<SEC-DOCUMENT>0001104659-12-048015.txt : 20120815
<SEC-HEADER>0001104659-12-048015.hdr.sgml : 20120815
<ACCEPTANCE-DATETIME>20120709160032
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-12-048015
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LTC PROPERTIES INC
		CENTRAL INDEX KEY:			0000887905
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				710720518
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2829 TOWNSGATE ROAD
		STREET 2:		SUITE 350
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		805-981-8655

	MAIL ADDRESS:	
		STREET 1:		2829 TOWNSGATE ROAD
		STREET 2:		SUITE 350
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="73%" rowspan="5" valign="top" style="padding:0in 0in 0in 0in;width:73.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="235" height="90" src="g160271bci001.jpg"></font></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2829   Townsgate Road</font></p>    </td>   </tr>
<tr>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;350</font></p>    </td>   </tr>
<tr>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Westlake   Village, CA 91361-5693</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Main:</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">805.981.8655</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">805.981.8663</font></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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">VIA EDGAR AND OVERNIGHT MAIL</font></i></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;">July&nbsp;9, 2012</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;">Sonia Gupta Barros</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Counsel</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, N.E.</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>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">LTC Properties,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the year ended December&nbsp;31, 2011</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed on February&nbsp;27, 2012</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-11314</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Barros:</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;">This letter responds to the comments of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) contained in a letter to LTC Properties,&nbsp;Inc. (&#147;LTC&#148; or the &#147;Company&#148;) dated June&nbsp;22, 2012.&#160; Set forth below in italics are each of the comments in the Staff&#146;s letter.&#160; Immediately following each of the Staff&#146;s comments is LTC&#146;s response to that comment.&#160; For convenience, each of the numbered paragraphs below corresponds to the numbered comment in the Staff&#146;s comment letter and includes the caption used in the comment letter.</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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM&nbsp;10-K FOR THE YEAR ENDED DECEMBER 31, 2011</font></u></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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Part&nbsp;I.</font></u></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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1A. Risk Factors, page&nbsp;19</font></u></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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;We Rely on a Few Major Operators,&#148; page&nbsp;20</font></u></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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">We note your response to comment 4 of our letter dated May&nbsp;25, 2012. In future Exchange Act periodic reports, please revise this risk factor to further highlight the risk by identifying tenants which account for 5% or more of your revenue.</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LTC does not believe that identifying operators which account for 5% or more of LTC&#146;s revenues is suitable for inclusion in the risk factor referenced in the Staff&#146;s comment above.&#160; However, in further response to comment 4 of the Staff&#146;s letter dated May&nbsp;25, 2012, LTC will identify its top ten operators in the Business section of future Annual Reports on Form&nbsp;10-K.&#160; As reflected in LTC&#146;s response to that prior comment 4, the top ten operators typically include those who account for 5% or more (and even less) of LTC&#146;s revenues.</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\107551\12-16027-1\task5425235\16027-1-bc.htm',USER='107551',CD='Jul  7 00:42 2012' -->

<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;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7. Management&#146;s Discussion and Analysis of Financial Condition&#133;, page&nbsp;32</font></u></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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">We note your response to comment 7 of our letter dated May&nbsp;25, 2012 and reissue our prior comment in part. Please disclose same property average rent trends.</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reflected in LTC&#146;s response to comment 7 of the Staff&#146;s letter dated May&nbsp;25, 2012, nearly every property that LTC owns is 100% leased to a single operator and subject to a triple net lease.&#160; Lease payments by an operator are due to LTC regardless of occupant-based measures such as the rent charged by the operator.&#160; Trends in operators&#146; same property average rents therefore do not materially impact LTC&#146;s financial condition or results of operations.&#160; In addition, LTC management does not receive data from operators specifying their same property average rents.&#160; Accordingly, LTC does not believe disclosure of same property average rent trends is relevant to its Management&#146;s Discussion and Analysis section.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">We note your response to comment 8 of our letter dated May&nbsp;25, 2012. We note that the table that you direct us to on page&nbsp;34 appears to cover 2011 acquisitions. As such, we respectfully reissue our prior comment. In future Exchange Act periodic reports, please expand your disclosure of your overall leasing activities, including a discussion of the volume of new or renewed leases with average rents or yields, as applicable. Include the impact of tenant improvement costs and leasing commissions.</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Management&#146;s Discussion and Analysis section of future Exchange Act periodic reports, LTC will expand its disclosure of overall leasing activities, including a discussion of the volume (if any) of new or renewed leases during the period and, to the extent material, any related capital commitments (<i>i.e.</i>, tenant improvement costs) and commissions.&#160; Please note that LTC&#146;s properties generally are subject to non-cancelable leases with an initial term of 10 to 15 years.&#160; Upon acquiring a property, LTC discloses in the corresponding Exchange Act periodic report the key financial terms of the acquisition such as purchase price, capital commitment, GAAP yield, and annual escalation.&#160; If an acquired property later becomes subject to a new lease or lease renewal with materially different terms, then LTC will disclose that information in its Exchange Act periodic reports.&#160; During 2011 &#151; aside from the nine acquisitions referenced in the Staff&#146;s comment&#151; there were zero new leases and one lease renewal relating to LTC&#146;s properties.&#160; Given the long-term nature of its leases, the existing disclosure of its acquired properties, and the limited number of its properties subject to new or renewed leases, LTC does not believe that disclosing average rents or yields of new or renewed leases represents information necessary to understanding LTC&#146;s financial condition and results of operations.</font></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_002840_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\107551\12-16027-1\task5425235\16027-1-bc.htm',USER='107551',CD='Jul  7 00:42 2012' -->

<br clear="all" style="page-break-before:always;">
<div>
<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;">If the Staff has any further questions or comments, please do not hesitate to contact me at (805) 981-8655.</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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Pamela Shelley-Kessler</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pamela   Shelley-Kessler</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive   Vice President,</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Financial Officer and</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate   Secretary</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></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;">cc:&#160; Wendy Simpson, Chief Executive Officer and President of LTC Properties,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Caroline Chikhale, Vice President, Controller and Treasurer</font></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_002947_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\107551\12-16027-1\task5425235\16027-1-bc.htm',USER='107551',CD='Jul  7 00:42 2012' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g160271bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g160271bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!:`.L#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!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#V4D#J:-R^
MH_.J&KII#VJC6OLAM]XV_:RNS=@XQNXSC-84D'@?/[M/#WXM#_C51C<#K-R^
MH_.C<OJ/SKD/(\&?\\_#W_?4/^-'D>#/^>?A[_OJ'_&JY%Y_<(Z_<OJ/SHW+
MZC\ZY#R/!G_//P]_WU#_`(T>1X,_YY^'O^^H?\:.1>?W`=?N7U'YT;E]1^=<
MAY'@S_GGX>_[ZA_QK!\87FE:;IHCT#PU9ZE>7"G9-;6(EBA'3<64$$^@_.JA
M2YY**Z_UW!NQZ%'JMC+J4NFQW437D*!Y(`WS*IZ$C_/;UJWFOFFTOO'&E20R
M0'6(1"040QR;..VW&,>U>Q^$O&SZU;#[?9S6=TN!*DD;*N?52>W\JZ,3@I4%
MS)IKR%&5SM**:CAU!!R#3JX2@HI#TKR;Q3\6=7T+Q3>Z3!8VDD5O*$5WW9((
M!YY]ZVHT*E:7+!";2W/6J*J)J-N\OE"0%_2K0K$8M%%>>?$7XAZAX.U6UM+.
MUMYDFA,A,N<@YQVK6E2E5ER0W$W8]"I:\._X7EKG_0,LOS;_`!K<\&_%?4?$
M/B2#3;VTM(()$=F="V1M4D=3[5TU,OQ%.+E):+S$IIGJM%5[>]AN<^4X;%4/
M$OB.R\+:-+J=\243"I&OWI'/11_GL:XHIR:2W*-:EKPN\^.&OR3EK2RL8(L\
M+(K.<?7(KKO!?Q9M?$-TNG:G;K9WCY\ID;,<G?'/0UV5,!B*<.=QT)4TST:B
MHXIDE4,C!A[5)7$4%%%%`!1110!2U.\L+&W6742HB+A1NC+\X/8`^]8TGB#P
MZ3^[EA'ULW_^(K<O[Y;"$2M;W,^6V[;>(R-]<#M67)XA5S\NG:ROTL7JXJZV
M$5/[>T'_`)[P?^`;_P#Q%']O:#_SW@_\`W_^(JQ_;O\`TXZU_P"`+T?V[_TX
MZU_X`O5\OD_O_P"`!7_M[0?^>\'_`(!O_P#$4?V]H/\`SW@_\`W_`/B*L?V[
M_P!..M?^`+U@>)/'8L[2:TTVX6WU3``74C]G\H$'YL-][Z?G50IN;LD_O_X`
M7$\2>*XXM+=/#=O:W]ZY,>[8B+;GCE@V#GG@8KR"?1?$H9YI5D!=BS$7*<D\
MD\-3+O1KJYGENKG6=,GFD8L[M?(S,3U)JK_8S_\`/_I__@4M?08:C"A&T9+7
MR_X)C)W)QI&OR':%E<^@G!_]FJ2TLO$%C=QW4&]98CN4^>I_]FJ"WT^YM)A-
M;ZG8Q2`$!ENU!&1@_H:C_L9_^?\`T_\`\"EKI<D]&U;T_P""2>[>#_%YU"UC
MAO81;7(&'CWJP^HP3Q_*NU1PZ@@Y!KY<L;6\TV\CN[34[&*:(Y5A=+^OJ*]L
M\'>-8M5A6WGEM_M*+^\CAE#@>X]OY5\]C,)[)\T'=?D;1E?1G<U\U?$7_DHV
MK?\`7PO_`*"M?2:L&7(.0:^;/B+_`,E&U;_KX7_T%:WRG^-+T%4V/6].9O[>
M;D_?KN5Z"N%T[_D/-_OUW2_=%>0:"U')#%(<O&CGU90:DI*`/F'Q<H'CW5E4
M``:A(`!_OUZM86GVFZ6#('`Y``[5Y5XO_P"2@:M_V$)/_0Z]?T7_`)"J?A_*
MO9S+^'2]/\C.&[.JTG2?[.S\Y;-<%\=?^0'I?_7RW_H->HCH*\N^.O\`R`]+
M_P"OEO\`T&N+`?[S#U*EL8WP^G9/"8B4*`UXV25'H*Y.UTC41XUBD-A="'^T
M0?,\E@H'F=<XQBNE\!_\BN/^OIOY"O7[",W&DI&S'!7'6NFIBG0Q%5)7OH)1
MND8?AF\E^U-`S$KGO77"LJQT.&QG,J'DUJBO*+%HHHH`****`*M]<SVT0>WL
M9;QRV#'$Z*0/7+$#_P#769+J6HN?F\.WJ_\`;S;_`/QRM.^DO8X@;&VAGEW<
MK-,8P!ZY"MSTXQ69-/KK']YI6G#_`+B+_P#QJJBM-@(_MU]_T+]]_P"!-O\`
M_'*/MU]_T+]]_P"!-O\`_'*3S=9_Z!>G?^#%_P#XU1YNL_\`0+T[_P`&+_\`
MQJJMY+[_`/@B%%_?@Y_X1^^_\";?_P".5X_XN\"75G>76KW4\EE8S2Y#WI,\
MFXY)#&+?QZ$XS7K_`)NL_P#0+T[_`,&+_P#QJHYUU.ZMY+>XT;3)895*O&^H
M,0P/8_NJZ</7G0ES1MYZ_P"8FKGSN=/L0?\`D-6Q_P"V4O\`\11]@L?^@S;?
M]^I?_B*ZKQ7\/D\/(^H7,LT-G+*1&EJGVE81V#.2AZYQQ^.:Y3R-(_Y_[O\`
M\!%_^.5])3K1J1YHR;^7_`,&K"_8+'_H,VW_`'ZE_P#B*/L%C_T&;;_OU+_\
M12>1I'_/_=_^`B__`!RCR-(_Y_[O_P`!%_\`CE:7?\S^[_@"%^P6/_09MO\`
MOU+_`/$5UW@_PN]I=PZRUR9$`W0"(.F_W.0#M]N]0^&_!EO=B+4I6GEMLY2&
M:`1^9Z'ACE?YUZ;I-A<W<R[D"QK[8%>-C\=HZ5.3??\`RV-81ZLV_#U[<W$>
MV9"%'0UX1\1?^2C:M_U\+_Z"M?1\$"01A4`&!7SA\1?^2C:M_P!?"_\`H*UE
ME/\`&EZ#J;'K6G?\A]O]\UW*]!7E'B75KS0[.\U&P=4N(G7:70,.3SP:M?#;
MQ[JFN?VBVN7,<BP!/+V1*F"2<]*X%AYRI.LMD5?6QZ?25!:W<=W'YD9R*GKG
M*/F+Q?\`\E`U;_L(R?\`H=>OZ+_R%4_#^5>0>+_^2@:M_P!A&3_T.O7]%_Y"
MJ?A_*O9S+^'2]/\`(SANSOAT%>7?'7_D!Z7_`-?+?^@UZB.@KR[XZ_\`(#TO
M_KY;_P!!KBP'^\P]2I;'/^`_^17'_7TW\A7L>C_\@Z/Z5X[X!&[PRH];MA^@
MKIM)^*]@-7@T$:7<>:UT+7S=Z[<EMN?I5XFE.IB*G(KV$FDD>ET5&L\;-M5P
M3[4^N`L6BBB@`HHHH`JWXOVA`T^2WCEW<FX1F7'T!'/2LJ6/Q#G]Y=:1_P"`
MTO\`\76I?V]W<0A+.]-FX;)D$2R9'I@UE2Z?K"'Y_$+'_MQB-7';=`,V:Y_S
M]:1_X"S?_%T;-<_Y^M(_\!IO_BZ3[%JO_0??_P``(J/L6J_]!]__```BJM.Z
M_KY"%V:Y_P`_6D?^`TW_`,71LUS_`)^M(_\``6;_`.+I/L6J_P#0??\`\`(J
M/L6J_P#0??\`\`(J+KNOZ^0#+BTU:[MI+:XFT66&52KH]I*0P/8_/7DWB_P)
M:>%H5NY8KNZMY6.9;60+'"2>%(8,W3')/->N?8M5_P"@^_\`X`15'<:5?W=M
M);7&M^;#*NUXWT^(AAZ&NC#XB5&5T].NZ_03C<^>=^B?\\+_`/[_`"?_`!-=
M7X:\(6>H1QZC);720A@8XYY%(E'J0`#C^==/_P`*KL+.X9FA6YAC`:.3S&#N
MV>CI]T`>W6NBT[1;J>50_P`L:\8]!7;BLP3CRT6_4B,.X:7IEU=2KN&V,>@P
M,5V=M;I;Q!%`X[TEK;);Q!%'2K%>*:B=J^:OB.<?$35SZ3@_^.K7TK7(>,;J
MRTG4-)0>';6^DU6\%O),T"DQ@X&XG!R>>_H:[,'B5AYN35[JQ,E='C>N>.)-
M;L+BU:P2$3L&+"0G&#FM#X<,!!J8SR?+_F:]1E\"VK2LRVMJ`3_SP3_"G1^#
M%ASY*119Z^7&%S^0K>IC*3H.E3A:_F)1=[LU_#/_`"#Q6R:HZ58FPMA$3FKV
M*\PL^8O%Y'_"P-6_[",G_H=>OZ+_`,A5/P_E76W6AZ7<%Y#IMFT[G)D:W0L3
MZY(ZU1T_P]]DO_M$AW+SQ7;BL4J\81M;E1,8V-\=!7!_%OPY?Z_X:A?3HFGF
MLY?,,*C+.I&#@=R..*[P=*"!7-2J2I34X[H;5U8^:=#\7S>'K'[`;`2,DQD)
M=BI!XXQ^%3>$=*O-<\5C5UC,-M!<_:I)#]T$-N"@]SG]*]XU3PUIFI,TDEC:
MF9CDR-`I9C[G&368OA)D`C1PD2]$48`_`5Z4LPA:3IPM*6[N1R/JR'PY--+J
M#%F9ES78BL_3-*BT],*,L>IK1KR30****`"BBB@#@_&OB_7M'\5:?HFBVMK/
M)>P[P)LCYLD=<\#`KD]8^*GB[1+P6M]IVG*[('1DRZNIZ$,#@BM;XAM>V'Q%
MT35X-*O;^&TM\N+:%FYW-QD`@'FO,=;3Q+K6HO=7]CJ$C@;5#VS#8@Z#`4`5
M[F#H49J/,E:VNNM[LRDV=SHOQ0\6Z_=O:V.GZ89(XFF<R9151<9))..]5]0^
M+OBK2[Z:QO=+L8;B!MLD90Y4_G7,>$[O4?#-_=W9TB]D>:REMX]L!^5FQAB"
M,$#'2H?$<%_KOB&]U2TT2_AAN9-XC:!F*\#/('KFNI8;#^V<7%<MM[]?O%=V
M.ZT/XC^-/$33+IVF::WD`%C(=@))PJ@D\L>PK,D^-/B.*1HY-/L4="593&P(
M([=:RO!VH2>'_/CU'0M2G5IHKB,PQE2)(R2`<CH<US]UIFLWEU/=MI-X/.D:
M0XMWP"3GTHAAL.ZLE**Y>G]7!MV/3-/^('C?5-'DU2STK3)+>-G4C=AR54,V
M%+<X!SQ6-_PNSQ!_SXV'_?#?XUC6NKZW8>##H-EI]_!+)=/++,L)^:-D"E!Q
MD=.HKGCHVJKRVF7@'O`_^%.EA<.W+GBK7T]/O!R9Z;=?$OQ=9Z-;ZK/8Z2MO
M=#,2[OG89QG;G.,BLR/XU>(-P5+"P!)QPC#^M9FI:C/J'@VPT0:/JB7%FH4-
MY(,;G=G/W=PX/K7-+H^JPR(SZ7>@`@\V[C^E*CAL.XOGBD[O_@=0;?0]/UOX
MD>-O#RPMJ&G::JS%@K1MO&Y<;E.&X(R./>J%C\8O$VH7L5I#:Z:LDK;5,A*+
MGW).!6-XMUC4/%5M!$-%U"-[>XE>+,!QY;A<`X')!7KWS7,Q:3JD%Q'(^EWG
MR,&P8&&<'Z4J.&H2I7J12E_7F#;OH>C:Q\5_%FA:E)I][9Z:+B,#>L9+A2>Q
M(/7VJ*R^+WBK4!<&WL;!OLT#3R9##"+C)Z^XKBM=@U#6->OM1ATF]C2ZF:4(
M86)4$YP<"G:,E_I?]H"32;U_M=E);+MA8;2Q')XZ<57U7#^R3Y5S?UYBN[G5
M?\+N\1?\^=C_`-\M_C6G??$[QAIVEVNHW-GI2Q7:AXE#Y<J>^W.<<=:\P_L?
M5,9_LV[QZ^0W^%=-K>H76K^&=+TJ/2-3CFL8UC;,`*/C/(^7<#SZXHJX;#*4
M>2*M?7^K@FS9@^-'B:YGC@AL+)Y97"(H5LLQ.`.M:&N?$WQGX=N(X-0T_35>
M125\MMXX.".#P01@BO-H-)U*WNHI)M)O2B.K,ODNI8`\@'''UK?\9W,_B;4X
M+C3]"U!#'"$D>2W/F2G.1NVCG`P,]3BB6&PZJQ2BN76_]7'=V-?_`(7?XB_Y
M\['_`+Y;_&C_`(7?XB_Y\['_`+Y;_&N0TO1)3J4::M8ZA#:\^8T<#;AP<8R/
M7%4SH^IL25TR\V_]<&_PK7ZK@KVY4+FD=W_PN_Q%_P`^=C_WRW^-6=/^+WBK
M5+K[-:V-@TFQY,$,.%4L>_H#7G/]D:G_`-`Z[_[\-_A6GX?6_P!&U3[9+I-[
M*ODRQ;5A8'+QLH/3MFIJ87"J#<8J_J"E(ZK_`(7=XB_Y\['_`+Y;_&MJ/X@^
M.Y=#_MI-*L#8^4TOF\]%.#WZ\UY3_8^J8R--NR!W\AO\*[:S\4ZA;^!9?"YT
M&^99+9HQ((CQ(7)STZ8P,5EB,-0BH^RBGKKZ?>--]2;_`(7=XB_Y\['_`+Y;
M_&MC4?B+XXTO2H-3NM-TY;><(05;<RAQE=P#9&1TKRUM$U=1EM*O0/4V[_X5
MTWB*ZCUO2;&.#P[J(U.*WAMY)Y(V*JL:XPH`YW$YYZ8IU<-AU.*A%6>_]7!-
MFI_PN_Q%_P`^=C_WRW^-=+X$^)^I>(]<DM-3AM88%@:0-&"#D$>IKR!M%U:,
M_/I=XO\`O6[_`.%=1X1LG@\2W$D-G>6]J82(_M*$'MP3@"IQ6'PL:,G!*]@B
MY7/H"WO(KH9B8,!5BN;\)Y\A@:Z2OFS80]*R;G0HKF9I&D8%NO-:]%`&#_PB
M]M_>;\Z<OAR%!A9&`^M;E%`&"?#%N3DLWYT\>'8@FP2MM],UMT4`8/\`PB]M
M_>/YTI\-0-U=CCWK=HH`P1X8MP<AF_.G/X<A?[TC'ZFMRB@#"7PS`IR'8'ZT
MK>&H&.6=C^-;E%`&$/#-NO1V'XTG_"+VW]YOSK>HH`PO^$9@QC>V/K0/#%N#
MD.P/UK=HH`PV\-PO]Z1C]30GAJ",Y5V!]C6Y10!A-X:@<Y9V)^M*OAN!5*AV
MP?>MRB@#!_X1>V_O'\Z/^$7MO[Q_.MZB@#"'AF`#`=L?6D_X1BW'\3?G6]10
M!B-X<B88,KD>F::/#%NIR'8$>];M%`&(_AR&0Y>1C]33/^$7MO[QK>HH`HZ?
-IL=@I6/O5ZBB@#__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
