<SEC-DOCUMENT>0001193125-14-340521.txt : 20150724
<SEC-HEADER>0001193125-14-340521.hdr.sgml : 20150724
<ACCEPTANCE-DATETIME>20140912171852
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-340521
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140912

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:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
		BUSINESS PHONE:		(352) 4661-11-3815

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g788710g59f00.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TERNIUM S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Soci&eacute;t&eacute; anonyme
holding</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registered office:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29, Avenue de la Porte-Neuve</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">L-2227 Luxembourg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">R.C.S. Luxembourg B 98 668</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.ternium.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;12, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terence O&#146;Brien, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-4631. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Ternium S.A. </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>December&nbsp;31, 2013 Form 20-F filed April&nbsp;30, 2014 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Response dated August&nbsp;12, 2014 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;1-32734 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;O&#146; Brien: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 August&nbsp;25, 2014, to Mr.&nbsp;Pablo Brizzio, the Company&#146;s Chief Financial Officer (the &#147;<U>Comment Letter</U>&#148;).
The Staff&#146;s comments are set forth below in boldface type, and the responses are included below each comment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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>Please provide us with a detailed explanation as to how the bases for the significant assumptions used in your value in use calculation as of December&nbsp;31, 2013 were reasonable and supportable, including but not
limited to: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>a.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Discount rate; </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>b.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Steel and mining shipments in 2013 and beyond; and </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>c.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>EBITDA margins. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Refer to IAS 36.33.</B> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">R:</TD>
<TD ALIGN="left" VALIGN="top">In response to the Staff&#146;s request, the Company has submitted under separate cover a detailed explanation as to how the bases for the significant assumptions used in our value in use calculation as of
December&nbsp;31, 2013 were reasonable and supportable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" 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 tell us how your value in use calculation as of December&nbsp;31, 2013 captures the risks specific to your investment in Usiminas. In this regard, tell us how you adjusted the projected cash flows or discount
rate to reflect those risks. Refer to paragraphs 55 and 56 of IAS 36. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">R:</TD>
<TD ALIGN="left" VALIGN="top">The Company refers to its explanation of the components used to calculate the discount rate used for purposes of its value in use calculation, which was submitted to the Staff under separate cover. The Company believes
that the discount rate, adjusted as described, reasonably reflected the risks specific to our investment in Usiminas at the time of such estimation, as it contemplated the specific volatility of USIM3 share price relative to the S&amp;P500 index
(Beta) in a long term basis (10 years), the Brazilian country-risk spread, reflecting Usiminas specific risk in connection with having its main operations in Brazil, and the size premium, corresponding to Usiminas categorization as a mid-size
company. </TD></TR></TABLE>

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

 <P>&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g788710g83g69.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company believes that the projected cash flows also reasonably reflected the risks specific to our
investment in Usiminas at the time of such estimation, as it contemplated GDP growth, Brazilian consumption of steel, Usiminas&#146; production capacity and historical market share, as well as its specific plans regarding iron ore mines development.
In addition, the projected cash flows took into consideration Usiminas&#146; specific raw materials and labor costs situation. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note from your response to our letter dated July&nbsp;26, 2014 that you do not believe there are indicators of impairment as of June&nbsp;30, 2014. However, we believe that the significant and prolonged decline in
the fair value of Usiminas, coupled with steel and iron shipments through the first half of 2014 that appear to be significantly lower than that projected for 2014, is objective evidence of an impairment that necessitates the performance of an
impairment test. Accordingly, notwithstanding the comments above, please provide us with a value-in-use calculation as of June&nbsp;30, 2014. Include in your response a description of any changes in assumptions from the calculation performed as of
December&nbsp;31, 2013, along with an explanation of the reasonable and supportable bases for the significant assumptions used in the calculation. Further, please quantify the quoted fair value of your Usiminas investment at December&nbsp;31, 2012
and 2013. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">R:</TD>
<TD ALIGN="left" VALIGN="top">In response to the Staff&#146;s request, the Company has submitted under separate cover its analysis for its Usiminas investment as of June&nbsp;30, 2014 (including a description of any changes in assumptions from the
calculation performed as of December&nbsp;31, 2013, along with an explanation of the reasonable and supportable bases for such changes). </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that the quoted market value of our Usiminas investment at December&nbsp;31, 2012 and 2013 was USD768 million and
USD608 million, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You state on page 23 that you intend to expand your presence &#147;to the rest of Latin America,&#148; a region that includes Cuba. Cuba is designated as a state sponsor of terrorism by the U.S. Department of State
and is subject to U.S. economic sanctions and assets controls. You do not include disclosure in the Form 20-F about any contacts with Cuba. Please describe to us the nature and extent of any past, current and anticipated contacts with Cuba, whether
through direct or indirect arrangements. You should describe any goods, technology or services you have provided into Cuba, directly or indirectly, and any agreements, arrangements or other contacts you have had with the government of Cuba or
entities it controls. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">R:</TD>
<TD ALIGN="left" VALIGN="top">In response to the Staff&#146;s comment, set forth below is a description of the nature and extent of any past, current and anticipated contacts of Ternium with Cuba, whether through direct or indirect arrangements.
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Ternium sold an immaterial amount of flat steel products into Cuba in 2009 and 2011 (USD1.3 million, or 0.026% of
Ternium&#146;s net sales, in 2009; and USD152 thousand, or 0.002% of Ternium&#146;s net sales, in 2011); there were no such sales in 2010, 2012 and 2013. All such sales were made by non-U.S. subsidiaries of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P>&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g788710g83g69.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Company that are not prohibited from making such sales. To the Company&#146;s knowledge and belief, all of
such sales were in compliance with applicable U.S. and foreign laws. No significant changes in the nature or magnitude of these activities are anticipated in the near future. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that Ternium (i)&nbsp;does not have any employees in Cuba, (ii)&nbsp;does not have any subsidiaries or
representation offices in Cuba, and (iii)&nbsp;does not have any agreements, arrangements or other contacts with the government of Cuba or entities controlled by it. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company believes that its occasional sales of products to Cuba are both individually and in the aggregate, not material to Ternium&#146;s
business or operations. In addition, the Company does not consider that its occasional sales of products to Cuba, individually or in the aggregate, constitute a material investment risk to the Company&#146;s security holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;956-6974 and by <FONT STYLE="white-space:nowrap">e-mail</FONT> at risoleor@sullcrom.com. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Pablo Brizzio</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pablo Brizzio</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Al Pavot</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Securities and Exchange Commission)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Mervyn Martins</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(PricewaterhouseCoopers)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Cristian J. P. Mitrani</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Mitrani, Caballero, Ojam &amp; Ruiz Moreno Abogados)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Robert S. Risoleo</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Sullivan &amp; Cromwell LLP)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g788710g59f00.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g788710g59f00.jpg
M_]C_X``02D9)1@`!`0$`E@"6``#_X0!:17AI9@``24DJ``@````%``$#!0`!
M````2@````,#`0`!`````````!!1`0`!`````0```!%1!``!````$Q<``!)1
M!``!````&1<```````"@A@$`C[$``/_;`$,`!@0%!@4$!@8%!@<'!@@*$`H*
M"0D*%`X/#!`7%!@8%Q06%AH=)1\:&R,<%A8@+"`C)B<I*BD9'RTP+2@P)2@I
M*/_;`$,!!P<'"@@*$PH*$R@:%AHH*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*/_``!$(`"(`:@,!(@`"$0$#$0'_
MQ``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#
M!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*"
M"0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS
M='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$
MQ<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!
M`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<`
M`0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9
M&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"
M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2
MT]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$``A$#$0`_`.X>>7>P
M\V3K_?-.\ZZ\O>KS;,XW;FQ5W1-'FU>^*H"L*M\\GH,UZ=!I=G;V"VHB0P@8
M.1UK\XR[)\1CHNHY<L?S/KL9F%+#-04;OJ>1?:)C_P`M9,_[YJ_X?GE.MV0:
M5SF0=6-;'B+0=,AN%6ROX(KB0X6W=Q\Q]!63I-I/9^(;*.YB:-O-'WN]8_4,
M3A,3%5-5=:[FOUFC6HMK1V?D>>>/+Z\C\9:PJ7=PJB<X"RL`/UK!_M*^_P"?
MZZ_[_-_C72^)M-&I^/-;C:\M;0+.2&N&V@^PXJMX@\(RZ)`[W.IZ>\H4,((Y
M"78'H0,5^F+8^,ZF'_:5]_S_`%U_W^;_`!H_M*^_Y_KK_O\`-_C53//%%,"W
M_:-]_P`_UU_W^:C^T;[_`)_KK_O\U5>M6]2L_L-P(O/AGRBOOB;(Y'3ZT`)_
M:-]_S_77_?YO\:/[2OO^?ZZ_[_-_C56D/YT`6CJ-]G_C]NO^_P`W^-3#4+W`
M_P!-N?\`O\W^-9_^>M2CH*`/6[GXHVFEP&UT+3F8*?\`63'&3ZX%<?K7C[Q!
MJ@97O6@B/\$'R_K7+R_ZU_J:8:^(ECJK7*G9>1^OX;(L%0]Y0O+N]62>?,91
M*TCF4'(<MDY^M>[_``R\5VWB.V6TU/8=2ML%2W5QZCWKP2M[P([IXPTDQL5S
M.H.#V[U>!Q,J=5+=,SSS+*>*PK>SBKIK\AOC[!\<:QGG_237:ZAH\.L>-7$\
M/VA;72DG$.<!V"J%!/IDUQ7CXX\:ZOWQ<'^E:3^,8&\0F]:UE-I-9"RGBW`,
M5VXR#ZY`-?:7N?DFVA;U;1;<Z;I5W<Z=#87DE\();>)\J\9(P<9..XJP]IHL
MWC]-$ATI([2&>0.^\EI,(>#Z#-<[>ZOI$*6$6E65P%MYQ/)/<L#+)@YVC'``
MIT/B.%/'$VNFWD,3RN_E9&[Y@1U_&@"Y/%INH^&M8FM]-AM)M/EC$<D9)+JQ
M(PV?I5^XT'35U[4K=;91%%I(N47/238#N_,US%IK$<&CZQ9&)BU\Z,K9X3:Q
M//YUL+XMM6\1RWL]I,UG/9"SEC5@'`V@$@].U`$&DZ99S^$[2\EA#7#ZLMNS
MY/,>T''YDUT$EIH9U+Q+9#18?+TQ'EBDWMN8J>A/]WVK`D\0:9;Z-;:;IMK=
M".&^6\WS.I9Q@#!`X!XIA\3PG5?$=V+>3;JD<B(-P^3<<Y-`"^*;>RE\.:)J
MMI9QV<MT98Y8XB=AV$8(SWYKFP>!6EJ.KQW7AO2M,6-P]F\K%R>&WD'C\JS!
MT%`%F4#S7X'4TW`]!117YX]S]TCL!4>@K;\$`?\`"7Z3Q_R\+116V&_BQ]4<
MV._W:IZ/\AGCX#_A,M:X'^N;^E814<\#OVHHK[Q;'XK+<7:-Y&!CZ4BJ/044
M4Q"[1GH/RIH4;`<#/%%%`"E5RO`Y]J`HXX';M[444`(5&.@Z_P!*F`&!P***
#`/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g788710g83g69.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g788710g83g69.jpg
M_]C_X``02D9)1@`!`@$``0`!``#_X00H17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````4````<@$R``(````4````AH=I``0````!````G````,@````!````
M`0````$````!061O8F4@4&AO=&]S:&]P(#<N,``R,#$T.C`Y.C$R(#(Q.C,U
M.C`V``````.@`0`#`````0`!``"@`@`$`````0```!B@`P`$`````0```!H`
M````````!@$#``,````!``8```$:``4````!```!%@$;``4````!```!'@$H
M``,````!``(```(!``0````!```!)@("``0````!```"^@````````!(````
M`0```$@````!_]C_X``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``?_N
M``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43
M$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-
M$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#/_``!$(`!H`&`,!(@`"$0$#$0'_W0`$``+_Q`$_```!
M!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$`
M`@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R
M!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5
MXF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7
MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q
M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S
MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_
MV@`,`P$``A$#$0`_`.H<";"`)))@?-%OPLF@!UC"&D3(U'S5ZD8'3B;\ZYC;
M226M)F/_`#)5\KZX]/:"VBI]Q\QM;^*Q(<GC$"<V3VYGY8[F/]Z+K">:<@,.
M(Y(C>6T?\&33;](?$)(O3+\7K!<&-&+E,.[TP9:YO\E)0_=9UQ7'V_\`.?H_
MXOS\3)Q'W/;X3[O[G_H7R<+_`/_0+<2ZYY)D[CJ?BH(EO\Z_Z/TC^51_S5SQ
MW+UXV#/%NMHR*[:G%CVN$$?%)-7_`#C?H_2'Y4D?5P=>&_\`!XEOI]SIQ\/^
M%P_]Z__9_^T)&%!H;W1O<VAO<"`S+C``.$))300E```````0````````````
M`````````#A"24T#[0``````$``!`````0`!``$````!``$X0DE-!"8`````
M``X`````````````/X```#A"24T$#0``````!````!XX0DE-!!D```````0`
M```>.$))30/S```````)```````````!`#A"24T$"@```````0``.$))32<0
M```````*``$``````````3A"24T#]0``````2``O9F8``0!L9F8`!@``````
M`0`O9F8``0"AF9H`!@```````0`R`````0!:````!@```````0`U`````0`M
M````!@```````3A"24T#^```````<```____________________________
M_P/H`````/____________________________\#Z`````#_____________
M________________`^@`````_____________________________P/H```X
M0DE-!`@``````!`````!```"0````D``````.$))300>```````$`````#A"
M24T$&@`````#JP````8``````````````!H````8````.P!3`$4`0P`@`$,`
M;P!M`&T`90!N`'0`<P`@`#(`,``M`$8`(``R`#``,0`S`"``(`!2`&4`<P!P
M`&\`;@!S`&4`(`!T`&\`(`!L`&4`=`!T`&4`<@`@`#,`(`!P`'4`8@!L`&D`
M8P`@`&P`90!T`'0`90!R`#(````!``````````````````````````$`````
M`````````!@````:``````````````````````$`````````````````````
M````$`````$```````!N=6QL`````@````9B;W5N9'-/8FIC`````0``````
M`%)C=#$````$`````%1O<"!L;VYG``````````!,969T;&]N9P``````````
M0G1O;6QO;F<````:`````%)G:'1L;VYG````&`````9S;&EC97-6;$QS````
M`4]B:F,````!```````%<VQI8V4````2````!W-L:6-E241L;VYG````````
M``=G<F]U<$E$;&]N9P`````````&;W)I9VEN96YU;0````Q%4VQI8V5/<FEG
M:6X````-875T;T=E;F5R871E9`````!4>7!E96YU;0````I%4VQI8V54>7!E
M`````$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4
M;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````&@``
M``!29VAT;&]N9P```!@````#=7)L5$585`````$```````!N=6QL5$585```
M``$```````!-<V=E5$585`````$```````9A;'1486=415A4`````0``````
M#F-E;&Q497AT27-(5$U,8F]O;`$````(8V5L;%1E>'1415A4`````0``````
M"6AO<GI!;&EG;F5N=6T````/15-L:6-E2&]R>D%L:6=N````!V1E9F%U;'0`
M```)=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T06QI9VX````'9&5F875L
M=`````MB9T-O;&]R5'EP965N=6T````115-L:6-E0D=#;VQO<E1Y<&4`````
M3F]N90````ET;W!/=71S971L;VYG``````````IL969T3W5T<V5T;&]N9P``
M```````,8F]T=&]M3W5T<V5T;&]N9P`````````+<FEG:'1/=71S971L;VYG
M```````X0DE-!!0```````0````".$))300,``````,6`````0```!@````:
M````2```!U````+Z`!@``?_8_^``$$I&248``0(!`$@`2```_^T`#$%D;V)E
M7T--``'_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``:`!@#`2(``A$!`Q$!_]T`!``"
M_\0!/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``
M```````!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H`#`,!``(1`Q$`/P#J'`FP@"228'S1;\+)H`=8PAI$R-1\U>I&
M!TXF_.N8VTDEK29C_P`R5?*^N/3V@MHJ?<?,;6_BL2')XQ`G-D]N9^6.YC_>
MBZPGFG(##B.2(WEM'_!DTV_2'Q"2+TR_%ZP7!C1BY3#N],&6N;_)24/W6=<5
MQ]O_`#GZ/^+\_$R<1]SV^$^[^Y_Z%\G"_P#_T"W$NN>29.XZGXJ");_.O^C]
M(_E4?\U<\=R]>-@SQ;K:,BNVIQ8]KA!'Q235_P`XWZ/TA^5)'U<'7AO_``>)
M;Z?<Z<?#_A</_>O_V3A"24T$(0``````50````$!````#P!!`&0`;P!B`&4`
M(`!0`&@`;P!T`&\`<P!H`&\`<````!,`00!D`&\`8@!E`"``4`!H`&\`=`!O
M`',`:`!O`'``(``W`"X`,`````$`.$))300&```````'``@````!`0#_X1)(
M:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@8F5G:6X]
M)^^[OR<@:60])U<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"<_/@H\/V%D;V)E
M+7AA<"UF:6QT97)S(&5S8STB0U(B/SX*/'@Z>&%P;65T82!X;6QN<SIX/2=A
M9&]B93IN<SIM971A+R<@>#IX87!T:STG6$U0('1O;VQK:70@,BXX+C(M,S,L
M(&9R86UE=V]R:R`Q+C4G/@H\<F1F.E)$1B!X;6QN<SIR9&8])VAT='`Z+R]W
M=W<N=S,N;W)G+S$Y.3DO,#(O,C(M<F1F+7-Y;G1A>"UN<R,G('AM;&YS.FE8
M/2=H='1P.B\O;G,N861O8F4N8V]M+VE8+S$N,"\G/@H*(#QR9&8Z1&5S8W)I
M<'1I;VX@86)O=70])W5U:60Z-F)A938T8V0M,V$V,BTQ,64T+6)E8F(M9C5E
M83!D,#<Y-S)A)PH@('AM;&YS.GAA<$U-/2=H='1P.B\O;G,N861O8F4N8V]M
M+WAA<"\Q+C`O;6TO)SX*("`\>&%P34TZ1&]C=6UE;G1)1#YA9&]B93ID;V-I
M9#IP:&]T;W-H;W`Z-F)A938T8SDM,V$V,BTQ,64T+6)E8F(M9C5E83!D,#<Y
M-S)A/"]X87!-33I$;V-U;65N=$E$/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H\
M+W)D9CI21$8^"CPO>#IX87!M971A/@H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*/#]X<&%C:V5T(&5N9#TG=R<_/O_B
M#%A)0T-?4%)/1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`
M"0`&`#$``&%C<W!-4T94`````$E%0R!S4D="```````````````!``#VU@`!
M`````-,M2%`@(```````````````````````````````````````````````
M````````````````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P
M````%&)K<'0```($````%')865H```(8````%&=865H```(L````%&)865H`
M``)`````%&1M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I
M97<```/4````)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````
M#')44D,```0\```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````
M0V]P>7)I9VAT("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D
M97-C`````````!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@
M245#-C$Y-C8M,BXQ````````````````````````````````````````````
M``````````````````````!865H@````````\U$``0````$6S%A96B``````
M````````````````6%E:(````````&^B```X]0```Y!865H@````````8ID`
M`+>%```8VEA96B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT
M='`Z+R]W=W<N:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C
M+F-H````````````````````````````````````````````````````````
M`````&1E<V,`````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L
M;W5R('-P86-E("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F
M875L="!21T(@8V]L;W5R('-P86-E("T@<U)'0@``````````````````````
M``````!D97-C`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@
M:6X@245#-C$Y-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@
M0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0``````````````````````````
M````````=FEE=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:
M(```````3`E6`%````!7'^=M96%S``````````$`````````````````````
M```"CP````)S:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`
M'@`C`"@`+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+
M`)``E0":`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!
M`0$'`0T!$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2
M`9H!H0&I`;$!N0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"
M5`)=`F<"<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X
M`T,#3P-:`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$
M501C!'$$?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66
M!:8%M07%!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'
M&0<K!ST'3P=A!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^
M"-((YPC["1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*
MK@K%"MP*\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`
M#-D,\PT-#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/
M)0]!#UX/>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J
M$<D1Z!('$B8211)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4
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M932>--@U$S5--8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_
M.;PY^3HV.G0ZLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_
M(3]A/Z(_XD`C0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.
M11)%546:1=Y&(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+
M#$M32YI+XDPJ3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%0
M49M1YE(Q4GQ2QU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8
M+UA]6,M9&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/
M7V%?LV`%8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUF
MDF;H9SUGDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2
M;FMNQ&\>;WAOT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V
M/G:;=OAW5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB
M?L)_(W^$?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'
M.X>?B`2(:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&
MD&Z0UI$_D:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229
MD)G\FFB:U9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&
MHW:CYJ16I,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M
M1*VXKBVNH:\6KXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=H
MM^"X6;C1N4JYPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"
M7\+;PUC#U,11Q,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TU
MS;7.-LZVSS?/N-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38
MZ-ELV?':=MK[VX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1S
MY/SEA.8-YI;G'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CP
MY?%R\?_RC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI
M_;K^2_[<_VW____N``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#
M`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__``!$(`!H`&`,!$0`"$0$#$0'_
MW0`$``/_Q`&B````!@(#`0`````````````'"`8%!`D#"@(!``L!```&`P$!
M`0````````````8%!`,'`@@!"0`*"Q```@$#!`$#`P(#`P,"!@EU`0(#!!$%
M$@8A!Q,B``@Q%$$R(Q4)44(6820S%U)Q@1ABD25#H;'P)C1R"AG!T34GX5,V
M@O&2HD14<T5&-T=C*%565QJRPM+B\F2#=).$9:.SP]/C*3AF\W4J.3I(24I8
M65IG:&EJ=G=X>7J%AH>(B8J4E9:7F)F:I*6FIZBIJK2UMK>XN;K$Q<;'R,G*
MU-76U]C9VN3EYN?HZ>KT]?;W^/GZ$0`"`0,"!`0#!00$!`8&!6T!`@,1!"$2
M!3$&`"(305$',F$4<0A"@2.1%5*A8A8S";$DP=%#<O`7X8(T)9)3&&-$\:*R
M)C495#9%9"<*<X.31G3"TN+R565U5C>$A:.SP]/C\RD:E*2TQ-3D])6EM<75
MY?4H1U=F.':&EJ:VQM;F]F=WAY>GM\?7Y_=(6&AXB)BHN,C8Z/@Y25EI>8F9
MJ;G)V>GY*CI*6FIZBIJJNLK:ZOK_V@`,`P$``A$#$0`_`+XJVGGJ\[7TM+#+
M45-3F:Z"GIX4:2:::6OF6.**-06=W8V`'OY[KVWGN]]OK6UA:2YDO)51%!+,
MS2L`%`R23@`==9[:6*#:[6>>14A2V1F8F@`"`DDG@!TO=[],=D=>4E%D-S[;
MJZ;'UM-%4+74P-92TQD4,::NDA4_9U,08!@X"@\`GV/>=_9GW(]O+2RW#F?E
MJ:+;YXPXE3]1$J*Z)2H_3=:]P:@!X$]!;EKW&Y.YMN+FTV3>8WNXG*E&[&:A
MIJ0'XU/D1GY=!QCO^+AC_P#J/HO_`')B]QQM]#N&WT_W_'_Q]>AA=_[B7?\`
MS2?_`(Z>O__0VQ=F1=#_`!BEKNP.^^Q=D8G=]955]5@\-496FKJC$4\E1-*J
MTU'`99)\U.K`?0>/Z`WO;`WVA]J^1_9F[ON>_=3>[`<VS32/;PEP_P!,C.S`
MA175.P(J:=G`&M2,R.9KKW-]YX[7E3VNY3W*?E^-$6:98F196"@=SF@6$?;W
M<3CB$/9_\XKX^XVDKL9L39&\NQYY(Y8->5QM'M_;TK@E;3_Q&>:LJ:9[<,D)
MN.?<@<T?>IY!%M<V.U[%<[DKJ5(E14A;Y,')+*?]+T,^3/N">Z=W/;7O,O,F
MW[1&"#^E(\TX'R\-0JL/0OT%?QJWYUA\U:S-TF#Q.+Z4[CP-8N939U/73Y':
M.Z\"*E9!689YT2N@KJ`1Z:M%CL&D5@-'TQLVGVLY"]\;NZN^48(N6N>;>42F
MU#,]G<QA@VJ,$:XW6E'"@BK`TT\)`]W-BYT^[M;[=-NE]-S'[?W4?A?5L@CN
MK:;331*%)1D>M8B6X*03JX__T5MO"IJ:W=VZJJLJ)ZNIDW)GC)454TD\\A&6
MK`"\LK,[6`L+GZ>^+6Z223;GN4DTC/(;B2I)))[V\SU],6PPPV^Q;+#;Q+'"
M+.&BJ`H'Z2<`,=)WV@Z-.E]U;O3<_7G8>S=X;.S%9@MPX;<.)FH<A12M%*HD
MKH(:BGDTD>6EJX':.5#PZ,0?9WRYN^X[%ONT[KM-T\-_%.A5E-#E@"#ZAA4$
M>8/09YSY>V;FOE3?]AW^PCN=JN+64.C@$80E6%>#*P#*PR"`>O_2%#<W_'S;
ME_X]C_CX\]]?K_Q=JSZ_X_U_Q]\8]P_Y*&X?[C?[D2?\?;KZ4=H_Y)&T?[F_
M[B0_]6DZ9?\`T%_:3_LFZ,/^RWITP7_%]P?_`!['_%ZQ/T^O_%PI_I_C_3VH
@L_\`<RS_`-QO[9/^/CI'N7_)-W'_`'-_W'E_XXW7_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
