-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ra0xzMxvpcfwOOVhgV3jAryFxHrdzEuwk1iJJMz58L4A4w97U13LMebzEMG5RQA6
 yYqborIcT5DonjhNCdwOhQ==

<SEC-DOCUMENT>0000950144-09-000491.txt : 20090403
<SEC-HEADER>0000950144-09-000491.hdr.sgml : 20090403
<ACCEPTANCE-DATETIME>20090129181856
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-09-000491
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES USA INC
		CENTRAL INDEX KEY:			0000915840
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582086934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE B 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>SEC CORRESPONDENCE LETTER</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="g17442g1744200.gif" alt="(BEAZER HOMES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;29, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rufus Decker<BR>
Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Mail Stop 7010<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FILED VIA EDGAR
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Beazer Homes USA, Inc.<BR>
Form&nbsp;10-K for Fiscal Year Ended September&nbsp;30, 2008<BR>
File No.&nbsp;1-12822</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Decker:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc. (the &#147;<U>Company</U>&#148;) has received your letter dated January&nbsp;8, 2009 (the
&#147;<U>Comment Letter</U>&#148;) setting forth the comments of the staff (the &#147;<U>Staff</U>&#148;) of the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) relating to the Company&#146;s Form 10-K
for the fiscal year ended September&nbsp;30, 2008 (the &#147;<U>Form&nbsp;10-K</U>&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure in
the Form 10-K and in its other filings under the Securities Exchange Act of 1934, as amended. The
Company acknowledges that comments of the Staff regarding the Form 10-K or changes to disclosure in
response to the Staff&#146;s comments do not foreclose the Commission from taking any action with
respect to such filings. The Company also acknowledges that the Staff&#146;s comments may not be
asserted by the Company as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For your convenience, we have reproduced each comment from the Comment Letter (in bold) immediately
before the Company&#146;s response.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM 10-K FOR THE YEAR ENDED SEPTEMBER 30, 2008</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>General</B></U>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><U><B>Comment</B></U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Where a comment below requests additional disclosures or other revisions, please show us in your
response what the revisions will look like. These revisions should be included in your future
filings, including your interim filings where appropriate.</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will update and expand the disclosure in response to certain of the Staff&#146;s comments in
our future filings, including our interim filings where appropriate and has provided a draft of any
updated or expanded disclosures in the responses below.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page
32</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Critical Accounting Policies, page 35</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><U><B>Comment</B></U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Your market capitalization appears to have decreased significantly since September&nbsp;30, 2008.
Please advise us whether you have performed a goodwill impairment test in the first quarter of
fiscal 2009. If not, please explain how you concluded that an impairment test was not necessary.
Please explain any qualitative and quantitative factors you considered. If you have performed a
recent impairment test, please provide us with a summary of your results in Step 1 and Step 2, if
applicable. Please also let us know about any testing for impairment of long-lived assets under
SFAS 144.</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in the Company&#146;s Critical Accounting Policies and in accordance with SFAS 142, the
Company performs its annual goodwill impairment test as of April&nbsp;30 or more frequently if an event
occurs or circumstances change that more likely than not may reduce the fair value of a reporting
unit below its carrying value. Each of our operating divisions is considered a reporting unit. As
of September&nbsp;30, 2008, the Company had goodwill attributable to three of 19 reporting units. The
reporting units with goodwill remaining are our Maryland, Nashville and Houston operating
divisions.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company experienced a significant decline in its market capitalization during the three months
ended December&nbsp;31, 2008 (the first quarter of fiscal 2009). In addition, we believe the
unprecedented macro-economic events, including the failure and near failure of several significant
financial institutions, have resulted in a temporary, but significant curtailment of consumer and
business credit activities. As a result, consumer confidence declined, unemployment increased and
the pace of new home orders slowed.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on first quarter operating results of our Maryland, Nashville and Houston operating divisions
as compared with previous expectations we believed that it was more-likely-than-not that the fair
value of the related reporting units was below their respective carrying values. Therefore, we
tested goodwill for impairment as of December&nbsp;31, 2008, which is prior to our annual goodwill
impairment test date for fiscal 2009 of April&nbsp;30, 2009. Step 1 of the goodwill impairment analysis
revealed that the carrying value of each of the reporting units was below the determined fair
value. While we do not anticipate Step 2 to be complete by the filing of our Quarterly Report on
Form 10-Q for the three months ended December&nbsp;31, 2008 (the &#147;December&nbsp;2008 10-Q&#148;), we estimate that
all of the remaining $16.1&nbsp;million of goodwill is impaired. This impairment will be recorded and
disclosed in the consolidated financial statements included in our December&nbsp;2008 10-Q. The
following is a draft of our disclosure regarding the estimated goodwill impairment to be recorded
in the first quarter of fiscal 2009:</DIV>


<DIV align="left" style="margin-top: 6pt; margin-left: 9%; margin-right:9%; font-size: 10pt">The Company experienced a significant decline in its market capitalization during
the three months ended December&nbsp;31, 2008 (the first quarter of fiscal 2009). In
addition, we believe the unprecedented macro-economic events, including the failure
and near failure of several significant financial institutions, have resulted in a
temporary, but significant curtailment of consumer and business credit activities.
As a result, consumer confidence declined, unemployment increased and the pace of
new home orders slowed. As of December&nbsp;31, 2008, we considered these current and
expected future market conditions and estimated that our remaining goodwill was
impaired and recorded a $16.1&nbsp;million goodwill impairment for the quarter ended
December&nbsp;31, 2008. We will finalize our impairment calculations in the second
quarter of fiscal 2009.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to impairment testing for long-lived assets under SFAS 144, we assess our inventory
assets for recoverability no less than quarterly. The underlying assumptions for our SFAS 144
evaluation of the inventory assets associated with our Maryland, Nashville and Houston operating
divisions are consistent with those used in Step 1 of the goodwill impairment test discussed above.
Based on our SFAS 144 evaluation as of December&nbsp;31, 2008, there were no impairments of the
inventory assets associated with the Maryland, Nashville or Houston operating divisions. In
addition, our evaluation of the recoverability of inventory assets under SFAS 144 for our remaining
operating divisions resulted in impairment charges of approximately $12.2&nbsp;million for the three
months ended December&nbsp;31, 2008.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Note 14. Segment Information, page 99</B></U>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><U><B>Comment</B></U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You indicate that your &#147;Other&#148; homebuilding segment includes those markets that you have decided to
exit. These operations will be reported as discontinued operations upon cessation of all
activities in these markets. While you are actively completing an orderly exit from those markets,
please tell us how you determined that it was appropriate to transfer these markets to the &#147;Other&#148;
homebuilding segment instead of remaining in their original segment until they are reported as
discontinued operations in accordance with paragraph 42 of SFAS 144.</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In response to the decline in the homebuilding environment and our business, the Company concluded
the realignment of our business, including the resulting management and operational realignment,
during the fourth quarter of fiscal 2008. This realignment resulted in the reaggregation of our
operating segments into four reportable homebuilding segments: East, West, Southeast and Other from
the prior five reportable homebuilding segments. The principal changes consist of the aggregation
of our exit markets into the Other Homebuilding Segment, the re-aggregation of the operating
segments that previously were aggregated into our Florida, Mid-Atlantic and Southeast segments into
two reportable segments &#151; Southeast and East, and finally, the aggregation of our Texas operating
segments into our West Segment. The operating segments aggregated into our Other Homebuilding
reportable segment represent our exit markets.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In determining the proper aggregation of our operating segments we considered the requirements of
paragraph 17 of SFAS 131 in evaluating the long-term financial performance of all of our operating
segments including those that we have announced we will exit. With respect to the operating
segments in our Other Homebuilding reportable segment, we concluded that such operating segments
have and will to continue to have (1)&nbsp;similar homebuilding operating metrics (such as revenue and
gross margin) to each other, (2)&nbsp;different homebuilding operating metrics than the operating
segments which are aggregated within our East, Southeast and West reportable segments and (3)&nbsp;met
the other aggregation criteria in a. through e. of paragraph 17 of SFAS 131.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also note that (1)&nbsp;no single operating segment in the Other Homebuilding reportable segment is
reportable under the 10% quantitative thresholds test as prescribed by paragraph 18 of SFAS 131 and
(2)&nbsp;the East, West and Southeast reportable segments represent more than 75% of consolidated
revenue. As a result, we also believe that the exit markets can be aggregated into an &#147;all other&#148;
reportable segment in accordance with paragraph 20 and 21 of SFAS 131.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In summary, we believe the aggregation of exit markets into our Other Homebuilding reportable
segment is appropriate based on the provisions of paragraphs 17, 20 and 21 of SFAS 131.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that we have fully responded to your comments. However, if you have any questions about
any of our responses to your comments or require further explanation, please do not hesitate to
call me at (770)&nbsp;829-3778.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR><BR>
<BR>
BEAZER HOMES USA, INC.<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Allan P. Merrill
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Allan P. Merrill&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>
&nbsp;&nbsp;&nbsp;Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g17442g1744200.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g17442g1744200.gif
M1TE&.#EAGP".`.8``/GY^7=M:,?"NA(/#_OEV:>AF(5\=N`%`?K7Q_:WI=_<
MUN8J&-X"`)"$?/SQZ?GX]^8W)?.9@\6[LK0Q'KJUL/C)M96-AO/S\=72RJ.9
MD>_O[/OLXM8R)F195_.4>_W\_+BSJTQ&1&I@7N,7"XF$@4,[.K1Q:LO'P?6C
MB[*LIHQ)1O.JG%-*2?>UF^QB2^I91?![9.OJYW4S,NM3/>E!*_*$:OSV\?WZ
M]^I*-/)X5RHB(YB4DIV2BOC!K/W[^NUJ6:REGSTT-,Q"+-J2B4E`/^/AW/**
M<UY44=#,QC$I*?!H2?[^_?K>T.]S7<LF'?G1O<.LF>O4P_.#7OG+P/-Q1\Z&
M?-_(M>:?F+][=!P6%ZEF8.'?V9Y?6^4?$>]A0%A/3N^"=^7DW_20<.]M4IY8
M4E4:&O:NC_W^_>CGX_[^_/6>?^Y++/!6,>(.!OO[^S@N+V,A(NU1,B0='KP;
M%#0O+OW^_OW]_?W]_/O[^O?W]MX``/[__PP)"M\```L)"N```"'Y!```````
M+`````"?`(X```?_@'<`=W5V=W:(2WN+C(V.CY"1DI.4E9:7F)@?#Q^(/F>0
MA'ANB'>FIZBIJJNLK:ZOL+&RL[2G'WAG;FYG2[V]C```=A_!>``/>7G!R\S-
MSL_0T=+3U-76U]C)`'EW>[Z_>W>WQWD7YAKHZ>KK[.WN[_#Q\O/T]?;H,1KF
M`'AWOHO$`*`I0,("B8,($RI<R+"APX<0(TJ<2+%B0H,"8EQ05L?;HCL^`)QX
M,Z"DR9,H4ZI<R;*ERY<P8\J<N=*``C0;#RG:8P=/GA,Z_/`92K2HT:-(DRI=
MRK2ITZ=0HQ+U0Y5/@!,*-'9B).B"@*!2PXH=2[9L6:I"18!`LD4#*4;$_RY(
M`&NVKMV[>)VBY7.D@``%&O!\@`M``P6Z>1,K7BQV+XL,%#!H`#`88.'#0AEK
MWLRYZ-X0/$!@B$&9ZP/#0=$*-9FEM6LYL.7HF*TCB>TD;W*_"<*[=XG?)8@(
M)Q(B!(OCQ[\H/\+\2(?G'41(GQZ@NG7K!K)K-]"@N_<&%L*'YT&>1X8,Y<F+
M#_^]^W;MUZ]+#T!$Z&<+HDF[,8U:M5#76<`VFVUTY!8$<,(5E]QRSD5'77S;
MD>"=>.2=5T`!0&28PH8@4$"!!!(((.())R"!!`8H*J#`%EL4$08:,>2CST;\
MD&*'&]N4@T^,:!3!HHHH8F`B$B2**(`$'E(`PO^&(OC'1PCXC0;`?A^=AIEJ
M?+06FVRU%;C;@<$E:!P+#$+W(';O33A>A1E<J"&''7X8H@`DFA@D!BJV&,:+
M,IJ3QP/\^."#,<CHJ$$,:*`1QH]`HCCD"2*"Z"$(2S+I))3Y3<G?E7MI6<:G
M<(0JJ@QPR&#JJ:B:JH(,*K3J:JMDJ$#&K+22P0476N2JJPF\]HK%K\!6(>RP
M50QA[+''7J'LLE>LX.RST#K;++/,(GLLL<,"BP40EF*)J914AF-E:IUFH<,$
M>O2A;A]_M*MNNW_TD2Z[\;[K[KKMZJ'ONO/R:Z^^Z=Y+;[W_Z@&OO`8+_*Z\
M`\/[Q[X'#XPOP?0BO.[_NML"T:2W4>JW*;E5!9@%N@`G_+"^[L[KKL,G2WPQ
MPB:GO&_#+$-\[\$!*\PNS0[;>W+.*\<+,,XO]Y'QQO=E&NX=XSH9X+DL1RWU
MU%17;?756&>M==89=S!4TN!^[+1L$VQM]MEHIZTVUML6X#4?8'M<97]8/EWV
MVGCGK??>\+;=@7U5?2NWN'3OQ>7=?">N^.)38W'AWW`'WK&F<W-:E6Q)E!TS
MXYQWOK;C;@,NE."4$VZY4)AK[OGB"T\<<;SUPLZSXHYG\#?'2HNMV@!RX(;X
MZHH'?+'!.\^\,-"<UW[$I9,OW?3NM;VA.O!\JVL\[.EFKWW0GF-QWO*XAUTY
M_\A^#!#]]-3OK0<#":M[P`A=C-#&^D/+RSWC)GS/?.[C^S>`;=)[6/K49S`&
M+&`,$4C`%!#`P"DD``526$,;&,"^A\V.;_G+`/CB5CJF%8XJ__.=``>8M_<I
M(0$;L,$-#O$!&SC@A3#LP0B$YC/\D6>#DN.?Z<CWOP)-H(8DG)K$##8O/2S`
M`PA8X1X^X`,"M``,/W@!#G`P@QH0X`E=0%[G3'##_8EOA_[#31!^&$2LV4]H
M%&Q#''JP0I#8H`(PH$$7#M`'!LBK"Q'8@`?HJ$4;\N`(7\OA%SUXNO_MAHQE
MM%K`]J6'$9C!!G;P01T<4`$OM(%=%+2C'KK0@AM48/\!=:SCYA;'10M\(9"C
M:Y[NT#*``HWQ@HD\F,.,B()(?N`.3%#"".A50/8M@(T.>`'#$+8Z$X3GE)%+
MI0X)R<,OH2^64GM7NCIY@S-XD@8',%@7/."%.AJP!S[X@!A&D*YLCG)Q6C@F
M*I^DRO[M;C<E>"8T95G`$:BAC3:(P`@.P``(H(`)1A@!`]HP!@1\X`81Z`(%
M3T:]=)I2=.Q<YO-8^8;?_/"<\\P>`V;@`''88`7D;$,3IG`#->RS#3`@0#@)
ML`";I<^A7_#BX)A9%1!6E`@_A&4BZ<<`&C#A#`?U0!L.@`-PWL`,`AU!"T!B
M!P)`X`\5)&$Z&Q#3\,WT>9'_&\"!<`K$>>:K#VWPP"UOT(,#M,$+3/#!#1+0
MA3;@(`'BN`,!FL!/.P9QJBR0:0>Q"L*MHDNG9008#0SZ@2?@H`U*4*D=>M"%
M/HPAK6>PPP9R,$$[`A:=%FA`7JVZ5[IE]3<X[>,\Z]@&%-C@EB\X``V>@(`*
M>$!^'M@`2!Z``!=DTYM=]9P6NK-9#CK/LR`,TU^]RC)Y#;83!+AD%W``@06$
M%`<_,(,3L8G;W.I60KT5Y%4_6#[A7G9UTK3>'YK@``*880U=8(,:*K"!]FZ`
M``F0@ASGQTAV8;1SNR5!=I4YR(D&ESB_@R81H<J`/[@`!FQH`@H/"M12F*(.
M-D"`_P<@<(!LLH]]W^6;%@ZRWXCVE[L#2%"`$]F';!*8`:K-`0I]8(H/W!(1
MG3C#(>SPQC'LTE\DY$(##-!ATOVVD,1A04XS2L%T,6`$+ZB``SAQ2Q:ZT`;A
MO`-0Q?&!#:```I8M<(ZST^-V@G%W01XRD5'<A1IT5%`WJ,,&$+`"#X"A"6"(
M0`L0`.47G\$'/5C`A;6</BYD)P1Z_3$/PVQ=SBWL7BCV0A)!X@-*YB!^MVW7
M0$<``35`]I:%U;/L^OSG0*\2A(2^+^.\65=UC2"VAO`D&+#<KV'B:Y--2.('
M[ER!I]IW9QE.FY\-`&C."MI_1#C.18,H+SL6.*P...@&U/\`@38XNPT0H(&T
M%^#L`]3+8$1M@0.6<(,;H""+HCQCYW;=:]]^NGS&^8*8B5WB+A@!R@18P0RB
MC4`%,N'>3&CM"F"`@SG*BY\+,`(!#.$`&)AX9ZO;=7U\?>X!I'O=U%L7!?'H
M@!L@H`D0>`$*-A!.%T>R%QZW@P/,,(-=!HR@&P`J`B!0[$+OC0P&H(^GW<G*
M$"@'XL`+984C<`,?B($&EK;!&2(;83.((0<YH((44-`#`HC#`3V@`1'U<``(
M;*#G9K@D,3U'ANHLW-PT!Z'-U2WNZE&L8K=&:P]R((:4GR'"8F`#.>D7M1%X
M8;T(H,(E+?B"M-J`!A1T'>.Z'H#_<FNWLX4DTQ'DF3?[,8Q]0Z-@U7\@A@JL
ML-$H:"DOBW=&=1V9!A@O,HK'0(`S](!?JR/\UP__Z]TIGO%XPQ<FLUQBJM,`
M!<D6E`]LP`04N``"<Z1CT2@VT/EILI$PJ#@$UF?7SJE^YE]F)0N8,V*]M9K`
M4*4CBE_@]";V@.."6D*5$]`$.9KS7]8K\?$3-H((V*`&D>:ZUZ%/T]U]P3DX
MS]N%K?V'$;!A#;<U`BL`90X0`1!`::;U`>)G!W7P`0[`!#W`310&,`@#>2@6
M:7T``4SP2?R4:VBC`M51`O3G7^5S?QV0?W@3,$?&!G1&`$H`;0F@5@1@<`P0
M!V;P?RA`_P`VL`3#,!AU<`,N=$5FH`8YH`1><(1>H`1*IP9FT'05QP0ST'R=
M`X(!(((,%W8EB']]A'`8=FLK,V"R0R_V9`,-N`24Y'1DA4VJQ022-09_``%-
ML`)II8`-B`@,>`9IL`=I,'2H<&>$<`-.Y`(")6IZ0X56"';11Q59<'\B,%P]
MDTEQ&"V2:`1*X&_I5V)*T`,JY&)WID=ZAEA3<`>`.`,%U`4T,`9F@``.H$(W
M8`>]4`H->&=`:`,;\`1J4'X*%3N>8X@CR%U9T"!",#7'%@$(P`3)A@COQ00I
MA&FY-%2!YWEZ$`<>L$!LM@;&!@'4B``M@&4"E$D'L`!>L'0],/\%V=A:/=!F
M5!`'Y\=(+L4X("@"A\AZY_:+T5%]]7)DIM@#<>4%$!!M&M=1538&*$9@ZV-M
M>M`&73!'!>9-\).0@[AG]'-K)=:0"=D&%E0_%I-^NQ@`\-B+IY,%#A*,4K,O
M[,-)0/4`%DEU?3`"4J!">&9B/U,PHD0\*?-J[[*0O$0\[%@RYJ0R([2+TA&/
M_+5='QD='2"2Q55@\P(!X'0'3V"1]M-(H8A+-.!Y7=B-PW1A#!,[PG-&0.,R
M`H,]121XBZ,"0>F1Y`.2TB$$6C0\?[!:(-$"*8EK*Y`&<N4%72E`#$.341E*
M%326\6)9V+-I-(1KV1-*PY0P$5DQ7Z7_@I!W/_!BEAUYA8GH!VK9B&VIF'\P
M`TQ0!V>P1^IG5RC0"P3`!L8F2I!G8?O"1WH9,'4%,>O3!@L0?+U$/,1TDP66
MFWYI/"BVE_."8LQ79%"E19(9!&CI'Y?)EC23?NOC`LEV!TK`?YG4!CW@8A4@
M4(\7>-\X`R[@`C-068QY;?STC30P1320`QO@!704DV[5G2Z``]1&02/@`J!D
M9-#V`MU)8:]I1_?Y`I=$=1#@`B^017P6F=)AG)19?VB1G&WI>'K0!`=E!SBP
M:?U$`#?P`3`@/$;&`%T0:^U57A&@,IN'8F>U`@A``$Q``"JZ`;O$E0O0`@3P
M0N^%`.>H!M_W_P,5I@?^A``;\$((()`5=`!>T`/*B`"@=`"/U5X&!T3%>9RJ
MD07SH9Q1LY4,$`&&L`$LAULOZ@,;4`/8>6)$I8PHH`3D565Q0`,IB6%'Y@(\
M6@&4F`,((&,H('RD%6N[]YSB((LEU5@C(`8$(&%>\$@?D``TL'PS4`$\:@@L
M-0)6!$DV``,31#,J\!P(BH@*JH@BP)%26EP$TP),M`%CT%S9A$<NE`,"E64H
M-@-/X``F94<(P&T58%*>5T==(`;E9018UE,(((I1*'$NT%YJ\`,'9@9,8`.'
MX`/?UDCOY@"6U`=Q0``?D&\9J@0DAP+BP`1=@)XH\`,1\`.--4J3VO\!E2J/
M6`BEU2$$92=+#U,!/_@`[X6B3U"L3X!--$0\/O4!9M!2[?($/X@`U`4O$-`"
M-D``."!\>C`&*V2DWM1/3_`$<5!9`U6K+R2K!P`#4"8%?'2O-I!Y5#=4HWD'
MM48`:M`%?\!_L,,RX3JN0XEX:1FE/PDO(@JM=8``-5`#"<0$0-@#,\":Z[.2
M%2`H4M<N&F@#VT@_Z],%"7`#&Q`'@:<O9F!-*Y"29K4"%2!UF7208U!>,*"4
M:\`$(&M\;2`%Y254@5>R+;`$=]`#/=`"FF8UDWH$*NMA1-FRY_JR/<,N.W@&
M<RHO(T`#J`:JY$1,7M!S")!-9_4$!."EO0G_5:6E0A'`3SW+``0P24V`:UV`
M`%O+?`?9!+SW`__9?MUF6P,5`2AZ6,S'+@?0`W9P!LK(M*+E,"K`'$&P3CXV
MCYD:`,$X2L34!:MK`QZ`+P/5!!S7I975?S%X!Y05L-,%E17$`#E0<0F@9_:E
M!VS@8DS`:NZ#`Z>Z/O[D`(9U6WTP`T['4FW@`CU`L])[B6V``*YX`RW`FF[+
M'&\`4;5;KK>;N]'$+FLP=`7G>?72!6;`1`0`>.S#F2T$`9E(`!Y`LOGR,$>F
M4J#Z52AF!H505A*WE76T`"AP`TR``Z?Y!T;0"?,*`[686G4D0//2!J7W=J0H
M-&ZK'/.;3'++LLAY_[]V&S%4,'3IR85U]`/&BJ'K`@8W8(;256M:]S)(.@R,
MI2^0!P$#9P=2L*$'URY(2TEQ$(9Z\`3#L($;(`8+$#'&,P(["+*-I8M4(P-'
M\`4Q;*DDF`76@911DSUJ@%PT0##$PU&'@`+LT@8K0&5=RL#%@V&_)&/P=V)M
M8`14IJ]1Q7P+\`1K]<4UTU%V<`-3X`7'EWX+I0<T<*$W8`3"AS4J`,/TZV67
M:IEO3#7KD@"(@*U1F4DXL`&(L`+\J<H?0`"II3U&RSXOL`%[8`,S\&_K@P,#
M5V4+)9@EA@,58`,C.Z4,T`D?P%@7X\`;"E54$`X$T,+?)0.B+,/U6YEN'/\`
M!@#'=PM64V`(%4"G^]<$K?@!1K#'/VL'"LM0DI=&(<RZ+%=`"[`"F-8#[<,P
M(J6,KP5$\F(*=K`"E^AY'<@P]W0'4U#&/GG&7\`":TRNW@S.N"M$[+(`3#!K
M+6`RV(:T(.$`I`A6,7@&+(7%CP?`P_!)ZW)JRMB`'F!7/4M0,>H!$9F4+E8'
M"6!MF#1UCZD'/0!4"8`R%F0U,G`<;T"[I-S&X!S.-_PNXEL'2R`&.S-0*/9N
MD60&)$MU'B"*#[`&[?,P7<!LWX2V3Z"O![!Q:C"Y-O`#N%6R+>F"\\-/4]H'
M3("V")!%**,O:R`%`Z4O!S"Y-P":6J/-$NVD"]K_U/C+,A@V!ANP!&>`L?J"
MD!#P2'7@`_EZF#^0<E]K/VUPJ$Q@C2]J"@Y`GP&[`4WP`JO+!"\`=);L2`=5
M`_%SFPBG+F8@*#9@6RWM!010`>M#Q<GVJ%Y)B$?-`DF`V(JHV-&$9`JV0O`<
M`1[@`4RW`2Y6@.!6+[_D`WOH`7$0H#EH6.QSR$S41(AK`TTP`C!@"AM0`7\*
MGPD(B!60`&!@NE1G9.DBOBXV@](V!IHX83,#`00X`V9SU"$POPG*U-DASNX2
ML"GZKN_E7O<6@26W,NQS`'&`LV^7;_=F@'2*`T]@"KOW!"[@;$8P#`Y`L\V5
M``[P7A7G8AR\`BZ@4,=W_V16=$L15HQ3H+C2),QK]E1;0^#'?>"^J-S+F5Y(
MJ`1&:(1)2`.@%$I?F)LTL`)3D&\1:(V0!]A)1J.X6I!C\`0]``-'&H<>,`9>
M``,K\`34'4E$FZN656+FRT!/0'XRCIA]`(Y&:)$_7AQ)H-02Y8O:L=@'4T&X
MYI6H:3W;\R[O,YL3="\HHRX(.8CUC9`3-'6E5K)=4-D.$$D^`(7&AF$'V06*
M?L+>='T+E><A<-S<O-1^SAV`7I.R4T#/)C_R@V*R+C]#E7VU]U7V<V%$;>CP
M<N4#0T3V152:>$L$(`4"55=%=CP_TS(6,^`A0`2HSL:KW@#!>$$SDS!]W80M
MD/^.`T4%'J"V4D`%X+9GCB<P.JF1PR.1NHYPZ,T$X>``XW21P[EUC^F!4B,#
MT1[DU/Z1W&'M69/".(``#S"RE;5-O$<#V/EX>\U+9Q=*OQV&9JR"_/+9T'H'
MQ$M$PEDRS8?O42,#PK'G0N[O$J+@T31"+^!"4H<R"Q"#[PLP/(UP/=NSDA;-
MPQDT-!F8_EM``(KAG:QU,!M>X:DV($\$.L#G'^;OW6'R<0PS'F`'YVSH/.Z&
MX88]F5QL]=WH?WF1@&TQ)C8O!BEY3'E:-P"IKCZKMHDW(%\"8-'O:?GO3%\S
MMOD$D9U)ZI+>"#!#XI8]LJ-EDB=I-`F3-'FZG7>JC_G_3<KF`G\I33'C\2PC
M`[_1]A1=RED`]S=<USU5<6)`!9S/^1N]M^S2!2^0=!Y0`WK64T:04#10`VH@
M!FYE!&I0`UK'H2X@!=!M8^NS`#_@`6J@!N_[]UI&JFH5T+^Y`",[]&D#^6R/
MW)9I`)EU[5?#,$9P`_/:C_W(!L,P!D;F3Y4$`1[`JE4'HPY`!;X/8>IE>0@P
M0:H5K#/@`6[@5'6N!DK@`F+P!"A0F">[33W7Q2T*"`P0+380>GI_?7^+C(V.
MCXLR)24Z?I:6?"$6(!@Q`&Y[H7</&A25EWY9)!860I"0>@PC4SX>!PR'>F)W
M!(9_"P0;:[@_&TP0(S0(-A5=_TT?&Q$'*#?2#"\$T@=C-RTC?6`V9CD0,X9]
MZ(]Z5$\V=TQB.68V!&9=?XBO^I"2E'Q\ES)MZO0IU)Y1I4Y=RM*`E:M\^V+1
MV+#!!2X&#-K0:M%%3Q\U=RI@U&/&AYDV!W[<<!#G@)D["`Y`0,!DAIX1+1Q$
MF`'##(P%-Y54L&&'F2$&Z1KUT7-@`8P6-)^T@$&C3;JD^[)*"J+C7T!-G#R!
M$D7*%*I4#5OARYKH0(X;3R`P2*2'!H$;,`XD:G%##*X%#GIA3'#'[P($#GXP
M,&(CP8*F%6X@P`%A`9L7!VBH@4"C20\',_`=<M3G0*P#7194[C(RT2*/;/?)
M",+5*_\FL`3''BRKT!)#'FHAOFI#0TJ+)PG&+/C398::)T_$X!BA9TV%%C/&
MH*@AE\&"ZR,.P*@@9D0;,P1:Y+CEH@*!"FK4_-33A`G\'%)<M/&XE#2B/G.A
M@]%<^"S%5&S[P!'$&W+X`=!M`XEE$$)FH<*0!3P\E!5Q,]!``PXO0-#'`C-T
M2,,+TY56S@LA'M!?%S0L\!<-'67V`@W4,2`3BQW>\H<2,_`HHR)KJ3-@(AC]
MD>0AZ,"&("0*,NC@5Q$61%9"9_V686Q7N<8(D:Z!F8B87RY"I")BHEFF(GJ%
M"2:97V*EYI,(1MG@@P[B)N&5%2[4``];TBGHH(06:BA;"M+_(8=M>5:I&X6]
MI8)AH(=6:NFEF"X"QQM)+(JG0&%9N1N6%EJ008;]9:KJJJQ"24>GC(*:VX2\
M96EJ!D*DVNJNO%H*1Q))9!&KGJ)":FL&N.K:Z[+,U@EL%F?)NN>H?5HBAP4%
MX-KLMMPFF(0.T*(B;;&UHG)MMJYTJ^ZZOX(;+;&/EGN)'#P44$"N<*ZK;ZME
MZ."NN/#22NJ\]1:`@[+[)KQJO_]2&6J\`UO+`Q#W(JSPQ9;V*T>X#L_*9Z1R
M9$`Q#J/1B4Z^2F&ES\DL9\6RRD^V'.>8)Z\,<QER;/RNHP)7ZT?(%.<J'&E7
MO9SFR;`Q66#-1!O-=---,BFSF5.__SRSTY!$+37..@/,\\=G`0T$#K@8'2>:
M,--<M)Q6IXSVTT]#'3?5:8]IJ,Q<#[#SPSV#+#(0+G`@^."$"P[!X(=#H/CB
MBGOH^..0T\#XY(D7;OGEA#NA^>:<=^ZY$W.`/L?HI)=N^NFDY[VWQ]2"7$`*
M0``!Q>RT0R&![1)(8(7N5O3N>Q3`!\_$\$P08#P!Q#,1_/*^-Z][[K5'#T4!
M4"!K/:"`6M#`]MPW8,#W`1@0P/CDBV"^^1VD?\3Z1WS!POLLA$`$$9-,0ML;
MX&:AM]=\@VWNZRE(`0A`0`$*Y$X``C@!$I"`@08V4`$*V$(1PA`&-,0@!A?(
M8!X`\($[I/_A#G@`0![RD$$-7!`-82C"%B`(00<N$`DG0&#N)$"!`080=A2S
MUZFPQPKN?4]\XB-?`,Z'O@ZLSWWO"X'\YE>_!7$*6#K(61:FN+^.3<M8_Q,@
M`0UXP`2^T($LE&`1+!@##6A`@P\``![N<(</`.`!)+R`"4](014JP($86.`)
M8BC#`H+@ACBDV/6`TT,2-(`$/PRB$(FHOO8A,7Y+M-_]7O6M*&Z,BJN[HKPL
M,0#:>#((]0ME">9'RODI\92HA)\J58G*5BJQE$P492@_^4DZV/*6M@26+K_%
M2W_YTI<Y"V8PLW#)*1K3F`-(IC*5B2<(]:]U9\$$0/[!*`<ULYG_F!#7IZ(9
MD(#$RC;4Q"8WJRDN;IHSF^?$YC7%:45R16R<YXRG/.=)SWJ.DYWVS*<]QP4Q
MG^GSG_3$ISD%"M!Z$A2@_.S;E`H:S60R%*`.92@?!G#0<D;TG]1L9S\CU=`=
ML&!_`Q!!"2P1@"#(P0`4%0&R`I"%`+SA9P&@0Q!V0-,2!("F1^"8"`*@-QT8
MX`MRH.D.>#J`'80@F2K-`&T"`!`Z\-0`-"4"'U@@U!#,RU0&J$0':&H`:"7!
M`)P,@!P&$(`,&)4/,[6J'TI`@B240*@LB-:PO@;-<%;S"`H`PBD&`(0.6.($
M1T@"$K*`K6^Q(`M*_5D*0M`!$L@ABBD0_X$<!`!62PB@"-`R0!@L(-A.+2H(
M10"!#KZ@`'_1X0L@H&@(!)`%(!#A#0HH@06`8$R`Z``#.0V``$+FV#?HC0A(
M\$T*DI`!"^@@!$@HP1?PD()_""`/+#B"`1XK+&EFU)FL,Y9=Q46!#E"`")P$
M0E9U`%C!!J&TJ"@`"W1`!`DP5@3Z&P`(OL"''9#@02?`@&]30`$29`$#8]4;
M#P*0`N4B(0AZ0ZW>5IN%`B1A`"=@*Q`&(*Q_B$```)&#>S,0`#_L#[G?*@$(
MB*"`)'@X`!;X`A(H0,P&1I>E#IUF.#6JT.U>0@<*")D(.%D`!6P/MX(-01'T
MAM8!(!!#86`L!O]B2(04($$`!;9F"C*05>#X]P("H`!\3Q`REAH``RG(PA<H
ML&#6)C#+JBC""41[XLIFX:<9P(`$+.`@(F``.!F@0`@4$*X``.$+)"A`",('
MA.AN00`2B*LU9XQ=36+)QA86`(&!`)`!%$`$R<S`$>B`!")L`5H#P``=E#H`
M'2PV?<H$@0$*P%-,9*`$$CC"3BV0A<$F\P@G",``*4K</Y/9#RQ@<0H,(`"K
M-J``R9RFKATDAQ2PH+A=`VXRF[WG.P7@T@90J0#>4.@C$+6*-F[4,[7+:$E]
MX;A`:!!?_>J'6"?A!#J0M/[",.J7-IL%'8"O_N:K`_?Z)@-9.(%[;WK_VTON
MX`C'7>Q8=5L"#'3%`+0MP!LZ(`&&T%9_EBA!B:>*!#KP@`2HL+-PWY#K4J<@
MWP8@0FA;^V),+OJZXF:=&_+P3E2,6MTI]K`%%-W7)-!6!QD(H`1TX-&?62`$
M7Q#`'T/`@Q#PX=H`405909"%#A@@"&O^HP#T5M0!`H$""&X`"("0@8T9U](=
M",`)!'@$3!R!`D!(P1'XT(`.8Z($S4W%#OQU0Y2:S]0=&$"*0[!FN<LSH:%P
M`P`N4*WK3G1*$8VH_OA0W8EB'..43R8R'4KA2U`TV<D^)I$]K/DJ8G*BE5:F
MRRN-<=('I//_H*B')S_1SW-=\RY/9\!"\8%-_Z(SGA4=:$6W"?QR#M2:Q?\]
M1J<4_'%]P"!N\/U#CS_]ZEO_\`]UOD'PP!O'IW.?^E1G\`V:SVM*-)KA%@@%
M,*`!#AK$#J000!"HN,SZV__^^,^__O?/__[[__\`J']9<`09(`'LYWZBL'A%
M@`0@8`'B0T00&($2.($46($6>($8F($:N($3.#ZS=0(*T'X?<`:A8`=XD`=H
M@`$"``0\X#V)]((P&(,R.(,T6(,V>(,XF(,Z&(,-40`&&`87``!W8`>AL`0?
M0'-%(&>P8R],V(1.^(10&(52.(546(56>(58F(5,&'<2@`0*$`-Y@`=U0()D
M<0$QD(0PA$!JN(9LV,J&;OB&<!B'<CB'=%B'=GB':JA`&+`%:'`!#_`!2V`0
M>U`'(21'*+0%*\1"BKB(C-B(COB(D!B)DCB)E%B)E@A!B#A&&)1&1"B(2[`$
M=1!]&32*I%B*IGB*J)B*JKB*K-B*KOB*L)B*85@'GRB(MF@''^`&(00`O-B+
MOOB+P!B,PCB,Q%B,QGB,R)B,RJA&;O`!'U`'MAB->_")=5"-UGB-V)B-VKB-
FW-B-WOB-X!B.XCB.V5B+TGB.Z)B.ZKB.[-B.[OB.\!B/[Q@(`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
