(P?"HU964H(2C
M'=\%"LW@"AH,/P0_UD^Q`@:)TEIVD.]>,Q6UJ?Q"H"`&/_AA#5)XPEUZL(5)
ME#NB;)J'-ABA`_P`#E#Y%N"`?3/_2!H145Q7_7-);%<0/E!<Y6Z*'VLHV)VI
MEN<[1E\[YEPA"NJ+X@V(J+XJTM9\V`0%#8-U<6N!%UL8<\LD.96Q?S3R-K'G
M(OF_3-W&*,1]")F%%<JR=F)AFZ.'O#PE>H\RK/&<ES&,Y-@"7]`&:H*_!7R-
M6>LA4L$3)[N[O>D04ULQS#.2/TF(BC*@C=@"7,`0^F/`5CJ+;>N$IQHZJ>"[
M#L$Y)Y$26.NSA$&0``0)"`2T!,""5XB>$>3!M.F&</"$'F@60+H.#0RP'QHX
MG_,.W4,E_("2.E&,].N3!-B"2@`&M.BX'F1`?*B$IVJF&`,TQ#`>X2@=)3P0
M?`&E6T$2_VDI)M\;`T9XG0R1.RUT(+0@!"/B"*&;,<`1(P$3#G_CJC-IFZS9
MEQ,9#`$JB,I#`2IX!&4003HL'',0A1HPE:[*O^K`.[\3,``T&%I*(V2SCR;<
MP[L0`UN`/D@LG'!(A,<20R3D-]!)0]Y[C:.AC\(2I-$014,,N(#S`3:8(`5$
MQ?7)AM!*PG4".KLCP$/+E1A4IV/RQ&U!0G,:%Y3ZG(48`D'8!9_(BAYI#O4Q
M"U<!QF#4H4LP'Q!1PQLAM:'[$!DIOS.Z%QMD"(P0N*!C&R=D#(]``C-8A%`@
MAK,YBPF3AI+R`D=@D5,41]>(GR)81S.Q1<+B*.$Y+#:4I9J`M?\.&2-S+(P-
MC*O!FI0>*((Z@`150`9C&(J_FP+%><2#U(HZ,H=4"#V=."5/,3_=HT%^ZS/%
MPT,@VA?<B+?"HHE<#+50"Q,>VS3;R0O;*8-CF$--FB;5Z$9MM#AKR0IK,;?8
M:94-,9%(>I99VCR);)F;-";B"*#1^3N^.R:?Q#.QO#S"ZCM=60@D6(41/`M=
MJ(0V$`*/F(@<"(-0(!I\,(9`&((M$`00U+*MN!M.:#9E3"-!])RHV$!9=(TU
MK$5ID4$!7,AC4TP;/#5!XK^4((-F,,CU"8=H"`4I.(";X*V#8`)F.(7:89L>
M<)BET\:SB`1`^HV+JDQU(A6(X$3P>T7_,LH1WQ/`P#$@>NQ,Z-#$NV""7#BX
MI?C&\DA)Y5.+.3HXS9FVL*B%1?F(2+E-@XB6C:""6IBV;92$`[(8_[+'@`L5
M3T&GB&26R;1$RIB9[1R1_1LLAKD/53N-=%P((\`%E9DA"PD%2(B%T)P0<Y"&
M42B$,6#0,<`#2("$3W@&9[B,6G"BF8$R_LR+(9B%TC('Q/3#%!2,G,.+",R5
M!#$UT\&[4((;\,&H&K&\BN*WD6$6@L&H'P`&IS$'7&""AJ"!/:B&!QD'CHF&
M3C""(0Q*HB2")$@")#@IBU@PC;P/O!+$A?"""F&O.@)"JT(@*:N?_6,Q,Z21
MO3,BV,JI?4,P__/YCR'D0ZPB-9G,BZBX'BVR$%Q@+2A!`EV8INEH%7R(!D(0
MPA*U#GO<B(N`4L=$CC9=09?`B(EKM7FH30+YB'0LIC)]";T[2[44F4&-R58,
M'L:\LQHT/[M04XZ0,8\(O?O0`4<PT+&(!<13TS"Z3<5XQPW4JLX`RHIX@V<H
M+6T@!#(TSV9J0DV5"N+!5-'XL?.KSUKDP#4M+L!HMMO+2%$4M6-4PQ(R"B^(
M!AO+++!`!.J!0OD\1+143R,YGB/TB`.LNAD*!STXH*"TN]\@'66#S-;`0`@4
MN$:A59]\QA0)MM9Z1A6MP=_+0WGT`5BHM;#PAD'0`5U9DB]$J;-4O__C("(-
M#*0S08$8VC6FR(8Q0,3.]%(;>4@Q)1,8!5B1X31<Q3-+W=1B&I6]Z]?ZQ+$!
M+`B1VXIQR(9C2#W->\CJ*J)R'!E*>5.5==C%<R86B:)O#2$6M$B1M2ZI(-G(
M]$,PO;OBV32TI%12$9':,HY"+*%12QI.):;`X(+*T8IP"`1K$Q<R])S[_,1M
MJ=%0`[Z%(()3``L=90.9<,Q/G->I>3F-\!9\0`M<J(7"M:,#H\^Q%<JQG5$Z
M`3B`"Y&<\Q#(:0P:G-3U/#24.@)5V%B@,(=.*2S2*=54HAJ1036?!<ZJ38`J
M6(1M=2MS.(02C=D518EXVZJ?&)MLV`PAZ(/_4`"%1/B@-1`&5XE"9H6U)'G/
M7.*-H7RM1XK`///2E9BEG"S=$II)B]@!0O"&.?(84T`.,A4_K81)"`1:,/$O
M*+1/M\PQ1#Q$5-(7BBR(,3&'6A@"+YB%DF.#-#B"1("&-:B!2SBP?1N.7,6\
MHIW=VTE6(*H>S=3$C$S=2`D757."6("N[@@+QZ%&6LR-<@K;\3W@4*):-(Q9
MC3Q"M@S;)9%?++""K%"$!)"$7$""-@`+]2`M/Z.M$H7?&03.RKVSF87/%QU`
MS`7%3\U#XEE:59."1@!!MPJ'91B*%_40:NS*Y&U<%E5&\_%:S:Q)9QU8`EN`
MX8/(<\."+P"+53R$_RL0`V8PAV[HE!HN7J85T0^>7/0MP/,QDG[SQ*,XU<D\
MQ.]95+BQC;U1B.\,M%&147(-T16%R5Q$D)P#E_$-%XG\D#R3Q7F8KSM(ACI`
M@3QHAKR%!$DHJP`.#/?U+^0,0!RV7K$4D7$B*R3<VR9QV&NMC\U[1[8EIGF$
M)',U$R"&'"C,-U!,/\7KXV5"DS,5PR(VK!F*!2<0@D#`!6^0AENX`R20,VWP
MB;?`9K?(!$ZXA$O(YFWV9FUVBVX.YVPF9V[NYK=(9W!.YW%N9V\N9VPNYWGF
M9GEF9T[89GE^9WFNYWP>YW^.YWA^BTP0Z&P>Z'ZN9X/&YW`FZ'JF9W@6YSN&
M[N=+\&>'3NA_MNAW#N>-5FB,3FA_/F=USF>*=NA*:`;V<JM:*`2YR(-5*$R5
/A&DMG+:H%!L,49Z````[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
