-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RKvbw/9egk+hfnCLf2BjSdgJ/zFv018tf0SWDPcwIacuR/4RJS7vqA83ie58nr6J
 qrPgkluejG8wl7r6NcTs4A==

<SEC-DOCUMENT>0001193125-09-008429.txt : 20090706
<SEC-HEADER>0001193125-09-008429.hdr.sgml : 20090703
<ACCEPTANCE-DATETIME>20090120164924
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-09-008429
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ternium S.A.
		CENTRAL INDEX KEY:			0001342874
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		46A, AVENUE JOHN F. KENNEDY 2ND FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		(352) 4661-11-3815

	MAIL ADDRESS:	
		STREET 1:		46A, AVENUE JOHN F. KENNEDY 2ND FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-1855
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" ALIGN="center">

<IMG SRC="g85646corresp1.jpg" ALT="LOGO"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:56%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">January&nbsp;20, 2009 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Terence O&#146;Brien, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance, </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange Commission, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">100 F. Street, N.E., </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C. 20549. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Re:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Ternium S.A.</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Form 20-F for the Fiscal Year Ended December 31, 2007</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Filed June 25, 2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Form 6-K as of August 5, 2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Filed August 6, 2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>File No. 001-32734</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;O&#146;Brien: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">Set out below are the responses of Ternium S.A. (&#147;<U>Ternium</U>&#148; or the &#147;<U>Company</U>&#148;), to the comments of the Staff of the United States Securities and Exchange Commission (the
&#147;<U>Staff</U>&#148;) set forth in its letter dated January&nbsp;5, 2009, to Mr.&nbsp;Daniel Novegil, the Company&#146;s Chief Executive Officer (the &#147;<U>Comment Letter</U>&#148;). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The responses below are keyed to the headings indicated in the Staff&#146;s comments and are designated with the letter &#147;R&#148; below the comment
number. The comments themselves are set forth in boldface type. Unless otherwise indicated, all page references are to the corresponding page in the Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2007 (the
&#147;<U>Form 20-F</U>&#148;), or the Company&#146;s Form 6-K as of August&nbsp;5, 2008 (the &#147;<U>Form 6-K</U>&#148;), as applicable. </FONT></P>

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


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

<IMG SRC="g85646corresp2.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Form 20-F for the Fiscal Year Ended December&nbsp;31, 2007 </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Note 2 - Basis of Presentation, page F-11 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>We have read your response to prior comment 5. We note from your response that as of December&nbsp;31, 2007, you indirectly own more than half of the voting power of Consorcio
because your subsidiary, Hylsamex, directly owned 50% of the shares of Consorcio plus one additional share. We further note Hylsamex indirectly owned more than half of the voting power of Pena Servicios. In light of this you concluded you satisfied
the requirements for consolidation under paragraph 13 of IAS 27, which presumes that control exits when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity. It is unclear to us whether 50%
plus one additional share gives you the control as contemplated by paragraphs 13 (a)&nbsp;&#150; (d)&nbsp;and 15. Please explain to us how 50% plus one additional share gives you the ability to appoint and replace a majority of board members and
control operating and financial policies. </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Furthermore, please tell us, and disclose in future filings, whether
the consolidation of these entities materially impacts the 2005-2007 financial statements. </I></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">R:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company advises the Staff that, in connection with the preparation of its 2005-2007 financial statements, it concluded that full consolidation of each of Consorcio Minero Benito
Juarez Pe&ntilde;a Colorada S.A. de C.V. (&#147;<U>Consorcio</U>&#148;) and its wholly-owned subsidiary Pe&ntilde;a Colorada Servicios S.A. de C.V. (&#147;<U>Pe&ntilde;a Servicios</U>&#148;) was appropriate based on paragraph 13 of IAS 27, which
states that control is presumed whenever an entity owns, directly or indirectly through its subsidiaries, more than half of the voting power of another entity unless, &#147;in exceptional circumstances,&#148; it can be clearly demonstrated that such
ownership does not constitute control. The Company also advises the Staff that this accounting treatment is consistent with the one that had been followed by Consorcio&#146;s shareholder Hylsamex S.A. de C.V. (now Ternium Mexico SA de C.V.)
(&#147;<U>Hylsamex</U>&#148;) prior to the acquisition of Hylsamex by the Company in August 2005. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">The Company notes that the
alternative accounting treatment for the Company&#146;s investment in Consorcio and Pe&ntilde;a Servicios would be proportionate consolidation following the guidance set forth by paragraphs 30 and 40 of IAS 31 on the basis of the existence of
&#147;joint control,&#148; as such term is defined by paragraph 3 of IAS 31. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">The Company further informs the Staff that, after performing
a materiality assessment, it concluded that the full consolidation of Consorcio and Pe&ntilde;a Servicios (as opposed to the accounting of these entities using proportionate consolidation) does not materially impact its 2005-2007 financial
statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">The Company based its analysis on the concept of materiality included in SAB 99, which states that &#147;a matter is
&#145;material&#146; if there is a substantial likelihood that a reasonable person would consider it important&#148;. From a quantitative perspective, the Company concluded that, presented on the totality, there would be no impact whatsoever of this
different accounting on its consolidated shareholders&#146; equity or net income, and no significant impact on its consolidated total assets, liabilities, revenues and operating income. In addition, this different accounting would not affect trends
and would not impact the understanding of its underlying business by the readers of the Company&#146;s financial statements. </FONT></P>

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


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

<IMG SRC="g85646corresp2.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">The following chart illustrates the impact of changing the accounting for the Company&#146;s
investment in Consorcio and Pe&ntilde;a Servicios from full consolidation to proportionate consolidation: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:27pt"><FONT FACE="Times New Roman" SIZE="1"><B>Caption</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>%&nbsp;over&nbsp;consolidated&nbsp;accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">Furthermore, a change in accounting treatment from full consolidation to proportionate
consolidation would also be immaterial to its 2005-2007 financial statements from a qualitative standpoint, as full consolidation of the Company&#146;s investment in Consorcio and Pe&ntilde;a Servicios: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">does not mask any changes in earnings or other trends; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">does not change a loss into income or vice versa; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">does not affect the basis for calculation of the Company&#146;s dividends, nor its compliance with regulatory requirements, loan requirements or contractual
obligations; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">does not have the effect of increasing management&#146;s compensation; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">is not intended to hide a failure to meet analysts&#146; consensus expectations for the entity; and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">does not involve concealment of an unlawful transaction. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
FACE="Times New Roman" SIZE="2">In addition, the Company believes that there would be no expected market reaction for either accounting treatment adopted by the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>Form 6-K as of August&nbsp;5, 2008 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Cash Flow and Liquidity </U></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>We have read your response to prior comment 10. We note in our letter dated October&nbsp;31, 2008, that as of June&nbsp;30, 2008, current liabilities substantially exceeded
cash reserves, and that substantial deficits in operating cash flow and free cash flows were reported. We note from your Form 6-K filed November&nbsp;6, 2008 that you reported similar negative results as of September&nbsp;30, 2008. Given this
negative trend, in future filings please disclose the amount of additional funds that you can borrow under your existing credit facilities and your ability to fund operations.</I></B> </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">R:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s comment. In future filings, the Company will disclose the amount of additional funds that the Company can borrow under its existing credit
facilities and discuss the Company&#146;s ability to fund operations. </FONT></TD></TR></TABLE>

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


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

<IMG SRC="g85646corresp2.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Other </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>3.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Please respond to prior comments 6-9 from our letter dated October&nbsp;31, 2008.</I></B> </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">R:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company has responded to prior comments 6-9 from the Staff&#146;s letter dated October&nbsp;31, 2008 in a separate response letter, dated as of the date hereof.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">* * * * * </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The
Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure in its filings. In addition, the Company acknowledges that the Staff&#146;s comments or changes to the Company&#146;s disclosure in response to the
Staff&#146;s comments do not foreclose the Commission from taking any action with respect to the Company&#146;s filings and that the Company may not assert the Staff&#146;s comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">If you have any questions relating to this letter, please feel free to call
Robert S. Risoleo of Sullivan&nbsp;&amp; Cromwell LLP at (202)&nbsp;956-7510. He may also be reached by facsimile at (202)&nbsp;293-6330 and by e-mail at risoleor@sullcrom.com. In his absence, please call Christina L. Padden at (212)&nbsp;558-7930.
She may also be reached by facsimile at (212)&nbsp;558-3588 and by e-mail at paddenc@sullcrom.com. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Roberto Philipps</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Roberto Philipps</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Chief Financial
Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Hagen Ganem</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Tracey McKoy</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Al Pavot</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(Securities and Exchange Commission)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Daniel Novegil</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(Ternium S.A.)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Cristian J. P. Mitrani</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Diego E. Parise</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(Mitrani Caballero Ojam Abogados)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Marcelo D. Pfaff</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Marco Carducci</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(PricewaterhouseCoopers)</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Robert S. Risoleo</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Christina L. Padden</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(Sullivan &amp; Cromwell LLP)</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g85646corresp1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g85646corresp1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`=P+&`P$1``(1`0,1`?_$`*L``0`!!`,!`0$`````
M```````&!`4'"`(#"0H!"P$!``$$`P$!``````````````D"!0@*`0,'!`80
M```'`0`!`P($!`4"!04````!`@,$!08'"!$2$R$4%187"3%!(B-1,M665V%Q
MD4(S)Q@T9#4V6!$!``$#`P,!!00&"P$```````$1`@,$!08A$@<Q05$B$PAA
M,M,4<8$C5!4)D:'14C-#)"55%A@F_]H`#`,!``(1`Q$`/P#UGO=7IV[BW3^9
M;]2BL9K:C3;3B+_ZM_T]#*1Z>AD-5C=^>\OP;CFTV'79;++,U\5BG7XI]\?J
M3=[5Q+8,FTX;YV[31=&*V;+9B/[L=9_3+K>F]*A4\#0RI6QC9ZX><:J;EV3;
MM5=@XR9H>1%FFZ4=Y:'$&1D1^OT^GJ+UK]5Y8T6R8>2ZRW<L.R9X^#-.*Z,5
M])F*]\V]M:Q3U]SIMV_Q]N6Y7;/CQ[?_`!W#;'S,5MUGS+/;$=E:^G6M%I<U
MNM27I^8=":E&1)(K><9*+^)J,RDF:2]/\?0?F<7.^8V3%W\1R3$^^ZWI_8O&
M#AW$\E;/R."WM];IMB)_4R7J=3JF?V_?.BS9T5['LJ[/\Y=@635M.;GP77-;
M`:<>A3&WBDQG#:49>J%EZD)8_P"6CR+>-RTW*KMQU$YI_-:6>O7ULR^GV48(
M?6?M6T[1GV"W;,=EELZ?55[8B*TR8J5IZOG4_5+JAF9_J5T'ZF9__NNF_P#'
M_P#+?S$J,S%TUCTEA'?=-UTW3ZS)^J/5/^2^@_[UTW^K#A2?JCU3_DOH/^]=
M-_JP!^J/5/\`DOH/^]=-_JP!^J/5/^2^@_[UTW^K`'ZH]4_Y+Z#_`+UTW^K`
M'ZH]4_Y+Z#_O73?ZL`R-QSIW3W.P\C:?Z/OGF'NI\Z9>9=V6D<:>9=V-*VZT
MZVNT4AQMQM1I4DR,E$9D?T,!_1%`````````````````````````````````
M``````````````````````````````````````````````!K9VA_?P]]Q*OR
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M@S"99;LN]LLCX_W$ZRA.S-YU?M.6U"DU<)I,VEQ>4[_;4,2.VA!)@O1IF`K5
M..-D2W"962OHXOU#"G*?)?L&M7XL9>UT%1(U+US$8\BI;.>K8Y7D#982XT'*
MRKXK9&UG%:^M--T:HR4&15KC*?[:U$`S]W+?=(PFV*\1?6]!R&@S.>MKJ\RN
M8R^ZCYJR3>W3VFL.R9F6ZUT"+SV7F(3)0K+.J2<!QF;(FF33+9@*GRU[#I.7
MX_+P\#;LUFXV-Y8JIGU9R;K/?48S+W6XN8_X17UUHZ;&C=I8E#]S\7I%<NFW
M4J2M*#(-CL;J:O<Y'+;2C<-VFUV=I=-4N*^BUUU[6QK2$:R+^"_MY2?<7\C^
M@"2``````````#P1\;?%FU[KM[33:9F56\KJ;Z<<U[V&S(TTV-/?]::N<7_D
MCI4@TRGD_P"3_(D_4_4H%?I>^E+=/-/)?^W\ALSXO'VDU<W1=,6V7ZF;;^[L
MCNMI,3/2Z8CI'2L2D_\`,OGG1>/>+8^.[%DQ:GF^731$W6UFS!;-L1W>OWHC
M[L36L]9Z/7GH5EPOG6#55]0G\_R/.X=:F`BOU\JFJJ,H,=I1(8BL6+K/S*0A
M)^TFDJ=]2,R^IB:7>^.^-=!Q&WC'),&W8N+V88Q1AS_+MMB(]/6EW=/K6V4>
M_%M)Y*Y5RG\WPJS=MQYADO\`FW3I;,N3+UGK6;+9I%?7NZ4]>E'B59Q/$/R$
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ME;L_`RM;DZB.58%4R$/K4GXE/+-22(_YCE4B1.$:U-^I^\D^XTDTX:DE[35[
MO9Z?UM)+_,LC]J3^AF1F1&'X;BC22TM*)"30V\?U7\#ZDF?P.FE))2^1E_D(
MS4?KZ$7J`FFOK\-60L4YC-E-U=A:Y.-8[F#.SDBA+'[%R5)3+R\!YR1)3H8$
M*"RAW\01\;3AN>TB]2`0PW32DS-*O?ZF1())F?K_`$DGVDCWK=41J_K0E/N0
M7_<!Q][OJT1$D_G^C!>QTU/&E7M<)DFR<2\IM)&I1)4?H7_7U`9+XRM"^Q<?
M4E9'_P"[7-R21%ZD:4;2D0X9J]?Z7$N^I&@R]4_S`?T?````````````````
M````````````````````````````````````````````````````````````
M````8<Z-ON/YC0Y1GH5C"8OL^\[L:%URKNK3\IMRXMEC'-;<3*F!-AY.F?BW
MTN!^(6:XT,R==23GJA9I#FG@O)TV6DM4Y4R>V"].[IH97VE_`KMW:1)<+4NS
MLW^,_EYUV\CSGOG5]J2E+<-9&2_Z@%SGXSF35M)589F`U-50Y&9.L':R>W7?
M@W*M`J_QGWMN32:DG\E>35RH;;COW*"-:R2;25>@6&GJ.'Z:\3>U=1GG=)KG
M,QVYQYVME5-W;/T]3'R>7WMA"G,09R94&F8:A-.R&TN)90A"B]$EZ!^XOFG&
M+&8QU3(9:"M_3L6]O76KC%Y&B>W8>KE_=4F=MULP,_+UR5&Y,F1(<9^R0Z;C
MBW4NFI07RJXORJBG0[.GP>=K;&`K(*BSHD%+,IM6`SUED\6:GTJ^1W\M9NWE
M0HGO-7Q,/J27\0'+9<<YET&VB7NPR-?=6D6&S6+DNNSHR;.HCSOQ./2:&-!E
MQ8NGH8]B:GVX-BB5$0ZM:DMD:UFH+U6\^QE1?*T]=00V+]3NG>*U-4A^4TO9
MRZ&=J/MU2'W4QD74K+UZWD-DE/K%01$1$9&#)<]QF$)Y&0H(="T_75-0MB"N
M2F,BLHG+)RHA,1G'W(\:/!5<2?8EM*/HYZ'ZDE))"9`+/1:"FTU>JUH9[5E7
MIL;JI5*8)Q+96.=N9^?NHOHZAM?R5]S5R(ZS]/::VC]IF7H9AP_,E'^9/RC^
M(L_F3\$_,GX3Z._<?@?W_P"&?B/N^/X?A^__`+7I[O=[OY>GU`4=/L<[?RY$
M*FG.6+L2PT53,<C0+%4.':92?#K+VMF6!Q$P(LZ)-G(2AI;B5R"2XIDG$-.*
M0$G`````?%WV#]W;RTM9%MA>8S\CPK%5,R?55U3SK/Q'+%N-%DN,K,]!?LSY
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MS6)BET4[;HMNBG6)A]+O4O-2E\S_`-I3R6T,^)%J.M8K-9.@ZC216C2RBQ>U
MN>?@7E6Z:$_)3Z-AE<AMI/\`Z#OR-^WT))JE5\/^3=#Y.XU.Y::W%I^1Z>+;
M-5$V>MT5B+JQ;,3%\Q6E9I/2:-8KZK_IOW+Z;?(<['=\W+P77SDS[=J+KHN[
M\<71W8[K8NFZV_%-UMETW6VQ=%)BL5>+GB"I3/CS^Y2IHB2ZCQ/IC01^J/[G
MZIYDT?P]I^OO47\/KZ_]1[3\?^93YGMITBOMI'N8K=]V7]K=';==UI[J^QZ0
M_C7*^;=`XQQ6?TE^QXY9>'>*D:'Q-R_`[O=/[B9N>,6&AL.D/:.GK9$*QU):
MR5^)N6:EF[!8B*;-22(!H=U'JFKYQX&>%F/Q+U!01.L9GR#A="N&<OG7-/J:
M"!U6'6P<]8Z67`DW$.G)F4IU2(SK;ANI(O>24)(!N/U'I6AOO*?SO\>K!O,'
MQ:E\4^E:&!@(F2S%?40M9DN.XO356VC.,U+<YO7L7DEQPYJ'TK4DR(C)/T,(
M#A:6DD:_Q<0JCJ'DR_V@NN6\M!U4!]$RY9HNFKC6T@BBFB7;,+92:)"B4^V:
M4^BB]"`0'P]KZ>9Q?]OB5.K*N<[:_N=RJV7*F5T66Y:T;N)Y^ARM?EO,.G/J
M_D>=]T=Q2VB6:R-)*,P%_O\`R5[!'\7?+_<0M#3P-3R+S)Q^,Y#?Q,=BV9W,
M,EHWNEINL_A7BH?6CA62,S%2[[$J<67R?U?UFH!AKRYC5[/[B7/+"'!KJV1J
MU^&VUNH]/71:FNDZ?68[F]WI;1%=`2U#BR+>UF.2'20@D&M1^A?Q,!]RP```
M````````````````````````````````````````````````````````````
M````````````````-2/(?GN_T5Y%T7,\O.:VK..G4>7Z3E=_&R-QGKT[!<VO
MJ>C9R[9>S6_Y*[)<1)>B/1K:2PZA\F(?O?)Y(8>T7`.PV5[=RVZ2O>M%Z#57
MNYU[&Q57-=YQ%UL,W?U/'U0R?>M,[`K,Q7O4Z%3B3$@-L)1'<<9GS%-A?]MP
M[H^ASJ(F%RC7-*4L)(JDX!G85MI\;7ZZ9#>6F224IFURD8M=AJBPA?:^V32P
M?O"@$M4+U4`QU/\`%WHRX"Y&?S#]=H[/DNHR,'275]@?S-F(R^RGO3Y\^]GZ
MMFBJ:#68N=+IX4:LC6%94LN_;.J<CI):PV!SG-.@9SQNW6*I*-]>HN7];(SF
M2W%QF%QH-;>STK72,,<^;S^1H(2HKDER%5Q)1P&'74-.2DM*7\88`K?%OJ4C
M+742QIF&I=3G^U*Y9`L=12-OY#0ZK8<ZT>`E0H^0KZ?)YNPJDTEBXTJNCDS4
M.+-J.XXEQ3KH2G0^/73[VSV<=J@C0G+>RVGYIV);'X'>O4^H[9C=ECH<AB%(
M1;5A<[YY4S*XBE$P</U^SKS<BONK2%*?)=A0]0YS@J-YBKH;OH?1+/8YNKDV
MSM?4<&H>C)ZYS:5$*&T5+3(/85/Y>."M;2E0='*0A*T,&20Z<_XGZZGKJ"?^
M`4[>NK,9QZ0]:)TTIZ473,UV&5IMKHTRW7ED[</XETHJ)YE\KL8S@I4F/ZM@
M,I^-?&NA<XV>ON-P[>2IEC6V$"WT+MSC5T&[M7M=8W$#4-U-!2QM/.MD54HT
M+F7LA,J&AXX327V&T/I"#2O&K;U[$^;1452F7?R>MV?0ZV+I'*QSI%?<^3F3
MZ7G<C:6"3]I(ON5P[BL0XYZ,0#LG8ZC0R^\8"F:\?NHE`M)+.9KX=-*KB*%S
M8M1#;5&Q2>^UW097%SLHRW*MB%:X&+)AFEMXZEER8=>3AP4?*`Z6_'CIKV`U
M-#3YB#B(^AI/)B+79")KVFFZ4^I=0Y=I<;!7-I'?LXKZ,YF[,G%Q75HKEK^!
MEQ2%$HPQ+WS!6F(L$8Z;E(<GG-U<=OLJ:G9C*LV*/-Z2-R]%8?+8+]G3TU?V
M)-A"N7*A@G'76%3'EE'6F0XH@]8JA3*ZJL7&AOUT==?"4Q7RHY0Y4!E49HVH
M<F(G^F*_%09(6V7T0I)I_D`N```^!73^$_F%(T^BD,>+G>GF'[ZZ>8?:YGIW
M&G679[ZVG6UI@&E3;B%$9'_,C$/.[^+/)6;69+\>P[O-LY)F/])GFO6?=9+:
M]XY]3/T]:;CVFP9^<<5MSVZ>R)MG<M+$Q,61$Q,3DK%/ZED_^$/F+_\`RQW[
M_O\`IAJ/K]"_^P%LGQ-Y-I'^P[OZ?N>H_#7RSZH/IU[8_P#NN)^G_)Z7\0_^
M$7F,7H9>+'?/4C+T]W,-2:?7U_\`,7X>?J7^)?S"SQ-Y,BZ)G8-XF*_N>H_#
M5?\`I_Z=+OAGG7$Z3'_)Z7\1Z(>-OBYY(T/@S^X5CKW@G6*75[:CY0SB<O98
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M[(:SEFWS_!O(.!H^,X/],,#*3QFQ=BP,`96ORY2RK9%*[7WE1,*ZDIDMS&GC
M?0OVJ/T(!)+BD_=-N96!D*\>.QT['*^DIZWS>FR_CK#RV=Q>Z3'AQ_Q*CH*#
M*U]8Q$<*"AQ<92%-+>4M9_U*,P&)I/CQ^X=*QG0>?O>-_D"K*=2W-;TC=5Q<
MBN$JN]C4+NEUUJ<I-.3\-,=6AF>K+)H:7\OU3]"`3.M\=//7I'D#RSHW4?'/
MO,ZRKM9Q>GL+Z7RBZJXD'*\]GYRCJ#DE%JX\5EBGSE6VEYY1%[DM&M7I]0'W
M4@``````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```````````````````#'&TZ_P`PYU8P*G=;G.Y6QLX,FTAQ;JP:AK750Y,>
M',M7E.?VXE7$E2VFW9+QH8;4LB4H@&1&W&WFT.M+0ZTZA+C;C:DK;<;6DE(6
MA:3-*T+29&1D?H9`*)^T@1K"OJWY!-S[1N:[`C_&ZHY#=<EE<Q1.)0IIOX4R
M$'_6I)G[OIZ_4!R.SKBLDTQSX96ZX*[--6<EG\057-R$17)Z8?O^X.&B2ZEL
MW/;["6HD^OJ?H`K@%%964"GKI]O:S(]?5U4*5964^6ZEB+!@06'),R9)>69(
M9CQH[2EK49D24I,S`=\:0Q,CL2XKS<B+*9:D1GV5$MI]A]"767FEI,TK;<;4
M2DF7T,C`0FUZ?S^DL+6JM=940[*CEYBOMH2WU+D0K+:2/M<K6.MM(<,[.\<,
MC8C)]7U-*)PTDV9*,);66<&XAHGUKY28BWI;"7B0ZV1NP9;\&4CV/(;<_M2H
MRT>OIZ'[?4O4C(S"O```````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```&DGD;QSJG0-M>7_/[2VIF$>/&NR3:*V?FH<79WD[99^X5SRX>N8%A95$+
M4T$"7$39PCB.P%2?F)\EH2D!A;I^,[%B['IVRKW^AYG+4>*NWL">8D5[=/GL
M$QQ*-G*3G]K-/IJWX#]'T%*Y2D0\^MY,M#4Y-JTU\ZV0H>:4&OWN5OT8Q_<0
M(SGZH0MM7\^WD"T@T5I>8/G,;&5'.M3;]2V67U"4?A\R6LRN6VH5E.F,N?9^
M]#AAW2N+=PG,Q[ZIQ5QF]V?'MSS_`#.D@:6;%=@5K'3:G1Q(%M4V_6-"]E;G
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M]PO(\2S.<VNJ8B-WL-II"=Q'FI2P4=IQU!EZ-*:]A$$MQ^"ZK!U>9F=`SO1M
M-(8-D\C<5'1FXM5@[)/6^F6^EL-C%_.5=^,5UWA+>B2EDHMH4J%$.O\`CCFC
M^L*'@6$[EC3<7N)75'[:79<TA:UR,_AW:"[OZZQO7=OKXSNDZ'N+";G[YB:S
M^)28D6CF.06XC42$V^RZAD-^0```````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````&IODGY"2.4R<UF<K:8V+JI=CD=#J'-A,::A4W-YV]HLE/=CQ?Q2
MK>>T&FD6#T:M4:S881%F2G26F)\3H4.7[]9Z3L5K53)=A0<\@]`ON54#CG/Y
MC]!J=11T)SW_`)NCOW;*(EC-GQY2H2(]<NL7'B_`J4N:^33(<O%;R)3W)[H,
M1ZQR,Q-9+J-ECF<JMLE0N7;J1?1\;!T;*9\T_P`VQ',M+7/-),)(GV2^)'_F
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MO.+)`#)#_5V;S@EQV7(1),8E<UT.VHX&BA*9D1YE;16%A'B6T-B1[7$M38GL
M<-EY33R"]S3JD*2LPP=HO*Z76<[OKN+D[`[*OQ%[&K]@ZW6N8^;V*DXU+ZY(
MR**5%XWICK4UD)Y!2E-HCKE,.1?E2KV.+"8R_)AR!%;A/\JV3FU_-]QC960:
MML2ER)+I^6Q^PJLY%XO2E1%6RL9,9,OC?=>1-<^`T>B3=`<NT]HN:;E/+]YS
MIR5&1TW8\QK8LAS&3]G=Q,UO&OOUO0L=56$27872(2D%\275DUZK49+)`#/F
M+5<.96D?O[-VWM9,)$N5/D9M[(272EJ5)CMRLU(DS)%-+BQG4-.LN.&M+B#]
MQ),S20:>9;RJMK;IW1<A?I@9S,\BM.WWFKT,S-W3:-1D^:28D6/G,)*<DE!N
M;_-5]Q$L]'*;-Q,9N1$C,L*<D2%PPDE%YBT.JJXK^8Y[J[Z\GW[E)#I*^ZQ#
ML9;?Y`NND,V+NG_,OY;0A%!0R&94=$AR7#L"2RXW[%H>4%ZC^6N-D64)9976
ML8R1&S#TK=RTT;5;7O;#E;W7Z2*]3-W#VB=6G*QEE*6W%4AB2:$$;B5*4V%E
MROF+GM]$:BXG"::_U=@ZAZFSL.WQKK,N@7GG=*Y?/Z1&B5FH;E9`0AB97KE?
M>QI[[+*D?&ZE\!'T^73R^-KMD4,E77&N0.;IZJ^RCE2MNHX#$[!^<51#N/N3
MP[EK-13I(G_N#LB5']?1)O`-YP``````````````````````````````````
M````````````````````````````````````````````````````````````
M`8SW6'Y5T>0SDMW1Y/1VCT.)=QJJT9KWKU57GK^LGMS8R5>EH51#O3C$\:#^
M!2W2;<]2<-*@@FWY5PJIGR-5MYS>9AZ2U*K;@V.^N,UCY.UUU(Y@8UE49\[R
M#0Q][;4DY4"+)BLIF&I?O:]'_P"X`Z=7G>(0-9ALTK94W/M]!JL;F\M4U6Q3
MGM'8XO.[&@T]3D&JINUC/3J:WL<HF$E*VG%/QG)<=OW)>>286[=TGC5V+07J
M=-KJ*TNL-FM!4;>%2=)G41P,E66T2??5VYCYZ^KDN4E'?5K3S[<[^U'?;4ES
MT2;B%!5YOF7CWT*+L]+SZ7"GN:[H;.\O]CS_`&UNQ9Q>AP<U'SR;2IOJ.X)Z
M@E_ER2IIZ-%6S&?;G25.M+.6^;@2_/<KY/-BT^EH&"O8LBQR6QJM"G57.C3;
M3LQF7,SF;T[J5;V"[OTS\I2%/..O%+-?RNFXX?O`6*O\8^2U5?)@5T#3Q%K1
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M:V3E2B)5R[.;&=BTCDI51#L''K9TGY33*)$AM+2'5J0RTE`8_E<1YC-)LI>8
M8D?%L]3O4F],GN&K1;>LMJ77K=]\I7S56CJ+R5&EP%^Z"ZT[Z&UZI0:0IJ/A
MF`HDU*6VM-;'0RYDFB<TVWV&H>IFIF9L\<==6NWUU/7%JV,Y<2([;"3]A&X;
MJO<__<`?E?P7E59%A0HN6;^S@2\O-8BR+"TEL*>QV'/G%`F0U)FNHEL1<:HX
M:VG26V^DS6ZE;AFH!9T^-_-$5<*K0O=I342FG<]8GT[H*[S+P6JR32%09J[7
MHU6=)G7*68[%=AL.I:?0HEN$MUMIQ`62O\9L0SH-%86$.MDT,_B5+XXY^@AQ
M[F$_5\>@(E'9T=M?NZ"9:75I9+F&VW,;.&N,PRV7HXZ;CJPV4```````````
M````````````````````````````````````````````````````````````
M````````````````````````!K%O7=#E?(7(;]C!;379K]&MMCI4W'5U=:NU
MUY8;?!74*-.BRK:NDM-2X%3(6AQ*5M^K1DHR/VD84W=X/1YG']#!FT?Z@W4_
M<XF7GJCG.8<@V4'/5>USVA>7;,:/7S(\F?`K:A_YI#3\=#BU(0ADC4`P?UOG
M/2]#U[0W=#1]#8AZ32\$NZC-54/*N<GW</G]C57<^S[);V,Y>NS-[G+#YF_A
MJG8+:XU7`435HMQZ,`NWZ:ZY]WHN)HZ+OC&(O\WWZ-T6LTNJQCC.AG]!O9UQ
MFT\9?DSG\Q56\B3=6#L1Y3$6&Q"=2U;>^62#0&?N$1]FRK<.W#?0HF(DVM,Y
M@8'5[!NTWL;V4K+>K<F23G6=@U12;M)*A,S'UOH<*0;9(B+C)(,"\_F=0S_"
M^$9")S;K-!?<C?Y2UT&O;@U,1=]14\5RDT]70.1-&[&TL9J2MM]QGWH)Z*CY
M$DI1$@!#XV:\MY",U.@?G^I<_2O7UMM`O-=4R5,]INJ_HJ^5Z:='186<>5F<
M1$G,0[]EN4J/,L)E3(2V\BI?68==-S;N=S0MP7[+MS-6E/2K)NOG:"^PEA`T
M2>64L+,PTS?UCWVJO*Q_H#+TQI4JT3".S-QQEDHAI4X%7.YCT>!,R;VNSO9]
MGDZ':8[5V+-%OK6;M6IEQXZ[;-;F75VR-K4Z)B"]T:RB)E0H,MF.EYY3C+)1
M_E,!VU./\G5G50KP^BKZ8[5PTKUC6T0WSF)A%</>IY^<LHL._14.]%_5I9O.
M3$5ZI2YALS&9106U(0$@SU+VC97^6L-:UV'%X:KU^&L=&Q,TY4<VPI\GP+7,
M7Z;&/0:&=9N9NSZO]BJ5'0I#MC(:2M25QEJ4L*+PDVDG86-[/T-WHWM3,Y_B
MYK]+/V5_MJF:V<^\5:=!7(D:G1Y_*:+8RY3")-)':@?9M06_B;-LU):#T-``
M````````````````````````````````````````````````````````````
M```````````````````````````````````````````````````````4<.NK
MZ_[C["!"@_=/JDROLXK$;[F0O_/(D?"A'S/K_FM7JH_\0%8`````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````(EH=]A<C+KZ_6;7)9B?;)6JK@Z'1T]+
M+LDMO,QW%5\:RF1GIB4/R&T&;:5>BUI(_J9$87B[O:/,U<N\TES59^E@)0N=
M;W=A$JJN&AQU##:I4^<\Q%CI<>=2A)K67JI1$7U,@'4UI,\]0EJF;ZE=S"JX
M[=.C:M(+E"JI2R<A5H5PE\Z\ZY+"36;_`,GQD@O7W>GU`<J'0T&IJX]WF+RH
MT=++-THMO164*WK))L.K9>)B?7O2(KQLO-J0LDK/VJ29'Z&1@*U$^"[-DUK4
MV(Y8PX\27+@(D,KFQ8L]<IJ#)DQ4K-]B/,<@OI:6I))<4RLDF9H5Z!5@`#@X
MXVTVMUU:&VFT*<<<<42&VVT$:EK6M1DE"$)+U,S^A$`ZXLJ-.C1IL*2Q,AS&
M&9427%>;D1I4:0VEUB3&?:4MI]A]I9*0M)FE23(R,R,!W@`"(W_0,%E+&!3Z
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MR(K33J4+<DK)I)&LR2`F````````````````````````````````````````
M````````````````````````````````````````````````````````-"/*
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M*CQC*&RA27'`K?Q&;C_)+>6UCD=Q.I=OS?BN?I-!GLA<Z"D_$Z#4=?.YC6ME
M4QI35056UJ(3KBI/QH)I_P!Y&9)5Z!K>N;Y76^3?J,O&Z34]*I.>\YSU+<ZV
M*F)CG^P0-QM%:VXOWI7W#&AQ:<FTQ]_+;9=CS67(I1%+D>PVPHKF/Y+2+34/
M4L_LE5_[=6?Z>U4NGO[6QE4ZO'EV+`K]7H4ZQCG57T:%V;Y7WY:ZUZ]>L6F2
MC*<JWC-L,CL<]ZW3ZF6<6[Z[>4;?0HM)'AZ78V=]32^?WGCC-EZ61.A3I)LS
MVE]A<0E#[R5N099$Q#^WB^YI08MP5+UJBR>!I':WR+KN24.8Y33],J?NM,GI
M\?8UF#W4'21\$N!-5K4XB)I&\PB6FC=3`4M"CA^L4K#W!-:2R\FXGY=SVDK^
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MR:RPZ+DM>[2%53KV386LJJI(Z[9J5#E$J,^'L:``````````````````````
M````````````````````````````````````````````````````````````
M```````````````````````````LDS,YNPMX%_/S]'.OJI"FZN[F5,"3;UK:
MC4I2(%D]'7,AH4I9F9-K21F9_P"("]@`````````````````````````````
M````````````````````````````````````````````````````````````
M``````````````````_"4DU&DE)-22(U)(R]R25Z^TS+^)$KVGZ?X^@#]`4Z
MI<5,IJ"J3'3-?8?E,PU/-E*>BQG([4F2U'-7RN,1W9;25K(C2A3J",R-1>H5
M````````````````````````````````````````````````````````````
M```````````````````````````````````````````````````TH\DM%Y%9
M39U4_DM3JM+EF<PST*WJ\_40;0I2^065A9:7F4=;T1Q]F^[C5:N!#KDI5\IN
M4KQLFVKWFH,13YWF=0Z2LRS4G:7]=&8QU%<:IO/TTB'.G]VI:.HL-+$E1ZMM
M#,3QUUV4N)TA))]J*Z\B$^3I)3Z!)\CH?*@NN0<]HXVZ+F\;67&3EZ![,5ZO
MEH.-/W6M;W#DN)7$N2WWJNUM72(2V7U=H7_@0VXM2C"V=!F]$5U#K^GY=)Z0
MU9:S$^+LZPIWZK3H//8"STVOB["1`HX&4M[S.[.!6)_NPDQW[MAM^:\Q%4XW
MZM!W0V?)N=G=;9/;;J#DVIQ?+:7'-5F*11E8SM!U[70-EIW:[5XUC16FFH>;
M0ZMMPYL2,TVDE3G8+:Y));"\VL[O=+`U%75O[>TN,]CO)=K(64^D@66LM8U#
MTOE)\]DLRE4Z95U,DYB78IADV@RL6T$:D//(;604FIMO('9_J):9BQ[)F*JK
M@>1>@Y\Q%QQ9V?:VN8S7&7>05LJJTV3<N)%=8Z)_0*AP7FV7+,OF;=)QM!MD
M&9:.QZKDJ7L>=;/;Z_1KO[>-Q:VU=,JP8DS7>&YO;-IO+RNJJVHA9@NC*LX+
M,B5\$9$HTUZ%DHFFB##5K:=+:R](BGT_E-(I'(FJL;FXE<UE)Z#%Z6UC\W.Q
M^<C5)X-FT=P,R\7:.2G5PE5"+)+43[Q,`R;`=+E3Y+7D\YEWJ>MT$JTN^@5U
MS4Y:-31\_45]-R&DO,VG.OKS,Z0S#E]/8?:C3OG==F&I<7Y%LJ)L@WBY[,T%
MC@</8:UEZ-JIV/S,S31Y$0J^0QH)5+"?N67X!(;*$\U8K<2IGVE\:B-/H7H`
)F````````/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g85646corresp2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g85646corresp2.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`%``3`P$1``(1`0,1`?_$`)@```$%`0``````````
M``````@#!`4'"@D!``(#`0````````````````0(!@<)!1````4!!`<%"0$`
M`````````0(#!`4&`!('%Q$A,1,C%18R%#4(&$&AL2*T=3=7.`D1``$"`@@$
M`0@+``````````$"`Q$$`"$Q$@45!@=!(A06"'$RLA,T-<6&46%2,T-S=$9F
MQA?_V@`,`P$``A$#$0`_`-%V'>%%38N5@_A*>(1LU:NGBLS/NB*&CH5`RZVY
MWPD"\LY<G"ZDB3YS:S:B@(VP]VUVCU/O%K.9PG"(B6EGG/6S;H)89YE02`/.
M)L@*Z:8ZSW&P3;?3K,SBH*YA32/4LI(O.\HB3;=`XD\?KHWQ(P=Q!PL=*)U1
M!K<KOB1O4<<"CR`<@81!,>^E3`K5935PE@34#3HT#ML%N9LON'M?.'N20*\.
ML:G&0792!X610J'VH0-"=#[FZ3UQ+`81,I1B0M8>(#XA;:>;RB(HA>)TAVB_
MB_1V@_>6S;MMS;R>S[?VI]/\GH/=.?6'WO\`!Z4)4_\`JO*4'"R%`^7C!Z'H
M]HU>22:]75](=0U`_DP741=S:\-$IQ\29XJ<+Q`57<$(4"E`MT+H.-([]R.W
M>!]K;7X.B68+BP9F8(4ZIV\27G6TU*,:A$FJ%)S@G@>:U5.MZLW;Q]^=?4VA
M296326D!JZ(,%QP+6!#BE(\L:!O&^?'S.YET[B-5^)L[72,+)`X?T)+KMV5!
MS\0XX4M3\A2T>W;P?=9%D<R953('60/=4*:\0+0!&]FO)[&I;&-03!GF!;++
M]E=23SM.L'D\V(0K@8&C`S?A:V95HJ;TIIS!6\.??ETW)YOFG&GTUH>0^OGA
M>A?35%,1"G8KU;^2/IKF>73SD.0^==S=%OZ<V>D<F=UWG>\VS'XFZ\/N<33N
M[,+F'AVRV.2MY=DW70N_A=?#H+;.NYKMG&B`?X9XD\VZ3,$YGW-DT;P^\RWJ
M<PC9<R^J_P"='EC>IG#G?'9O[S*_7N+);.>V/?FK](TV'PSW;+?IVO032+L-
APH8;#0EM65/M_G#W>M#XVL*KMGY?^/TI>OOGYX_J-/_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
