<SEC-DOCUMENT>0001104659-13-011865.txt : 20130322
<SEC-HEADER>0001104659-13-011865.hdr.sgml : 20130322
<ACCEPTANCE-DATETIME>20130219180157
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-13-011865
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WHITE MOUNTAINS INSURANCE GROUP LTD
		CENTRAL INDEX KEY:			0000776867
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				942708455
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		80 SOUTH MAIN ST
		CITY:			HANOVER
		STATE:			NH
		ZIP:			03755
		BUSINESS PHONE:		603 640 2200

	MAIL ADDRESS:	
		STREET 1:		80 SOUTH MAIN STREET
		CITY:			HANOVER
		STATE:			NH
		ZIP:			03755

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WHITE MOUNTAINS INSURANCE GROUP INC
		DATE OF NAME CHANGE:	19990603

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUND AMERICAN ENTERPRISES HOLDINGS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUND AMERICAN COMPANIES INC
		DATE OF NAME CHANGE:	19920701
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>


  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="96" height="100" src="g55721bci001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J. Brian Palmer</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vice President and Chief Accounting Officer</font></i></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;19, 2013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Frank Wyman</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, NE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
<td width="94%" valign="bottom" style="padding:0in 0in 0in 0in;width:94.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">White   Mountains Insurance Group,&nbsp;Ltd. (the &#147;Company&#148;)</font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for Fiscal Year Ended   December&nbsp;31, 2011</font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed February&nbsp;28, 2012</font></b></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-08993</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Wyman,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to our conversation on February&nbsp;11, 2013, we will comply with your request by including additional disclosure in our December&nbsp;31, 2012 Form&nbsp;10-K.&#160; An example of this disclosure, which has been revised from <b>Exhibit&nbsp;A </b>contained in our comment response letter dated January&nbsp;18, 2013, has been included as <b>Exhibit&nbsp;A</b> to this letter.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please feel free to call me at (617) 725-7115 should you have any questions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   J. Brian Palmer</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.   Brian Palmer</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Corporate   Headquarters</font></u></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">:</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">White   Mountains Insurance Group,&nbsp;Ltd.</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">14   Wesley Street, 5th Floor</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Hamilton   HM 11, Bermuda</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ph:   441-278-3160 </font></i><i><font size="2" face="Wingdings 2" style="font-size:10.0pt;font-style:italic;">&#243;</font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;"> Fax:   441-278-3170</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.92%;">
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Office</font></u></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">:</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">White   Mountains Insurance Group,&nbsp;Ltd.</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">265 Franklin Street, 9th Floor, Boston, Ma. 02110</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ph:   617-725-7115 </font></i><i><font size="2" face="Wingdings 2" style="font-size:10.0pt;font-style:italic;">&#243;</font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;"> Fax:   617-725-7120</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">E-mail:   bpalmer@whitemountains.com</font></i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kyang\13-5572-1\task5819532\5572-1-bc.htm',USER='Kyangb',CD='Feb 19 16:14 2013' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;A</font></b><font size="2" style="font-size:10.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTE 13. Statutory Capital and Surplus</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Mountains&#146; insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. Generally, regulatory authorities have broad supervisory and administrative powers over such matters as licenses, standards of solvency, premium rates, policy forms, investments, security deposits, methods of accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders.&#160; In addition, the NAIC uses risk-based capital (&#147;RBC&#148;) standards for property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. At December&nbsp;31, 2011, White Mountains&#146; active insurance and reinsurance operating subsidiaries exceeded their respective RBC requirements.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OneBeacon&#146;s consolidated combined policyholders&#146; surplus of its insurance operating subsidiaries as reported to various regulatory authorities as of December&nbsp;31, 2011 and 2010 was $1.0&nbsp;billion and $1.1&nbsp;billion. OneBeacon&#146;s consolidated combined statutory net income (loss) for the years ended December&nbsp;31, 2011, 2010 and 2009 was $119.6 million, $257.2&nbsp;million and $210.5&nbsp;million. The principal differences between OneBeacon&#146;s combined statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, market value adjustments for debt securities and recognition of pension plans. The minimum policyholders&#146; surplus necessary to satisfy OneBeacon&#146;s regulatory requirements was $362.1 million, which equals the authorized control level of the NAIC risk-based capital based on the consolidated combined policyholders&#146; surplus of OneBeacon&#146;s insurance operating subsidiaries at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sirius International&#146;s total regulatory capital at December&nbsp;31, 2011 was $2.1 billion.&#160; In accordance with Swedish regulations, Sirius International holds restricted equity of $1.6&nbsp;billion as a component of Swedish statutory regulatory capital. This restricted equity cannot be paid as dividends. The minimum regulatory capital necessary to satisfy Sirius International&#146;s regulatory requirements was $273.0 million at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sirius America&#146;s policyholders&#146; surplus, as reported to various regulatory authorities as of December&nbsp;31, 2011 and 2010, was $533.7&nbsp;million and $742.6&nbsp;million. Sirius America&#146;s statutory net income (loss) for the years ended December&nbsp;31, 2011, 2010 and 2009 was $101.4 million, $70.2 million and $46.9&nbsp;million. The principal differences between Sirius America&#146;s statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, gains recognized under retroactive reinsurance contracts and market value adjustments for debt securities. The minimum policyholders&#146; surplus necessary to satisfy Sirius America&#146;s regulatory requirements was $142.0 million, which equals the authorized control level of the NAIC risk-based capital based on Sirius America&#146;s policyholders surplus at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central National&#146;s policyholders&#146; surplus, as reported to various regulatory authorities as of December&nbsp;31, 2011 and 2010, was $13.4&nbsp;million and $15.0&nbsp;million. Central National&#146;s statutory net income (loss) for the years ended December&nbsp;31, 2011 and 2010 was $0.1 million and $1.6 million. The minimum policyholders&#146; surplus necessary to satisfy Central National&#146;s regulatory requirements was $2.2 million, which equals the authorized control level of the NAIC risk-based capital based on Central National&#146;s policyholders&#146; surplus at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scandinavian Re and White Shoals Re are also subject to regulation and supervision by the Bermuda Monetary Authority (&#147;BMA&#148;). Generally, the BMA has broad supervisory and administrative powers over such matters as licenses, standards of solvency, investments, methods of accounting, form and content of financial statements, minimum capital and surplus requirements, and annual and other report filings. In general, such regulation is for the protection of policyholders rather than shareholders. As of December&nbsp;31, 2011, Scandinavian Re and White Shoals Re had statutory capital and surplus of $27.6 million and $15.4 million. The minimum statutory capital and surplus necessary to satisfy the BMA&#146;s regulatory requirements for Scandinavian Re and White Shoals Re was $13.7 million and $3.4 million, respectively at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WM Life Re is subject to regulation and supervision by the BMA. As of December&nbsp;31, 2011, WM Life Re had statutory capital and surplus of $26.4 million. The minimum statutory capital and surplus necessary to satisfy the BMA&#146;s regulatory requirements for WM Life Re was $0.3 million at December&nbsp;31, 2011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kyang\13-5572-1\task5819532\5572-1-bc.htm',USER='Kyangb',CD='Feb 19 16:14 2013' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dividend Capacity</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no restrictions under Bermudian law or the law of any other jurisdiction on the payment of dividends from retained earnings by White Mountains. </font></u><font size="2" style="font-size:10.0pt;">&#160;However, under the insurance laws of the states and jurisdictions under which White Mountains&#146; insurance and reinsurance operating subsidiaries are domiciled, an insurer is restricted with respect to the timing and the amount of dividends it may pay without prior approval by regulatory authorities.&#160; <u>At December&nbsp;31, 2011,</u>  <u>White Mountains insurance and reinsurance subsidiaries have approximately $2.5 billion of GAAP shareholders&#146; equity (shown net of $275 million of noncontrolling interest at OneBeacon), $590 million of which can be distributed to White Mountains without prior regulatory approval.&#160; As a result, at December&nbsp;31, 2011, $1.9 billion of White Mountains&#146; GAAP shareholders&#146; equity held in its insurance and reinsurance subsidiaries was not available for the payment of dividends without prior regulatory approval.&#160; When determining whether to make distributions from its insurance and reinsurance operating subsidiaries, White Mountains also considers factors such as internal capital targets and rating agency capital requirements.</u>&#160; Accordingly, there can be no assurance regarding the amount of such dividends that may be paid by such subsidiaries in the future.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kyang\13-5572-1\task5819532\5572-1-bc.htm',USER='Kyangb',CD='Feb 19 16:14 2013' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g55721bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g55721bci001.gif
M1TE&.#=A8`!D`'<``"'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"P`
M````8`!D`(<````9&1D'!P<;&QL4%!0<'!P7%Q<0$!`6%A8='1T.#@X&!@8+
M"PL!`0$"`@(1$1$8&!@*"@H/#P\$!`0,#`P-#0T:&AH)"0D("`@5%143$Q,%
M!04#`P,?'Q\2$A(L+"PR,C(S,S,P,#`H*"@]/3T^/CXI*2DA(2$O+R\F)B8\
M/#PZ.CHV-C8_/S\W-S<T-#0G)R<J*BHN+BXX.#@B(B(U-34[.SLM+2TY.3DQ
M,3$K*RLC(R,@("`E)25555575U=965E=75U.3DY24E)145%45%186%A;6UM6
M5E9'1T=<7%Q*2DI?7U]/3T],3$Q04%!34U--34U`0$!(2$A!04%#0T-)24E%
M145"0D):6EI>7EY$1$1&1D9+2TM]?7U_?W]H:&AM;6UP<'!U=75Q<7%O;V]S
M<W-\?'QY>7EX>'AT='1^?GYI:6ED9&1B8F)R<G)J:FIK:VMN;FYF9F9W=W=Z
M>GIL;&Q[>WMC8V-@8&!A86%E965G9V=V=G:0D)"/CX^.CHZ<G)R!@8&1D9&-
MC8V2DI*`@("6EI:;FYN:FIJ9F9F&AH:)B8F8F)B>GIZ3DY.*BHJ+BXN'AX>,
MC(R=G9V?GY^#@X.%A865E964E)27EY>"@H*$A(2(B(BMK:VPL+"NKJZOKZ^V
MMK:QL;&FIJ:IJ:FXN+BZNKJBHJ*RLK*[N[NTM+2GIZ>KJZNAH:&^OKZUM;6@
MH*"_O[^EI:6WM[>\O+RSL[.JJJJYN;FDI*2CHZ.]O;VLK*RHJ*C(R,C-S<W0
MT-#9V=G?W]_>WM[7U]?<W-S4U-35U=7)R<G"PL+&QL;3T]//S\_'Q\?*RLK+
MR\O%Q<71T='`P,#;V]O$Q,3=W=W6UM;#P\/.SL[2TM+:VMK!P<',S,S8V-CA
MX>'Q\?'W]_?X^/CL[.SR\O+@X.#FYN;IZ>GM[>WCX^/[^_OZ^OKY^?GS\_/]
M_?W\_/S^_O[O[^_EY>7GY^?T]/3N[N[U]?7P\/#V]O;JZNKBXN+HZ.CKZ^OD
MY.3___\!`@,!`@,(_P"]?`!!L*#!@P@3*ES(L*'#A2$^^.E'L9^/+[Y^:=S(
ML:/'CR!#BAQ)$B0P,&$J]OOA2:7+ES!CRIQ)LZ;-BG_$J`0"*)BP84"#"AU*
MM*C1HTB3*BWJ;0P9E4%$"!E"I*K5JUBS:MW*M:O7KUJ+C!BCTDB@;^#2JEW+
MMJW;MW#CRIW[-IP@G15_?+K)MZ_?OS$'E5%Y!`FA08@3*U[,N+'CQY`C2W9<
M*(D9E4J6G#'$N;/GSZ!#BQY-NK1IT8)(7,X+"K#KU[!?^AF<MV7LV[CY_J%-
M,?,8-&F""Q].O+CQX\B3*U]NW$L)-829'$*4J+KUZ]BS:]_.O;OW[]H#-?]9
M3?%'J-SHT\,47%:1N''PX\N?3[^^_?OX\^N_OP8OQ2`F./%$$P06:."!"":H
MX(((#LA@@@X^V`01)Y!5$1"#D%/.AAQVZ.&'((8HXH?FG#,BB"6>V&$:3U5D
MA&WJO?:-*'Z-,PI?A/C7SQ!?$#-,,4`&*>201!9IY)%"HK,(`L;\B&20Z#`2
M0#!.(DF.&BU2Q(8`*/PPQ)=@ABGFF&26:2:84$0Q0`DI('$FFD($($6;;PZ!
MQ%@J-5+"%..$X^>?@`8JZ*"$%OIG.HVT<0P5?1KJISJD!!&,"N<X&LXZ=ZGD
M2"E*F!(C8$OXT@\0K=E$Q"G]N(&*33FI]`@[IR3_84HJM-9JZZVXYJKKKJF(
M`LD0[?2C2A6S\KI*(E:XTP\R*XC":RJK*/&&2GZ\TT\))90!Q[;<=NOMM^"&
M&VX<<1"0#$7NE'"%'.+&(4<!K.2U@ACBPE$&"]!5Y`<[_;3BQJ=\*2-$L!2Y
M,@=-PF#!+T6O/%%3)#KZ`4\_X+0`#,"FMJ(2.RH,,Y,:DJC4CA">SK0;M1/W
M@XH+:]#A\LLPQRSSS#3+7$<<5Z3CTB0EM"QS&G2\$(]+L+!<\QDDY$N1Q!2!
MDX(9E`0B]=145VWUU5A77<D)CKPDCP&61%UU+"78\9(Z(3#A"-:./$%>/TQ3
M],<=&,ODC17SP&0&(C%9_[$,3*6`87+$*?=##PGDU`U3&!/!9,P*];R$2A8Q
M5<R,3(L0KI(@+^"AQ>>@AR[ZZ*27_GD>0(`@CDQ:6*$'Z$RT`8,L,B$2PQZD
MNX&"TG`7WD\\*83B2S/$%V_\\<3[,CSRS!O/#!&7S)2,#,HL[PPC4LQ4CPRS
M((/\,V!DV;M+=&"B>$7C2#&T3.X0T8Q*;91"$R1UQ`2(YBH1,P,Z]O3O__\`
M[-\P1O&-`!K0?^.X`QUJP@H@%-`>T)#"/6B"CQ40PX!>P)]*PO`!*$BH0%`0
M@0":$*$'/6$)!<A'3<+!@A80`0H%R(1-OD`##QIH"#2PT-)\1Y%HU(`<^@BB
M$/^'2$1RV.`&FL`'$9<H1'QX80\W`80;Q,$,%IC#)L,0`3"6B`;QQ<TE02`%
M7T*1!VDXC"]5.,9-]-&"=3QB@3=1@PQ=X@<-JJ09*J#%)_;(QS[R$198J$4_
MA)`)6_CQD)^`Q2;TT)<Z@$$*P>#+,59@2#ZFX@C3TA</*S(%')#!#J`,I2CM
M4(8J9*\?MT"`'$;)2COPX0#(Z(LP`*`%O^0!!6\(I1A<P+LON@07/K`)'V9!
MD7EL81HU,<41_D*&<_4%&%9P"<10%I-V6($:-*E&"Q;6CTB(+R9+H,5?P@$8
M'\A/7W9T22FD\`A"N/.=[RQ$$P"A$GR\(!*`@"<\_S#_AB@0['S48$$AW/F'
M*[S-ERYQQPRR<`E../2A#A5#`O#A$C&(H!,0A>B2SG.^BF#!"HO@Q"6D<-!-
MJB00WU0))718D6-$,R;'6`(Y.TH16RA!7[P9GTPX9@R8I*,%UH#)$7(1DSSH
M@J85L>;[^@&(G"+T)85PP1G40%6JIN$(>8@)-3Z`AC%450UT*,,*\H94BLR"
M!6=`@PI*2I-]G.`+J'"%7%%!B0%<(R;OD`(>="%7N9+"!(4H:T76(0(RY&((
MF=QA3181,I4XXPG_?`DHH*@2>G#!'H*M2""@PQY-UH0?*Z@&/$9K#R3$2R;@
MJ$(S[#':<9!A$YFM"#U6<(Q-_Z0S)G0P@0>)4((93'`FFBC`$$A8!1A0-+84
MR00-8,#2I\(D&"&HACG$D8=)U,0<.<"&.?8AAK?%5A\VR$(O30J3-B2B'_`@
M03EL@H8_]$,=4B@&<E72"06D@9HVB884AG$&[\J$&"2H!B0$-]^*>&,!;+W)
M#Q*`@$C>)`\G($`V"JP2-CB5O##Q!0-JR1=D,*`-%%;),CJ!WYL@X:Y\>0<2
M:!=BBNQ#$R6VB3DB:Y-]T+C`Y3"?9UM,TQS'^'R_R$4K;B$+=2P#%4,VQ3DH
M8@Q/H$(9[@#&+93EDG?L(A8ZXXN/=TQ3>?P``#$@1SOP400`#,`:ZZ"(/<P@
M`F1`0O\`);CQ.G0``&WT9<N*+2LS&E``S/8C&PYXP'$I4@97M*,:$.#"C=\A
M"DK,M!^P6/),\*Q3I+JC!@#06#_>804`G)<B^)B!//J1CAA<P5H(:R--*.U<
MQ4$"`$BH2!D`L(2*Z.)?_;C'")+0#V80`A<J<<<OPO&.9H`@`H>P19:;X8A9
M%([5&,98,00@`176@P43H$#B^A$$7E#D'B;`PB&J``$`F*\=IJ`"!.#1#EC(
MH`*'2(7.+F&'1*Q`!,CL![0S^XXJ`(`2_3"%#Z``@(G(PP;T^/8'+*"+;Y1C
M!R,`QSO(484+I$P+"*C(+8A`$6\`@`C!VG=F!P&`)O2C#)7_6`4`5-`/19CM
MVR.@0D7V@(%]4&0.#$B9$3(P#E)780F/`,0D-+!N?>LXSX(-!@8.L"ATL",`
M"[`&$(`-<RZ@.@P3.*X;<DZ1G??\'`^8`RQ288MM0"/-(A=L.Y8`@"U0=@\`
MT,,5R)KK$5R!8''8@-:YW@^O]T,?'(`$3-(N6$<```"EVD4#`$"WBNCZ[A3)
M^]Y3]@,$\&L>`ZB"2N#!#Z/_&*G\J(`!)%V/%```&RH)1PRL3A$Y;&!U_6@#
M!7K>#R0\`!RDQ@,`CMH/<=#!&Y[G<F:3\`.5J$$'62XF`590$20`0!_E`4#G
M^W$'`#PB%=@@!@4`D(<QF*!QA!<L_RHX2A%H'$(EXE@$#TP0B'#<(@<\J(,\
M6)&##I2A&OVHQ@P@\(7(J6(&`!``[D41X5=65"8RJ<</XP`/Y>`.Y4`/[(!9
M^D`/X\`/"[,.T%<1[B`,OT6`1Z=3]D`+D&`)1`43BA0)K\!-L04(7Y!\=_:!
M<:,.\9`'AQ=4+D$/Y08&^N""ZN$.J!83\Q``$S!]?D%XFG!XB541B7!XL5`W
M]Y`):383V>`,/_B",48(-[``$+!>%0$.5_`!GE8WG3`$=4-XDB`'G69=%1$*
M8``$85@1XI`(:U`'V%01^M`+"=</W\`+%],/\Y`*PU`.=0`$-](/X[`&'#`"
MEX`J_<`+A?]`!X%`,.\P#+GP6\/0"NV@"D$@!]O6#^8`"):0"**`=C#H.XN`
M!K8`9K_U#C\`#5GPAOV`#26`"=!P"1Y0/\*2`PW@,<C`=GP##$,``&20!F;`
M`P[@*?-`"QDP`[`0#.H0!UW@#<EP`/=5#ZA0``_P#>$P"P,``9/P!DP``#40
M.=^`!*Y@#)P0`CU'>(OP!NT``P!P3M!@!/U`<)_&#C>@-),``$0%#V[0`,`'
M#X<``*OR#0-I!PE'#`#P<N_``QR7?P#@!11Q!!HP#^ZP#UO`<Q=)!0J0"A1!
M!P#P#/U`"SM0$8.P9.RH$Y$``%2@+'-P"_7XAKH``$NEAP3``CK_0P<.`'P!
M1Y`4$0H`X)']8`\;P`;%U`%"\&V%@$ST$`41D(='P',4\00\0#"9``#8]`H`
M$`8)-P[J$'Q(UP^9TP_RD`$T&0]=,$'V2!%PX`!$^`Y<<`'KI08[65,^V2^9
M!FH;$`='F905L0^'T`DU<``Z)Y6#U`%D]0<`H`S]$`Y*```C0$P>&&-CV0]D
M``!X(`B/0!%KV0]\X`#$H!(^<`&C1I<\F8JK@I>:A@][V9<5\0E%,`KW``9\
MYW>'F9B+B2Z3P```0`?6DI(4L0P7@`$U`'N=:0D`0'[]@`4X:9D.P(6GL'L4
MT0IYV0^LR9=^V`$FUP_.(`&"U`][4)N&_RD$B"DWN3D/UF(,4@``VP"6E=8/
MD*`T!'<&>0$`E4`1UH`!15`1\:``3=@/@@``:M0.R"F90+D7Z+4!M/%T?KD(
M`-!3_=`$"D`P2H``N-</%!*%CP``W-`/UB!._<`/"W!>(O<.WX`'3_`-P6(*
M#X!_ZV`.(@``?:"B_8`(`+`)^A`,/I`'!',-`"`"FS`&<@``75`-X$`(`-`)
MX>`.O@``5?`-_;`..+`!EC!^XC@)@,`%`&`(Q$`/F+8,[D`/.<`!VM`.]V`'
M]JD.P-`#U,`.J]`!D21R]4`+8_`&M-!SX*!IY$`*<0`&:&`*M)<*0P`&=J`)
M59@(-O`$V!`-@O_@"^Q`#)8`!H(0#.>@"7P@!](0++Y@!5S@#'"#`VZP#+^0
M!)M`#Z'@2HH@#Z+@2KHP#L"`!F#0"?E@#FL`!YT`!Z\PF>F0<''S#I)8A9NF
M$N]0A?5P@#3Q@\-:$<!Z$Y&5K!3Q@U!:$>5P?JAP"-<P"'3'8XJS#XU0#ZX0
M"9RP"-U@#N1:KN9ZKNB:KNJZKNS:KN[*KL``".N@"9+`")@`!F^0K_JZK_S:
MK_[ZKP`;L`([L`!K!F"P*K+@"8FC#NO0L.N@%@V;%NL0#A([L>#@L`X;%Q$+
M#I?RL!QKL1W;L!2[%B);L1ZK%AV;%BE[L1A+L2Y!,.[`@U3&@]:B+%__61,'
M6+,5,5.HE@XW1C$O^Q(7V@_!\H/MP(.5A09'H`O)H`03)@Z=$`CK@`J!P`BW
M\`UG$`<J-`I?\`MI4`:8,`B#%@ZD$"SM<`MM0%'Y4`>KT`_+8`FL<`B28`QB
M$`:-<`F`\(,B&`J3,`GLX`=N\`B1\#>_PPF\$&_]P`U,`(7U,`F(H`Q,L`A_
MT`LT-@8[8`SL$`,WD'"-\`O&0`+K$`UHT`]Z`"S]``QEX`Y\$`?BH`9%D&74
MH`$BJ6\$L`3M\`Z7(`_"T`*X<`_Y``36T`1S,`_[L`HWRPM)H`WK``Q[D`ZH
M4`7P4`HZ`(%+T`OA@`Y5,`KK,`(`UP^Q<`WA_Q`"HZ`--7!^*G$)/\0.C^!!
MJ!0,^<`#T=-S88`'%$$,]$D'L'4)5*`S[=`(<&"4Z'4)+-`'+3<.9<`$!F8/
MFT@/W;!MZ\`"GV:(Z@`*0-`/UV`!\-`*(5`1B(`%]6`#IP4*P/`.2]"A4X"+
M%6$)+S`,]H`(]@`"F_`)?U,+-T`"PM`/;(!KUG!?=4`$3,`$-C@-B3`,)H`.
M?T<)U9``?(4/3A`]*J$%5(`(0T`CZ-4!HI*)<V`-MM`"8=`%N:H&#]D/L@`#
M^K`"8M2(V/`.5V`)DK`'&5@1G%`#PF`/YW<,/"`$VI!PW_`#*N`.9\`'%%$,
MB]`/:&`&:>`$%=$(=?\0"#D0/?AP?J9@`7EP#WE`8!="P.20#\HR#SU@&_(0
M`/`P"D6@"3<P,5&E<2Q@#SB@::#`#>\P!:7@,2]A"3+`#^LP1[3``-4`"N)D
M#3NP#IX09_U0"WNA!H;0#UUP,/0`"/;P#;0P`O,P#S`&GQV@#K)``QWZ#MBP
M#EE@(:;@8'_0`JLC#AT`#J,`!?W@!21@#_N``W>U#E8P$4H`6W!SPU7`F"^1
M#UDP`Y,`"T@`#121"]4`#7EP"6``;.M@"%EP!X%0#^2`!%E0#O"P!'[`"6^@
M+-0@`H00"V[@8)FP9*I0R9#0#,;P0IQ@!C_@9_W@"G%0!U5:#V,@!:BW!W(<
>``_34`=?4`:*0!'DH`5@L`F[("PJ8`A1J!(!`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
