<SEC-DOCUMENT>0001193125-21-296502.txt : 20211118
<SEC-HEADER>0001193125-21-296502.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211012095329
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-296502
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Portillo's Inc.
		CENTRAL INDEX KEY:			0001871509
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				871104304
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE PORTILLO RESTAURANT GROUP
		STREET 2:		2001 SPRING ROAD, SUITE 400
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523-1903
		BUSINESS PHONE:		(630) 954-3773

	MAIL ADDRESS:	
		STREET 1:		C/O THE PORTILLO RESTAURANT GROUP
		STREET 2:		2001 SPRING ROAD, SUITE 400
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523-1903
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


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


<IMG SRC="g184092new2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">767 Fifth Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">New York, NY 10153-0119 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310
8000 tel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">+1 212 310 8007 fax </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;12, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>VIA EDGAR
TRANSMISSION </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tony Watson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Angela Lumley </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stacey Peikin </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mara Ransom </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Staff Attorneys </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Service </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </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">100 F Street NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Portillo&#146;s Inc.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Filed September&nbsp;27, 2021</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-259810</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Watson, Ms.&nbsp;Lumley, Ms.&nbsp;Peikin and Ms.&nbsp;Ransom: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On behalf of our client, Portillo&#146;s Inc., a Delaware corporation (the &#147;Company&#148;), set forth below are the Company&#146;s
responses to the comments of the Staff communicated in its letter addressed to the Company, dated October&nbsp;6, 2021. In connection with such responses, the Company will be confidentially submitting, electronically via EDGAR, Amendment No.&nbsp;3
(&#147;Amendment No.&nbsp;3&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> of the Company (CIK No.&nbsp;0001871509) (the &#147;Registration Statement&#148;). We will send to the Staff under separate cover
courtesy copies of Amendment No.&nbsp;3, including copies marked to show the changes effected by Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For ease of
reference, each of the Staff&#146;s comments are reproduced below in bold and are followed by the Company&#146;s response. In addition, unless otherwise indicated, all references to page numbers in such responses are to page numbers in Amendment
No.&nbsp;3. Capitalized terms used in this letter but not otherwise defined herein shall have the meaning ascribed to such term in Amendment No.&nbsp;3. </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; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed September&nbsp;27,
2021 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary, page 1 </U></B></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"><B>1.</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>Please tell us your consideration of presenting operating income which is the most directly comparable GAAP
financial measure to Restaurant-Level Adjusted EBITDA on pages 3 and 112. Refer to Item 10(e)(1)(i)(A) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 3 and 118 of the Registration Statement
accordingly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>As a
controlled company, we will not be subject to all of the corporate governance rules of the Nasdaq, page 55 </U></B></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"><B>2.</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>Please affirmatively disclose the controlled company exemptions upon which you intend to rely following this
offering. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 60
and 142 of the Registration Statement accordingly to make it clear that immediately following the offering the Company will not avail itself of any of the controlled company exemptions, but may do so in the future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Rights Agreement, page 154 </U></B></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"><B>3.</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>Provide a summary of the Registration Rights Agreement both here and under &#147;The Offering&#148; on page
19. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 25 and
162 of the Registration Statement accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The below comment from the Staff is copied from the Staff&#146;s letter addressed to the Company, dated
August&nbsp;16, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>In certain cases, payments under the Tax Receivable Agreement to the TRA Parties may be accelerated, page 46 </U></B></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"><B>11.</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>Please briefly describe the &#147;certain mergers, assets sales, other forms of business combinations or
other changes of control&#148; that would accelerate payments under the Tax Receivable Agreement, and disclose the amount that would become due under the Tax Receivable Agreement under present conditions, if estimable. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 54 and 55 of the Registration Statement
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should any questions arise in connection with the filing or this response letter, please contact the undersigned at (212) <FONT
STYLE="white-space:nowrap">310-8971.</FONT> </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">2 </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">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alexander D. Lynch</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Alexander D. Lynch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Weil, Gotshal&nbsp;&amp; Manges LLP</TD></TR>
</TABLE></DIV> <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="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">Michelle Hook </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Portillo&#146;s Inc. </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">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g184092new2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g184092new2.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M-^5,PTN^WH<(OR_O!ZYSQ0!H6GQW\.W'A^YU>>SN[<0S"%83M9I&()XQVXH
MAT?X^Z!J>K6UC/I=]9"X<(DL@4KDG SCZT 6/$GQOT/P]K]QI,6FWE]-;,4E
M:' 4,,>O7TH Z7P-\0=+\>6US+I\<T,EL5$L4P&5SG&/7H: /(_BQK'CSPGX
MF\V+Q#+#8:C(WV6*-A\BC;D'CCK0![;X3M=5MO"5A!K-U]IU(1'S9@<[B22#
MGZ$4 ?/=WK'Q('Q%D\)1^)Y5O'FVH=XV#(W#G'H: /H+5[+69?!4UI8W8BUG
M[*%6XSC$@ RV?KF@#YX\(ZM\3/&6HWMCIGBB59;--[^;( #SC@X]: +GA_XG
M^-(K*:WN-42:2"=HR\L89N,=QUH W?C[!+I/B7PWXEMT4O'E/FZ;D;<N?S/Y
M4 >=6^C-K?P[\4>*9D#3I?Q$.3D\D[@/^^Q0!O?"=KKQ9\5;.^N?+W:?:%@=
MO!"($4G/?)!H Q= O;O3?%OB$G7[#2IV:5)9;J NLIWG*J,''/- &QX&?2=.
M\ >-7N=0$T$MNL42RP$*)B'V8S_%0!9^&?B32-)^&/B^POKZ."ZGC8QQL#EL
MIM'ZD"@#4^#WCW0/!_@/4AJ=RWVA;OS?(C4ERA"+N],9H ]NT/7[/Q/X935[
M!9!:SHQ02+AN,@\?44 ?,/PZU*RLX_$=K<^(!H4UY&BP79#9!63) QSTH U?
M!NM:]JGBC6-/;Q!=ZKIL-A=,6=VVR*$(#!3[D<4 0^ ];\+V'PT\3V6K/:IJ
MUPDGV7S(=SG,>!M...<T 4=,MB?@3K=S+$&VZG$L3L,[>!N /;M0!VNDZMX6
MN_@-<:8MQ&FI0V?^EM!;YE0>;P6Z9&=O>@#S_49+^P\'Z<T7B33]4TI'S'8,
MGSQL<]5(SW/?O0!TOQ0\4:7KEIX+1)HA<6D8-Y;JIQ#D1D#GM@&@"QXM\2>$
MY?B_X5U+1[JU32K3RC/)!%L1")"3D #MB@"+7-<FO?C!JKP7FD:48 Q6]NH-
MX*[!C/7)(/I0!G?"7Q#I?A[Q]J=]K.HPPP2VTJ+/M(1V+C& !P#@F@#4^!&J
MV-K\1-32:Y57OHF2W!S^\;?NP/P!- '7?M$WUS!H.C6T=S)%;W,["9%; < #
MKZB@#Q;4[EO#4]YI.@>)?MFDWJJ9)(,IN /1AV(]NM 'T=\'+#1]/\*7":-K
MC:O')/OEE9"OEOL7*X/^>: /+_C?JVE:C\1](A6Y22.S18KL8/[L[\D'\#0!
MYY=075MK=_X;LI2UG=WR@*!]\!CY9_)L_C0!V'@B_P!&T;XZ)(MTB:=&\D$,
MF.&.S8/S- $=MKDUYX]\0SPSZ-H&UIBTEU;[]PW[2O?YCU/'K0!>^#NO:'I-
MGXKAUJ[@1;B%6194W*^-V3C'J5H S/A;J.@66D^+%UTVP:2S'D>=$&.[YAQP
M<'++^E #?#%_:M\%/%^EB4-?--%<"$*2?+#("WTS0!+J/BGPG/\ !BRT&VM5
M&OH5,D@M@""&))+]^#B@"Y\1+6"#X6>!9(;>.(RQL9&1 -QVC!)'4]: ,W5K
MS^U+_P -+>^*K#4# R+%%:6C Q<K\K' ] /SH TM4C^S_$_Q!/X;\51Z;>;I
M3(;N+8/O ,@;!!YZ<=J .K_9[U 7=]KT36]L)8UC)FB7#/DD<_EG\: ,C]H/
M7-,U#6M'LK6[26YL&D6Y0 YC)V$9_*@#LK_XTZ?;ZSH6DZ"MOJD=V4BFEWLI
MB)('3'- 'G-]XDT>/]H@ZVU\@TV.Y&Z?!VC$84_KQ0!W]O\ '*SO?&TVCB"W
M&C*)"-1$C?=5"V=N/48H \7\%Z0GB'Q-<6*>)#H\MPVV!ANS.6;A/E_K0![3
MHWP*L],L3#>:Q/-.SEV:.,!>WK]* /1_$OA31_%VGK8ZS:^?"C[TPQ4HWJ"*
M *MEX(\.:?X<FT"VTU%TV8_OHB3^\/J3USP* &^%O 'ASPA--/HUCY4TR[6D
M=RS8ZXYZ"@""^^&/@S4[^:\N] MY+B9MTCY8;CZX!H E7X=>$4T=]*70[=;%
MY!*T0+?,PZ$G.: *J?"CP-''*B>'H K@!QO?D Y]?44 8?BKX2Z"WAZXM?#N
MD6-E>W.(S/*TAV+D$D#)YX% '9>%/#L/A/PS9:+#,\R6R8+L.6)Y)_,F@#+N
MOA=X)O[N:ZN/#UNTTK%G8%AD_0'% &AH?@CPUX:FGFT?28;629=CLN3E?3D]
M* ,R3X3^!9I7D?PY;EW)8G<XY/L#0!JIX/\ #R>'I-!32H%TIS\UN <$YSG/
M7/'6@#.TWX9^$-*L[FUMM&C\JZC\J?>S$R+G."<^N/RH @'PC\"9'_%.P<?[
M;_XT 6+WX8^#-2O9+R]T&"6>3&YBS#H,#H?0"@"#_A4?@-<$>'+<$?[;_P"-
M %B]^&7@S4;Q[N\T""6=\;G+,,X  Z'VH K_ /"I/ ;,2?#EOD\_?<?UH MZ
M;\-O!^BZA#J.G:'#!=P'='(K,2IQCN: -37/#6C^)K5+76K"*\AC;<@?.5/J
M".: ,./X5>!HXY$3PY:A91ALECQUXR>.E &YH/AK2/#-I):Z-8I9PR/YCHA)
M!;&,\GT H R-0^&?@W5=0GOKW0H9KJ=MTDC.P+'UX- $@^'7A-]535#HL)O4
M*LLI9L@J %[]@!0!!'\+_!<=\MZF@0"Y63S5?<W#9SGKZT +<_##P7?W\U[=
M>'[>2XF<O(Y+#<QZG .* &Q_"KP/$9/+\/6Z^8NQL,_(_.@!$^%'@:-9%3P[
M HD&UAO?D9!QU]0* *6K_##1+3PYJD/ABUBTC4+N#R?M",Q^7<"5.2>#C!H
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;]@OK+0H8;FW<21R!W)5AR#UH ZW;GJ: /__9

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