-----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,
 Mq0CpESYP9CWzhprBrRSP1jy0I7Q5A++jv2riWyNM0NSwy0BxGCA2FwvZgyRvoJS
 IvzbW6knD+GQh4v13rw5dA==

<SEC-DOCUMENT>0000950129-09-000047.txt : 20090417
<SEC-HEADER>0000950129-09-000047.hdr.sgml : 20090417
<ACCEPTANCE-DATETIME>20090112110944
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950129-09-000047
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL OILWELL VARCO INC
		CENTRAL INDEX KEY:			0001021860
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		IRS NUMBER:				760475815
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		6TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200
		BUSINESS PHONE:		7133467500

	MAIL ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		6TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL INC
		DATE OF NAME CHANGE:	19960829
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 80%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="h65386national.gif" alt="(National Oilwell Varco, Inc. Logo)">

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 19%">

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">National Oilwell Varco, Inc.<BR>
7909 Parkwood Circle Drive<BR>
Houston, TX 77036<BR>
PHONE 713-346-7500<BR>
FAX 713-346-4524

</DIV>
</DIV>
<BR clear="all"><BR>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;12, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Gary Newberry

</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"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>National Oilwell Varco, Inc. (the &#147;Company&#148;)<BR>
Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2007<BR>
Filed February&nbsp;29, 2008<BR>
Forms 10-Q for Fiscal Quarters Ended March&nbsp;31, 2008, June&nbsp;30, 2008 and September&nbsp;30, 2008<BR>
Filed May&nbsp;9, 2008, August&nbsp;8, 2008 and November&nbsp;4, 2008<BR>
File No.&nbsp;1-12317</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter sets forth National Oilwell Varco&#146;s responses to the comments of the staff (the
&#147;<I>Staff</I>&#148;) of the Securities and Exchange Commission (the &#147;<I>Commission</I>&#148;) in its comment letter dated
December&nbsp;31, 2008 (the &#147;<I>Comment Letter</I>&#148;) with respect to the Company&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2007 and Forms 10-Q for the fiscal quarters ended March&nbsp;31, 2008,
June&nbsp;30, 2008 and September&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your convenience, we have repeated in bold and italics each comment of the Staff exactly
as given in the Comment Letter and set forth below each such comment is the Company&#146;s response.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2007</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Goodwill Impairment, page 44</I></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="1%" nowrap align="left"><B><I>1.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Please expand your discussion of how you use the three methods identified to determine the
fair value of your reporting units.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>While the Company primarily uses the discounted cash flow method to assess fair value,
the Company uses the comparable companies and representative transaction methods to validate the
discounted cash flow analysis and further support management&#146;s expectations. The
</DIV>

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

<!-- PAGEBREAK -->
<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">U. S. Securities and Exchange Commission<BR>
Page 2 of 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">discounted cash flow is based on management&#146;s short-term and long-term forecast of operating
performance for each reporting unit. The Company proposes to expand its 2008 Form 10-K describing
the above methodology.
</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="1%" nowrap align="left"><B><I>2.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>In discussing the changes in assumptions used in the fair value calculation, include an
analysis of the uncertainties involved or the variability of results from its application over
time, why the estimate bears the risk of change, and whether it is reasonably likely to change
in the future. Please refer to Financial Reporting Codification 501.14.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>The Company&#146;s business is affected by numerous macroeconomic factors that are highly
volatile and uncertain. As disclosed in the Company&#146;s MD&#038;A, oil and gas prices have been and the
Company expects that they will continue to be volatile. The Company&#146;s revenues and operating
results are directionally related to the level of worldwide oil and gas drilling and production
activities which in turn are affected by current and anticipated prices of oil and gas. Given the
cyclical industry, we revise our forecasts as events or market conditions occur. Based on these
facts, it is not practical to determine quantitatively the movement of each uncertainty and the
related impact on the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Quantitative and Qualitative Disclosures About Market Risk, page 47</I></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="1%" nowrap align="left"><B><I>3.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>For each market risk you have identified, provide quantitative information about the market
risk as of the end of the fiscal year in accordance with one of the three disclosure
alternatives required by Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>305(a)(1)</I></B><B><I>. Such information should be updated for
any interim periods as required by Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>305(c)</I></B><B><I>.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>The Company currently includes the tabular presentation of information related to the
Company&#146;s foreign currency exchange rate risk which includes substantially all of the material
information required by Regulation&nbsp;S-K Item&nbsp;305(a)(1). The presentation is grouped by contract
currency for each type of foreign currency derivative, including contract terms for the next five
years or maturity period, as appropriate, and notional values. While the tabular presentation does
not include the fair value of each foreign currency, the fair values of the respective types of
derivatives are included in the Company&#146;s narrative preceding the table. The Company proposes to
expand its 2008 Form 10-K tabular presentation to include the fair values of each type of
derivative by foreign currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company includes a description of the Company&#146;s fixed rate debt and interest rate swaps
relating to the Company&#146;s interest rate risk. At December&nbsp;31, 2007, the fair value of the Company&#146;s
fixed rate debt was approximately $922.3&nbsp;million compared to the book value of $890.7&nbsp;million, a
difference of $31.6&nbsp;million. The fair value of the interest rate swaps at December&nbsp;31, 2007 was
$0.2&nbsp;million. The Company has not included a sensitivity analysis as set forth by Regulation&nbsp;S-K
Item&nbsp;305(a)(1) as such amounts were not material as of and for the period ended December&nbsp;31, 2007.
The Company will include the required disclosures in future filings to the extent such amounts
become material.
</DIV>


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

<!-- PAGEBREAK -->
<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">U. S. Securities and Exchange Commission<BR>
Page 3 of 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Notes to Consolidated Financial Statements</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Note 2 &#151; Summary of Significant Accounting Policies</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Contingencies, page 68</I></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="1%" nowrap align="left"><B><I>4.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>We note your policy where revisions of contingent liability reserves are reflected in income
based on updated facts or as information becomes known. Tell us how this policy conforms to
the requirements of Statement of Financial Accounting Standards 5 and FASB Interpretation 14.
In particular, address whether you have adjusted reserves recorded as income prior to the
ultimate resolution of a contingent liability, and if so, how such policy conforms to the
above standard.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>The Company reserves for contingencies when amounts become probable and are reasonably
estimable. When circumstances change, or better information becomes available in a period, the
reserve is revised to reflect management&#146;s best estimate of the amount of the loss. While
revisions to contingent liabilities have not resulted in material adjustments to income, revisions
are made as new information becomes available. We believe the Company&#146;s policy conforms to
Statement of Financial Accounting Standard No.&nbsp;5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Form&nbsp;10-Q for the Quarter Ended September&nbsp;30, 2008</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Notes to Consolidated Financial Statements</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Note 1 &#151; Basis of Presentation, page 5</I></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="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Please tell us the facts and circumstances you considered to conclude that it was not at
least reasonably possible to have a near term severe impact from impairment of your goodwill
as of September&nbsp;30, 2008. Refer to Statement of Position 94-6.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>We discussed overall economic considerations regarding the recent serious credit crisis
and the prospects for an emerging global recession in both the outlook section of Item &#147;2.
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and Item
&#147;1A. Risk Factors&#148; and the possibility that a prolonged reduction in oil and gas prices and
drilling activity could adversely impact our operating results and financial condition. In our
view, these changes did not require additional disclosure on goodwill impairment in the footnotes
to our financial statements or to our MD&#038;A section due to the following Company specific facts: 1)
the Company reported record revenue and net income for the third quarter of 2008 of $3.6&nbsp;billion
and $547.7&nbsp;million, respectively, and for the first nine months of 2008 of $9.6&nbsp;billion and $1.4
billion, respectively; 2) the Company reported record backlog of $11.8&nbsp;billion at September&nbsp;2008;
3) the Company reported a record $1.7&nbsp;billion in net cash provided by operating activities for the
first nine months of 2008; and, 4) the Company reported a cash position of $1.8&nbsp;billion at
September&nbsp;30, 2008 and total debt of $1.5&nbsp;billion. In addition, on the filing date of our third
quarter 2008 Form&nbsp;10-Q (November&nbsp;4, 2008), Worldwide Rig Count was strong at 3,533 rigs, and the
price of West Texas Intermediate Crude was at $70.41 per barrel and
</DIV>

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

<!-- PAGEBREAK -->
<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">U. S. Securities and Exchange Commission<BR>
Page 4 of 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Natural Gas Prices were at $6.79 mmbtu, both very high prices over a historical 30&nbsp;year period.
Based on all of these factors we do not believe there were any events that had occurred as of the
filing date of our third quarter 2008 Form 10-Q to warrant a separate discussion on goodwill
impairment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I>Outlook, page 20</I></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="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>The discussion to be provided under Regulation&nbsp;S-K Item&nbsp;</I></B><B><I>303(a)(3)(iii)</I></B><B><I> requires a description
of any uncertainties that may reasonably be expected to have a material favorable or
unfavorable impact on results of operations. Given the outlook you have presented in this
section, tell us why you have not described any uncertainties related to the value of your
goodwill.</I></B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Response: </B>We disclosed that we are more cautious in our outlook for 2009, and believe we are likely
to see orders for new rigs slow and drilling activity, particularly by independent gas producers
reliant on external financing, decline as we enter 2009. As described in detail in question 5
above, the Company is well positioned to manage through this uncertain period, and should benefit
from its strong balance sheet and capitalization, access to credit, record high level of contracted
orders, strong cash flows from operations and results of operations. Based on all of these factors
we do not believe there were any events that had occurred as of the filing date of our third
quarter 2008 Form 10-Q to warrant a discussion on goodwill impairment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In providing this response letter to the Staff, the Company acknowledges that (i)&nbsp;the Company is
responsible for the adequacy and accuracy of the disclosure in the above-referenced filing, (ii)
Staff comments or changes to disclosure in response to comments do not foreclose the Commission
from taking any action with respect to the above-referenced filing, and (iii)&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you or any member of the Staff has any questions regarding the responses set forth herein,
please contact the undersigned at (713)&nbsp;346-7606.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Clay Williams
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Clay Williams<BR>
Senior Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>h65386national.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h65386national.gif
M1TE&.#EA40$A`'```"'Y!`$``/\`+`````!1`2$`A____]X9`+6UK0```-X(
M`-XI&>^,>^^ME.:$2N:,E-YK4N9CG.^UM>9C<[6,[[4ZI;5C[[40I;6,Q;4Z
M>[5CQ;40>[6,>[4ZSK5C>[40SA!*6A`90N:UYK7F*;6U*;7F"+6U"*6UYJ7F
MYN9S&:7F6J6$&:6U6J52&3KOWCKO6CI:K3JMWCJM6CH9K3HIWCKOG#KO&3JM
MG#JM&81K&80I&1!:K1`9K1!KWA#OWA#O6A"MWA"M6A`IWA#OG!#O&1"MG!"M
M&5IK&5HI&6-:K6,9K1!K&6/OWF-KWF/O6F.MWF.M6F/OG&,IWF/O&6.MG&.M
M&81:C(09C#%*&3I*WCK.WCK.6CJ,WCJ,6CH(WCK.G#K.&3J,G#J,&81*&80(
M&1!*WA#.WA#.6A",WA",6A`(WA#.G!#.&1",G!",&5I*&5H(&6/.WF-*WF/.
M6F.,WF.,6F/.G&,(WF/.&6.,G&.,&>9**>;O[];>M:VMC.;.SN:,[^8ZI:WO
MM>9C[^80I>:,Q>8Z>^9CQ>80>^8ZSN80SMY20N;F*>:U*;7%M>;F".:U".;F
M2J6$2BD($.:U2J522H1K6N\I2H0I6K6,G+4Z[[5CG+40[UIK6EHI6A!K6A`9
M8S%*6C$90H1*6N\(2H0(6EI*6EH(6M;FC,X("._>M<6UWO_O[X3OWH1KWH3O
M6H1:K82MWH2M6H09K83OG(0IWH3O&82MG(2M&3%K&83.WH1*WH3.6H2,WH2,
M6H3.G(0(WH3.&82,G(2,&<7FWN:4&<7F6L6$&<6U6L52&>;FUM:MC.8Z[^80
M[ZWOC*TI$*W.C*T($.92"-XA`#%K6L4I2C$98Z4I2L4(2J4(2N;F:\6$2BDI
M$`@9$.:U:\522O?FC.80&3IKC#HIC!!KC!`IC&-KC&,IC!!**3I*C#H(C!!*
MC!`(C&-*C&,(C!!*"+VUM?=22O_%WM:UM=Y24CIK[SIKSLXI$/_FWMZ,<^\Q
M&>;.[^]K4J6MM>\I`.\(`/__[P@`&=X9"+6EM;6UM0````C_``$('$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#,N_*>QH\>/($.*'$FR9$B.)E.J7,FRI<N7
M$U$"N*-.':)VB&SB-$703LV;.8'^)):'@0%[A=8IL,<@#[&<.H/BM$FL8-2K
M56%JW<JU*TF4I@3<$R"6;%E$!(F974O69AX%=48%D$LW0`$%#'R5)3N6;QZ"
M>?BN'5O/J^'#B!,KE*F.+=NL`(CU9:O.5X(Z<YLU"Z"YL]P"]H@U=BS@CAV!
M=B:S_:NXM>O7+V627JON=.39>0PTDZLY0#S?OGOO7B?:\3W6IN[,%J`/MO/G
MT#W*7MO.,>MZI//,"\"YV>_-W,%__]]=2*UU@9)G0X[.OKW[Q0.7F[UWVOS\
M=NTXC^H-/-[F[\%M9D]@9+6#QW$"]4/:/>V\Y^"##DXG'QZEZ(/=:@5TYAUG
M'.ZFV6_Z:8:?:KX`D,=DU9EE&X0LMNB:A*2E*``Q]HF56W_B_==9>)X%4$>-
M`N1AAP!X.(8':RXFJ617,!HXFSHU'EG(?N&!"-R&OV7960$RDG5'*;,UN.28
M9+8$HP`*RF>6.NWL:*5_''88GF^%-&-/E^H4:=QZ9?;IYT=@C49=/WH^><"5
MW8EWY7>_C5)((0$4HE>,9DV"Y)^89FK1F6NEN:!V',*I97=4DEJ';G:10AJA
M:ZVHZ:NP-O_$*5M="N#D'0WLIRAW5WX(7"$'Q-5,`2=2YQB?L2:K[$`2UJIF
M*0J$NIF.TO+J#BE3?AB8LWRUXRIZ"1@0K@'BVJ'/N`;P)%!NY+8K#P#GMBNO
MO`P0(R^2IAQ@P%(*&`"9'?.2VQRZ[Z(7<,$``-PN`P\1DX`]"C3`E+J1W:L/
MO0091>X!`V%<,;D)Z!LPN0SHH[&X%!O<[J4'G6P`DO:N+)#+X@YD"BDCBXML
M;A#;,P\#ZIIB%+\&("R0A(6R16BM=VRG:XC36CE*/"^OH^LH/]Z3]&,'L;/;
M7)G)0TP!<\6#L`($U#4*Q_(4H#;8=-7!`'=R)3!S7'79E2X`7JO_W0PQIKCM
M&Y+VI`VW`0.10G<`"C1DRCQDP^TCPP`88'@`#,A3EST$S6-X':<Q\+6C`B4`
M]J.&OUV'*5/.54!S!)D.MMT*';!YQW4Q''C>S2#I^=O<%6"`;7E8#38!!!3`
M$P-QI6[7/!1+J&`_Q7@ZVSWJ).#F]OI%2DH>PO:F0&#6%T@A0O)HV!O0D?\M
M4-N]P5E(PN&K#Y[<9&_&,2D>\CIZ`_H8F_WLEK]FL$,@^G#;M#8S/X&P0X$!
M0!Q#M@,V#\5#+@P3W=<RER'N-&X@>=#,*`KP+@/H:EA5T<UNCO*TXV$-`)#2
M3`&^)3I><4PA@=./\@!@"LQPIPXS\T^/_R3XN$3)!3@!(`##2*'`T8V"&?7@
M'V_\)Y</`B!089)/'MJ$Q`V!9S]U.(`=$D`/737*`(CP1Z?6`CN#A-""<[&'
M'3(4#Q(*Y%"_J<-F1B@/>>C1/UGBC!#=(3I=`0TS'_H9(G_#P4#^IG$9&F%6
M&*"K82@P'JSAGPCGP9"YA2>,\Y@6UO)UPGKYBG,#:=MW&*8`];%#'S%L!@-:
MZ9T"S`-CL5Q=0?`XEQLJA);>(84I\K"-,PHD6K7L#.@$8H#,%.``L^3.;SB'
MR%KV"V(]%&0S0A:^`C`K/LLA$%FL=QH%C((`8*-;'?$RS'7P:$O%,8N3;(00
M?<!O6+WYD0_C<?]``)B3.PF@Y2@0EP=2L(.)'"H$._+`#F(PL3<'".%^1K&.
M(.HG-.V+W(\R-"Q2'+,S`>V-!//`43LQI`'!&07ED.D;!LP-3@=HVQ&M*!!(
M^69XB)PH]##C'WD@\X4%T8<Y=[/#C,W)EPEY:3,(P$D3<J8`5;&##PO`@&$0
ME7(FU`P0(Y._@5)2/W4P6B$].+/.$(`ULS++,&,TD`-`K!!U*$0##)"YR-A#
M@?OYSBCFD1ZV)B2$OJF#L*A*QV:\2X##NIC\"+*[W2``7C-#(@.T]R$)MJT[
M=2"I-5W'`&;LQXZ7M4N^,J-+KV5)@@F1*J_L"`#*;H:N5))E^C99D*S_,DX>
M<Q'L(XE1S$C!L#MU%&P=GH&X.FGU6X?R$.44HMK<FN*GJ)S;?AIG#RIQ$@#;
MV8W<&'#7WT!5A9I9;ND\(\&Q`8=R:26+0-#DF&\5)%\V/2%X?"1.TB"+(+/%
MFFY^,X]]ODMV\2C$,+\6`(\.A*.^'4@--V.4[D00/7'Q30$0.BSP&J"D?SF`
M?T;YT)8"@,(!0&5"8"D7_TPRI09(+H,1&X`&%$2#D6IF,^8J0^V1-5H`&H6.
M`\#):$DX90!@@!`#0+N%S$-7!4@`V?QS0WMP:![GZLX.93RMKA*G<A.=<&T#
M1+D$\DJ"S7(,3]2"ARZU@QBGD4=!&7"`>10B_W(G9!1WFJ*:M;#,(%[;3!VX
MZ*,">+<JU=U,`>I0`(X.="!S!!%-2=%;S!UJHL402.#RJ=DGDO0W;Q:T/$SA
M#BD+]FF<)"EPKIL0UO6&M8<2)&PWU$CNB!@]"BS`E*A&#.\T`\>8`T"G@9NA
M#!670][<I30#@-2D?J@9=8#3#+GJH4'3D3.LQ%+:=*6`$I:R(`F@TMHD+425
M'@V<LT$@F(P3)`;`&9T>.K8(]>8+/969+>XM2*TE+(_6%9JH8M-0.H6X;![F
M+\%EY0TT=X3*6G^M`0(4+2(+'1RQ1:Y11_2N/KPF37N8XN*FN*^3@T.Y[&(0
MQIA+WT4O;H>+UUO=LO\$0/O"4Q4<H_#B@.,)I/P#U4V77&B\(C+&2YZ0:O)F
M%-$5XNB&W3C3"5H!"#!T'4SFJQ]E;$<?!.QF#`PCZZEC($":#QY\<8`FQIE7
MC7JF+SQ%=CS<MR!Y]I$=[(&ESIBBF5DJ=$G]0SE3;/C6&>-H/`X0N`T_LWA/
MB^F2E8=K$$'5M<.2.WADF7"[##JX=Z9D;PI!"G-+61^V6Y\\A%YH0@^:`13\
MS^O\F5?N"%C7JW6IZAEFT\3+_9DOE?#K3W^0;*LO'@9V9W!>#Y[7.0V%E1M/
M'GJH[5,98![5]K.$(VJU#:D+1EM;41[*9Y9^(`);8%_@$>UT9OF4`L@'F7?_
M'84V10D38]<^(H;8+,\95"90A!5-W(:('61I+E"$`C:O78(\K?`0R\G:I7[$
M4$./]$#V=T&\(EX(]$]6XB';=@`BU`R"%QQWAT&9]RO,)"<?Y')6\D,^97^?
MQ1UT-2?JQEH&(7[`L4-C<T3^(C;;L6%&(70'M&!$]F']LSC*8SLY%QRF]TT\
M-$[C5"@]01;NIC0.HP!D0Q<RI`#%(!IU1B1H@@?@US5@\SKS=D3[86/G5&3Z
MT"AV<1JF4!<--#/(4S?,E(1P<VL\(5%S$4!#MQ^/-A>HI0\1-D(0*!>7`S8*
M^#X^EC?/5#I8F#EX.(@)F#Z#.%)PLVTPA#Q)I#:@_U,'>4@77B4YDKA,!\$Z
M>"B'&0@V2-(W250(U949'J4X=!%=D.*(/&$`7D@W:NB#`.`+>1"+LBB+!6$'
M3E$*MQB+Q%`*3U%R`R@R="4/=F"+L#B+N>@4#:$/:[<4T/-V_"(Q"G``#:``
MU&@T!Q`QU'A`C\,O1189U`@Q_50Q"@!72[%<IF`/TZ@`J0@Q1'.-/;,>LY2.
MH(>-[)B.1L-8I#".@M4OD)&/T$@*0A4Q[(B.U/@7$)..!@8P_!(:S$2-Z=@S
M[H`X`56/"\D`I/"0SXA-27602Y$5`36-%C<0^C`/["@NWXAP%T>2U%AD\L!=
MCU('"I``L&,O^@B*"B@3RTT"$J80;XGA7E.8DPS!DP311@:AC`B!DT"9E$J9
M&$BYE$[YE+'Q#U(YE519E59YE5B9E5JYE5S9E5[YE6`9EF(YEF19EF9YEFB9
&EEP9$``[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
