<SEC-DOCUMENT>0001206774-11-000705.txt : 20110729
<SEC-HEADER>0001206774-11-000705.hdr.sgml : 20110729
<ACCEPTANCE-DATETIME>20110401130842
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-11-000705
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
    <title>photronics_corresp.htm</title>
    <!-- Licensed to: DG3 I Docs, Inc. -->
    <!-- Document Created using EDGARizerAgent 5.3.0.0 -->
    <!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>

<body bgcolor="#ffffff">
<br>
<div align="center"><img src="photronics_correspx1x1.jpg"> </div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">April 1, 2011</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">&#160;</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Assistant Chief Accountant<br>
Division of Corporation Finance<br>
Securities and Exchange Commission<br>
100 F. Street, N.E.<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Washington, DC 20549 </font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="40%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Re:</font></font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td align="left" nowrap width="96%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Photronics, Inc.</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="96%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Form 10-K for the Fiscal Year Ended October 31, 2010</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="96%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Filed January 14, 2011</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td nowrap width="96%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">File No. 000-15451</font></font></td>
</tr></table>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Dear Mr. James: </font></div>

<div>&#160;</div>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">We are responding to the comments received from the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) by letter dated March 21, 2011 in connection with the filing of the Photronics, Inc. (the &#8220;Company&#8221; or &#8220;we&#8221; or &#8220;us&#8221; or &#8220;our&#8221;) Annual Report on Form 10-K for the fiscal year ended October 31, 2010, filed on January 14, 2011 (the &#8220;2010 Form 10-K&#8221;).</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font size="3" style="FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160; </font>For your convenience, the numbered responses of the Company and related captions contained in bold-type in this letter correspond to the numbered paragraphs and related captions in the Commission&#8217;s letter of comment. The questions are followed by the Company&#8217;s response thereto.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Form 10-K for the Fiscal Year Ended October 31, 2010</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Financial Statements</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 1.</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Summary of Significant Accounting Policy, Revenue Recognition, page 42</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%">
<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">1.</font></font></div>
</td>
<td nowrap valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%">
<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please tell us when you recognize revenue (e.g., upon delivery because terms are customarily FOB shipping point, upon satisfaction of a significant condition of sale, after customer acceptance, etc.). Discuss your consideration of providing similar disclosure in the notes to your financial statement.</font></font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">As stated in the first sentence of the first paragraph under "Revenue Recognition" at page 42 of the 2010 Form 10-K, the Company recognizes revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is reasonably assured. </font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">In future filings, commencing with the Form 10-Q for the quarter ending May 1, 2011, the Company will expand the revenue recognition policy in the notes to its financial statements to include the following:</font></font></div>

<div align="left">&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2">"Delivery is determined by the shipping terms of the individual sales transactions. For sales with FOB destination shipping terms, delivery occurs when the Company's product reaches its destination and is received by the customer. For sales with FOB shipping point terms, delivery occurs when the Company's product is received by the common carrier."</font></font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 1, 2011<br>
Page 2<br>
</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 10.</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Share-Based Compensation, page 49</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left">
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">2.</font></font></td>
<td nowrap valign="top" width="1%" style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please tell us why you <font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: times new roman">generally</font></font><font style="FONT-FAMILY: times new roman"> base the grant date fair value of options on the closing price of your common stock on the date of grant. Explain other methods of valuation you used and the circumstances in which you used them.</font></font></font></td>
</tr></table>
</div>

<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><br>
</font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The Company bases the grant date fair value of options on the closing price of its common stock on the date of grant. The Company does not use any other methods. In future filings, the Company will eliminate the word &#8220;generally&#8221; and will revise the third sentence of the first paragraph under "Stock Options" to read as follows: </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">&#8220;The grant date fair values of options are based upon the closing prices of the Company&#8217;s common stock on the date of grant using the Black-Scholes option pricing model.&#8221; </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">In the Company&#8217;s most recent Form 10-Q for the quarter ended January 30, 2011, filed on March 4, 2011, the word &#8220;generally&#8221; was eliminated.</font></font></div>

<div align="left">&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Photronics, Inc. </font><font style="FONT-FAMILY: Times New Roman">15 Secor Road, Box 5226 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>Brookfield, Connecticut 06804 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>(203) 775-9000 &#9679;&#160;(203) 775-5601 fax <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>www.photronics.com</font></font></div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 1, 2011<br>
Page 3<br>
</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 14.</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Income Taxes, page 55</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">3.</font></font></td>
<td nowrap valign="top" width="1%" style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please provide us with a rollforward of your undistributed earnings of foreign subsidiaries that are and are not permanently reinvested for fiscal 2008, 2009 and 2010.</font></font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The rollforward of the Company&#8217;s undistributed earnings of its foreign subsidiaries that are and are not permanently reinvested for fiscal years 2010, 2009 and 2008 is set forth in the table below:</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">UNDISTRIBUTED EARNINGS ROLLFORWARD FOR FISCAL YEARS 2008 THROUGH 2010</font></font></div>

<div align="left">&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
<td align="left" nowrap width="80%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="11" nowrap width="19%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: times new roman">Dollars in millions</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Permanently</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td colspan="3" nowrap width="6%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Not Permanently</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%">&#160;</td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Reinvested</font></font></td>
<td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Reinvested</font></font></td>
<td nowrap width="1%" style="TEXT-ALIGN: center">&#160;&#160;&#160;&#160;&#160;</td>
<td colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Total</font></font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Undistributed Earnings @ 10</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">28</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">07 </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">&#160;204.9</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">204.9</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Exclusion of subsidiary earnings</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; included above <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(53.7</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(53.7</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net Income/(Loss)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (110.1</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">0.6</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(109.5</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Dividends <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(0.5</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(2.7</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(3.2</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Reclassification of subsidiary's earnings</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; not permanently reinvested (Germany)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(18.5</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">18.5</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Foreign currency translation impact</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(4.2</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(4.2</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Undistributed Earnings @ 11-0</font><font size="2" style="FONT-FAMILY: times new roman">2-</font><font size="2" style="FONT-FAMILY: times new roman">08 <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">17.9</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">16.4</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">34.3</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Net Income/(Loss)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">4.0</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(0.0</font></td>
<td align="left" nowrap width="1%"><font size="2">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">4.0</font></td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Dividends <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(0.6</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">-</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(0.6</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Foreign currency translation impact</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">3.3</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">2.2</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">5.5</font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Undistributed Earnings @ 11-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">01-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">09 <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">24.6</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">18.6</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">43.2</font></font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Inclusion of subsidiary's losses</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; not included above <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(2.3</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(2.3</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Net Income/(Loss)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">15.1</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">(0.2</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">14.9</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: times new roman">Dividends</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">-</font></td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: times new roman">(4.7</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: times new roman">(4.7</font></td>
<td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: times new roman">Foreign currency translation impact</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">2.0</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">(1.1</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">)</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
<td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">0.9</font></td>
<td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
</tr><tr valign="bottom">
<td align="left" nowrap width="80%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Undistributed Earnings @ 10</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">31</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">-</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">10 <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></font></td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 2pt double"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">39.4</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 2pt double"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold">12.7</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
<td align="left" nowrap width="1%">&#160;</td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">$</font></font></td>
<td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 2pt double"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160; 52.1</font></font></td>
<td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 2pt double">&#160;</td>
</tr><tr style="LINE-HEIGHT: 3pt;">
<td align="left" colspan="13" nowrap width="100%">&#160;&#160; </td>
</tr></table>
</div>

<div align="left">&#160;</div>

<div align="left">
<div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">Footnotes:</font></font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" width="0%" style="">
<tr>
<td nowrap valign="top" width="1%"><font size="2"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></td>
<td nowrap valign="top" width="1%">&#160;</td>
<td valign="top" width="97%" style="BORDER-TOP: transparent 3pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">In fiscal year 2008, the UK and Singapore subsidiaries' prior year cumulative earnings are eliminated due to their cumulative undistributed loss positions as of 11-<font size="2" style="FONT-FAMILY: times new roman">02-</font><font size="2" style="FONT-FAMILY: times new roman">08</font></font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="1%"><font size="2"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></td>
<td nowrap valign="top" width="1%">&#160;</td>
<td valign="top" width="97%" style="BORDER-TOP: transparent 3pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">Undistributed earnings includes third tier subsidiary losses of $14.1, $38.1, $41.6 and $45.6 for 2007, 2008, 2009 and 2010 respectively</font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="1%"><font size="2"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font></font></td>
<td nowrap valign="top" width="1%">&#160;</td>
<td valign="top" width="97%" style="BORDER-TOP: transparent 3pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">In fiscal year 2010, the Singapore subsidiary reverted to positive cumulative earnings; accordingly their beginning cumulative loss is added back</font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160;</td>
</tr><tr>
<td nowrap valign="top" width="1%"><font size="2"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font></td>
<td nowrap valign="top" width="1%">&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%" style="BORDER-TOP: transparent 3pt solid; TEXT-ALIGN: left"><font size="2" style="FONT-FAMILY: times new roman">Dividends paid out of earnings deemed permanently reinvested pertains to the Company's Taiwan subsidiary and were paid from current year statutory earnings in 2008 and 2009</font></td>
</tr></table>
</div>
</div>

<div align="left">&#160;</div>

<div align="left">&#160;</div>

<div align="left">
<div style="TEXT-ALIGN: center"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Photronics, Inc. </font><font style="FONT-FAMILY: Times New Roman">15 Secor Road, Box 5226 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>Brookfield, Connecticut 06804 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>(203) 775-9000 &#9679;&#160;(203) 775-5601 fax <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>www.photronics.com</font></font></div>
</div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 1, 2011<br>
Page 4<br>
</font></div>

<div>&#160;</div>

<div align="left">
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">4.</font></font></td>
<td nowrap valign="top" width="1%" style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">We note that in fiscal 2008, $12 million of earnings that were previously considered to be permanently reinvested in foreign operations were determined to no longer be indefinitely reinvested. We also note your disclosure regarding your possible election in the future to repatriate foreign earnings. Please tell us how you considered ASC 740-30-25-17 in determining the amount of earnings that are permanently reinvested and explain why your conclusions changed with respect to $12 million of those earnings in 2008.</font></font></td>
</tr></table>
</div>

<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"><br>
</font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">ASC 740-30-25-17 requires that &#8220;&#8230;sufficient evidence shows that the subsidiary has invested or will invest the undistributed earnings indefinitely ... these criteria are sometimes referred to as the indefinite reversal criteria &#8230; Experience of the entities and definite future programs of operations and remittances are examples of the types of evidence required&#8230;&#8221; </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The Company manufactures photomasks for both the semiconductor and flat panel display markets. Ongoing, rapid technological advances in these markets require significant continued investment in property, plant and equipment (capex investments) in order to enable us to meet the high-end technology requirements of our customers. The Company&#8217;s foreign subsidiaries in Korea and Taiwan produce such high-end products and require continued significant capex investments, including the purchase of high-end equipment and the purchase of additional manufacturing space to expand their businesses and meet the needs of their customers. In addition, these subsidiaries continue to evaluate potential local investments to expand their businesses using internally generated funds. Accordingly, the Korean and Taiwan subsidiaries&#8217; undistributed earnings are considered to be permanently reinvested. Although, the Company&#8217;s footnote disclosure indicates that it may in the future determine that certain of these earnings may not be permanently reinvested, the Company has no plans to repatriate the earnings of its Korean or Taiwan subsidiaries. The cited language is meant to inform readers of the financial statements that the Company's position may be reevaluated in the future if conditions in the industry in which its Korean and Taiwan subsidiaries operate were to change. </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The Company determined in 2008 that the undistributed retained earnings of its German subsidiary would no longer be deemed to be permanently reinvested because they no longer met the indefinite reversal criteria. Unlike the Company&#8217;s subsidiaries in Korea and Taiwan, the Company&#8217;s German subsidiary evolved into a manufacturer of mature (non high-end) photomasks that do not require significant continued capex investments. This evolution of the operations of the business caused management&#8217;s future intentions to reinvest in the German subsidiary to change in 2008.</font></font></div>

<div align="left">&#160;</div>

<div align="left">
<div style="TEXT-ALIGN: center"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Photronics, Inc. </font><font style="FONT-FAMILY: Times New Roman">15 Secor Road, Box 5226 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>Brookfield, Connecticut 06804 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>(203) 775-9000 &#9679;&#160;(203) 775-5601 fax <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>www.photronics.com</font></font></div>
</div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 1, 2011<br>
Page 5<br>
</font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 21.</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Fair Value Measurements, page 62</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">5.</font></font></td>
<td nowrap valign="top" width="1%" style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Please tell us why you consider your valuation of common stock warrants using the Black-Scholes option pricing model to be a level 2 valuation. Please explain how this is consistent with ASC 820-10-35.</font></font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The Company&#8217;s common stock warrants disclosed in &#8220;</font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Note 21. Fair Value Measurements</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">&#8221; have an exercise price of $.01 per share, and therefore, given the nominal strike price, their fair value approximates the market value of the Company&#8217;s common stock. The Company uses the Black-Scholes model to value these warrants, and the most significant input to the model is the market value of the Company&#8217;s common stock. The other model inputs, including the historical volatility the Company&#8217;s common stock, the risk free rate of return and the contractual term of the warrants are not significant to the fair value measurement given the nominal strike price.</font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">The Company considers its valuation of common stock warrants to be a level 2 valuation because, although the most significant input to the model (the market value of the Company&#8217;s common stock) falls within level 1, the warrants themselves are not publicly traded and there are no quoted prices in active markets for identical instruments at the measurement dates. Therefore, the Company considers the warrants to fall within level 2 of the fair value hierarchy which is consistent with ASC 820-10-35. </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Item 9A.</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: Times New Roman">Controls and Procedures, page 67</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman"> </font></font></div>

<div>&#160;</div>

<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">6.</font></font></td>
<td nowrap valign="top" width="1%">&#160;&#160;&#160;&#160;&#160; </td>
<td valign="top" width="97%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">We note your disclosure regarding your officers&#8217; conclusions about the functioning of your disclosure controls and procedures. In future filings please provide, as required by Item 307 of Regulation S-K, the conclusions of the company&#8217;s principal executive and principal financial officers regarding <font style="DISPLAY: inline; FONT-STYLE: italic"><font style="FONT-FAMILY: times new roman">the effectiveness</font></font><font style="FONT-FAMILY: times new roman"> of the company&#8217;s disclosure controls and procedures as of the end of the period covered by the report.</font></font></font></td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">We have noted the Staff&#8217;s comment and upon re-reading the language, we agree that it could be streamlined and clarified. Accordingly, we propose to revise the language of the second paragraph under &#8220;Evaluation of Disclosure Controls and Procedures&#8221; in Item 9A in future Forms 10-K and the comparable Item 4&#160;of Part I of future Forms 10-Q, so that the paragraph would read as follows: </font></font></div>

<div>&#160;</div>

<div align="left"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: Times New Roman">&#8220;The Company&#8217;s management, under the supervision and with the participation of the Company&#8217;s chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation the Company&#8217;s chief executive officer and chief financial officer concluded that the Company&#8217;s disclosure controls and procedures were effective at a reasonable assurance level as of the end of the period covered by this report.&#8221; </font></font></div>

<div align="left">&#160;</div>

<div align="left">&#160;</div>

<div align="left">
<div style="TEXT-ALIGN: center"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Photronics, Inc. </font><font style="FONT-FAMILY: Times New Roman">15 Secor Road, Box 5226 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>Brookfield, Connecticut 06804 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>(203) 775-9000 &#9679;&#160;(203) 775-5601 fax <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>www.photronics.com</font></font></div>
</div>

<div>&#160;</div>

<hr align="center" noshade size="2" width="100%">
<div id="PGBRK">
<div id="PN" style="PAGE-BREAK-BEFORE: always">&#160;</div>
</div>

<br>
<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Mr. Martin James<br>
April 1, 2011<br>
Page 6<br>
</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">We acknowledge that: </font></div>

<ul style="FONT-SIZE: 10pt">
<li><font size="2" style="FONT-FAMILY: Times New Roman">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;<br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and<br>
&#160;</font> </li>

<li><font size="2" style="FONT-FAMILY: Times New Roman">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law of the United States.</font> </li>
</ul>

<div align="left">&#160;&#160;&#160;&#160; <font size="2" style="FONT-FAMILY: Times New Roman">The Company appreciates the efforts of the Staff in reviewing our response to your letter of comment. We are fully committed to working with the Commission to respond to your comments and to provide you with all the information you require. Accordingly, should you have any questions regarding the Company&#8217;s response to your comments, please contact me at (203) 740-5671.</font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sincerely, </font></div>

<div>&#160;</div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Photronics, Inc.</font></div>

<div align="left"><font size="2">&#160;</font></div>

<div align="left"><font size="2">/s/Sean T. Smith</font></div>

<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Sean T. Smith<br>
</font><font size="2" style="FONT-FAMILY: Times New Roman">Senior Vice President and Chief Financial Officer </font></div>

<div>&#160;</div>

<div>
<table border="0" cellpadding="0" cellspacing="0" style="">
<tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">cc:</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; </font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Kate Tillen</font></td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Assistant Chief Accountant<br>
Division of Corporation Finance<br>
Securities and Exchange Commission</font></td>
</tr><tr>
<td colspan="3" valign="top" width="100%">&#160; </td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Richelle E. Burr</font></td>
</tr><tr>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="top"><font size="2" style="FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="100%"><font size="2" style="FONT-FAMILY: times new roman">Vice President, General Counsel &amp; Secretary<br>
Photronics, Inc.</font></td>
</tr></table>
</div>

<div style="TEXT-ALIGN: center"><font size="2">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font size="2">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Photronics, Inc. </font><font style="FONT-FAMILY: Times New Roman">15 Secor Road, Box 5226 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>Brookfield, Connecticut 06804 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>(203) 775-9000&#160;&#9679; (203) 775-5601 fax <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#9679;</font> </font>www.photronics.com</font></font></div>

<div style="TEXT-ALIGN: center"><font size="2">&#160;</font></div>

<div style="TEXT-ALIGN: center">
<hr align="center" noshade size="2" width="100%">
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>photronics_correspx1x1.jpg
<TEXT>
begin 644 photronics_correspx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!K`%\#`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#^I+]KC_@J
MW\!?V,OBK8?"+XH:%\6-6\0WO@[2?&\5[X,T/0-4TH:/K6IZWI.GQ2SZQXR\
M/SO?>;X?O9+A8K>2(*\3*_[P5\T#_@X)_8_(!7P7^T.RD94_\(?X)Y!Y!_Y*
MEW'-?2_[7W_!)+X`_MH_%FQ^,7Q0\;?%SP[XEL/!6C^!8;/P+J?@S3M(ETG0
M]6\0ZO9SSQ:_X)\27LE^9O$EY%-*+Y(6ABMQ';Q%6+?+O_$/#^Q__P!%7_:0
M_P#"C^&7]/A6*_'N)JGCDL[QZX4I<!O(?;MX!YJL?]=E2E&$I.LJ4HQ4E4YX
MI+3D2T;;;_N'POPO[/Q\"<./Q8Q'CG'Q!>!3XI7#%7"0R.69JO4O4R_VE"K.
M-&6'5'W')J,U*SV1;_XB"/V0?^A*_:'_`/"/\$__`#T:/^(@C]D'_H2OVA__
M``C_``3_`//1JI_Q#P_L?_\`15_VD/\`PH_AG_\`.KH_XAX?V/\`_HJ_[2'_
M`(4?PS_^=77@>U^DK_SY\,>G3,_+_I[Z_CO]K[Y83]EQI_M/TDNG_,1@?[G_
M`%!^3+H_X.!OV0C@CP3^T3@]QX.\%$?I\4:=_P`1`G[(/_0E?M$_^$9X*_\`
MGHUY[XX_X(%?LJ>$]#NM7T;Q%^UWX_NK/;)-X>\)>+/@/:ZQ-;;7>26R;QCX
M3\):3-(JH52%M5C9Y65244[A^/GC#X?_`/!)KX>>)-2\'^/K'_@J+X(\5Z/<
M/;ZIX9\4^'/V?M%URU:,_P"N%AJ$=M-/9R@2-!?P+)97"QEK6XND+,GCYSQ+
MX]</4(XK/,=X3Y7AI-)5\9/,:-%/F@K2J3J\L;MV5WJW;75GWW`?A-^SW\3,
M7B<O\/L@^E-Q9F.$IPJXG+<EKY/BLQA1>GMU@)4HXNI07*U*M2I3I1E[LI*5
MK?N$?^#@;]D($_\`%$_M$?\`A'>"?_GHT?\`$0/^R%_T)/[1'_A'^"?_`)Z-
M?@6;+_@CLQ?9JG_!1PXR5+?\,XIN&>#M,#8R.J[B03CG%.73O^".[*"=6_X*
M.@GJ`O[-C`=N"[Q,?QC7T&1AC\W_`,18\2UOQKX$+;?.*RWY7UQ?K]WK?]4_
MXDQ^BY)*4?!#Z;<U+5.&34ZETI*+OR8.6SCKT2DGLU?]\O\`B('_`&0O^A)_
M:(_\(_P3_P#/1H_XB!_V0O\`H2?VB/\`PC_!/_ST:_`_^S/^".W_`$%_^"CW
M_?O]FK_X]0=,_P""._;5O^"CS'T(_9K3/_`@\A&.OW#GIQG(%XL>)6E^-O`>
MVE_^%FK_`';[8N_?9WTWUU/^),/HOZ6\#/IOWTM?(5:_N;WP-NFOS[:_O2__
M``<&?L=IAY?"'[1,:`8++X,\&.!WSM7XI`D^O/3'2OWBTC41J5O;7<>?(N[2
M.Z3>3O42!"JE3R,(1OXXEWKU%?P7OI__``1U,)5]2_X*/%,D-@?LXRMP!GD1
M#UZ%21G(]O[QO#,<46DZ6EL0;4:79>07SY_E?9H/)+]!DP[#,<`M.9'/WB*_
M8?"SBSB/BA9Z\_SK@;-_J+RU81\%XNIBEA_K*Q_M_P"TO:5:KINK["B\)9I2
M]GB=^4_B3Z87@YX8^$D_#]>'7`_C9P>\^I<1+-UXPX!8)XS^SO[">`_L"4*%
M!5OJOU[&?VMS<TH?6<LO;G5^B(!Z@'Z@'^=4IYX4#+L(;=M!V!>0P7[Q(`!X
MP20,$$D`BKU>/_&O7-3\.?"GXH^(M&NC8ZUH'@#QCK.DWHCAE-E?Z7H.H7EA
M=+#<1RV\[6]U#%.(IXY874".6*1`\;?K4IQA"<Y<S482E[BYI>ZG)VCUT3ZI
M7LKW:/XPPU&6)Q.'PT%>>)KTL/!V;49UIJG"4U!.?LXSDO:2A&;C&[Y6[(])
M74K"+*RR`-DG`C:7@';RT:R*.0?E)##J0,C*_P!K:9_STS_V[R__`!OG\,FO
MX$X?^"MG_!1=(HW'[3^LLTZ)-*S?#/X(LS2,BHS,7^&C,6.P$[F8YZL3DTY_
M^"MW_!1@@9_:=UG[\8!'PQ^!QVEW6,-@_#0<#?U&2OWL'&*_G.7TG_#JE4G2
MGA^(IRIU)TY3CEV'5.3A/E;C?&>UY6T[)T^?IRW/],E^R>^DC*DJL>(_"_WJ
M?M(0EG&=1=I14H1G+^Q&HNS2FU=)N5KI)G]\KSVMP9/+5AO41[S"T9Q(/+&'
M=5&<_P`()89#%=IS7BGQD_9X^#_QWTS2M,^*_P`*?A]\2+?0[B:\T:/QIX8T
M;7UTJ^G6*%[JR;4K2XDMC+")([I+62`SPDQLQRHKXD_X)'?'?XL_M#?L?^&/
MB9\9_%\GCGQY?^./'^C7OB.XT7PYH4USINA^))].TFW?3O"^CZ)I,9M+1C%Y
MT5BDLXVO</(ZY'ZIXPD;<Y8'/IP0.*_=\KQV"XBR/+\SA1C5P6;X+#XVC3Q5
M&$I*CB\/2K4W.E4C**GRU+VDG9Z6NKO_`#WXHR#B3PMX]XCX7KYI4P/$W`_$
M6:\/XO,N'\PQ>%=+,LHQM;`8R>7XZA+#8N-*52C.$*\'1E5IMII)V7\AO[5W
MQ<\"?LD_&37/A#XX_P""1W[*>MMIR1:CX>\::5]KDT+QQX=NOM"6GB'3]OPQ
MDAL7:>WN+34-'NY)KK2;^.:U\ZYB:UNY?FT?M^_`0`!O^"07[+F<?PVUVX]O
MF7X6E2<=<$X.0>0:_J3_`&]O&7[4'PS_`&?O%/Q!_9,TC0_$_P`3/"FNZ-J<
MWA#5/!>M>.KGQ/X9N]4ATK7+30_#FAZSH]_<:SIXU5=:$D$\J3VFE7BRQ>8J
M5^!Y_P""C7_!<)2`O[+5[M(5EV_L>?&N12'4,"KP^+#&0P.1M((!PZJX91^)
M<599BLDS6I1?$>>1P^(OBL+2RCPFP'$-##X><W"G1J9A@\/*$ZL)4ZD6JD85
M+*,FK--_Z/>!O'6$\0^!L'CJ_`'`V-S3)IQR/.<PXR^F5Q3X:YGF>883#X:K
M4S)<,YS*O*A1Q4<3":JX/%XG".JZ]"%3FH3BOES_`(;^^`7_`$B!_9=_\!+W
M_P"=91_PW]\`^W_!(+]EW/M:7I_#`^%F>>GIZ\5]1_\`#QO_`(+B_P#1K-__
M`.(<?'#_`.:NC_AXY_P7%7G_`(99OACU_8Y^.&.>.<^*B.<XZ5\S]8K=.).,
M;]/^-%07;_J%=OTT_E9^QJAA-/\`C7'@OTV_:$Y@WTZ))M[:73>NNY\NI_P4
M"^`:<_\`#G_]F%AG_5K!=1D].1$_PH=3QQDKR!C&>:_MJ\,SBXT[3Y3;_96G
MTRVG2`%<0))%"S0XP&_=REU&0-B@1M\RD5_)Q_P\;_X+C2(!_P`,LW[Y8CRT
M_8]^-J@CAN_BE<<GJ".!CGH?ZS]#G>XMK.6XB6*\ET^&2Y01^7Y<S[&N(RF/
MW6RX,B^422,;L\U^K>&56K56=^US/.,Q<?[-4?[6X&7!?L4_KW^[_N:7]I>T
M_P"7K2DL'[.FD[8K7^(?IATJ:GX?.EPWP7D"]GQ'*?\`JE](6OXY_66ED2C]
M=C65^&513E]52?\`PM>VQ-W_`,)"OOUX=^T3_P`D*^-/_9+/B)_ZB>KU[C7E
M?Q<\,:CXV^&GQ'\':1-#!J?BOP3XM\-:;<7?F"TM]0UW1K[2[.6Y:..61;>.
MZNHVG>.&1DMPY1'<#/Z=64G2K**YI?5Z_+%;SER.T8WTYI/17:7F?QSE=:EA
M\SRVO7FJ=&CF&"JUJDOAIT:>)I2JU9)7DX4X)SGRQE+E3M%NR?\`F>G[D7_7
M/_VH]1O]T_[T7_HV.OV]C_X($?MR&&$-K?P!+I$JR"+QYXR8)(,F1&:?X:*6
M8.20R%XRA3#EMRJ-_P`$"/VX@!NUGX"XW+PWCWQ:H)!R/N_#-R>0.`.>Q!Q7
M^8$_!/Q3FYSI\'9A4I\\G&<,1ES4XQGI*,7C5.TDKI.*>JNM=/\`JRA].'Z)
MJI04O'+@Z#C2@I1D\V3BXP2DI+^S-'%IIVOJM+G[0?\`!"?_`),%\&?]E)^*
M?_J82U^W$'^J3Z'^9K\V/^"9'[+WQ&_9(_9=\/\`P:^*<GAZZ\7Z=XS\8Z]/
M/X0U&^U;0TL?$.N2:E91PWFHZ7H-Y+.8Q_I226""!FQ&)HQYDGZ1Q-Y8(?<H
MXV@AL<9SCCW&:_T;X(P&*ROA#AG+L=2E0QN"R'*,-BJ$K.5&OA\OP]"K3DXN
M46XSIRUC)IIJS/\`F;\?<]RCB?QP\7>(,@S"AFN29SXD<9YGE.985S>'Q^78
M_B#'XO!XNA[2%.?LJ]"M"<.>$9;WBM+_`#5^UK!XQN_V:OC_``_#_P`46G@C
MQS/\+O'-KX-\77_B.W\'V7A[Q-/HE[;Z)K-SXGN6BA\/Q:?J;6\[:O<2)%9A
M/M1;8F3_`"DQ>$_^"I@B7'_!0;X?*`#O'_#PKPOL#Y/FY5O$Z'&_<678!G(&
MX8)_I&_X*):[\"M;_9T^('P0^,G[2O@#]FB+XX:9<^$=*\8>.+W1"TEMI^J:
M-JGB2STG1-:U[PW%JTMSHV-/N@-4@-C%K4%[\Y-O#-_,_P#\.\?^"=KD./\`
M@L?^SZ#A1E_#O@TN"@"YS'\<$3JN5VHN!CY0>*_//%?`9UF./RN&38+,<;##
M8:LL1_9GB*N"'1G6JPG&%;#*%:.,<DF_:SA&4-5!\LI)_P!;_0PSK@CAG@[B
MO$<89SPYEL\VXAI3RREQ-]&+//'+ZUA<+@J5"IBLOSS+IX3"951I8SZU@ZV!
MI8BM*M7PLL35C"33>W_PBG_!4C_I(3\./_%@OA7_`.:>G+X5_P""I`(_XV%?
M#D=<$?\`!0;PNISCCE?$^X>^.HX/!K$_X=X_\$\?^DR7[/O_`(3WA'_Y^=*/
M^">?_!/%3G_A\E^S[QU_XI[PCT[C_DN7<5^2_P"KG&G_`$(N)5_WL!'^[_U"
M1[K[2ZZK<_LK_B(_@K;_`)*OPSZ;_L[^*9+[.\?[6U\UUU71&PWA?_@J>&Q#
M_P`%"_AX9CC9G_@H3X78$^FQ_$I8XXY,1&?7!K^RGPM'.FGV!N989KEM-MGN
M98BLGG7#Q0-++YZ\2[VR3(.)21*ORL!7\6\W_!.__@G;,#"__!8?]GZ;SP0'
M'A[P=F-><$;_`(Y^YZXP/7-?VF^&;&VL=-TZ*WN/MD<6FVL5O=@%4GME@@$<
MBC)7$H42K@GY7&#C@?LWA/E>>9;'/?[7PF88..(_LOZNLP\0/]>G55)YA[7V
M348_V7R.I!3B[_7>:#5EA7?^#OIK<2<$Y_+PW7"&:<+YF\-2XI>/?#OT=LW\
M!W1]M/((85XN.98G%+B1U/JV)=!T73_L51J^U<UFU/EZ6J;9S(6SM!;AMQ!!
M;CACQG.,@;<8QQBKE8=[(2TP3)(^4+\W+;E!8;><+@GCL,''-?L-E+W6OB:2
MW3O?I:S\[7UM\G_"=[1F[748N4K)M\L=7:R:YNJ<K*-KNZ3+D4:8;"J1N.#C
M;D<<X`_STIYB0C#(,>Q;.?P`-?FUXS_:K_:E\+>+_%'A[P]_P3Z^,'CWP_I&
MNZA8Z%XTL?C/\`M"T_Q1I-O.T5CKNGZ7JWC2SU6ULM3@5;R"+4[6"^C6;RIX
MHVCV+S@_;*_;`!R/^"9'QL_\/[^SG_\`-]7BU<WP5.M.G*GF-10DXR=+*<YQ
M5!VM?EE0P<Z%6-^L&XNV]T?H&'\*^,L?AJ&+H5.$7AL70I5Z2Q'B3X;4*SI5
MH1G#VV'QW%F'Q=&HXM<]+$T*5:#7+4IQDFE^I&V-!N`QL`(R#@;>>21^9SGC
MK7A/[0'[2/PE_9F\"3_$WXW>,M(\`>!K2[@TUM<U1;Z\-UK%\5_LW1-,TS1[
M34-5U75]3"W#6-AIME=7,RVL["(JC,/B\_MF?M@8/_&LCXU_^'\_9S_KX_Q^
M=4KO]KW]K34%$=]_P2\^,5Y"K%EBNOCK^S;<Q;BC)N\N;QTX4[&=21SM8KT)
M!SK9]A51J1HT,S55TW&G/_5SB#V=&32Y9R@L`G446_X<&I-+INO0P7A'Q5#$
MX7^T5PK7P-/$4)8RC@O%CPKPF,JX.$HNO1PN*K<4XO#4<16@G3IUZV&Q*I2:
MJ3H5(Z/\F/VQ/BY_P2+_`&V/B98_$CXI_MZ?';0FT?1!H.@^"/!_@35XO!_A
MRWFG^V:M/IEGK/P%UZ_.HZQ?A9M5OY]1N9+E+6P@4I;V%NJ_)1^"W_!#!3M/
M[?'[27'IX$V=>1\K?LX`@XZD@9.2``17]!I_:E_:;/7_`()2_$WGK_Q>3]F,
M_P`_&U-_X:D_:<[?\$IOB:!_V67]F(?^[H?YU^7YAPME&=8ZOF.<Y/D68XW$
M.#K8W,/#;B?%XFJX1C3@I5)XQU$E!6Y5RTTHKW$U%+^O^%/%#Q'X&R'+^%^#
M>*/%+A?AS*J4Z.69'DWTL/`K!9=@:56M4Q-6%#"T.'%2A*IB*U6M6J).I6JS
ME4J3G*5S^?/_`(4O_P`$,/\`H_C]I/\`\(=?_H<:0_!C_@A@!G_AO?\`:3_#
MP.@_5OV<0/KDCCIS7]!O_#4O[3O_`$BF^)O_`(>7]F+_`.;.C_AJ7]IX<C_@
ME-\3<_\`99?V8_Z>-`?U^O%<:X`X3T_XQKA5[:/PMXF5_AT;EBVE?6]]%K?1
M'T3\?O&^S_XV3XS+3=_2Z\#TEMJW_J]&UNKYH[/WE>Y_/4_P2_X(92JQE_;V
M_:36U<8D/_"$1LQ.#G`C_9P8_=*\C)YX%?VP^&X[:.PTU+*X,]FNDVJVI==L
MDMNL<*V\[`HASY`CC?A,.K*4W*2?RR'[4_[4'1?^"5GQ-BR<_P#)9_V7"2>.
MOF>,]PZ8Q]T<XZFOU@T\[TCD:$6\CP(S0[4!C+)&S1[EX;RW)C)7Y24S][)/
MZ!P5D>59*LRCE>593EBK_4W7CE?#&8<-JK[)8A4G76.JU/KCI^TFJ?LFOJ_/
M4]I_&A;^8_I#>('&G'-3A;_6[B7B[B)95#.8Y>^*O%[@;Q5>$>,EE+Q?U%\&
M8/!O(W7EAZ#Q/]I>T_M3V6'>$Y%E^)4M*L.[=T$K;0$67.5"_P#/5<Y!9>7.
M`Q)`P68D=1N5GW"%EE4'&3G.XKC#JWWMK8XXR58#^(%<Y^Y2NT]/=DI:[*VE
M_)J^CZ/6S/YGGHG*RYH0DXWON[1ULU=+FNEMS1B^A^:7C+PA_P`%.[SQEXMN
MOA[\9/V*=*\"S^(=3F\(:;XI^#OQ1O\`Q)8>'99O-TFTUS4=)^)=GIVI:G!9
MO%'=W]I:6L%U*K216\,12->7_P"$,_X*W]OCI^P*/I\$OBY_\]"O;/%_@3]O
MV]\5>(KSP5^TE^RWH/A&YUB^F\-:)K_[+_Q`\0:[I.BO.QT^PUC7;+]IS0+/
M5]1@MMBW5_::%H]O-(3Y5A"JY?GA\._^"D7\7[4O[(!'^W^R/\2@,_A^UD.?
M_KU\U7RR'M:CGB>(:EYN4G1S##Q4G)Q?N1E6@TE>T4X1:735'[+E_%D:>"PE
M.64^#$53P]&FUF?"]6ICW[.%.#GC*L<'5I3Q%1QYZTU4DISES?:L>:?\(9_P
M5P_Z+M^P-_X9+XM__//H_P"$,_X*X?\`1=OV!O\`PR7Q;_\`GGUZ9_PKO_@I
M!_T=)^QY_P"(D?$O_P"BTH_X5W_P4@_Z.D_8\_\`$2/B7_\`1:5S++,-I[W%
M?3_F8X7^Y_U$>GX]].U<7T-/^$OP)Z?\TO/^[_U+_/\`'7J>9_\`"&?\%</^
MB[?L#?\`ADOBW_\`//H_X0S_`(*X?]%V_8&_\,E\6_\`YY]>F?\`"N_^"D'_
M`$=)^QY_XB1\2_\`Z+2C_A7?_!2#_HZ3]CS_`,1(^)?_`-%I0LLPVGO<5]/^
M9CA?[G_41Z?CWT%Q?0T_X2_`GI_S2\_[O_4O\_QUZGF?_"&?\%</^B[?L#?^
M&2^+?_SSZ/\`A"_^"MYX/QW_`&"%'JGP/^+DC#Z(/B?SZ'T&3VKTS_A7?_!2
M#_HZ3]CS_P`1(^)?_P!%I2-\._\`@I#@[?VI?V/@W8I^R1\2MW7G&?VM,=.O
MMFFLLP^EI\4IZ6<LPPKBG[EG)+$:I:-]TGWT3XNHM665>!+;5E?A:JTV^7=+
M`<S6NRU=[;MGG,7@7_@K@Y`'QT_8.E&,9_X4+\7A@^F?^%J(.A&.._4]_P!2
MM--T`B70A,BP())((]D9E`C#A%8L\:.VZ1(V9CL969BQ)K\]&^&__!21SEOV
MJ/V1P<8X_9'^)&,?C^UI[U^A>GP7,;1M<7*S2+:F.;RXC%&\QE\QI40R2%%&
M[RTC9I&"`9D/W1[&68:.'5?EK9A5Y_97^O5Z=;EY5.WLO9SFHWYO?O;FM"VV
MGPO%V:+,?J/+A>!,/[/ZUIP9E%7+$_:+"_[\JE"A[6W)_LEO:>SOB;J/.N;D
M=;^)OP]\-WHTSQ#X^\):!J+0K=+8ZSXCTG2[MK9Y9H([E8+Z[@E>!YK:>-)4
M4Q.\,BJY*G'-W7QG^$SPRK!\6OAZL[`A2?&?AQE/S+G`.I*,;>&(8$C)!Z&O
MP6_;._;Y\/VG[;GQ]_9H\,?\$A$_;V\:?LP?"7X;_$7XC?$<>(/@%;:AHGP_
M\?>'?^$MTJ'2M*^+7A276+Q--FOK^Q_L31=6U"YFF"SPV<(E59F?LB_MK?\`
M!-K]LG]H+X&_!?P!^P=\%-!\,_';]BBZ_;+T?XA^+?AO\&K#_A'[;3/B]KOP
M8USX5ZQX7M_!D\%QX@T?Q7X:U=6\0Z=XFETJ]CM$^P64Z3QW`[4\4MH87=;^
MT>UO)K>]_P`.AXF&H\,SPR6.Q?$-/%.+C5CA,#EKH2B[74*[S6C7YKKW7+#Q
M2UOT/T2\4_`7]F_Q9XEU[Q1J?[6WQUTR^\0ZK>ZQ<Z;X3_;<^(GAKPW82W\[
MSR6FB>']+\>6NF:+ID$CNEEI>GV\-G8VPBM[=%BC4#!_X9E_9A'3]L3]I8?]
MW[_%/_YXE?FGXS_X*"_\$X/!^C?M*P1?\$X_A?XT^*/P;_;<US]@_P"#?P8^
M'?PG^$7C+QW^U#\6M)TS0-;MKWP'#:^";&U\.:%>:;K+R75QK+WRZ4([622:
M[N-3TK3K^?P5^UE\([KQSXH_9X^,G_!"WPW\"_VR=0^%'B+XO?LX?L[:_I/[
M+7B;2_VJ-"\'S6__``E6A?#OXR:3HMGX.T'QGH>GSRZSJ/A[Q#9'[#IFGZB]
MW?17D-M8WO)/!1J3E4GEN5SG)WE.=3$*<GIJ[4)V=E;XI=-=#[&GQ;A*5.G2
MAQ-QRH4J<*<5##Y7"*C3C&,4HPS2$4DHI:15[)O5MGZ3?\,S?LQ?]'B?M+_^
M)\?%3_YXE'_#,W[,7_1XG[2__B?'Q4_^>)7Y)?"K]MWPS\1?B!\=O!.K?\&]
M/A#P3:?LKW-Q;?M->(]1\5?L?ZM;_!AS\,=0^+.G#6=-TKPK+<^)#?\`A2WL
M+E!X.FUMH_[0B614O4N-/M\KP#_P42^`=UHO[*WQ2^/7_!"KPS^SU^S/^UYX
MZ^$/@'X6?M$W%M^RG\4O#\^K_'&-;CX;RWW@CPUHFB^.(=*\0VQ:>34?[--Q
MI=J&NAI.J2+'8SS]0I_]"O*>G_+W$^7_`%#>7]61?^N&%_Z*?CO_`,%9;Y?]
M3;R_!?+]@O\`AF;]F+_H\3]I?_Q/CXJ?_/$H_P"&9OV8O^CQ/VE__$^/BI_\
M\2OS3^)?[8GP'NOC%\>_AS^QG_P0[T7]N3P3^RIXJNO`'[0OQ>^&WA3]FKP1
MX?\`#WQ#T>-+GQ7X"^&N@^+/#T^M?&/Q=X0@8V^O:-X7-K+#J0@MH9)(M0TV
MXO.B^%O[>/\`P2[^)7[;?P2_8VO/V'_@1\/I?VC_`-E;X._M,_!KXC^./A?\
M'M(L/$5[\:?#6F>-/"OP;U;P_/X2AGT+XB7/A2ZU:_M(3JNH6>JZGX>O]`TA
MM0U.>V0GU"G_`-"O*>G_`"]Q/E_U#>7]60?ZX87_`**?CO\`\%9;Y?\`4V\O
MP7R_0K_AF;]F+_H\3]I?_P`3X^*G_P`\2C_AF7]F+_H\7]I?_P`3X^*?_P`\
M2OSJ\)_MP?\`!/WQ+X@_8^T2Y_X)R?`K0[;]K7]J+]L/]F.#6]0\$?"1--^&
MMY^Q[K.JZ3XC\?:^S_#6(ZKH/BV/29M0LM-MSI]UH,$J1WU]>.DA'G&C_M[?
M`'QO+8?%?X2?\$&/$GQ>_88UGXCOX!\/_MC?#[X*_`_Q+<>)](3Q/-X3;XK>
M$_V:=)\*WWQ>\2_#!M4AFDM];M'@NKFSMKE396VL(=%4^H0_Z%F4]/\`E[B.
MEO\`J&\OZL@7&&%T_P",FX[>VCHY;;IIKFDE;3K&2T5XO8_5EOV:/V9E.$_;
M&_:3QC/S_MZ_%)CGV/\`PL=>.G&.N>?3]2M-0J8@DTLT,=KY2O(\LK2DRB2*
M5IWR)G:!X\R,Q>3[XRA#'^5[XT_M\_LQ^$_VC?CW\"OV??\`@BEX9_:MTW]E
M[6M`\/?&WQ%\//#_`.S3X8^(]EJFO:)HWB)X?AE^SAXA\*W'QA^+=OHVG:Y%
M'J.H:!I6GP&YTG6G>.RLX+*YOOZ>_ASXFB\9^$?"OBVST_4]#T_Q1X7T;Q#:
M^']?\/ZCX9\2:/!K-A::A9Z;X@T/4TM[W0]:TJRN8-,U;1KZVBO;"_M9H)4@
M\O[-%U87#QH>TMAL+AN?DO\`5IU)*?*FESJI3I\O+?W>6]^:5[65_F>),XI9
MM]2]EF>>9C]7^L<W]M0P</8^U]A;ZM]4JU;^T]F_;>TY;<E+DO[UOYOOB-_P
M2,NOVNO^"Q'[=GQ<_:1\.?'?PU^R[\1/V?OV<?#'PZ\4_"OXXZO\*M"^*OB+
MPWX3CT+Q[X,\7Z;X$\46?B;7](TTQ&S?3O%&E0:*MU--+9227KVTT?'?$W_@
MA_\``KXK?\%8_@]H7CG]C#1_$O\`P36^#_\`P35LO@]X`L_^$EU'3_!/A/XU
M>&OCOXN\2Z)X>@MM)^(-E\1M0\01^$/%^M:O=ZMJ4>IV^I2ZQ<W=[JDE_<W`
M']6%%=9\P?P]^#O^"/'[5/[/6L_$[XR_LO\`[/\`I.D/^QK_`,%>/'_[5O[)
MO[-&M^.-)T72/VC_`-F*\^&O@3P.GA;P1XUO-9UR#PIK%QIGA[/A>^^(\]A(
M\-A?K>K;3W6F_:_U!^"OPY_;4_;S_P""G?[,/[=7[07[)&M?L,?"/]ASX3?&
MSP;X,\!_$OXA^$?B!\5OC+\0_CYX:/A+Q'J%E9?#]KO3?#'@CP9I6)(;K5KH
M3ZKJ45M/IMC<1:A<W.B?TAT4`?@]\,/V9?COHOQ$_P""^.LZG\-=3M=,_:PN
M]%N?V>9O[1\/NGQ/@M/V.D^'%T^DI#K<DVF+'XVSH3GQ'_8KO.?M:;K$_:Z_
M*#X4?\$</%'[%_A+_@E;^VS\)OV2=3^-O[0/PF\-_"SPO^V)^R9XU\>:5XK;
M2_$WB+P]8#Q)\?/A'?\`CSQQJG@WP=\7_@;XNAF&F:;X>U@^'=?@U:2'0K#2
M-0@FN6_M`HH`_E5^$7AC_@HI_P`$G/B/^W-\,_@+^P5K_P"W7\*OVKOVG?B;
M^UE\`/B=X#^+WPW\%:;X+\3?&"WTE=8^&7QUT[QK=:%JVD6/AV^TG36.OZ6]
M_8:QIUS?26FH61OVM-#\$U+_`((L_M$_''XO^,_#WQ:\,S_#N[\!?\$O/^"?
M/A/X(_M#>'=5\.7N@>$OV\?V4K?3=5%YH,8NU\2W.D:7KMOJVE7MW>>'=-L+
M[PAKVN0Z1>1:K=A4_LEHH`_B6^`O_!-;]OGQ;X*_X)'V'Q\^!.L>"_%?@3]L
M3_@IE\2?VLI-)USP+]D^&6@_M/6NLIH/BR&+2_%,UO?67B'4-9O+K1++PX-4
MU/3MMNFHZ=I\42M']>_LNWO_``6/_8K^`GPI_P""8/PC_80\'>+==^#_`(IM
M_AWX1_;\\?\`Q:\(3_LP:S\&O^%AW7B.X^)WB[X2Z7JMG\7Y]=N/"^I:AX=N
M_AW:WT?B!-<(U."XN+>SB:[_`*K**`/XIO\`@J=^QA^TM\?/B_\`M+K=?\$>
M=%^,/[1WB&XT&;]B[_@H[^R/\8]+^!%]X:%EX:T*#PCJOQ\L?&?Q5_M/4O%O
MP]UG39;&_P!2UNV>TUSPMI]EIWAF3P\MIIWB&T_K8_98\,?%#P/^SG\!?!/Q
MK\51^.OB_P"$/@Q\-/#/Q5\;127UPOB[XD:'X-T/3?&OB7[7=C??'7?$5OJ6
5J'4)A#<:A]J^V_9XHYPH^@:*`/_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
