<SEC-DOCUMENT>0001104659-14-049997.txt : 20140818
<SEC-HEADER>0001104659-14-049997.hdr.sgml : 20140818
<ACCEPTANCE-DATETIME>20140702182351
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-14-049997
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Summit Hotel Properties, Inc.
		CENTRAL INDEX KEY:			0001497645
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				272962512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
		BUSINESS PHONE:		512-538-2300

	MAIL ADDRESS:	
		STREET 1:		12600 HILL COUNTRY BOULEVARD
		STREET 2:		SUITE R-100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78738
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>

  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="203" height="50" src="g165051bci001.jpg" alt="GRAPHIC"></font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12600   Hill Country Boulevard</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;R-100</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Austin,   Texas&nbsp; 78738</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">512-538-2300</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;2, 2014</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VIA EDGAR AND FACSIMILE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporate Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F. Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Ms.&nbsp;Jennifer Gowetski</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RE:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Summit Hotel Properties,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Year Ended December&nbsp;31, 2013</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;25, 2014</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;1-35074</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Gowetski:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter is being submitted in response to the comment communicated on June&nbsp;26, 2014 by the staff of the Division of Corporate Finance (the &#147;Staff&#148;) of the United States Securities and Exchange Commission (the &#147;SEC&#148;) regarding the above-referenced Annual Report on Form&nbsp;10-K filed by Summit Hotel Properties,&nbsp;Inc. (the &#147;Company&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the Staff&#146;s convenience, the Staff&#146;s comment is paraphrased below in italics with the Company&#146;s response to the comment set out immediately below it.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Year Ended December&nbsp;31, 2013</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure of non-GAAP measure for Funds From Operations (&#147;FFO&#148;)</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Staff notes that the Company does not include a discussion of FFO in the Management&#146;s Discussion and Analaysis (the &#147;MDA&#148;) of its Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2013.&#160; Please note whether FFO is an important non-GAAP measure used by the Company in the operation of its business that should be disclosed in accordance with SEC Regulation G and Item 10(e)&nbsp;of Regulation S-K.&#160; If not, please explain why it is not considered an important non-GAAP measure of performance.&#160; If it is considered an important non-GAAP measure, please indicate that such measure and related discussion will be included in the MDA of future filings of the Company&#146;s Annual Report on Form&nbsp;10-K.</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108702\14-16505-1\task6855312\16505-1-bc.htm',USER='108702',CD='Jul  3 03:18 2014' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESPONSE:</font></b><font size="2" style="font-size:10.0pt;"> FFO is a measure adopted by the National Association of Real Estate Investment Trusts,&nbsp;Inc. (&#147;NAREIT&#148;) in 1991 in order to promote a supplemental industry-wide measure of REIT operating performance that would not have certain drawbacks associated with net income under generally accepted accounting principles.&#160; The definition was clarified in 1995, 1999 and 2002.&#160; The definition currently is as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds From Operations means net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.&#160; Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has not previously reported FFO, after consultation with its legal and accounting advisors, because the metric is not required to be reported under Regulations S-K or S-X and because the Company&#146;s calculation is not precisely in accordance with the NAREIT definition.&#160; However, the Company does consider its measure of FFO to be an important non-GAAP metric related to the performance of its business.&#160; As such, the Company will include the presentation of&#160; its measure of FFO in its future filings beginning with the Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although many REITs commonly report FFO substantially in accordance with the NAREIT definition provided above, there is variation in the calculation of FFO within the industry.&#160;&#160; The Company&#146;s calculation of FFO varies from the NAREIT definition provided above related to depreciation and amortization.&#160; The variation from the standard definition of FFO results in measures of FFO among companies in the industry that are not precisely comparable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our presentation of FFO will include appropriate discussion and cautionary statements concerning our calculation of FFO and presentation of&#160; FFO as a non-GAAP measure in accordance with SEC Regulation G and Item 10(e)&nbsp;of Regulation S-K.&#160; Furthermore, the Company will disclose that our calculation of FFO differs from the standard definition adopted by NAREIT and may differ from the calculation of FFO by other companies in our industry; and as such, our calculation of FFO may not be comparable to that of other companies in our industry.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_031404_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\108702\14-16505-1\task6855312\16505-1-bc.htm',USER='108702',CD='Jul  3 03:18 2014' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in its filings;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Company&#146;s filings;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company 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></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions or comments regarding our response above, please do not hesitate to call the undersigned at 512-538-2441.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Paul Ruiz</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul   Ruiz</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Accounting Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interim   Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Daniel P. Hansen, Chief Executive Officer</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher R. Eng, General Counsel and Chief Risk Officer</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jennifer L. Larsen, Partner, Hagan Wilka&nbsp;&amp; Archer, LLP</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_031536_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\108702\14-16505-1\task6855312\16505-1-bc.htm',USER='108702',CD='Jul  3 03:18 2014' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g165051bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g165051bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``R`,L#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6N4\0^.[
M/228;;;-,._4?AZ_RIOCOQ&=*L?LL#?OI1\V#V]*\DDD>:1I)&+,W4FM80OJ
MR6['37?Q!UJX<E)3&/0''\J;;>/];@<%IV<>A;/\\U@65C<ZE>1VEG"TTTAP
MJK_,^@]ZT/$'AC4?#DT:WBJ\<H^2:/E2>X^HK6T=B;L]#\/?$"UU)A!>`0R'
M^+H/Q']:[`$,`000>A%?.R.R.'1BK*<@CM7J?P_\2M?P?V?<MF1!\F?Y?U_.
MLIPMJBD[G;U3U35K'1K0W5_<+#'G`SR6/H!W-7*\_P#B"4A\0Z+=:C$TNEH2
M)%`R,YYX^F/K@U$5=V&]#9L?B'X=OKI;=;F2)G.%,L952?K_`(UT]8ITGP]K
MUC%+#;VLL60T4L"A2I'/!'3Z5M4G;H",W2-?T_6VN%L9'<VS[)-R%<'GU^AK
M2K@OAG_Q\:Y_U\#^;5WM.2L[`MC-L=?T_4=3NM.MI':XM"1*"A`'..O>IM5U
M6TT:P>]O79(4(!*J6/)P.!7'>#_^1^\1_P"^W_H9K5^(O_(G7/\`OQ_^A"GR
MKF2"^AO:;J5IJUC'>V4HEADZ'H1Z@CL:GFFCMX7FF=8XXU+,S'``'>O,-"N[
MKP3-8W%PS2Z/JL2.S8_U3D<_B/U'TK2\0:G/XQUA/#>CR_Z&F'N[E>5('OW`
M_4_2FX:^0KG6Z+X@T[7XI9-/D:186"L60KR>>]2:QK-EH5F+N_=DB+A,JI8Y
M/L/I7(_"M0MEJ:CH+A1^E6_BAQX53_KY3^34N5<UAWTN=797MOJ-G%=VLHEA
ME7<C#O2W=U!8VDMU<R".&)2SN>@%>=Z%>W/@C4K>ROW+Z3J*+)%,>D;$#/T]
M#^!I^O7]QXVU672M-D*Z78J9+B<='(!_/G@?B:?)KY"N=OHVMV.O6C75@[/$
MKE"60KS@'O\`6DUG7;#0+>.?4)&2.1]BE4+<XSV^E<W\+/\`D6I_^OIO_05J
M/XJ?\@.S_P"OG_V4TN5<UAWTN=NKAD#CH1D5RY^)/AD$@W4N0<?ZEJZ:W_X]
MHO\`<'\JJMHVE8)_LRS_`._"_P"%2K=0,(_$GPR.MU+_`-^6H_X65X9_Y^I?
M^_+5C_#6PL[NWU,W-I!,5N`%\R,-@8/3-=M_8NE?]`RS_P"_"_X5;44["5SR
M#Q3<S:IK[)&K2L['8BC)))X`_"KS?#G4_L-O*EQ";B1L2PDX$0/?/?'>MC38
M+:QNIK@Q_P"E;BC.W50.P]*T_P"TO]JKYFM$%NYI^&]!TWPW:>7!^\N''[V=
MA\S^P]![5HZA#8:I926=Y&)89!@J>WN/0US?]I?[5']I?[59V=[C.='PVG;5
MIHC?(EB%+1S8R['LI7V[FLK1X[SPYXK2WN5V2(W..C#J"/4$5V_]I?[54-36
M#4#"[IF>)P(F'49XQ]*T4GU%8]!'(S5>^L;34[5[.\A2:)Q\R-_/V^M6%&%`
M]!7->)M*UZ74+?5-`NTCGAC,;PN<"09S]#^-8K<IG,:MI-]\/;V/5M)N7DT^
M20++`Y_0^O&<'J*]*AE6>".9/NR*&'T(S7`W&B>,/%,T-MKH@L["-P[K$02^
M/8$\UWZ(L<:QH,*H``]!52>W<2.$^&Q"7^NP,<2"X!*GKU85WM<5KGA'5(-;
M;7?#-TL%S)S+"YP'/?VY[@U6E3XCZE&;5TM;)'^5I490<?4$G\J;2D[W$M!?
M!1$WC;Q%.GS1ER`PZ??/^%:OQ&_Y$VY_WX__`$(5=\+>&X?#6FFW63S9Y3OF
MEQC<?0>PIOC+2[O6?#DUE9(KS.R$!FVC@@GFE=<UPMH1Z=I5MK7@6QL;M<QR
M6B8/=3C@CW%3^&O#=MX:TPVT3>;,YW338P7/;Z`>E6]#M9K'0K*TG`66&!4<
M`Y`('/-7CT-)OH,X3X6_\>NJ_P#7R/Y5:^*/_(JI_P!?*?R:I_`F@ZAH4%^F
MH1HAGF#IM<-D8J?QUHU[KN@K:6"*\PG5\,X48`/?\:JZY[BZ%BZT2VU_PI;V
M-R,9MT,<@',;;1@BC3=!MO#WAJ:RM_F;RF:63&#(VWDUJ6$3P:?;0R`!XXE5
M@#W``-.NXVELYHT&6>-E'U(J;O8=CD/A9_R+4_\`U]-_Z"M1_%3_`)`=G_U\
M_P#LIK3\":)?:%HLMKJ$:)*TY<!7##&`/Z4SQYH5_KVEVT&GQH\D<^]@SA>,
M$=ZJZY[BZ'2V_P#Q[1?[@_E3V^Z?I385*0HK=54`_E3CR#691PGPN_X]M5_Z
M^1_(UWE<IX%T'4-"@OUOXT0SS!TVN&R,5U=5/60EL<+XKL'TZ]-U$#Y5P2Q]
MF[USWV__`&J]3OK*'4+1[:=<HWY@^HKS+7_"]_I4K21*98">&7I_]:KBT]`9
M#]O_`-JC[?\`[583SR1G$B,I]Q2)<22'"*S'T`S6EA7-[[?_`+5;GA:TDU+4
MDE8'R8#O8^I[#\_Y5B:%X;U'5Y03&8XL_,S=!_GTKT_3=.@TNS6V@'`Y9CU8
M^M1)I:#1;I*6J,MO</J+R1RF)#$JYVALG+>OUK$9=R,9R,>M&Y=N[(QZYK,%
MM*-.LTDA,@BQYL7&6X/X'!P<5-:6X)G+6_EP2$;86`].3CH,^GM0!<#*>C`_
M0T!U)P&!/UJG96:V\$N(%C=GDQA0"06./Z5!I,!@$:R6S*X0#<857!QSR#DT
M`:F<T=*I6<DD(,#VTP)E<[L#;@L2#U]ZGOHVEL+B-!EGC8`>IQ0!,&#="#]#
M0&4G`8$^QJG9Z>+60REP6*!<+&$'Y#J:J6.G36\MH\B*`JG=LC"LK8Z,>XZ_
MCB@#7W`$`D9/04%E7JP'U-94]LY^THUHTL\K$Q3C'R_W>>HQ4MU8R7-Y"3MV
MK$P+-&'&<CL:`-`L`,D@?6DW+C.X8]<UFWMDR6UG#&K2K"W)*!SC:1T/%.EM
MS-I8AC@\MC(F08P.C`D[>E`&CN4C.1CUS2!U)P&!^AJE8V9A>Y29%*N0!M0*
MC+CT]>N?PIUA:);^<P@2-FE;!"@';GC\*`+A8`9)`'KF@,",@@CZUDS6LQTN
MRC,19HV!==H;'RD=#P>M3&'?I;1+!(IR,JJ*A/(YQT_#O0!H!@PRI!'J*6J.
MFQR1^;NB"*2-I\L(6]<@&KU`!2$!@00"#U!HHH`XGQ1;00W.(H(TR>=J`5%X
M<MX);P+)#&XST90:**VZ".Z5510J*%4=`!@"G445B,****`"BBB@`HHHH`**
=**`"BBB@`HHHH`****`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
