<SEC-DOCUMENT>0000950123-11-014086.txt : 20110411
<SEC-HEADER>0000950123-11-014086.hdr.sgml : 20110408
<ACCEPTANCE-DATETIME>20110215093512
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-014086
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDERAL SIGNAL CORP /DE/
		CENTRAL INDEX KEY:			0000277509
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				361063330
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1415 W 22ND ST STE 1100
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523
		BUSINESS PHONE:		630-954-2000

	MAIL ADDRESS:	
		STREET 1:		1415 W 22ND ST STE 1100
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FEDERAL SIGN & SIGNAL CORP /DE/
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
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<TYPE>CORRESP
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="c62971c6297100.gif" alt="(FEDERAL SIGNAL CORPORATION LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WILLIAM G. BARKER, III<BR>
Senior Vice President and Chief Financial Officer

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt">February&nbsp;15, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>VIA EDGAR TRANSMISSION</U><BR>
Linda Cvrkel<BR>
Division of Corporate Finance<BR>
United States Securities and Exchange Commission<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">RE:</TD>
    <TD>&nbsp;</TD>
    <TD>Federal Signal Corporation (FSS)<BR>
Form&nbsp;10-K for the Year Ended December&nbsp;31, 2009<BR>
Filed February&nbsp;26, 2010<BR>
File No.&nbsp;1-6033</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear
Ms.&nbsp;Cvrkel:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter sets forth the response of the Federal Signal Corporation (&#147;FSS&#148; or &#147;the Company&#148;) to
the comments of the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) in its comment letter dated December&nbsp;27, 2010 (the &#147;<U>Comment Letter</U>&#148;) with respect to the annual report on Form 10-K for the year ended December&nbsp;31, 2009 and
subsequent periodic filings. For your convenience, each of the Staff&#146;s comments has been repeated
below in italics, in each case with our response set forth immediately thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In response to the Staff&#146;s comments, the Company will include appropriate additional disclosure as
described below in its respective <FONT style="white-space: nowrap">Form
10-Q</FONT> or Form 10-K, as applicable, filed with the Commission
for its next quarter or year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2010</U><BR>
<U>Note 2. Acquisitions</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note from the disclosures included in Note 2 that in connection with the
acquisitions of Sirit Inc. and VESystems, LLC during 2010, the Company recognized customer
relationship intangibles aggregating $18.0&nbsp;million and $9.5&nbsp;million, respectively which are
being amortized over periods of 18 and 17&nbsp;years respectively. Please tell us and revise
the notes to the Company&#146;s financial statements in future filings to explain in further
detail how the Company calculated or determined the estimated useful lives associated with
the customer relationship intangibles recognized in connection with these acquisitions. As
part of your response, you should also explain in detail why management believes these
intangible assets will provide the Company with future cash flows for periods of 17 to 18
years. We may have further comment upon review of your response.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FSS Response</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have noted your comment and will include a discussion regarding the determination of estimated
useful lives associated with the customer relationship intangible
assets in future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company determined the useful life of its customer relationship intangible assets in accordance
with ASC 350, <I>Goodwill and Other. </I>In accordance with ASC 350-30-35-2, &#147;The useful life of an
intangible asset to an entity is the period over which the asset is expected to contribute directly
or indirectly to the future cash flows of that entity.&#148; FSS
established the useful lives based on the period
during which 95% of the undiscounted cash flows of the assets will be realized.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">1415 WEST 22nd STREET <B>&#149;</B> OAK BROOK, ILLINOIS 60523 <B>&#149;</B> PHONE (630)&nbsp;954-2000 <B>&#149;</B> FAX (630)&nbsp;954-2041
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to analyzing the pattern of benefit demonstrated by the asset&#146;s cash flow stream,
management also considered each of the following factors discussed in ASC 350-30-35-3:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The expected use of the asset.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Legal, regulatory, or contractual provisions that may limit the useful life.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s historical experience renewing or extending similar arrangements
(consistent with the intended use of the asset by the entity).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effects of obsolescence, demand, competition, and other economic factors (such as
the stability of the industry, known technical advances, legislative action that results in
an uncertainty or changing regulatory environment, and expected changes in distribution
channels).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The level of maintenance expenditures required to obtain the expected future economic
benefits from the asset.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on our review of these factors and how they apply to the industries in which VESystems, LLC
(&#147;VES&#148;) and Sirit, Inc. (&#147;Sirit&#148;) operate (primarily open road tolling), we identified the
following key drivers of the useful life determination:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are a limited number of customers (approximately 5 and 10 customers for VES and
Sirit, respectively) that represent a significant portion of revenue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is an increasing demand for VES and Sirit products and a limited number of
competitors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is a history of minimal loss of customers. The Company typically enters into
long-term arrangements with its customers to support the product over long periods of time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are significant up-front implementation costs due to the purchase and integration
of equipment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is a significant cost to change providers due to the purchase and integration of
new equipment, resulting in high customer retention rates.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In review of the factors discussed in ASC 350-30-35-3, coupled with the cash flow analysis,
management believes that a useful life of 18 and 17&nbsp;years for Sirit and VES, respectively, is
appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Federal Signal Technologies, page 28</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note from the discussion included on page 28 of MD&#038;A that the decrease in operating
income attributable to the Federal Signal Technologies segment is due in part to deferred
retention payments from the acquisition of Diamond during 2010. Please tell us and explain
in MD&#038;A the nature and terms of the deferred retention payments that have been required in
2010 as a result of the Diamond acquisition. Also, please explain how the Company is
accounting for these payments in its consolidated financial statements.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FSS Response</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have noted your comment and will include a discussion regarding the nature and terms of the
deferred retention payments and the related accounting for the arrangements in future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the sale and purchase agreement of Diamond Consulting Services Limited (&#147;DCS&#148;)
dated December&nbsp;9, 2009, a sum of &#163;1,000,000 (one million pounds sterling) was payable to the former
owners of DCS on or before January&nbsp;31, 2011 in the event that the former owners of DCS were
employed by the Company on December&nbsp;31, 2010 and were at that time actively engaged in the
business. An additional amount of &#163;1,000,000 (one million pounds sterling) is payable to the
former owners of DCS on or before January&nbsp;31, 2012 in the event that former owners of DCS are
employed by the Company on December&nbsp;31, 2011 and are at that time actively engaged in the business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The former owners of DCS did maintain employment through December&nbsp;31, 2010 and have been paid the
first contingent payment of &#163;1,000,000 (one million pounds sterling).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with paragraph 805-10-55-25, the deferred retention payments are being treated as
compensation expense for post combination services as the contingent payments are automatically
forfeited if employment is terminated.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total contingency of &#163;2,000,000 (two million pounds
sterling) is being expensed ratably over the two year period that the employees are required to
stay in order to earn the retention payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with responding to the Staff&#146;s comments, the Company acknowledges that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and adequacy of the disclosure in all
filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose
the Commission from taking any action with respect to our filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 18pt">We appreciate your consideration of the responses provided herein and look forward to hearing from
you shortly if you have any additional comments based upon such responses.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ William G. Barker III
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William G. Barker III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Senior Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Ms.&nbsp;Lynda Cvrkel, Securities and Exchange Commission (via facsimile)<BR>
Mr.&nbsp;Randall Tavierne, Ernst &#038; Young, LLP<BR>
Ms.&nbsp;Jennifer Sherman, Senior Vice President &#038; Chief Administration Officer, General Counsel &#038; Secretary</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
