-----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,
 Cv0jR9mhSezLP2YyyvcqrVfGG8BAhCkcVOOLVeF2yebCqYZcGc6vjuEw1XEVQWE9
 KIEXZjYyiByac8X0pANV9A==

<SEC-DOCUMENT>0000000000-08-019924.txt : 20080602
<SEC-HEADER>0000000000-08-019924.hdr.sgml : 20080602
<ACCEPTANCE-DATETIME>20080417150854
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-08-019924
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080417

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAYONIER INC
		CENTRAL INDEX KEY:			0000052827
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132607329
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		50 NORTH LAURA ST
		STREET 2:		SUITE 1900
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043579100

	MAIL ADDRESS:	
		STREET 1:		50 NORTH LAURA ST
		STREET 2:		SUITE 1900
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT RAYONIER INC /CT/
		DATE OF NAME CHANGE:	19940422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT RAYONIER INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C4S(#`@;V)J#3P\+TQI;F5A<FEZ960@,2],(#$S
M-3@Q+T\@-34O12`V.30W+TX@,2]4(#$R-#<T+T@@6R`U.38@,3@S73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HU,R`Q-0T*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.30V(#`P,#`P(&X-"C`P,#`P,#$R,3D@
M,#`P,#`@;@T*,#`P,#`P,30W,R`P,#`P,"!N#0HP,#`P,#`Q.3$Y(#`P,#`P
M(&X-"C`P,#`P,#$Y-30@,#`P,#`@;@T*,#`P,#`P,C@U-"`P,#`P,"!N#0HP
M,#`P,#`S,#(P(#`P,#`P(&X-"C`P,#`P,#,T,CD@,#`P,#`@;@T*,#`P,#`P
M-C$R,B`P,#`P,"!N#0HP,#`P,#`V,S8U(#`P,#`P(&X-"C`P,#`P,#8V,C$@
M,#`P,#`@;@T*,#`P,#`P-C@W,"`P,#`P,"!N#0HP,#`P,#`P-S<Y(#`P,#`P
M(&X-"C`P,#`P,#`U.38@,#`P,#`@;@T*=')A:6QE<@T*/#PO4VEZ92`V."]0
M<F5V(#$R-#8S+UA29693=&T@-S<Y+U)O;W0@-30@,"!2+TEN9F\@-B`P(%(O
M241;/$%&14,V-SA%.$8Q-38W.40W.3<U13,V038Y.3`R,$8S/CQ",S4S0CE&
M,S(S13$S031&0D5%,#9&03A!1C5%-#(R1CY=/CX-"G-T87)T>')E9@T*,`T*
M)25%3T8-"B`@#0HV-R`P(&]B:@T\/"],96YG=&@@.3,O0R`Y."]&:6QT97(O
M1FQA=&5$96-O9&4O22`Q,C`O3"`X,B]3(#,Y/CYS=')E86T-"GC:8F!@X&9@
M8.%A``*Q!`94P`S$+`P<#0Q*2(+<4,S`H,S`P[MQ-@-S(H=AV3*%"[P7KC$M
M`$LP,3#(?H30#%9`S,C`()4#H9E;X0:Q,3#H+86(,@8#!!@`EF$+:0T*96YD
M<W1R96%M#65N9&]B:@TV-B`P(&]B:@T\/"],96YG=&@@,C`O1FEL=&5R+T9L
M871E1&5C;V1E+U=;,2`Q(#%=+TEN9&5X6S<@-#9=+T1E8V]D95!A<FUS/#PO
M0V]L=6UN<R`S+U!R961I8W1O<B`Q,CX^+U-I>F4@-3,O5'EP92]84F5F/CYS
M=')E86T-"GC:8F)B9&!B8&`<:A@@P``T20"-#0IE;F1S=')E86T-96YD;V)J
M#34T(#`@;V)J#3P\+TUA<FM);F9O/#PO3&5T=&5R<W!A8V5&;&%G<R`P+TUA
M<FME9"!T<G5E/CXO365T861A=&$@-2`P(%(O4&EE8V5);F9O/#PO36%R:V5D
M4$1&/#PO3&%S=$UO9&EF:65D*$0Z,C`P.#`T,3<Q,3,X,S@I/CX^/B]086=E
M<R`T(#`@4B]086=E3&%Y;W5T+T]N94-O;'5M;B]3=')U8W14<F5E4F]O="`W
M(#`@4B]4>7!E+T-A=&%L;V<O3&%N9RC^_P!%`$X`+0!5`%,I+TQA<W1-;V1I
M9FEE9"A$.C(P,#@P-#$W,3$S.#,X*2]086=E3&%B96QS(#(@,"!2/CX-96YD
M;V)J#34U(#`@;V)J#3P\+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U!A<F5N="`T
M(#`@4B]3=')U8W1087)E;G1S(#`O0V]N=&5N=',@-3@@,"!2+U)O=&%T92`P
M+TUE9&EA0F]X6S`@,"`V,3(@-SDR72]297-O=7)C97,\/"]#;VQO<E-P86-E
M/#PO0U,P(#4W(#`@4CX^+T9O;G0\/"]45#`@-38@,"!2+U14,2`U.2`P(%(O
M5%0R(#8P(#`@4CX^+U!R;V-3971;+U!$1B]497AT72]%>'1'4W1A=&4\/"]'
M4S`@-C4@,"!2/CX^/B]4>7!E+U!A9V4^/@UE;F1O8FH--38@,"!O8FH-/#PO
M4W5B='EP92]4<G5E5'EP92]&;VYT1&5S8W)I<'1O<B`V,B`P(%(O3&%S=$-H
M87(@,3(Q+U=I9'1H<ULR-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S
M,S,@,C4P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@
M,"`R-S@@,"`P(#`@,"`P(#`@-S(R(#8V-R`V-C<@-S(R(#8Q,2`U-38@-S(R
M(#<R,B`S,S,@,S@Y(#<R,B`V,3$@.#@Y(#<R,B`W,C(@-34V(#`@-C8W(#4U
M-B`P(#`@-S(R(#DT-"`P(#`@,"`P(#`@,"`P(#`@,"`T-#0@,"`T-#0@-3`P
M(#0T-"`S,S,@-3`P(#4P,"`R-S@@,"`U,#`@,C<X(#<W."`U,#`@-3`P(#4P
M,"`P(#,S,R`S.#D@,C<X(#4P,"`U,#`@-S(R(#`@-3`P72]"87-E1F]N="]4
M:6UE<TYE=U)O;6%N4%--5"]&:7)S=$-H87(@,S(O16YC;V1I;F<O5VEN06YS
M:45N8V]D:6YG+U1Y<&4O1F]N=#X^#65N9&]B:@TU-R`P(&]B:@U;+TE#0T)A
M<V5D(#8Q(#`@4ET-96YD;V)J#34X(#`@;V)J#3P\+TQE;F=T:"`X,S`O1FEL
M=&5R+T9L871E1&5C;V1E/CYS=')E86T-"DB)A%9;;YLP%'[G5YQ'F!)BFWM5
M55J3IEO;=%6#NH=J#Y28AHU`94BK_/L=<PMI(2&*;.#X.[?OL[GTE<D#G)]/
M%M.?,R!P<7$YFX(RF2X)A#D^D#_(PU297..CUUR9^#X!"GZD4%:^Q<$CX!!7
M]VSP-XH*FO]7N5I(F#TT;:`)C*E.+?!G`Y:LL?2_#5@8)RW,DQ;620O[I(73
MM5@$<0++(GL#T[)IK[W;UD`GA&`-0V"Z8WH>^!\P-IK"K)1G%9KK^YM`7(TY
M%E&I,ZIGC!`7IZY-,+(__LT75]Z^W.B%2`>#:5!R$!>3*\;-]`,Z<:D+H<./
M(,WA2H>G(%WQ%.ZS3!3]N/0`UVQQ*:OC>5:7/(TS`4]QR.%!\#Q&2,U2"PCD
ML(+I.N81S.,T2,,X2.!7%*&IZ$^:LJ.)R`(\!KLLC1'@9QKJ_5$;`U'+:05B
M$<Q:%&NX"[8BP*8+S@=*8/;WX28(_^59^AXG"1_!_`X,QC#(7HB6J:@\6BFO
MUM`1$5&[LXK5J]I\J,Y,*=:VN37K'OD9M!72*$.F577JK;9S4"AKWU[:PV=M
MC,2E[3C/Q`:)-[Z%"-M?K#GL>*#9JM!,%3@2:P4S'O+-"P9BT!$P@B^),Q")
M>[3OG1VG"82TXSQ.T-><OX@M>@C$#I@KW4E]]?IJE55Z\!H56QYM20T@4:54
M49_WF5Z*UE+IF-B.2_IQ&>DTC#1M;CA3I6`>V31[]]<9#P1(S7:U>M8/<'K;
M9<90F;W/^\1O#NO@G4.8;=X27F"%LZT`P=]C_@%9!#MY.\^DETZCJ*U[CDQ8
M,D9L-%>5%-'&CGJ+^\$*UR>!Q(KB)$Y?<_D,-XG*4YI5=2T):.RY:)1<I)Y$
M[O`Q0IYM-:JBBI%A&*;FJ?+/TP)Q"V1DG",?H(C+IP,28`/R[B^?==@B\]@9
MV,I74JO"[I*XOI9:*:88!]-5T^IL".4=QEP-HGHG[RQ33:J[764YTFHI].;F
M'.0VG)9[FCC>YVQ*T^KJ/>"/GTA8]DXK9P%N5PG<Z7"=B566HK*I;5L#:1GT
M0+_$+HM;SZKN70H\;-;UT=,;'OO:]G$WJ('/EM/?+<;`A\N5K_P78``D<C0U
M#0IE;F1S=')E86T-96YD;V)J#34Y(#`@;V)J#3P\+U-U8G1Y<&4O5')U951Y
M<&4O1F]N=$1E<V-R:7!T;W(@-C,@,"!2+TQA<W1#:&%R(#,R+U=I9'1H<ULR
M-3!=+T)A<V5&;VYT+U1I;65S3F5W4F]M86Y04RU)=&%L:6--5"]&:7)S=$-H
M87(@,S(O16YC;V1I;F<O5VEN06YS:45N8V]D:6YG+U1Y<&4O1F]N=#X^#65N
M9&]B:@TV,"`P(&]B:@T\/"]3=6)T>7!E+U1R=654>7!E+T9O;G1$97-C<FEP
M=&]R(#8T(#`@4B],87-T0VAA<B`Q,C$O5VED=&AS6S(U,"`P(#`@,"`P(#`@
M,"`P(#`@,"`P(#`@,C4P(#,S,R`R-3`@,"`U,#`@-3`P(#4P,"`U,#`@,"`P
M(#4P,"`U,#`@-3`P(#`@,S,S(#`@,"`P(#`@,"`P(#`@,"`P(#<R,B`P(#8Q
M,2`P(#`@,S@Y(#`@-S<X(#`@,"`W,C(@,"`P(#`@-S(R(#`@,"`P(#`@,"`P
M(#`@,"`P(#`@,"`P(#`@,"`U,#`@-34V(#0T-"`U-38@-#0T(#,S,R`P(#4U
M-B`R-S@@,"`P(#(W."`X,S,@-34V(#4P,"`P(#`@-#0T(#`@,S,S(#4U-B`P
M(#`@,"`U,#!=+T)A<V5&;VYT+U1I;65S3F5W4F]M86Y04RU";VQD350O1FER
M<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N<VE%;F-O9&EN9R]4>7!E+T9O;G0^
M/@UE;F1O8FH--C$@,"!O8FH-/#PO3&5N9W1H(#(U.3@O1FEL=&5R+T9L871E
M1&5C;V1E+TX@,R]!;'1E<FYA=&4O1&5V:6-E4D="/CYS=')E86T-"FC>G)9W
M5%37%H?/O7=ZH<TPTAEZDRXP@/0N(!T$41AF!AC*`,,,36R(J$!$$1$!19"@
M@`&CH4BLB&(A**A@#T@04&(PBJBH9$;62GQY>>_EY??'O=_:9^]S]]E[G[4N
M`"1/'RXO!98"()DGX`=Z.--7A4?0L?T`!GB``:8`,%GIJ;Y![L%`)"\W%WJZ
MR`G\B]X,`4C\OF7HZ4^G@_]/TJQ4O@``R%_$YFQ..DO$^2).RA2DBNTS(J;&
M)(H91HF9+TI0Q')BCEODI9]]%ME1S.QD'EO$XIQ3V<EL,?>(>'N&D"-BQ$?$
M!1E<3J:(;XM8,TF8S!7Q6W%L,H>9#@"*)+8+.*QX$9N(F,0/#G01\7(`<*2X
M+SCF"Q9PL@3B0[FDI&;SN7'Q`KHN2X]N:FW-H'MR,I,X`H&A/Y.5R.2SZ2XI
MR:E,7C8`BV?^+!EQ;>FB(EN:6EM:&IH9F7Y1J/^Z^#<E[NTBO0KXW#.(UO>'
M[:_\4NH`8,R*:K/K#UO,?@`ZM@(@=_\/F^8A`"1%?6N_\<5Y:.)YB1<(4FV,
MC3,S,XVX'):1N*"_ZW\Z_`U]\3TC\7:_EX?NRHEE"I,$=''=6"E)*4(^/3V5
MR>+0#?\\Q/\X\*_S6!K(B>7P.3Q11*AHRKB\.%&[>6RN@)O"HW-Y_ZF)_S#L
M3UJ<:Y$H]9\`-<H(2-V@`N3G/H"B$`$2>5#<]=_[YH,/!>*;%Z8ZL3CWGP7]
M^ZYPB?B1SHW['.<2&$QG"?D9BVOB:PG0@``D`17(`Q6@`72!(3`#5L`6.`(W
ML`+X@6`0#M8"%H@'R8`/,D$NV`P*0!'8!?:"2E`#ZD$C:`$G0`<X#2Z`R^`Z
MN`GN@`=@!(R#YV`&O`'S$`1A(3)$@>0A54@+,H#,(`9D#[E!/E`@%`Y%0W$0
M#Q)"N=`6J`@JA2JA6J@1^A8Z!5V`KD(#T#UH%)J"?H7>PPA,@JFP,JP-&\,,
MV`GVAH/A-7`<G`;GP/GP3K@"KH./P>WP!?@Z?`<>@9_#LPA`B`@-44,,$0;B
M@O@A$4@LPD<V((5(.5*'M"!=2"]R"QE!II%W*`R*@J*C#%&V*$]4"(J%2D-M
M0!6C*E%'4>VH'M0MU"AJ!O4)348KH0W0-F@O]"IT'#H378`N1S>@V]"7T'?0
MX^@W&`R&AM'!6&$\,>&8!,PZ3#'F`*85<QXS@!G#S&*Q6'FL`=8.ZX=E8@78
M`NQ^[#'L.>P@=AS[%D?$J>+,<.ZX"!P/EX<KQS7ASN(&<1.X>;P47@MO@_?#
ML_'9^!)\/;X+?P,_CI\G2!-T"':$8$("83.A@M!"N$1X2'A%)!+5B=;$`"*7
MN(E803Q.O$(<);XCR9#T22ZD2)*0M)-TA'2>=(_TBDPF:Y,=R1%D`7DGN9%\
MD?R8_%:"(F$DX27!EM@H4271+C$H\4(2+ZDEZ22Y5C)'LESRI.0-R6DIO)2V
ME(L44VJ#5)74*:EAJ5EIBK2IM)]TLG2Q=)/T5>E)&:R,MHR;#%LF7^:PS$69
M,0I"T:"X4%B4+91ZRB7*.!5#U:%Z41.H1=1OJ/W4&5D9V66RH;)9LE6R9V1'
M:`A-F^9%2Z*5T$[0AFCOER@O<5K"6;)C2<N2P25S<HIRCG(<N4*Y5KD[<N_E
MZ?)N\HGRN^4[Y!\IH!3T%0(4,A4.*EQ2F%:D*MHJLA0+%4\HWE>"E?25`I76
M*1U6ZE.:5591]E!.5=ZO?%%Y6H6FXJB2H%*F<E9E2I6B:J_*52U3/:?ZC"Y+
M=Z(GT2OH/?09-24U3S6A6JU:O]J\NHYZB'J>>JOZ(PV"!D,C5J-,HUMC1E-5
MTU<S5[-9\[X67HNA%:^U3ZM7:TY;1SM,>YMVA_:DCIR.ETZ.3K/.0UVRKH-N
MFFZ=[FT]C!Y#+U'O@-Y-?5C?0C]>OTK_A@%L8&G`-3A@,+`4O=1Z*6]IW=)A
M0Y*ADV&&8;/AJ!'-R,<HSZC#Z(6QIG&$\6[C7N-/)A8F22;U)@],94Q7F.:9
M=IG^:J9OQC*K,KMM3C9W-]]HWFG^<IG!,LZR@\ON6E`L?"VV671;?+2TLN1;
MMEA.66E:15M56PTSJ`Q_1C'CBC7:VMEZH_5IZW<VEC8"FQ,VO]@:VB;:-ME.
M+M=9SEE>OWS,3MV.:5=K-V)/MX^V/V0_XJ#FP'2H<WCBJ.'(=FQPG'#2<TIP
M.N;TPMG$F>_<YCSG8N.RWN6\*^+JX5KHVN\FXQ;B5NGVV%W=/<Z]V7W&P\)C
MG<=Y3[2GM^=NSV$O92^65Z/7S`JK%>M7]'B3O(.\*[V?^.C[\'VZ?&'?%;Y[
M?!^NU%K)6]GA!_R\_/;X/?+7\4_S_SX`$^`?4!7P--`T,#>P-X@2%!74%/0F
MV#FX)/A!B&Z(,*0[5#(T,K0Q="[,-:PT;&25\:KUJZZ'*X1SPSLCL!&A$0T1
MLZO=5N]=/1YI$5D0.;1&9TW6FJMK%=8FK3T3)1G%C#H9C8X.BVZ*_L#T8]8Q
M9V.\8JIC9E@NK'VLYVQ'=AE[BF/'*>5,Q-K%EL9.QMG%[8F;BG>(+X^?YKIP
M*[DO$SP3:A+F$OT2CR0N)(4EM2;CDJ.33_%D>(F\GA25E*R4@52#U(+4D32;
MM+UI,WQO?D,ZE+XFO5-`%?U,]0EUA5N%HQGV&549;S-#,T]F26?QLOJR];-W
M9$_DN.=\O0ZUCK6N.U<M=W/NZ'JG];4;H`TQ&[HW:FS,WSB^R6/3T<V$S8F;
M?\@SR2O->[TE;$M7OG+^IORQK1Y;FPLD"O@%P]MLM]5L1VWG;N_?8;YC_XY/
MA>S":T4F1>5%'XI9Q=>^,OVJXJN%G;$[^TLL2P[NPNSB[1K:[;#[:*ET:4[I
MV![?/>UE]++"LM=[H_9>+5]67K./L$^X;Z3"IZ)SO^;^7?L_5,97WJERKFJM
M5JK>43UW@'U@\*#CP98:Y9JBFO>'N(?NUGK4MM=IUY4?QAS../RT/K2^]VO&
MUXT-"@U%#1^/\(Z,'`T\VM-HU=C8I-14T@PW"YNGCD4>N_F-ZS>=+88MM:VT
MUJ+CX+CP^+-OH[\=.N%]HOLDXV3+=UK?5;=1V@K;H?;L]IF.^(Z1SO#.@5,K
M3G5WV7:U?6_T_9'3:J>KSLB>*3E+.)M_=N%<SKG9\ZGGIR_$71CKCNI^<''5
MQ=L]`3W]E[PO7;GL?OEBKU/ON2MV5TY?M;EZZAKC6L=UR^OM?19];3]8_-#6
M;]G??L/J1N=-ZYM=`\L'S@XZ#%ZXY7KK\FVOV]?OK+PS,!0R='<X<GCD+OON
MY+VD>R_O9]R??[#I(?IAX2.I1^6/E1[7_:CW8^N(Y<B94=?1OB=!3QZ,L<:>
M_Y3^TX?Q_*?DI^43JA.-DV:3IZ?<IVX^6_UL_'GJ\_GI@I^E?ZY^H?OBNU\<
M?^F;634S_I+_<N'7XE?RKXZ\7O:Z>]9_]O&;Y#?S<X5OY=\>?<=XU_L^[/W$
M?.8'[(>*CWH?NSYY?WJXD+RP\)L``P#WA//["@T*96YD<W1R96%M#65N9&]B
M:@TV,B`P(&]B:@T\/"]3=&5M5B`X,B]&;VYT3F%M92]4:6UE<TYE=U)O;6%N
M4%--5"]&;VYT4W1R971C:"].;W)M86PO1F]N=%=E:6=H="`T,#`O1FQA9W,@
M,S0O1&5S8V5N="`M,C$V+T9O;G1"0F]X6RTU-C@@+3,P-R`R,#`P(#$P,#==
M+T%S8V5N="`X.3$O1F]N=$9A;6EL>2A4:6UE<R!.97<@4F]M86XI+T-A<$AE
M:6=H="`V-38O6$AE:6=H="`M-30V+U1Y<&4O1F]N=$1E<V-R:7!T;W(O271A
M;&EC06YG;&4@,#X^#65N9&]B:@TV,R`P(&]B:@T\/"]3=&5M5B`W,2XW-#(O
M1F]N=$YA;64O5&EM97-.97=2;VUA;E!3+4ET86QI8TU4+T9O;G13=')E=&-H
M+TYO<FUA;"]&;VYT5V5I9VAT(#0P,"]&;&%G<R`Y."]$97-C96YT("TR,38O
M1F]N=$)";WA;+30Y."`M,S`W(#$Q,C`@,3`R,UTO07-C96YT(#@Y,2]&;VYT
M1F%M:6QY*%1I;65S($YE=R!2;VUA;BDO0V%P2&5I9VAT(#8U-B]82&5I9VAT
M("TU-#8O5'EP92]&;VYT1&5S8W)I<'1O<B])=&%L:6-!;F=L92`M,34^/@UE
M;F1O8FH--C0@,"!O8FH-/#PO4W1E;58@,3,V+T9O;G1.86UE+U1I;65S3F5W
M4F]M86Y04RU";VQD350O1F]N=%-T<F5T8V@O3F]R;6%L+T9O;G1796EG:'0@
M-S`P+T9L86=S(#,T+T1E<V-E;G0@+3(Q-B]&;VYT0D)O>%LM-34X("TS,#<@
M,C`P,"`Q,#(V72]!<V-E;G0@.#DQ+T9O;G1&86UI;'DH5&EM97,@3F5W(%)O
M;6%N*2]#87!(96EG:'0@-C4V+UA(96EG:'0@+34T-B]4>7!E+T9O;G1$97-C
M<FEP=&]R+TET86QI8T%N9VQE(#`^/@UE;F1O8FH--C4@,"!O8FH-/#PO3U!-
M(#$O3U`@9F%L<V4O;W`@9F%L<V4O5'EP92]%>'1'4W1A=&4O4T$@9F%L<V4O
M4TT@,"XP,CX^#65N9&]B:@TQ(#`@;V)J#3P\+T9I<G-T(#,U-2],96YG=&@@
M.#`U+T9I;'1E<B]&;&%T941E8V]D92].(#0V+U1Y<&4O3V)J4W1M/CYS=')E
M86T-"GC:Y)5-3QLQ$(;[4WQL#]3?7J^$D$(@:A0(B`3U@'I8@DFCAMUHLZG@
MW_?U#N$C4NGZ@#CTD$S&^\XSGIFUDS'!/)-"L)QI+_"+Z3QG4C*GL*Z8\_`T
M\UB1AN7:,6FA<I#BI_2:R0P"@2_HK86/`"<<4U%B!5.(=+EA2D&J/5,QQ"NF
M#$(4=.#Y##KP<CQ40.49UB$5@*@<-C-,1Q3@6L(Z^$`H`1\ARL*/*;!W;9$"
M^\!6E<X]TQE2&?C@&0\?/(L@`Y[-/#/@.>0UX#D'/VX!)1OP,@L?/"_@QRT9
M^.#Y'#YX.:`&O#Q7#*5J@616PJ(^J[!5%+._ST?HL6`7_+RH0]E,ZQ#0[M<+
MXW#?C,(#D_RB6H;38A5'$273AU7@DZ;>S%K=154UO+\LUNM6(Z/FX"#FN))M
MDMC_:)0@(\DH,IJ,(6/).#(9&:(HHFBB:*)HHFBB:*)HHFBB:*)HHFBB&*(8
MHABB&*(8HABB&*(8HABB&*)8HEBBV);R@Y^S5LLG?!)F#3\IROGGX_'>Y>33
ME[8OX\W=^DK$MS3*VZ5AN5R48?*S0&<'B_FF#ORHKE;]8K5USS9-E/#)JBCY
M9'.]GM6+5;-U5Z%^N3`]Z^'3QV?06@QK\2M4F^UC3/:PNN='B]]\7-5WQ9*?
M\^/RIJR:@`5\#3#39^^RO`GU<W90AQ$[Y(.ZN`LMYELHH`'F50W8!RFI[C;5
ME:1F2VJVI&9+:K9TU$+",9*VP<@\"[W;!JOBJVA+Z"T7<Q3?%'7#S]#FAUC@
M]WK1+,KY:743^$D]O:;`PW!;U>$I<HB"RJ9U4?8+KX4]^^^66;LW4^_%YQ]4
M]OOF_D?AXL/*5M['W/_GE86.]QX/&^]OKX01$[C*_.-5MKTGYLS:IT/Y%#3"
MOT1WK4K0Z@2M2=#:!*WKH-6[S<LZ!)G=(-\Y:,3RSA7TM]<SQO1RIMM+^Z\S
M31FJ5"GDE+'*E+G*+H.UNWV7+B5%EB+V*>(\Y12E'$^5=#Z[C-)NQ2FC5"FC
M5"EG5+F$UT^E3%#Y%'*7";K=UT^+SE$0IXQ2)]VU*:/4;X_RCP`#`#\4=?@-
M"F5N9'-T<F5A;0UE;F1O8FH-,B`P(&]B:@T\/"].=6US6S`@,R`P(%)=/CX-
M96YD;V)J#3,@,"!O8FH-/#PO4R]$/CX-96YD;V)J#30@,"!O8FH-/#PO0V]U
M;G0@,2]4>7!E+U!A9V5S+TMI9'-;-34@,"!273X^#65N9&]B:@TU(#`@;V)J
M#3P\+U-U8G1Y<&4O6$U,+TQE;F=T:"`T,#@Y+U1Y<&4O365T861A=&$^/G-T
M<F5A;0T*/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR
M95-Z3E1C>FMC.60B/SX*/'@Z>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM
M971A+R(@>#IX;7!T:STB061O8F4@6$U0($-O<F4@-"XP+6,S,38@-#0N,C4S
M.3(Q+"!3=6X@3V-T(#`Q(#(P,#8@,3<Z,30Z,SDB/@H@("`\<F1F.E)$1B!X
M;6QN<SIR9&8](FAT='`Z+R]W=W<N=S,N;W)G+S$Y.3DO,#(O,C(M<F1F+7-Y
M;G1A>"UN<R,B/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB
M(@H@("`@("`@("`@("!X;6QN<SIP9&8](FAT='`Z+R]N<RYA9&]B92YC;VTO
M<&1F+S$N,R\B/@H@("`@("`@("`\<&1F.E!R;V1U8V5R/D%C<F]B870@1&ES
M=&EL;&5R(#@N,2XP("A7:6YD;W=S*3PO<&1F.E!R;V1U8V5R/@H@("`@("`\
M+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z
M86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z<&1F>#TB:'1T<#HO+VYS+F%D
M;V)E+F-O;2]P9&9X+S$N,R\B/@H@("`@("`@("`\<&1F>#I#;VUP86YY/E-E
M8W5R:71I97,@86YD($5X:&%N9V4@0V]M;6ES<VEO;CPO<&1F>#I#;VUP86YY
M/@H@("`@("`@("`\<&1F>#I3;W5R8V5-;V1I9FEE9#Y$.C(P,#@P-#$W,34S
M.#$Q/"]P9&9X.E-O=7)C94UO9&EF:65D/@H@("`@("`\+W)D9CI$97-C<FEP
M=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@
M("`@("`@("`@>&UL;G,Z>&%P/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q
M+C`O(CX*("`@("`@("`@/'AA<#I#<F5A=&]R5&]O;#Y!8W)O8F%T(%!$1DUA
M:V5R(#@N,2!F;W(@5V]R9#PO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\
M>&%P.DUO9&EF>41A=&4^,C`P."TP-"TQ-U0Q,3HS.#HS."TP-#HP,#PO>&%P
M.DUO9&EF>41A=&4^"B`@("`@("`@(#QX87`Z0W)E871E1&%T93XR,#`X+3`T
M+3$W5#$Q.C,X.C,T+3`T.C`P/"]X87`Z0W)E871E1&%T93X*("`@("`@("`@
M/'AA<#I-971A9&%T841A=&4^,C`P."TP-"TQ-U0Q,3HS.#HS."TP-#HP,#PO
M>&%P.DUE=&%D871A1&%T93X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@
M("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@
M('AM;&YS.GAA<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO
M(CX*("`@("`@("`@/'AA<$U-.D1O8W5M96YT240^=75I9#ID9C(Y8C@W82UC
M-3`Y+30V8C<M.3@W,BTR-S0R-V8T9#8U834\+WAA<$U-.D1O8W5M96YT240^
M"B`@("`@("`@(#QX87!-33I);G-T86YC94E$/G5U:60Z9#=D,S4R,C0M93=F
M,2TT-S5E+6$T,#@M9#DX,C<R938W-V)A/"]X87!-33I);G-T86YC94E$/@H@
M("`@("`@("`\>&%P34TZ<W5B:F5C=#X*("`@("`@("`@("`@/')D9CI397$^
M"B`@("`@("`@("`@("`@(#QR9&8Z;&D^-CPO<F1F.FQI/@H@("`@("`@("`@
M("`\+W)D9CI397$^"B`@("`@("`@(#PO>&%P34TZ<W5B:F5C=#X*("`@("`@
M/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F
M.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO
M<F<O9&,O96QE;65N=',O,2XQ+R(^"B`@("`@("`@(#QD8SIF;W)M870^87!P
M;&EC871I;VXO<&1F/"]D8SIF;W)M870^"B`@("`@("`@(#QD8SIC<F5A=&]R
M/@H@("`@("`@("`@("`\<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL
M:3YU<SPO<F1F.FQI/@H@("`@("`@("`@("`\+W)D9CI397$^"B`@("`@("`@
M(#PO9&,Z8W)E871O<CX*("`@("`@("`@/&1C.G1I=&QE/@H@("`@("`@("`@
M("`\<F1F.D%L=#X*("`@("`@("`@("`@("`@/')D9CIL:2!X;6PZ;&%N9STB
M>"UD969A=6QT(CY,971T97(@9F]R;6%T(&9O<B!&;W)M(#$P+4L@+R`Q,"U+
M4T(@+R`R,"U&(')E=FEE=R`H87,@;V8@.2\R,"\P,2D\+W)D9CIL:3X*("`@
M("`@("`@("`@/"]R9&8Z06QT/@H@("`@("`@("`\+V1C.G1I=&QE/@H@("`@
M("`\+W)D9CI$97-C<FEP=&EO;CX*("`@/"]R9&8Z4D1&/@H\+W@Z>&UP;65T
M83X*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
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("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD/2)W(C\^
M#0IE;F1S=')E86T-96YD;V)J#38@,"!O8FH-/#PO0W)E871I;VY$871E*$0Z
M,C`P.#`T,3<Q,3,X,S0M,#0G,#`G*2]!=71H;W(H=7,I+T-R96%T;W(H06-R
M;V)A="!01$9-86ME<B`X+C$@9F]R(%=O<F0I+U!R;V1U8V5R*$%C<F]B870@
M1&ES=&EL;&5R(#@N,2XP(%PH5VEN9&]W<UPI*2]-;V1$871E*$0Z,C`P.#`T
M,3<Q,3,X,S@M,#0G,#`G*2]#;VUP86YY*%-E8W5R:71I97,@86YD($5X:&%N
M9V4@0V]M;6ES<VEO;BDO4V]U<F-E36]D:69I960H1#HR,#`X,#0Q-S$U,S@Q
M,2DO5&ET;&4H3&5T=&5R(&9O<FUA="!F;W(@1F]R;2`Q,"U+("\@,3`M2U-"
M("\@,C`M1B!R979I97<@7"AA<R!O9B`Y+S(P+S`Q7"DI/CX-96YD;V)J#7AR
M968-"C`@-3,-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P-CDT-R`P,#`P
M,"!N#0HP,#`P,#`W.#0X(#`P,#`P(&X-"C`P,#`P,#<X.#(@,#`P,#`@;@T*
M,#`P,#`P-SDP-B`P,#`P,"!N#0HP,#`P,#`W.34X(#`P,#`P(&X-"C`P,#`P
M,3(Q,C0@,#`P,#`@;@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0IT<F%I;&5R#0H\
D/"]3:7IE(#4S/CX-"G-T87)T>')E9@T*,3$V#0HE)45/1@T*
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
