<SEC-DOCUMENT>0000950123-21-011800.txt : 20211216
<SEC-HEADER>0000950123-21-011800.hdr.sgml : 20211216
<ACCEPTANCE-DATETIME>20210823160148
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-011800
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sweetgreen, Inc.
		CENTRAL INDEX KEY:			0001477815
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				271159215
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		3101 W. EXPOSITION BOULEVARD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90018
		BUSINESS PHONE:		(323) 990-7040

	MAIL ADDRESS:	
		STREET 1:		3101 W. EXPOSITION BOULEVARD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90018
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>DRSLTR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g218152g0820044018754.jpg" ALT="LOGO">
 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Siana Lowrey</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 415 693 2150</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">slowrey@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">By EDGAR</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 23, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Katherine Bagley </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Lilyanna Peyser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Patrick Kuhn
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Lyn Shenk </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Sweetgreen, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>Submitted July&nbsp;28, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0001477815 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Sweetgreen, Inc. (&#147;<B><I>Sweetgreen</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;) we submit this letter in response
to comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the&nbsp;&#147;<B><I>Commission</I></B>&#148;) by letter dated August&nbsp;13, 2021 (the &#147;<B><I>Comment Letter</I></B>&#148;)
with respect to the Company&#146;s Confidential Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> submitted to the Commission on July&nbsp;28, 2021 (&#147;<B><I>DRS Amendment
No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;). Concurrently with the submission of this response letter, the Company is submitting Amendment No.&nbsp;2 to the Company&#146;s Confidential Draft Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (&#147;<B><I>DRS Amendment No.</I></B><B><I></I></B><B><I>&nbsp;2</I></B>&#148;). In addition to addressing the comments raised by the Staff in its Comment Letter, the Company has included other revisions and
updates to its disclosure in DRS Amendment No.&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, the numbering of the paragraphs below corresponds to the
numbering of the comment in the Comment Letter, the text of which we have incorporated into this response letter for convenience in italicized type and which is followed by the Company&#146;s response. In the responses below, page number references
are to DRS Amendment No.&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.</U><U></U><U>&nbsp;1 to Draft Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT> submitted July</U><U></U><U>&nbsp;28, 2021</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Prospectus Summary </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Our Growth Strategies, page 7 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to comment 9, and your amended disclosure in the footnotes to the graphic on page 9,
stating that &#147;[f]or orders placed through one of our Digital Channels, a unique customer is determined based on the customer&#146;s login information.&#148; Please disclose whether a single customer could use different login information, and
therefore, be counted more than once as a unique customer. Please amend your risk factor disclosure to discuss any risks related to the same, including the impact on management&#146;s interpretation of your key metrics. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT> f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g218152g0820044313009.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 23, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the Company has revised the
disclosure on pages 11, 57, 58, and 122 of DRS Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Key Performance Metrics, page 82 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your response to prior comment 31. Please either retitle the metrics to indicate that they have been
adjusted or quantify AUV and Same-Store Sales Change without adjustment for temporary store closures and then explain the impact of such closures on these metrics in an accompanying narrative. If you retitle the metrics, consider doing so by
parenthetically noting that they are adjusted for 2020, footnoting the figures adjusted, and disclosing the adjustments in a footnote immediately below the table. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 6, 20, 87, 88, 116, and 117 of DRS
Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Business </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Our
Marketing Strategy </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Performance Marketing, page 114 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your response to comment 37, and your amended disclosure on page 144 that &#147;[t]his connection with
our customers leads to improved retention (which we measure based on the number of customers placing repeat orders on our platform over various time periods) and more efficient customer acquisition (which we measure by a number of metrics, such as
return on ad spend and cost per app install).&#148; Please disclose the customer retention for the periods presented in your filing. Further, please briefly describe how you calculate return on ad spend and cost per app install.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the Company has revised the disclosure on page 128 of DRS
Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Notes to Consolidated Financial Statements </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Note 1. Description of Business and Summary of Significant Accounting Policies </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Gift Cards, page <FONT STYLE="white-space:nowrap">F-11</FONT> </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your revised disclosure in response to prior comment 44 that you have no gift cards currently meeting
the requirement for escheatment, but because the state of Delaware requires escheatment, there is always a legal obligation for the Company to remit unredeemed gift card balances to Delaware. Please further revise to disclose how a gift card meets
the requirements for escheatment in the state of Delaware. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the
Company has revised the disclosure on pages 89, <FONT STYLE="white-space:nowrap">F-11,</FONT> and <FONT STYLE="white-space:nowrap">F-41</FONT> of DRS Amendment No.&nbsp;2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT> f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g218152g0820044018754.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 23, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (415) <FONT STYLE="white-space:nowrap">693-2150,</FONT> David Peinsipp at (415) <FONT
STYLE="white-space:nowrap">693-2177</FONT> or Charlie Kim at (858) <FONT STYLE="white-space:nowrap">550-6049</FONT> with any questions or further comments regarding our response to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Siana Lowrey </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jonathan Neman, Chief Executive Officer, Sweetgreen, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mitch Reback, Chief Financial Officer, Sweetgreen, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Andrew Glickman, VP, Legal&nbsp;&amp; Business Development, Sweetgreen, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nick Hobson, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David
Peinsipp, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Charlie Kim, Cooley LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Michael Benjamin, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Richard A. Kline, Latham&nbsp;&amp; Watkins LLP </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley
LLP&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT> f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g218152g0820044018754.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g218152g0820044018754.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L (@# 2(  A$! Q$!_\0
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M1SCW./I4>G?%.2.]%OKNF&V4GF2,,"GU4\D?0_A2]M"]KFBR;&N'/R?*ZO\
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MHS'\2*N1Q1PQK'%&L<:C"JHP!^%/HI60W.4E9LRO$FLIH.@W6H-@O&N(U/\
M$YX4?G^F:XGX6:.[B[\0766DF8Q1,W4\Y=OQ/'X&NP\1^&+3Q/!!!>7-U'%"
MQ<) R@,>F3E3TY_,UI:=80:7IUO8VP(A@0(N>IQW/N>M9M<U2[Z'IQJQH8!Q
/C\51ZOR70LT445J>4?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g218152g0820044313009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g218152g0820044313009.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  M (D# 2(  A$! Q$!_\0
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MY[:)XF&"I45Y5X8#>'OB9/I<#DV[NT1&>HZC\JZ*\^*ND)9EK2*>6X(^5&7
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4A\'.47[\]/1=?O-RDHS16IY1_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
