<SEC-DOCUMENT>0001144204-17-024623.txt : 20170616
<SEC-HEADER>0001144204-17-024623.hdr.sgml : 20170616
<ACCEPTANCE-DATETIME>20170504175912
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-024623
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-indent: 274.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><IMG SRC="logo.jpg" ALT=""><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
                                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
                                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">One
                                         Belvedere Place</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Suite
        300</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Mill
        Valley, CA 94941</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 80%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 8pt">Phone</FONT></P>Fax</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 8pt">415.389.7373</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 8pt">415.381.1773</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR AND E-MAIL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 4, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.W.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kristi Marrone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff Accountant</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Real Estate and Commodities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response to Comment on:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-K for the Fiscal Year Ended December 31, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed on February 24, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File No. 001-13759</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Ms. Marrone,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Redwood Trust, Inc. (&ldquo;Redwood&rdquo;),
I hereby provide the following response in reply to the Staff&rsquo;s comment letter dated April 24, 2017 (the &ldquo;Comment Letter&rdquo;)
in connection with the above-referenced Annual Report on Form 10-K (the &ldquo;2016 Form 10-K&rdquo;). For your convenience, my
response is preceded with an italicized recitation of the comment set forth in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Form 10-K for the fiscal year ended December 31, 2016</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>General</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1.</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please tell us what consideration you gave to including Schedule IV: Mortgage Loans on Real Estate in accordance with Rule 12-29 of Regulation S-X.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As discussed with the staff,
although we believe the text of Rule 5-04 of Regulation S-X is unclear with respect to the applicability of Rule 12-29 to our business,
we believe we have substantially complied with the disclosure requirements of Schedule IV in the notes to our consolidated financial
statements. We provide portfolio composition information on residential mortgage loans within Note 6 &ndash; Residential Loans,
and a reconciliation/rollforward of our mortgage loans within Note 5 &ndash; Fair Value of Financial Instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Specifically, within Note 6:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Table 6.3 presents residential loans grouped by product types and
the accompanying loan characteristics. None of our loans are over 3% of our total loans.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 4, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2 of 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Table 6.1 presents the carrying values of residential loans for each
classification of loans presented in table 6.3.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Table 6.2 presents the geographic concentration
of residential loans recorded on our consolidated balance sheets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate cost for Federal income tax
purposes of our mortgage loans held at Redwood approximates the carrying values reflected in Table 6.1 within Note 6, and, at December
31, 2016, was equal to $2.28 billion for our held-for-investment loans at Redwood and $0.84 billion for our held-for-sale loans
at Redwood. For our held-for-investment loans at consolidated Sequoia entities, the aggregate cost for Federal income tax purposes
at December 31, 2016 was zero, as the transfers of these loans into Sequoia securitizations were treated as sales for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed with the staff, in future
filings, we will provide Schedule IV as a separate schedule within our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Redwood, I confirm that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Redwood is responsible for the adequacy
and accuracy of the disclosure in the above-referenced filings;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff comments or changes to disclosure
in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redwood may not assert staff comments
as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should you have any further comments or
questions about this letter, please contact me by telephone at 415-384-3584, by fax at 415-381-1773, or by email at <U>chris.abate@redwoodtrust.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><U>/s/ Christopher J. Abate</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Abate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and
    Chief     Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !+ *0# 2(  A$! Q$!_\0
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M[AK*22$!KI1*K1JL>4=?E<,,51^=X'!J>,JU'M%2?YGY#_\ !O\ 6FJ_!_\
M:DN?C+KEU)X4^$W@WP]?)XDUZ^4PV%T)(@(;1'/$LIE"2"--S?NN!DC/2?\
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"_]D!

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