<SEC-DOCUMENT>0001193125-14-437567.txt : 20150122
<SEC-HEADER>0001193125-14-437567.hdr.sgml : 20150122
<ACCEPTANCE-DATETIME>20141209152105
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-437567
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20141209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA BOTTLING CO CONSOLIDATED /DE/
		CENTRAL INDEX KEY:			0000317540
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				560950585
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4100 COCA COLA PLZ
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211
		BUSINESS PHONE:		7045514400

	MAIL ADDRESS:	
		STREET 1:		4100 COCA COLA PLZ
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

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


<IMG SRC="g834784g89p34.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Ms.&nbsp;Tia Jenkins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Senior Assistant Chief
Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Office of Beverages, Apparel and Mining </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">United States Security and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Coca-Cola Bottling Co. Consolidated </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December&nbsp;29, 2013 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed March&nbsp;14, 2014 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No. 000-09286 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Dear Ms.&nbsp;Jenkins: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">This letter is submitted in response to the comments of the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the
&#147;Staff&#148;) on the Annual Report on Form 10-K of Coca-Cola Bottling Co. Consolidated (the &#147;Company&#148;) for the year ended December&nbsp;29, 2013, as set forth in your letter dated November&nbsp;24, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">For your convenience of reference, the Staff&#146;s comments are provided herein in bold, with our response following the comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>Form 10-K for the Fiscal Year Ended December&nbsp;29, 2013 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 28 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>Results of Operations, page 40 </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>2013 Compared to 2012, page 40
</U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note the decline in bottle/can volume in your sparkling beverages (including energy drinks) in 2013 as disclosed on page&nbsp;41. It appears that your total bottle/can volume decreased for the year despite an 8%
increase in still beverages. Please revise future filings to discuss the material trends and reasons for significant changes in volume sold for your sparkling beverages as compared to your still beverages. In this regard, it is unclear whether and
why the &#147;cooler and wetter than normal weather in most of the Company&#146;s territories during the first and second quarters of 2013&#148; had a different impact on sparkling and still beverages. Please provide draft disclosure.
</B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">The underlying trends of still beverages and sparkling beverages are different. However, the total volume of the Company&#146;s products is
linked. Still beverages are in a growth cycle, driven by changes in consumer preferences. Consequently, volume in sparkling beverages, which are in a mature state, is growing at a slower pace than still beverages. As a result of the linkage between
sparkling and still beverages and their respective growth trajectories, <I>both</I> sparkling and still beverages were negatively impacted by cooler and wetter than normal weather in the first and second quarters of 2013. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Ms. Tia Jenkins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">December 9, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"> Page&nbsp;
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">In future filings, the Company will provide
further disclosure to describe the differences in growth trajectories of sparkling and still beverages similar to the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:11pt; font-family:arial"><I>&#147;Although
the total bottle/can volume decreased by 0.9%, primarily due to a volume decrease in sparkling beverages, significant growth in volume of still beverages helped to offset the decrease. The growth trajectories, and driving factors, of sparkling and
still beverages are different. Sparkling beverages are in a mature state and have a lower growth trajectory, while still beverages have a higher growth trajectory primarily driven by changing customer preferences. Although volume of sparkling
beverages declined and volume of still beverages increased, the volume of both was negatively impacted by cooler and wetter than normal weather in most of the Company&#146;s territories during the first and second quarters of 2013. The Company
believes volume would have been higher in both sparkling and still beverages had it not been for the cooler and wetter than normal weather.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>Financial Statements </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><B><U>Note 1. Significant Accounting Policies,
page 66 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please disclose in future filings the factors used in determining you had one reportable segment, including whether operating segments have been aggregated. Refer to ASC 280-10-50-21. Please provide us your proposed
disclosures. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">The Company evaluates segment reporting in accordance with ASC 280 each reporting period, which includes evaluating the information
used by the Chief Operating Decision Maker (&#147;CODM&#148;) to review performance and allocate resources. As a result of the evaluation performed as of December&nbsp;29, 2013, the Company concluded it has one reportable segment. Two operating
segments are aggregated into the one reportable segment. The franchised nonalcoholic beverages operating segment alone represents approximately 97%, 95%, and 99% of the Company&#146;s consolidated revenues, operating income, and total assets,
respectively. The internally-developed nonalcoholic beverages operating segment has been aggregated with the franchised nonalcoholic beverages operating segment due to its similar economic characteristics, as described in ASC 280-10-50-11. The
operating segments also share similarities in products, production processes, types of customers, methods used to distribute products and nature of the regulatory environment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">In future filings, the Company will provide further disclosure on its conclusions regarding segments similar to the following (using 2013 figures for illustrative
purposes), assuming the same facts and circumstances exist: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:11pt; font-family:arial"><I>&#147;The Company evaluates segment reporting in accordance with ASC 280, Segment
Reporting (&#147;ASC 280&#148;) each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (&#147;CODM&#148;). As a result of the evaluation performed, the Company concluded that there is one
reportable segment. ASC 280 defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and in assessing performance.
The franchised nonalcoholic beverages operating segment alone represents approximately 97%, 95%, and 99% of the Company&#146;s consolidated revenues, </I></P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Ms. Tia Jenkins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">December 9, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial"> Page&nbsp;
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:11pt; font-family:arial"><I>
operating income, and total assets, respectively, as of or for the year ended December&nbsp;29, 2013. This operating segment has been aggregated with the internally-developed nonalcoholic
beverages operating segment due to similar economic characteristics as well as the similarity of products, production processes, types of customers, methods used to distribute products and nature of the regulatory environment.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">The Company supplementally advises the staff that it does not present separate segment disclosure information to reconcile its reportable segment to its consolidated
results as such reconciling amounts are inconsequential. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Supplementally, we also note that the Company is going through a publicly announced transformation, which
includes integrating acquisitions closed in Q2 2014 and Q4 2014. Additionally, the Company has publicly announced the signing of letters of intent for the acquisition of additional franchise territories. This business transformation could lead to
changes in how the Company manages its business in the future, including potential related changes in the internal reporting used by the CODM. The process is ongoing and no changes have been made to the operating segment structure to date. The
Company will continue to evaluate segment reporting in accordance with ASC 280 at each reporting period and make changes, if applicable, if such operational and reporting changes occur. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:arial">The Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">it is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">it 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. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Thank you for your consideration of our conclusions and proposed disclosure. Please call me at 704-557-4219 if you have any questions regarding the matters addressed in
this letter or require any additional information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:arial"><U>/s/William
J. Billiard </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">William J. Billiard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:arial">Vice President, Chief Accounting Officer
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Raj Rajan </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Rufus Decker </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Ruairi Regan </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">James Lopez </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g834784g89p34.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g834784g89p34.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``@&!@<&!0@'!P<*"0@*#18.#0P,#1L3%!`6(!PB(1\<
M'QXC*#,K(R8P)AX?+#TM,#4V.3HY(BL_0SXX0S,X.3<!"0H*#0L-&@X.&C<D
M'R0W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W
M-S<W-S<W-__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`'``B`,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/?Z`"@`H`*`"@`H`*`(+MWCM7:/[_`'XF@#"GOKF*ZD5)WV
MJY`!.>]`'1@Y`-`"T`%`!0`4`%`!0`4`%`!0`4`%`!0`4`%`#)E5XF5QE3U%
M`',^7F\D5N0K\^_S4`=3TH`*`"@`H`*`"@`H`*`"@`H`*`"@`H`*`"@".<XB
MXZD@#\Z`.6WF*63<#GD'VYH`ZQ3N4$=",T`+0`4`%`!0`4`%`!0`4`%`!0`4
M`5M0U"UTJPFO;V98;>%=SNW:DVDKLTI4IUIJG!7;."@\>ZM?W-E>V]E#;Z3=
M7:VUO',&:>ZR<,PQPH`R<GTQ67M&VNQ[DLLHTXRA*3<TKNVR[>MST:MCY\KW
M+A6C![$N?H!_^J@#EB<\GO0!!JWCL:?)!I&E6ZWNK&/,@9ML5NH'+.W;`YK.
M4[.RW/6P>6^VI^WK/EA^+]"A:>(O'FJ65P;"QTPRV^&)?>K2JPRI52>,CU.?
MI24IM:'7/"9=1FO:2E9^FEM[O_(E\.?$V.Y%[;>(+-M/O+%&>4A3LP.O!Y!S
M@8[YHC4_F)Q>3N'++#RYHRV_KL6(/'-Y&XN=0M(8H;N,&QLHVW7+N6PJL,\;
M@<],`4<[6K,Y9;!KEIR;<7[S^S;K;T_$[:$RF",S!1+M&\+T![XK4\:5KOEV
M)*"0H`*`"@`H`*`"@#R?QA=3>-?'EIX1M9&6PM6WW;*>I'+?D.![FL)>]+E/
MJ<!".`P<L9->\]OZ\]_0?-XQ$VO"UTB6SM-,TADCA$D0)N3N5&5&/W0`>HY[
M]*.:[LMD*.`Y://63<YW;L]M&U?N7-9\;:MJ.KRV_A?#VEG(D4DRQ>9Y\K'`
M0=@O7+>WTIRFV_=,</EU&E24L5\4DVE>UDNOKY&;XI\=:M-)?W6BSQ0:=9.+
M17,8<W,K=0N>@`!.?IZTI3>K6QKA,LH)PIUTW*2OO;E7GZE75-7U_0;4WE_-
M%Y*VZQQKA=TLY')P.@7G_OD>M-N4=68X;"X/&3]G23O>[WTBOU?ZD_AK0S8^
M%/M]Y;S7-SJ%U$][L0R2>03N"X'/S$#/U]J2C:-V;XG&*MB72IM*,$U'HK[7
M^73T/2=!M+B&VGN[Q/+N[V4S2)G/EC`"IGV4`?7-:Q7<\'$SC*2A#:*MZ]W\
MV</XJ>SUKQP-.(CBLM.A%UJ<X49?;RB'UQD<>_M6<K.5CVL$IX?">TWE)VBO
M7=FWX1\$Z?I3KK4R3S:I<#S&>Z(+1EN2,#@'U_*JA!+7J<6/S&K67L(V4%VZ
MV.RK0\@*`"@`H`I7.KZ;93>3=7]O!+C.R20*<?0TKI&T,/5J+FA%M>A#_P`)
M%HO_`$%K/_O\O^-%T7]4Q'\C^X/^$BT7_H+6?_?Y?\:+H/JF(_D?W"G7=-D@
MG>VO8)WAB:0I'(&.`/:BZ#ZM532G%J[ML>1>"7GC\*^+_$_+7KHR*_<$C<Q_
M-@?PK"&B<CZO,5%XC#X7[/\`21;\,PPZCX$00Z?YUKI4,UU*TL8(FNB&VJ,]
M0HY/_`11#6/H98R4J6,UE9S:2L]HZ7^_I\RGH>OII'PKNX-&1I-1?>]Y*%PM
MN"=H)/<D8P!]>U*,K0T-<3A77S&,J^D=++OU^[N8.FWGVN;0M)L[61Q;*9PC
M+Q).W\1_V1QSZ`TD]DCHKTO9QK5ZDDN;3TBNB\W^;-KQ&G]H^+](T.>=I;>S
MC$EQ(QR6XW.Q_`?K5RUDHGG8!^PP57%15G)V2_!+[V;GA77;ZZU*+6Y[YH-/
MFFE1;4`>6L$:%BQ]P0.:<9-^\<N)PM*C%X6$;R23<NO,VE;T%L?'%S=:NFL7
M^H26%F9&-O9.`L<MN$<E\D?,VY0.O6DIW=V=%3+80I>QIQYI6UEU4KK3R5C#
MTF[O;30;OQ#>VX>74KP/:PDY-W-D[,C^XAR<=SCTJ4VES';7A3G6CAJ;TA'5
M_P`JZ_-[>2.F\+G6W\;W,%]KUS<VFEP![S<X$9F8<J,?PCG_`+YJXWYK-['F
MXSZNL)&5.FDYO3O9=?5_J=U_PD>B?]!:S_[_`"_XUK='B?5,1_(_N#_A(M%_
MZ"UG_P!_E_QHN@^J8C^1_<'_``D6B_\`06L_^_R_XT70?5,1_(_N)[75M.OI
M3%:7T$\@&XK'(&./7BBZ(G0JTU><6EZ%IHT8Y9%)]Q3,DVMA/)B_YYK^5`<S
M[AY,7_/-?RH#F?<CGM8I[::`J%65"A('8C%!49N,E+L>2^"]63P'=ZEX=\1P
M20PR2[XYO*+H_&#T!R"`/UK"#Y/=9]7F-!YC&&)PSNTM5?7^D=Q%XA::V$'A
MOP_/<1`85W3[+`/Q89/X"M.;^5'B2PO++FQ-1)_^!/\`#_,Y3Q!+XZT72YIH
M],T==.ZRV]K#O`![L#U]\5G+G2\CU,+'+L1447.7-T;=ON*OA_QA)-Y<.N:&
M+!I2$2_2W*)CLK<<#MUQ3C/75$8[+(J+>&J<UM>6]WZKS,S74CTGX@RWE_%,
MVFWT#1"6-23RNTX]^/UI2]V=WL;X1O$9:J=%KG@[V?D[EK7DN3X4O;RVLWM8
M?)6VMK8)ADA+`NQ`Z%L#CL!SUIR^%F&!E!8R%.4N9W;D^\K:)>GYFAJ5I=WG
MPTNM1;3FMUALH[:SMV7+I'E=\A'8MC\A[TGK"YK1J0IX^-/FO>3;?GK9?+\S
MG3>:Q'J?AN9M"N&M=/L?-M;;!^8JIS(W''S`''H!ZU-W=:'H>SH.G6BJBO*5
MF_T7RT]3L/AAIM_-9G5+^&2$2222Y?(:XD?JY']T#@?5C5TT[7/(SFM3C+V5
M-WLDO1+IZWW^1Z-Y,7_/-?RK8^>YGW#R8O\`GFOY4!S/N'DQ?\\U_*@.9]Q5
MC1#E44'V%`-MCJ!!0`4`%`"$`]1F@#D8_'<":U>V-U:^5%:O*AE23><H8P,K
MC(W&0!>N2"*`+TWC"PAE\@VMZTXF\AXTARR/MW!3SW7D8SD4`9"^)K.[C&G"
M"[2:6[>(>;#@;@NXJ>>,"@-BC!XCT^>5H4,HE52X1H\%@KE&V^N".?;!H`U]
M`U*"[O8YHTE^SF-Y%G9,(ZC@D'_'J.:`+=KXH>;2K;69;(1:3<KOCD\S,@#$
M"/*8ZOD8`/&1F@#8T_4[?4A.(@Z2V\ABFCD&&1L`X/U!!!]#0!<H`*`"@`H`
M*`(Y[B"UB,MQ-'#&.K2,%`_$T`$$\-S$);>5)8ST9&#`_B*`&+>VC71M5NH3
M<#DQ!QO'X=:`)&EC218VD4.WW5)Y/T%``9HEE$1D02$9"%AD_A0!QEUX-T>X
MUBX^U:L?M4\TEQ%$&171WV<CN0/+4@'O0!I3Z':6DR:A?:F(YOMJW<DLFU%=
MEC,:IST&W\<T`9<NA1-=M<PZ@R%;NYO5?:K+EX]OTQCG-`&1%X:LWLUA:Z:?
M9,)HY5VAD?<S'D=CN((]*`-?POI-M8WZJM\9;>VMGA2)F&$C+`_-CKCH">U`
M%FV\-V+Z7%H,6O,]I;\VT*,F^/:P9,GJP0@8_7-`&UIVD'3;R[O&O&D>[;S)
M\H%4L`J@CT`50,9]Z`--Y$CC+NZH@ZLQP!0!$E[:2.J)=0LS?=`<$F@!&OK1
M'V-=0ALXP9!G-`"S7MI;'$]U#$?1W"_SH`E1TD17C8,C#(93D&@#AP5U?XPW
M5G?J)8-+TV.6U@?E0[L0TF.YP`N>W/K0!;\3V\?A/PIXHUK18A!=RVS3$(`%
M614QO`]<8)]<4`8.O:/96WP72_L\1WMC8I?6]XO^M$P4.7W=26.<^N:`+GBC
M29?&&E>&668V6J/&;JWN$X,,PBW#_@.>"*`%\+Z^GB37[![ZTCM]=T^WN+:^
M@*C=%(&CY!_NL.0?>@#*@E?0O&O]D>*-*$EM?:H;O2]8C&?WC'*Q.>H('RCV
MXZ<T`;&D2#6?BOXGBU%%E72[>WAM(I!E4612SL`>Y.!GT&*`,GPVW]G>,O&'
MAZ*,'3+619K>+^&/SHB60#L,C.*`(OATBQ_#W1@BA08F)P,9.]N:`+W@.WB/
MCCQQ^Z3!FA4_*.08AD4`8FG:19R_L^B_6)(+ZR@GNK>ZC`62.2.1RI##GMCZ
M4`==K.HRZI\.+"&YG:TN];MHX7=%):,O'N<@`9Z`_G0!+X3GM_&_PZT]=3CW
ML`L5W$PZRPN-P8'L63./0T`9'@SP[I-SKOB>0V,*2V.O%[=XXPK1[8TX!QP.
M3Q[T`4;>R@N_'7C.SDT!;^"XOK2.24!!Y`:-<M_>SWR._-`&[K-I;S_%WP^L
MT$<H;3+K.]`V<-'C.?J?SH`C\*(=)^)/BC0;/Y=*$4%Y'`/N02/D,%'8-C.*
M`-#Q%9:.?$-KJG]K_P!EZU;1&,2K@^9$QSL=3PRYY'0@TKI&]/#5:BYH1NA]
MC>>'[=;TWFMK?RWP"SM,WRE0"`H4<*N">/<YS1=&GU+$?R,Q!I/AW^R4T)_$
M[R:`C`BQ8@DH#D1F3&XIGMUQQG%%T'U+$?R,WKO4]$N=3T^\374A6R+8A0+M
M?<,<Y&>GI1=!]2Q'\C(A+X53Q6?$<>H0I?/;&UD*MQ(NX$$^XQC/H:+H/J6(
M_D9GQ6^A^?$MSXG-S807AO8;:0+\C[BP&X#)4$D@?3GBBZ#ZEB/Y&6M0?0+C
M6X];L==2PU-8O(>5,,LT><A74\'!Z'@BBZ#ZEB/Y&9$+Z+I<E_Y&L+-=7LAE
MGNWP7D<KC.,8``X`Z`470OJ>(_D9E:79Z5I5GIUE%XEEDL[!]\<+!!OZD!F"
MY(R2?RHN@^IXC^1FWX;DT;3-6UN_771YNI[6<,%PC`;05X[#'6BZ#ZGB/Y&0
MVNA^'(=`@\/S^*I;C18FW-:ML7S1NW;78+DKD]!CTHNA_4L1_(SH)=0T.37;
M/4O[<C5+2)XH[<!=GS8R>F<\`?GZT70?4L1_(RMH+Z!H%]JEQ#X@$L>HW#7,
MD+[0B2-U*X'&<"BZ#ZEB/Y&.T*;0-"N]5N(]>6<ZE<FYD$F`%<@#C`Z8`_*B
MZ#ZEB/Y&9LMCHYOM;NK?QA-;-K!4W`C$?`"[0%)7(^7C-%T'U+$?R,MZB-%O
M-?LM8M_$WV2XL[=K>)5567:V-V01R?E'Y470?4L1_(S3\+V^BVEQ>FQU$W^H
MWC>==7$C`R2$#`Z``*!P`!@473,ZF'JTE><;(Z6F8!B@`Q0`8H`,4`&*`#%`
M&)-DW;R=A,1^2T`9()QUH"QIZ(W^ER*>Z?UH`WL4`&*`#%`!B@`Q0`8H`*`"
M@`H`*`"@`H`*`"@#G+BY4"2(`[Q*Y)[<\4`4:`+^CG&H*/\`9-`'14`%`!0`
M4`%`!0`4`%`!0`4`%`!0`4`%`'.7>GW(NI"L+,K,2"M`$2V-R#\]M*1[#F@"
?_IEG+'="5H3&JJ1ECR2:`-F@`H`*`"@`H`*`"@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
