-----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,
 AOLGWOimo2lCnFIlJ3d9Rbw/yxa2Jod5d5IOpHx78arW8CujNlbV95EAGWzilxLq
 UoqtjQWJQ8SL0Zx4371HMA==

<SEC-DOCUMENT>0001144204-09-047546.txt : 20091102
<SEC-HEADER>0001144204-09-047546.hdr.sgml : 20091102
<ACCEPTANCE-DATETIME>20090908173449
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-09-047546
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEL FUSE INC /NJ
		CENTRAL INDEX KEY:			0000729580
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COILS, TRANSFORMERS & OTHER INDUCTORS [3677]
		IRS NUMBER:				221463699
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		206 VAN VORST ST.
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07032
		BUSINESS PHONE:		2014320463

	MAIL ADDRESS:	
		STREET 1:		206 VAN VORST ST.
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07032
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: VF-->
    <!--Document Created using EDGARizer 4.0.6.1-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    </div>
    <div style="TEXT-ALIGN: center"><img src="logo.jpg" alt=""> </div>
    <div align="center">&#160;</div>
    <div align="center">&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September
8, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Jay
Mumford</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
Attorney</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, N.E.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C.&#160;&#160;20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="92%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="8%">
                <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">RE:</font></div>
              </td>
              <td width="92%">
                <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bel Fuse
      Inc.</font></div>
                <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      10-K for the fiscal year ended December 31, 2008</font></font></div>
                <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">File
      No. 0-11676</font></font></div>
              </td>
            </tr>
            <tr>
              <td width="8%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="92%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Mr.
Mumford:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
letter constitutes the response by Bel Fuse Inc. (&#8220;Bel&#8221; or the &#8220;Company&#8221;) to
your letter to Bel dated&#160;August 27, 2009 concerning our Form 10-K for the
year ended December 31, 2008.&#160;&#160;For your convenience, we have restated
your comment in full.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
10-K for the period ended December 31, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item
11.&#160;&#160;Executive Compensation, page 49</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note your response to comment 4 in our July 30, 2009 letter that peer
      group information is &#8220;for informative purposes only.&#8221;&#160;&#160;Your
      proposed disclosure in the July 13, 2009 letter states that your
      &#8220;compensation philosophy is to maintain lower base salaries as compared to
      those offered by our peers&#8230;.&#8221;&#160;&#160;As such, please expand your
      proposed disclosure to explain how you evaluate what are &#8220;lower base
      salaries,&#8221; whether you compared yourself to the 50<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
      percentile benchmark, a range of benchmarks or otherwise.&#160;&#160;Also,
      with regards to determining whether you are using benchmarks, please note
      that Question 118.05 of the Compliance and Disclosure Interpretations to
      Regulation S-K defines a benchmark as &#8220;using compensation data about other
      companies as a reference point on which &#8211; either wholly or in part &#8211; to
      base, justify or provide a framework for a compensation
      decision.&#8221;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">Company
Response</font>&#160;&#160;The Company does not engage in
benchmarking.&#160;&#160;While peer group information is periodically reviewed
by management, it is for informative purposes only and does not constitute a
benchmarking activity of any type (in accordance with the definition described
above).&#160;&#160;The Company does not correlate its executive base salaries
with those of its peers.&#160;&#160;Bel&#8217;s Board of Directors, upon the
recommendation from Bel management, seeks to limit annual increases in base
salaries and to supplement the overall compensation package with annual bonuses
in amounts that are primarily dependent upon the Company&#8217;s financial performance
for the period..&#160;&#160;This has been Bel&#8217;s methodology in past and current
periods as a way to control overhead costs in times of volatile product demand.
So while the peer group data is reviewed, the results of that review are
irrelevant to the ultimate decisions made with regards to Bel&#8217;s executive
compensation levels.&#160;&#160;The peer compensation data is not used as a
reference point on which to base, justify or provide a framework for
compensation decisions.&#160;&#160;As Bel does not engage in any sort of
benchmarking activities, the proposed disclosure within the Compensation
Discussion and Analysis section of future filings has been modified to eliminate
this confusion.&#160;&#160;For your convenience, additions to the 2009 proxy
disclosure have been underlined and deletions from the 2009 proxy disclosure
have been noted separately below:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Overview</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
are engaged in a very competitive industry worldwide, with relatively low
barriers to competitive entry in the electronic products market. Just as stock
prices in our industry tend to be volatile, our customers&#8217; demand for our
products varies significantly from year to year. We have only limited visibility
as to future customer requirements.&#160;&#160;For this reason, we have found it
necessary to keep our overhead relatively low so that we can operate effectively
even when demand for our products weakens. In the area of compensation, we seek
to control salaries as best we can and focus our incentives on other elements
that can vary from year to year with our performance. Our goal is to compensate
our Named Officers at levels that will enable us to retain their services while
retaining control over our overhead.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Our
performance-based elements of compensation are salary, bonuses and long-term
stock incentive compensation.&#160;&#160;Other non-performance elements of
compensation consist of retirement benefits, certain other plan benefits and
certain perquisites.&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">In order to effectively
control overhead costs in times of volatile product demand, our executive
compensation philosophy is to limit annual increases in base salaries and to
supplement the overall compensation package with annual bonuses in amounts that
are primarily dependent upon the Company&#8217;s financial performance for the
period.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
compete in our industry on the basis of product performance, quality,
reliability, depth of product line, customer service, technological innovation,
design, delivery time and price. Our compensation structure is intended to
reward and incentivize the types of performance which improve our ability to
excel in these areas, as well as performance which enhances our overall
financial stability and global presence.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Salary</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
pay salaries to our Named Officers in order to provide a base compensation to
them for their day-to-day responsibilities in managing our business. We do not
rely upon consultants to set our salaries, to establish salary ranges or to
provide advice regarding other compensation matters, <font style="DISPLAY: inline; TEXT-DECORATION: underline">nor do we engage in any
benchmarking activities</font>. <font style="DISPLAY: inline; TEXT-DECORATION: underline">The Company views base
salary simply as a fixed component of overall compensation, with a large
variable portion being derived from annual bonuses as described
below.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">In
terms of overall compensation, our Chief Executive Officer receives salary
recommendations from our U.S. management team and our Far East management team.
Our Chief Executive Officer then formulates his own recommendations which he
presents to our Compensation Committee. Our Chief Executive Officer does not
participate in the deliberations regarding his own salary, but does participate
in discussions regarding salary levels for our other Named Officers. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Salary levels are typically
reviewed in December, and adjusted from time to time after taking into account
overall Company performance as well as team performance.&#160;&#160;As noted in
the Summary Compensation Table, the Chief Executive Officer did not recommend,
and the Compensation Committee did not approve, increases in base salaries for
2008.&#160;&#160;This decision was made after taking into account the current
macroeconomic conditions and the Company&#8217;s operating results.&#160;&#160;During
2008, management has made a number of decisions to implement cost savings
strategies and reduce overall overhead. The decision to keep executive base
salaries in line with the prior year is consistent with those current business
strategies.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following wording was previously contained in the 2009 proxy statement and has
been deleted from the proposed disclosure above:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Salary
levels are typically determined in December for the following year. Adjustments
for the following year are related to performance during the year being
reviewed, overall company performance and cost-of-living
considerations.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
compare our salaries and other elements of compensation against the salaries and
other compensation measures of other public companies in our industry by
reviewing the proxy statements of such other companies. However, we do not
prepare formal benchmarking studies.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Should
you have any questions with respect to any of the responses set forth below,
please feel free to contact the undersigned or Colin Dunn, Vice President of
Finance, at 201-432-0463.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%">&#160;</td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Very
      truly yours,</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Daniel
      Bernstein</font></font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Daniel
      Bernstein</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Executive Officer</font></div>
              </td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%">&#160;</td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cc:&#160;&#160;Peter
H. Ehrenberg, Esq.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`"7`MP#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^OGCQ)_R
M-&K_`/7[-_Z&:^AZ^>/$G_(T:O\`]?LW_H9KT<N^*1X>>?PX>IF4AZ&EI#T-
M>L?.'T;H_P#R!+#_`*]H_P#T$5=JEH__`"!+#_KVC_\`011>ZOINF_\`'[?V
MUN<9"RRA2?H#R:^::;DTC[N,E&";9=HKG&\>>&$8J=6C)]HW(_05>M/$VAWS
M!;;5;1W)P$,H5C]`>:ITII7<7]Q,<12D[*2^]&K11169L%%%%`!165?^)=%T
MQF2[U.VCD7@Q[PSC_@(R:SO^%@^%\X_M0?\`?B3_`.)K14JC5U%_<8RQ%&+M
M*:7S1TU%95CXET34F5+35+61VX"&0*Q_X"<&M6HE%QT:-(SC-7B[A7SMK$TH
MUS4`)'`^U2_Q'^^:^B:^<]9_Y#NH_P#7U+_Z&:]'+OBD>+G?P0]65?.E_P">
MK_\`?1H\Z7_GJ_\`WT:917JV/G;L^FJ***^8/O@HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*2EI*`"B
MBB@`HHHH`*\INI[N+Q-=W8>[BAAUI$>\%PWEQQGK&8P>0?7&.U>K5@R>#M%E
MU)[Z6WDDE>87#(TS^69!T;;G!K>A4C"_,<F+HSJJ/)T,F\\8:A'XCFM+2R$U
MI;7$<$JK!*\C`CYG#+\J[<C@]:N>&23XC\49_P"?M/\`T"M";PUI\NK-J0-S
M%,[(\JPW#HDK)]TLH.#BK%MHMI9ZO=:E!YJSW0`E7S#L)&.=O3/'7Z^M.4Z?
M+:*Z?Y"C2K<ZE-WLW]VO_`.4\7B:;Q?I-M';7-VCVTI-M!=&`N1WW9`X^M6M
M5\1W>B)J=M;6\/EZ=802PK*6<[F;;ACNY``^OO722Z5:3ZM;ZFZ,;JW1HXVW
M'`#=>.AJAJOA/2]9NY+F[6??+$(I!'.R*Z@Y&0#S@\_@*<:L'RJ2T7^9,Z%5
M.<H/5O\`"WIW,_4O$FH6?B"QLBMI:VDZQ$3W,4A$K,?F5&4X4@?WO:JX\8ZA
M+XD:UM[$2V,=_P#8I`L$C..S2%Q\@`./EZX_.MRZ\,Z=>WD5Q.;E@A0^3]H?
MRG*?=+)G!Q_^NE_X1K3QJS:C&;F*5Y!+)'%<.D<CCHS(#@G^??J:%.C;5=!N
MGB.;26E_P&>+D#>$M3;<ZM';M(C(Y4AE&0<@CN*Q%U+4=,L_#&F:4MLTFH6L
MCE[QI'PRHLA.<YYW-Q].@KJM2TZ#5;"2RNO,\B7AQ&Y0D>F1V]JJP^'M/A?3
M7"S,VG+(MLSS,Q4.,$')YXX&>G:IA4BHVEY_EI^)=6E.53FCIHE^.OX&%%XK
MU._T_P`/)906B7^K+*Q:;<8HQ&,MP#GGMSQ[UUMJ9_L\0NC%]JV*91%G;NQS
MMSSC.<9K(D\)Z4^GV5FBSPK8Y^S2Q3LLD>>N&!SS5FU\/V%IJJZE$LOVE;9;
M7<TK-E!C&<]3P.:4W3:]W3?\_P#(*4:T7[^NW7RUZ=S4HHHK$Z@KYX\2?\C1
MJ_\`U^S?^AFOH>OGCQ)_R-&K_P#7[-_Z&:]'+OBD>'GG\.'J9E!Z445ZQ\X=
M7J?C[5;JR@L+%S96T42QDQG]X^`!DMVZ=!^9KE22S%F)+$Y)/4UT_A#P;-XF
ME>:64P6$3;7D499VZ[5_#N>F1P:].M/`GANTC"C3(Y3CEYR7)]^3@?ABN*>(
MHX=\J6OD>K3P6*QB]I)Z=+_HCPFCK7M^H_#SP]?Q,([4VDIZ26[$8_X"<C]*
M\G\1^'KOPWJ9M+DAT8;H9E&!(OK['U';Z8-:T<53JNRW,,5E];#+FEJNZ)=#
M\6ZQH+J+:Y:2W'6WF)9"/8?P_ABO8O#7B>R\361EM\QSQX\Z!CDQD^_<>A_E
MTKP&M+0-9FT'6;?4(2V$;$J`_?C/WE_SW`/:HQ.%C45TM33`YA.A)1D[Q_+T
M/?=2U&UTG3YKZ\DV01#+'N?0#U)/%>,>(_'.J:](\4<C6ECT$$;8+#_;(Z_3
MI_.MCXHZR;K4+33(7S;Q1B=L'[SMG'Y+T_WC7G]98/#145.2U9T9ICIRJ.C!
MV2W\PX%.$;F,R!&V#^+''YUT/@U]!@U9[K7Y4$,29BC>)G5W)ZD`'H/7U'I7
MIX^('A8``:F`!P`+>7_XFMJV(G"5HP;.7#8.G5AS5*JCY:?YH\-X(KJ/#GCG
M5-!D2*21[NQZ&"1LE1_L$]/IT_G3O&TGAR[O(;S0)DW29%Q$D3(N>S`$`<\Y
MQ['UKE:UM&M#WE]Y@Y3PU5^SEMU6S/H_3=1M=6T^&^LY/,@E&5/<>H/H17S[
MK/\`R'=1_P"OJ7_T,UV/PMUE[;6)=)D8^3=J7C7TD49/YJ#G_=%<=K/_`"'=
M1_Z^I?\`T,URX:C[*K*)WX_$_6,-3GUN[^I2HHHKO/'/IJBBBOF#[\****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"DI:J2:E91:C%827,:W<PW1PEOF88)X'T5OR-`%JBBB@"&Z=(K.>2
M28PHL;,TJXR@`Y89!''7H:XFTFE.DP2-J-U#IM[?PKB2]:2>&(IQOEW90NX7
M*@\;L`Y)KNR`P((!!X(/>JEPFG65C.]Q';0V@7,Q=5"8]^U`'"76L7D6FV+O
M=M+:V\-Y<*&NI(I+Q(Y@D05T(+,8R,9)!+@D'@CL/$I:'2A>J[)]BGBN7()'
M[M6'F9]1Y9>IHK[2;TV:1O!*6WM;C9G:8R`V./E*Y`[$5=5H;JW#*4F@E3((
MPRNI'Y$$4`<1'K]WIMKI9252U]*MW/'*@.V.XGPHW,X(PKX`56P5&>.NO9ZQ
MJ,NN)%+);&TENKBV6-(B'7RQD,6W')X(Z"M][:"5D:2")VC!"%D!V@]<>E00
MWNGS-&89X'9WD";2"2R'#X]P>#0!SOBTSPW\44,DBKJ]N=.RK'Y7,B[2/0A'
MF;/^P*='XBOFU.2(/:F(RW4"VXC/F0^2.)&.[D-@<8'#ISZ]!97VGZO%Y]G/
M#=)#)C<A#;'Q^APWY&F"[TE;V\`N+(74$8:ZPZ;XTQD%^X&/6@##AUS4HVT5
M[RXM!#>HC2M%#DAY"-B;2^X+S@,`W/)VBKWA:>YFL;D7=]'<RI>7*8`(90)Y
M%YRQX^7@=@,<XJS_`&GH+6_]I?;M-,%M\GVKS8]L6>,;\X7.>F>]3&[TJR>)
MS<6<#7SCRF+JIN&/3;_?//;-`'%75P=/A\116]W'->26%W>0:C!<L[;`V2CJ
M&^1UW!58<84X`P0=G4-:U.R:XDAN;.[BM--EO&$<)S,ZEP%!#':,@9ZGY3Z\
M;D<^EIJ4UE'+9K?2+YDL"LHE9?[S+U(YZFI4-G:S16L8AAD,;-'$H"G8I&X@
M#L"R_F*`.2?Q+K*:?!E(#-/>&&.91$V4\GS!E1-L#$YP"_*C/4U?TB_OKGQ,
MPNKN"-9=,M)OLBMO&]O.W;&W8/*\L`<@+Z9-\7WA_;!8"2QV7:K+'"%7;(&^
MZV,8^8CC/7'%7HVL9[QUC\A[FTPC``%X=P!`]1D$&@"W1110`5\\>)/^1HU?
M_K]F_P#0S7T/7SQXD_Y&C5_^OV;_`-#->CEWQ2/#SS^'#U,RBBBO6/G#VGX:
M7EO/X0BMXF7SK:1UF7OEF+`_3!`S['TKL*^<]+U>^T6]%WI]PT,H&#CD,/0C
MH17=VOQ:G6,"\TB.1^[PS%!_WR0?YUY.(P51S<H:W/I,%FE%4E"KHUH>HUYA
M\6;NW9]-LU*M<IOD;U13@#\R/_':JZC\5M0GB*6%A#:,1CS)'\TCW`P!^>:X
M2XN9KRYDN+F5Y9I#N=W.2QJ\+A)PGSSTL99AF5*I2=*EK?J14AZ&EKJ_`OA>
M37M62YFC/]G6KAI6(XD8<A!Z]L^WU%>A4FH1<I'BT:4JTU".[*/BZVFM==$4
MX(<6MN#GVB0']0:PJ]3^*.@27$,.MVZ%C`GE7`'9,Y5OP).?J.PKRRL\-452
MDFC?'T'1KRB^NJ-'2="U+79)4TVV\]H@"X\Q5P#T^\1Z5J?\*_\`%/\`T"C_
M`-_XO_BJH>'=?N?#FK+?6ZB12-DL3'`D0]L]CP"#_P#JKU"#XG>'I8-\INH7
MQS&T.3^!&16=>I7A+W(W1O@Z&#JP_>S<9>J_R//O^%?^*?\`H%'_`+_Q?_%4
M?\*_\4_]`H_]_P"+_P"*K7UKXGZE<7H.CC[+:J,`2HK.Y]3U`^@_/TSO^%C>
M)O\`G]C_`._"?X41>*:O9?B*4<OC)J\G]Q?\-^#/$FF^)-/O)M.,<,4P,C^=
M&<+T/`;/0UR6L_\`(=U'_KZE_P#0S7JG@'5_$&O-<7NI3JUB@\N,")5WOD9(
M('0#^?M7E>L_\AW4?^OJ7_T,TJ,YRJR4[72Z#Q=*G##0=*]FWN4J***[#S#Z
M:HHHKY@^_"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`KG]1>\N_$&FP)8S*MG>--YY&8VC-M(N[/8[Y-
MNWKQGI704E`'`Z;8:Z=%ECN[K4FNI);%9D'FQE#YP$Y60R-G*$Y*;5P`0!SB
MY>6VKI>:U%IQOI&DLW%O)))(HA8+&%1-S;'+88AA@J0<GYLUV5%`'`S_`-L:
M7HJWD%Y=3RF>2!(IDDBP)D5(\+([,<3;.2<@.X'&*Z37+&?_`(1R."W66ZDM
MI;:7:S9>58I4=AD]6(0]>I-:DUG:W$\,\UM#)-`28I'0%HR>I4GI^%34`84H
MGU'5+2=(K^&UDM[B*56D>+NH5MH8;2?FP>&^E<U''?V/AW1[6U.H6\MQ;C3)
MXY)'#0RR*G[U=QX";9`-O'IP*[^66.",R32)&@(!9V`')P.3[U2DDT=KV*ZE
M>Q-VFZ.*9BF]<,$95/4?,P4@=V`ZF@";3[Z/4+=IHHY%C65XE,@'S[&*EAR>
M"0<$]1SWKC=.TS5-)U1;R*PDFA9;VY,`(5A-N(`R>!YB[,>ZD]Z[,ZA9`@&\
MMP2Q09E7E@XC(Z]=Y"_4XZT^.[MIGV17$3O@G:K@G@[3^1&#[\4`9F@1S&?6
M+N2"6*.[OO-A$J[6*"&),E3R/F1NO;GO67H]C=Q:U`LEE+%]DDOGEN&'RR":
M8.FT_P`6X8)]"N#CBMK3]=LK^_N[!9HDN[:5HS`95,C*N/GV]<<T2Z[8_95N
M+2XAO$-S%;,8)58(SNJ\D9Z;@<4`9MI%+!H,EY=Q7D-[?W!N7-O`)98"W"#:
M0PRL:HAX/2L*?2-1708K1M,D::XT3[!"$&?L\N>"W)V]48G)`,9YSC/567B*
MTO=3OK1);94M91"7-RI9G.!C;V&25'J01BKKZKIT1@$E_:H9Y#%"&F4>8X.T
MJO/)!XP._%`&)'$UQXP<S64T$-O,9(#';82:0PA6EDDQS\I*`?[.3GY0MG5S
M-:Z]8WXM+B>!+.Z@;R(][!W:%E&!S@^6PST!QG&:U8K^SGNIK6&[@DN8?];"
MD@+Q_P"\`<C\:274+*"\BLYKRWCNIN8H7E4._P#NJ3D]#TH`Y2RL;[2Y=&2T
MM[R.^6WM;:^78&MI8U7#$MGY60;L$$$G`P0>)?#ECJMIKG]HW<`6/58I))E"
M$/"PDWQ+(<X)".R\`?=`YKHTU;39$N'CU"T9;8[9RLRD1'IAN?EZ'K26>L:7
MJ,IBLM2L[F0+O*03JYVYQG`/3/&:`+U%%%`!7@GB'2M2D\2ZJ\>G7CHUY,59
M8&((+GD'%>]TE=&'Q#HMM*]SCQF#6*BHMVL?.?\`8VJ?]`R]_P#`=_\`"@Z-
MJF#_`,2R]_\``=_\*^C**ZO[1E_*>?\`V'#^=_<>>W_PWM-5TRUNK)_L-ZT"
M&1&7]V[;1G(ZJ?7'Y9KBK_P+XCT]CNTYYT!P'MCY@/X#YOS%>[T5C3QM6&FZ
M.FME5"IKL_(^=#HNK*2&TN^!'4&V?_"K=IX2\07KA8=(NQGO+'Y8_-L"OH"B
MM7F,ND3G624[ZR9YCH?PK;>LVMW*[1S]GMR>?9F[?A^=>D6MK!96L=M:PI#!
M&,(B#``J:BN.K7G5?O,]/#X2EAU:FA&4,I5@"I&"".#7GGB'X80W,KW.B3);
MLQR;:3/EY_V2.5^F"/H*]$HI4JTZ3O%CKX:E7CRU%<\"O/!WB*Q8B72;E_>%
M?-!_[YS5'^QM5SC^R[[/_7N_^%?1=%=JS&?6)Y<LDIWTDSY_M?"/B&\?;%H]
MV#ZRQ^6/S;%=AH?PLD,B3:W<JJ`@_9X#DM[,W;\/S%>H45G/'U9*RT-J.44(
M.\KR(K:V@L[:.VMHEBAC&U$08`%?/NL6UP=<U`B"4@W4N"$/]\U]#T5GA\0Z
M+;M>YOC<$L3&,;VL?-?V6X_Y]YO^_9H^RW'_`#[S?]^S7TI175_:3_E_$\_^
MPU_/^'_!%HHHKS#W@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`*2EI*`"BBB@`HHHH`J:I9?VCI5W9;M
MAGB:,/\`W21P?P.#^%<]:>$KB"VU-9+J)YKJW`B?:<13D9DD_P"!2`/^%='J
M%R]GIUS<QPM,\4;.(U(!;`]R!^M8DOC&TLK2QDU"WF@EN8A*Z9C_`'29`WGY
M^1DY`7+8[<&@"O:^$9[6SU*,7<;S3PQBV9E.(I5^<N?]Z8ES^%3:1X=O-#:4
MV<\$H=X8U$X;Y80=TIX_C9WE;TY&>E:VF7DMW+J*RE<07;1)@8^4*I_J:RKG
MQ)=6%]J:W$$$L%G9S73K;L2T(3!0.QXW2+N8#`(V]^M`$:>&[V35)GGE@CM3
M<W%RCQ,QD)DC\L*00`,`DYR><#'&3%:>&+VUTHQK':_;$>T*L;N5EF6!PPSN
M!\O/.`H.,]35MM9U:WLM52:UM)+^QC64;'9(BK(3SU/!5Q[X'3/&[!-YMG%.
M^%W1AV]!D9H`Q[K1KLV]V8'A>9]1CO8ED8JI"E/E)`)'W#R`>U5(M`U.%=-:
M.2UCNH)Y7EN$E<8CDF\QD";<.&7CG&T\@\<W;36;C4=)O+ZV^SH$DS#YBN<0
MX4AV`Y)*DN%&.&4'!S5&X\2WP\+VNK0)9;I`_#LQ\YP2$CC4?-N<CH>5Z$$T
M`.LO#]]IMU>7%N+:2X"W)LYYKB4C=-)YFUX_NJ,@9*G)P#P<UH1V%]!K\UX@
MM9(+J.)9B[,'C*;ONC!!!W9Y(P<]<\6-6U"73])-S'"&N&>**.-VP/,D=47<
M1V#,,X[5DS^)IK32[KSU@_M"&Y>V&,B,[5#F4CJ%6,[B,]B`22,@%6W\)WJZ
M1/8S36H*:8--@=-Q\Q1G$DF1P3Q\HS@[CDYXT['0IK77AJ#2QF/%W\J@Y_?/
M"P_+RCGZBFW_`(A^S^(H=-4K'&!"TLSPNX)E<JB97A"2IY8]64`'G$MIJUT_
MB>?2IQ;%5A:9?+W!HP&4*#NX?<&S\OW2,'J"0#;HHHH`*2EI*`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`KG+_`,5,US+8Z#I\FK7D1Q(8V"PQ'T:0
M\9]A[\BJ\]Y<^+;J2QTV9X-&B8I=7T9PUP>\<1_N^K=^W'7H[*QM=-LX[2S@
M2"",85$&`/\`$^_>M>6,/BU?;_/_`".?GE5_ANR[]_3_`#.7\)>+K[6=7O=)
MU2QCMKNW4O\`N\X`#!2""3SDCD'FNPKSOP.1JGC;Q#K,9S#DQ1D=&#-D'\D'
MYUZ)58F,8SLE;8SP,Y3I7D[ZNS\KBT445@=@4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%)2TE`!1110
M`4444`,FB2X@DAD!*2*4;![$8-8Z>&T3[(RZE?":WC\GSL1;I(\@A&&S&!C@
M@`]>>34GBJ6>'PGJTMK+Y4R6DC*X)!7"G)!!!!QG!['%9]OJ4^GZS8Z-%Y,E
MOYOV:4K$X\J0PO,`'9SGA1\N#@-U'`H`V[/3TLKF\FCFE9;J42F-]NU&P`=N
M!GG`ZD^V*J0^'K>);^)[FXFM+YI6GMI-FQC(?FY"A^G`RW`X["H?#>N3ZV+L
MRK;H+9A"?*8GS'&=TB_],VXVGO@U5>:^/B.[EL9[JXAM%?[2CD"$'RP4A1<9
M+Y(8MV#8R>@`+\/AZ*+3[VV:^O)9+P!9KF1D,I4*%"CY=N,<=,\D]3FK`TB,
MQV\4US<3PQ0/`\,A79,K8'SJ%`)`&!TZGUK!T"6^N_-MAJ\\OGZ;:7GV@A&:
M-Y#)O*9&`"$&!@@8Z=JV-"O_`#?#6D3W<X:XN+**0EC\TC>6&8@=SU/%`#+?
MPS8V`O#IC/I\ETZ,TELD8*!0`%4,I&.,X(/+&F_\(S;HEEY%[>0RVC3.DRF-
MF9Y3EW;<A&XDMR`,;B!P<5GZ/JLVM1ZG$\EY#=2*LZQJ/+,*-D+&"PP&PHW'
M^\[8/`Q3%Y>W/ANV@^UWW]IM=7-M'##(H=G5GVAY,8VHH!+=]HR"3M(!TUWH
MT5\MTEQ<W3)<)&H7>`(F0EE=..&S@YY'RCBJ<WA+2[K39+2[C:ZDD\TM=3*I
MF#2?><';@'@8P`!M''%3:I)?KH$\-K,)-42!"XAVA^>&95/0D!MN>,BL"*?6
M+W1RUD\[06^H3J6N+GR':%$889]I/$G'3/R@''-`&]+X;LI+N"9'FABB6%3;
M1$".3R6+19&,_*3G@C/&<@`5/;Z0L6JMJ$MY=7,H1XXEF*;85=@S*H51GE5^
M\21CKUSA/XF6;4M&V_;(;*2.*0YC8&5Y5.Q2<8PHR6Q_$4]&JYI37EQXDO)H
MKJYFT^/S8I6F($;2[UVK$H'1`'5F[D]R#@`Z.BBB@`K/U'6M,T@+_:%]!;EN
M55W^8CU`ZD5H5Y%;6VGZU\2]63Q!,OE1O*(TDD\L/M8*JYR.B\X'7'UK>A24
M[N6R.3%8B5+E4%K)VUV/37UK2X].34'O[=;-^$F:0!6//`/<\'CVI=/UG3=6
M1WL+Z"X"??"-DK]1U%>6^(+72_\`A,='THS"/0HXU\LK,63:SL6.XDXRPVDY
MXQ[4TK8Z1\1F30Y!]D6"3>J2%E'[IBRYR<@8!Z\'Z5O]5BXZ-WM?^O,Y'F%1
M3LTK)I/76_=>1Z9#XGT.XCFDAU2U=(4\R0A_NKG&3^)%`\3Z&;0W0U2V^SB0
M1F3?P&()`^N`:\+M([F)$MHER=4A6)?IYPQ_X]'BM`_+\.W/'S:N!GUQ"?\`
M']:U>!@GOU.>.;59+X5LW_7X'MFGZSINJEQ87UO<LG++&X)`]2*KCQ1H)O!:
M#5[,S$XQYHQGTSTS[9KRVXT'5M'M]>U-+(V%H(OLR!7)WJTB*<9))!`)R?7C
MVAGTSP^GPZAOEG4ZP\N,"7YL[B"I3/`"\YQZ<\XJ%A*;U4FTW;_AS5YC62LX
MI-)MWTNKVT/7KW7=*TVY2VO;^"WF=0RI(^"03@'\P:636],AO)K22^A6X@0R
M2QEN44#<2?;!S7B^N1WFIMHR.-]PND*YR>2B^8P/UV`'WJYHVH2:KJ6NW\YS
M*-#E#,?XF6-$S^.,_C1]2BHWN']J2<^51ZZ?==_/8]23Q;X?=U1=8M"S$``2
M=2:LPZ[I5QJ+:?#?P/>*S*80_P`P*]1CVP:\>\(Z<MU?637.GV,EJUR%-Q+=
M%)`>,!5$@SSC'RG.>]17,]S8>+M1URW&Y+/5#NP<9W.YQ]"%8?C3>#AS.*?Y
M$QS.JH1G**LWY[=3UT^+?#X0.=7M-I)4'S.XQG^8J2W\3:'=RF.#5;5W"ER!
M(.%`R2?8#FO,O#NBZ??^`-:OKR`RS6C3-;MN9=C>4ISP0#SCKGI[U;\-^&=-
MO_`ES>RR1VM],7A2ZEF957D`*><8)XZ9YJ98>E&^KT=C2GC<1-QM%:J_7H>C
M:?K^DZK.\%A?P7$J`LR(V3C(&?<<CGWJIX@L=2U9X--MW^SZ=-DWMPKX<J/^
M6:C_`&NY],_0\9\,FLHM6N[&6R$>JP1N#<)*662/>NY2,E<@[<$=1^MO0[K4
MM3\07\DMUX@>"#59HT^SM#]F5$;(1PWS^W'8CWK"K%4:EH_B=>'J/%4+SZ]O
MR_S.^M;6"RM8K6VB6*")0J(O0`51\1?VB=!NX]*@,U[*GEQ@.J[<\%LDCH,G
MZXKC=/;5M<\'S^*I/$=Y:W12:>*&`H+>`(6PK*5.[[O)/K[<Y]_XHU"Z\J^N
M+O4;2'^QX)VCL710)I'90QW]$)QWXR*Q4K2YCIE!.+BM/0[7P5H3^'_#D5M.
M@6ZD8RS@$'#'@#(]``/SKH:Q[:]N-'\)QWGB"9#<6UMONG3'+`<@=B>W'4]*
MY+P?XCU:;Q*EOK#7:IJD#S017%NT:Q2*Q;RXRP&Y?+(.>>E$YN<G)]0ITXTX
M*$=D>C4445)84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`,EBCGA>&:-)(G4JZ.H(
M8'J"#U%0/IEA)>?;)+&V:ZQCSFB4OCTW8S5JB@"&&TMK<@PV\49$:Q`H@7"+
MG:O'89.!VR:A72=-34#J"Z?:+>G.;D0J)#D8/S8STXJY10!332M.BMI[:/3[
M5(+@DS1+"H60GJ6&,'/O3H=,T^V6W6"QMHEMRQ@"1*HB+9W;<#C.3G'7-6J*
M`*\]A9W22I<6D$RS!1*)(PP<*<@'/7!Z9J";1-)N+2*TFTNREMH?]5"]NC(G
M^ZI&!^%7Z*`*ITVQ974V5L1)$(7!B7YHQG"'CE1D\=.33)=(TR>UAM9M.M)+
M>'_51/`I2/C'R@C`X]*NT4`,>&.79YD:/L;<FY0=I]1Z&JT&DZ;:WLE[;Z?:
M0W<N?,GCA57?)R<L!DY/)JY10`4444`%<UK?@;1=>O#=W,<T5PV`[P/MWX&!
MD$$?C72TE5"<H.\78SJ4H58\LU='.WO@G1;_`$JTL)H9-MHGEPRJ^)%'UZ'\
M13=-\#Z+I5K=0V\4K/<Q-"\TCY<(PP0.,#\JZ2BJ]M4M:^A'U:CS<W*KG-0>
M!=%@GTZ95G+Z?_J<R?[9<9XY^9C56Z\#^';30&M;J:>&PAF-R[R3!=K%0I).
M.F!77UYU\8)YDT"PA0D127.7QW(4D`_J?P]J?MZG\POJM';E1OVGC#PQK]T-
M&@NQ<O<*R")K>0*X"DD9*XZ`US.JZ%\/O#^IA=1NYED^]]D#O(%';(4%@/J>
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M(*@GIT%6+)/!%WI.OS6]_--:R[);]V#Y3YF96`*YZD],]*YGPH/(^$_B>7(^
M9FBS_P``0?\`LU<C;S76DV;G'[C5;-TX_NB0K^8:,_@?>FZ]1[R)CA:$=%%?
MUH>O6O\`PB6G>!9S'?3C1+V5E:9E<L6/RD`;<C[GI52QO_`UYHZ^%;34YWBN
MI0$7RY`Y8L&'S%,#D#K7-ZI^[^"6C*.-]X<X[_/*?Z5/\/[&9M7T][S1],CM
MQ%YD5V'7SF;&5/\`K"<G)_AI>UGW\ROJ])*W+TM\NQU,,?A#X=SL9;QH[JX3
M'[S,LFS/]U1P,CKCG'M4VG^)?!VBZ5]KM+PPVE]=2R%BDSEY>"YP02.WH*X3
M3K:PUOXKZG'KTBF(3S[$E?:)&1MJ(3Z!1G'?;7?:EX;\,MX<NS!8VSPVJ3RH
M(V++')M^;&#P?E''M4RG*;O)W9=.G"G'E@K(QHYOAMJFI"&*0O+>3C-NGVE(
MI9"1@E.$Z^HJW?ZYX`6^U"*[G43R1&PN4$4VW8A(V@`8&#GE?SK"^%&AZ?J%
ME<ZA=VB2W%O=)Y,A)RA50W'XFN2"7-WXMUA[33[*^8W$[&.Z8!`#*?F&77G\
M>YJ2SU>_O_"-SX.LI+VX=]#,BQ0EO..]DR`&Q\S`;#][@X^E"^(?!WB;5=/C
M%\LU[;R^;:Y$L)#^@)`!S_=.<^E<OXX@AM/A?HL,<,$!-S&SQ0'*+(8Y"X')
M_B+=S7+Z[:Z?9S>&3I`5;Z2T@DN%C?)$QV[2?1B<\?2@#WZBBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"D
MI:2@`K'U'Q7H6DWC6E_J4,%PH#%&SD`].U;%>0Z]`]S\5-3$6EQ:I+':JRVD
MQ`60[$'?T#$_A0!Z$_C'P[';P7#:O;>5.S+&RDG++C(XZ$;EX/J*N:UHMCK^
MFO8:A%OA8A@0<,C#HRGL1_\`6/!KPV]\-ZAH@T.VU)!'/=W3L+?=DHN8E&2"
M1D^W8#\/8O&NO?\`"/>&+F[1L7,G[FW_`-]N_P"`RWX4`<MX6\/>$=,\7*VG
MZ[)=ZA#YB)`Y7@X(;D*,D#/2E\2^&?!FJ>)F@FU1K#59Y%$D$1&)';&"05(#
M'(Z$9SZFO/K&Y_X1^YT35$LKZ&>"4O<RS1E4F4G@(3_L;@?K6QXOL)]8\>>(
M7LW+-:6J7:;.K*J0YP?HQ8?2@#T/1-+\,^&+F70+2[8:E=QDN93NF=<,1VV@
M`!CC%<U;VGP]A\.W&C#Q#+);SS+/YKL/,1E``*G9CH,<@]36;HNNG7_B#8ZJ
MV%FBTU_.^7CS%C<,1['.?QK)\(6.J3Z5-)8^%+#6(Q)M,UUMRC!1\HRPXY!_
M&@#LK8>!M/\`#-[X?7Q%-]GO)!-)(S#S!D(1@A,8PHZ@]336TCP-J^AV.EQZ
MW.T6G,X2:,C?^\+,0QV8YP3T'W?K57XIZ+I.D^'[.2PTZVMIWN0IDBC"DJ(V
MXS]<?E7<V/A?1K>QB2/3H86*JTAB&PLP1ER2O7AW_.@#F]8TOPY-X!ALDU&[
MN;'394:,VLB&621E^12=N#D2@\#N*MZ%\-=)T35;358;G4#<P981RR1LN2I4
M@X0$]3T-2-H]A;^*-+T:P@$5M"7U2="S-N<82/DD]"2<>U==++'!"\TTBQQ(
M"SNYP%`ZDGM5RBE%=V90FY2EV6G^9Q_BGP#H.KSS:K=3RV,@7=/+&R[&`'WF
M!!YP.HQ^-5/!D]AJ6@77AS3K6^734CEB>]E9`Q\PGI@?>^;(XX`&??.U+4;_
M`.(FK'2=)+0Z-`P::X92-_HQ'_H*]^IZ?+Z'I>EVFCZ?%8V4>R&,<=RQ[DGN
M36LZ<:<+2^)_@<].M.O4O3^!=>[\O+S*'AGPO9^%;*:ULIKF5)I?-8SLI(.`
M.-JCCBN<F^$>ASSR2O?ZH6D<N?WD74G)_P"6==]17.=IRMYX!TN\\-V&A/<W
MJ6MDYDC9'0.Q.[[V5Q_$>@%0:+\--"T74H[]'N[J6([HQ<NI5&[-A5&2/?/K
MUKL:*`%HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`I*6B@!*PHO"ME#XNG\2">Y-W,FQHRR^6!M5>!C/11
MW]:WJ*`.:\3>"K#Q3<V\][=7<30(400,H')R3RIYXK%7X2:'YB-)?:G*JL"4
M>5"&]C\G0UW]%`&/XB\.V?B72QI]XTL<2R+(K0D!E(R.,@CH2.G>J.A>";'0
M=7?4X;R]N)WMA;$7#*1L&P#HHY`C45TU%`''Z?\`#G2-+U"YN[2XO$,\4L7E
M[UVQJ_\`=^7/';)/XUG#X1:($*#4=5"GL)8__B*]!HH`YK7?!>G^(-*L=.N;
MBZBALUVQF%E!/R[><J>WIBNC50J!1T`Q3J*`/.O$FOS^%?'3:A+9M<6]S8K$
MGS;>0Q/!P>AZC_:!JN;3Q+\0)T-\C:5H@.[R\'+]QP>6/3D@*.H&:]-HKI6(
M44N6/O+J<,L&Y2?--\K=[?\`![%+2]*L]&L$LK&$10IS[L>Y)[FKE+17.VV[
ML[8Q459;"44M%(8E%+10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
?`4444`%%%%`!1110`4444`%%%%`!1110`4444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
