<SEC-DOCUMENT>9999999997-11-009767.txt : 20110503
<SEC-HEADER>9999999997-11-009767.hdr.sgml : 20110503
<ACCEPTANCE-DATETIME>20110503171205
ACCESSION NUMBER:		9999999997-11-009767
CONFORMED SUBMISSION TYPE:	CT ORDER
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110503
DATE AS OF CHANGE:		20110503
<ACTION-DATE>20110503
<RECEIVED-DATE>20110503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOVADO GROUP INC
		CENTRAL INDEX KEY:			0000072573
		STANDARD INDUSTRIAL CLASSIFICATION:	WATCHES, CLOCKS, CLOCKWORK OPERATED DEVICES/PARTS [3873]
		IRS NUMBER:				132595932
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CT ORDER
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16497
		FILM NUMBER:		11806377

	BUSINESS ADDRESS:	
		STREET 1:		650 FROM ROAD
		STREET 2:		SUITE 375
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
		BUSINESS PHONE:		201-267-8000

	MAIL ADDRESS:	
		STREET 1:		650 FROM ROAD
		STREET 2:		SUITE 375
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN WATCH CORP
		DATE OF NAME CHANGE:	19930916
</SEC-HEADER>
<DOCUMENT>
<TYPE>CT ORDER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C0X(#`@;V)J#3P\+TQI;F5A<FEZ960@,2],(#$S
M,S,X+T\@-3`O12`W,#8U+TX@,2]4(#$R,S,Q+T@@6R`U-38@,3<V73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HT."`Q,PT*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.#DY(#`P,#`P(&X-"C`P,#`P,#$Q-S(@
M,#`P,#`@;@T*,#`P,#`P,30Q-2`P,#`P,"!N#0HP,#`P,#`Q.#0T(#`P,#`P
M(&X-"C`P,#`P,#$X-SD@,#`P,#`@;@T*,#`P,#`P,S,V,2`P,#`P,"!N#0HP
M,#`P,#`S.#`S(#`P,#`P(&X-"C`P,#`P,#8T.38@,#`P,#`@;@T*,#`P,#`P
M-C<T-2`P,#`P,"!N#0HP,#`P,#`V.3@X(#`P,#`P(&X-"C`P,#`P,#`W,S(@
M,#`P,#`@;@T*,#`P,#`P,#4U-B`P,#`P,"!N#0IT<F%I;&5R#0H\/"]3:7IE
M(#8Q+U!R978@,3(S,C`O6%)E9E-T;2`W,S(O4F]O="`T.2`P(%(O26YF;R`V
M(#`@4B])1%L\,T-#.#8S-$0S,3,V1C)!0CA#034W0S$W0C!&1D4P1$4^/#`S
M,30P-3(R.4(W-C0Q-#5!,SDY0C,R,C=&1#0W-3-#/ET^/@T*<W1A<G1X<F5F
M#0HP#0HE)45/1@T*("`-"C8P(#`@;V)J#3P\+TQE;F=T:"`X-B]#(#DU+T9I
M;'1E<B]&;&%T941E8V]D92])(#$Q-R],(#<Y+U,@,SD^/G-T<F5A;0T*>-IB
M8&#@9&!@?L(`!.*L#*B`"8A9&#@.,`@@"7)",0.#,@,/+V,7`^MRR:HDWH0+
M3`M@FN34H9JM@)B1@4'J)81FMH.;PL;`H%<)$67X#A!@`"Q.";(-"F5N9'-T
M<F5A;0UE;F1O8FH--3D@,"!O8FH-/#PO3&5N9W1H(#(P+T9I;'1E<B]&;&%T
M941E8V]D92]76S$@,2`Q72]);F1E>%LW(#0Q72]$96-O9&5087)M<SP\+T-O
M;'5M;G,@,R]0<F5D:6-T;W(@,3(^/B]3:7IE(#0X+U1Y<&4O6%)E9CX^<W1R
M96%M#0IXVF)B8F1@8F!@',P8(,``*<P`?@T*96YD<W1R96%M#65N9&]B:@TT
M.2`P(&]B:@T\/"]-87)K26YF;SP\+TQE='1E<G-P86-E1FQA9W,@,"]-87)K
M960@=')U93X^+TUE=&%D871A(#4@,"!2+U!I96-E26YF;SP\+TUA<FME9%!$
M1CP\+TQA<W1-;V1I9FEE9"A$.C(P,3$P-3`S,3<P-S0R*3X^/CXO4&%G97,@
M-"`P(%(O4&%G94QA>6]U="]/;F5#;VQU;6XO4W1R=6-T5')E95)O;W0@-R`P
M(%(O5'EP92]#871A;&]G+TQA;F<H_O\`10!.`"T`50!3*2],87-T36]D:69I
M960H1#HR,#$Q,#4P,S$W,#<T,BDO4&%G94QA8F5L<R`R(#`@4CX^#65N9&]B
M:@TU,"`P(&]B:@T\/"]#<F]P0F]X6S`@,"`V,3(@-SDR72]087)E;G0@-"`P
M(%(O4W1R=6-T4&%R96YT<R`P+T-O;G1E;G1S(#4S(#`@4B]2;W1A=&4@,"]-
M961I84)O>%LP(#`@-C$R(#<Y,ETO4F5S;W5R8V5S/#PO0V]L;W)3<&%C93P\
M+T-3,"`U,B`P(%(^/B]&;VYT/#PO5%0P(#4Q(#`@4B]45#$@-30@,"!2/CXO
M4')O8U-E=%LO4$1&+U1E>'1=+T5X=$=3=&%T93P\+T=3,"`U."`P(%(^/CX^
M+U1Y<&4O4&%G93X^#65N9&]B:@TU,2`P(&]B:@T\/"]3=6)T>7!E+U1R=654
M>7!E+T9O;G1$97-C<FEP=&]R(#4V(#`@4B],87-T0VAA<B`Q,C$O5VED=&AS
M6S(U,"`P(#`@-3`P(#`@,"`P(#`@,"`P(#`@,"`R-3`@,S,S(#(U,"`P(#4P
M,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@,"`U,#`@,"`P(#`@,"`P
M(#`@,"`W,C(@,"`W,C(@-S(R(#8V-R`V,3$@-S<X(#<W."`S.#D@,"`P(#8V
M-R`Y-#0@-S(R(#<W."`P(#`@-S(R(#4U-B`V-C<@-S(R(#`@,"`W,C(@,"`P
M(#`@,"`P(#`@,"`P(#4P,"`P(#0T-"`U-38@-#0T(#`@,"`P(#(W."`P(#`@
M,C<X(#`@-34V(#4P,"`U-38@,"`T-#0@,"`P(#4U-B`U,#`@,"`P(#4P,%TO
M0F%S949O;G0O5&EM97-.97=2;VUA;E!3+4)O;&1-5"]&:7)S=$-H87(@,S(O
M16YC;V1I;F<O5VEN06YS:45N8V]D:6YG+U1Y<&4O1F]N=#X^#65N9&]B:@TU
M,B`P(&]B:@U;+TE#0T)A<V5D(#4U(#`@4ET-96YD;V)J#34S(#`@;V)J#3P\
M+TQE;F=T:"`Q-#$Q+T9I;'1E<B]&;&%T941E8V]D93X^<W1R96%M#0I(B917
M;6^C.!#^'NG^PTCWQ9P"Q0XO8;5:*<U+-W>;]-10Z:3-Z43`:3A1R`+9;O_]
MC6U>$DJN6BK5V+5GGIEYGC&]]0<W?\+'CS>KZ7(&)GSZ=#N;PN!FNC$A+'!!
M_$`1IH.;.UQZ*@8WOF\"!7\_T$W#-$U\#:%^>P'*Y!$<F$4-AX%KCHVQ!?[S
MX"N!]GE<+S7=(?Y\!AM_XL\WH/WM_SZ8KX3W%A&M$2EG3N/,$<YTR@QG9.-H
M4!O\:$!`\_\=C`T7%TVQ\)5LYM/'AZ4OO:&7R7H&<TVWR%_3SY/UG7R%Z?UJ
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M#$`.ZM2Q/!=TF"Y^!>8XMM-KD;;J]GU:2;@R*L!87?;^U/-/Y]G^HL9^*(VL
MZ?A2.;V[&_GIE]M[-X\NRCCV+CL&9A/;D*8SUQYW:R@Z1*I1@J4L-)V:Y*3I
M'MGAJT6>)=6D';>5OULQPZ(-@>.RY!$$*03'8Q*'@6:3,LY2.*6:0R*>P\,)
M*\<LG.UT!CG_=N*%V(1N2)P^0>,((ZD=L5%-'.&IR<!7$F;I7K-('/&TC(6O
M!,J<2Z?/FD=P%<3?,]'E<HA3-:$D%W\-)+"X!/XC%$<%@E/$^R*E$@"*=V0W
MD4:PSS-A!\H#A_F/0[R+RP+*#`)89-(#<D[_`_;(U:B-2RE+OVP*PNY97(AK
M<LSC!%S5/8<0%!`\:V/"994B'AE7+@SKK>(:";W9;)^IK.:%26Z#`@$CAIP?
M<UY@%F6J"MB]0E?WO=F2_9=1PW.:;(G^X)'R$)28KKB0M?"ZM?AV"I)X'_-"
MA-M:MEHB2,MZ9;I#A(H%"839\S//0_&:Y9C^-$CE!'UFN::[1"0R:.W;;4%L
M66?7\+P:>,5>05U1YT7.>90)`Y#M,7YIT5$6Y=9)6`[/L+<DIE056QIO56S#
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MT*1@J8D-!-\MRR;5$@[B=WE`H3X=JL49#[F(9(=D5BLC;"WJC8GL:(PQ4]Z!
M_8'T7.?7`_'^]ZOQHN,LJD1/4;DBG85@_5#TFXX,^D1+U34T-CQ:$:,1RYD*
MAEC4O#@%J61^0XXN+%W9D1\$%=^1&T^!O-5.Y2'+X_+U0V_`S/R)[##ZY@/G
MS1;V_I;FMD>*R(S4!!'/K:@L(SD.EN"H')Y4N:M9*68C.5B"X3AX-86^B('6
M.X]B9LL!6?:LR2^(0!U(U8&TIE[O_Q#6Y5VCGHWR<50G*_^A&BK'E8]$S2IL
M4Q5:IF8GA:WR7Z@#O#V'$8)FN5>AV1>%NYYMY_V"N.]O&;^_Y>W7[YM_G<S^
M+7-_\)\``P!]&(96#0IE;F1S=')E86T-96YD;V)J#34T(#`@;V)J#3P\+U-U
M8G1Y<&4O5')U951Y<&4O1F]N=$1E<V-R:7!T;W(@-3<@,"!2+TQA<W1#:&%R
M(#$R,2]7:61T:'-;,C4P(#`@,"`P(#`@,"`P(#`@,S,S(#,S,R`P(#`@,C4P
M(#,S,R`R-3`@,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#`@
M,"`R-S@@,"`P(#`@,"`P(#`@-S(R(#8V-R`V-C<@-S(R(#8Q,2`U-38@-S(R
M(#`@,S,S(#`@-S(R(#8Q,2`X.#D@,"`P(#`@,"`V-C<@-34V(#`@-S(R(#`@
M,"`P(#`@,"`P(#`@,"`P(#4P,"`P(#0T-"`U,#`@-#0T(#4P,"`T-#0@,S,S
M(#4P,"`U,#`@,C<X(#`@,"`R-S@@-S<X(#4P,"`U,#`@-3`P(#4P,"`S,S,@
M,S@Y(#(W."`U,#`@-3`P(#<R,B`U,#`@-3`P72]"87-E1F]N="]4:6UE<TYE
M=U)O;6%N4%--5"]&:7)S=$-H87(@,S(O16YC;V1I;F<O5VEN06YS:45N8V]D
M:6YG+U1Y<&4O1F]N=#X^#65N9&]B:@TU-2`P(&]B:@T\/"],96YG=&@@,C4Y
M."]&:6QT97(O1FQA=&5$96-O9&4O3B`S+T%L=&5R;F%T92]$979I8V521T(^
M/G-T<F5A;0T*:-Z<EG=45-<6A\^]=WJAS3#2&7J3+C"`]"X@'011&&8&&,H`
MPPQ-;(BH0$01$0%%D*"``:.A2*R(8B$HJ&`/2!!08C"*J*AD1M9*?'EY[^7E
M]\>]W]IG[W/WV7N?M2X`)$\?+B\%E@(@F2?@!WHXTU>%1]"Q_0`&>(`!I@`P
M6>FIOD'NP4`D+S<7>KK("?R+W@P!2/R^9>CI3Z>#_T_2K%2^``#(7\3F;$XZ
M2\3Y(D[*%*2*[3,BIL8DBAE&B9DO2E#$<F*.6^2EGWT6V5',[&0>6\3BG%/9
MR6PQ]XAX>X:0(V+$1\0%&5Q.IHAOBU@S29C,%?%;<6PRAYD.`(HDM@LXK'@1
MFXB8Q`\.=!'Q<@!PI+@O..8+%G"R!.)#N:2D9O.Y<?$"NBY+CVYJ;<V@>W(R
MDS@"@:$_DY7(Y+/I+BG)J4Q>-@"+9_XL&7%MZ:(B6YI:6UH:FAF9?E&H_[KX
M-R7N[2*]"OC<,XC6]X?MK_Q2Z@!@S(IJL^L/6\Q^`#JV`B!W_P^;YB$`)$5]
M:[_QQ7EHXGF)%PA2;8R-,S,SC;@<EI&XH+_K?SK\#7WQ/2/Q=K^7A^[*B64*
MDP1T<=U8*4DI0CX]/97)XM`-_SS$_SCPK_-8&LB)Y?`Y/%%$J&C*N+PX4;MY
M;*Z`F\*C<WG_J8G_,.Q/6IQKD2CUGP`UR@A(W:`"Y.<^@*(0`1)Y4-SUW_OF
M@P\%XIL7ICJQ./>?!?W[KG")^)'.C?L<YQ(83&<)^1F+:^)K"="``"0!%<@#
M%:`!=($A,`-6P!8X`C>P`OB!8!`.U@(6B`?)@`\R02[8#`I`$=@%]H)*4`/J
M02-H`2=`!S@-+H#+X#JX">Z`!V`$C(/G8`:\`?,0!&$A,D2!Y"%52`LR@,P@
M!F0/N4$^4"`4#D5#<1`/$D*YT!:H""J%*J%:J!'Z%CH%78"N0@/0/6@4FH)^
MA=[#"$R"J;`RK`T;PPS8"?:&@^$U<!R<!N?`^?!.N`*N@X_![?`%^#I\!QZ!
MG\.S"$"("`U10PP1!N*"^"$12"S"1S8@A4@Y4H>T(%U(+W(+&4&FD7<H#(J"
MHJ,,4;8H3U0(BH5*0VU`%:,J44=1[:@>U"W4*&H&]0E-1BNA#=`V:"_T*G0<
M.A-=@"Y'-Z#;T)?0=]#CZ#<8#(:&T<%883PQX9@$S#I,,>8`IA5S'C.`&</,
M8K%8>:P!U@[KAV5B!=@"['[L,>PY["!V'/L61\2IXLQP[K@('`^7ARO'->'.
MX@9Q$[AYO!1>"V^#]\.S\=GX$GP]O@M_`S^.GR=($W0(=H1@0@)A,Z&"T$*X
M1'A(>$4D$M6)UL0`(I>XB5A!/$Z\0APEOB/)D/1)+J1(DI"TDW2$=)YTC_2*
M3"9KDQW)$60!>2>YD7R1_)C\5H(B823A)<&6V"A1)=$N,2CQ0A(OJ27I)+E6
M,D>R7/*DY`W):2F\E+:4BQ13:H-4E=0IJ6&I66F*M*FTGW2R=+%TD_15Z4D9
MK(RVC)L,6R9?YK#,19DQ"D+1H+A06)0ME'K*)<HX%4/5H7I1$ZA%U&^H_=09
M61G99;*ALEFR5;)G9$=H"$V;YD5+HI703M"&:.^7*"]Q6L)9LF-)RY+!)7-R
MBG*.<ARY0KE6N3MR[^7I\F[RB?*[Y3OD'RF@%/05`A0R%0XJ7%*85J0JVBJR
M%`L53RC>5X*5])4"E=8I'5;J4YI55E'V4$Y5WJ]\47E:A:;BJ)*@4J9R5F5*
ME:)JK\I5+5,]I_J,+DMWHB?1*^@]]!DU)35/-:%:K5J_VKRZCGJ(>IYZJ_HC
M#8(&0R-6HTRC6V-&4U735S-7LUGSOA9>BZ$5K[5/JU=K3EM'.TQ[FW:']J2.
MG(Z73HY.L\Y#7;*N@VZ:;IWN;3V,'D,O4>^`WDU]6-]"/UZ_2O^&`6Q@:<`U
M.&`PL!2]U'HI;VG=TF%#DJ&3889AL^&H$<W(QRC/J,/HA;&F<83Q;N->XT\F
M%B9))O4F#TQE3%>8YIEVF?YJIF_&,JLRNVU.-G<WWVC>:?YRF<$RSK*#R^Y:
M4"Q\+;99=%M\M+2RY%NV6$Y9:5I%6U5;#3.H#']&,>.*-=K:V7JC]6GK=S:6
M-@*;$S:_V!K:)MHVV4XNUUG.65Z_?,Q.W8YI5VLW8D^WC[8_9#_BH.;`=*AS
M>.*HX<AV;'"<<-)S2G`ZYO3"V<29[]SF/.=BX[+>Y;PKXNKA6NC:[R;C%N)6
MZ?;87=T]SKW9?<;#PF.=QWE/M*>WYV[/82]E+Y97H]?,"JL5ZU?T>).\@[PK
MO9_XZ/OP?;I\8=\5OGM\'Z[46LE;V>$'_+S\]O@]\M?Q3_/_/@`3X!]0%?`T
MT#0P-[`WB!(4%=04]";8.;@D^$&(;H@PI#M4,C0RM#%T+LPUK#1L9)7QJO6K
MKH<KA'/#.R.P$:$1#1&SJ]U6[UT]'FD161`YM$9G3=::JVL5UB:M/1,E&<6,
M.AF-C@Z+;HK^P/1CUC%G8[QBJF-F6"ZL?:SG;$=V&7N*8\<IY4S$VL66QD[&
MV<7MB9N*=X@OCY_FNG`KN2\3/!-J$N82_1*/)"XDA26U)N.2HY-/\61XB;R>
M%)64K)2!5(/4@M21-)NTO6DS?&]^0SJ4OB:]4T`5_4SU"76%6X6C&?8951EO
M,T,S3V9)9_&R^K+ULW=D3^2XYWR]#K6.M:X[5RUW<^[H>J?UM1N@#3$;NC=J
M;,S?.+[)8]/1S83-B9M_R#/)*\U[O25L2U>^<OZF_+&M'EN;"R0*^`7#VVRW
MU6Q';>=N[]]AOF/_CD^%[,)K129%Y44?BEG%U[XR_:KBJX6=L3O[2RQ+#N["
M[.+M&MKML/MHJ71I3NG8'M\][67TLL*RUWNC]EXM7U9>LX^P3[AOI,*GHG._
MYOY=^S]4QE?>J7*N:JU6JMY1/7>`?6#PH./!EAKEFJ*:]X>XA^[6>M2VUVG7
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MA6_EWQY]QWC7^S[L_<1\Y@?LAXJ/>A^[/GE_>KB0O+#PFP`#`/>$\_L*#0IE
M;F1S=')E86T-96YD;V)J#34V(#`@;V)J#3P\+U-T96U6(#$S-B]&;VYT3F%M
M92]4:6UE<TYE=U)O;6%N4%,M0F]L9$U4+T9O;G13=')E=&-H+TYO<FUA;"]&
M;VYT5V5I9VAT(#<P,"]&;&%G<R`S-"]$97-C96YT("TR,38O1F]N=$)";WA;
M+34U."`M,S`W(#(P,#`@,3`R-ETO07-C96YT(#@Y,2]&;VYT1F%M:6QY*%1I
M;65S($YE=R!2;VUA;BDO0V%P2&5I9VAT(#8U-B]82&5I9VAT("TU-#8O5'EP
M92]&;VYT1&5S8W)I<'1O<B])=&%L:6-!;F=L92`P/CX-96YD;V)J#34W(#`@
M;V)J#3P\+U-T96U6(#@R+T9O;G1.86UE+U1I;65S3F5W4F]M86Y04TU4+T9O
M;G13=')E=&-H+TYO<FUA;"]&;VYT5V5I9VAT(#0P,"]&;&%G<R`S-"]$97-C
M96YT("TR,38O1F]N=$)";WA;+34V."`M,S`W(#(P,#`@,3`P-UTO07-C96YT
M(#@Y,2]&;VYT1F%M:6QY*%1I;65S($YE=R!2;VUA;BDO0V%P2&5I9VAT(#8U
M-B]82&5I9VAT("TU-#8O5'EP92]&;VYT1&5S8W)I<'1O<B])=&%L:6-!;F=L
M92`P/CX-96YD;V)J#34X(#`@;V)J#3P\+T]032`Q+T]0(&9A;'-E+V]P(&9A
M;'-E+U1Y<&4O17AT1U-T871E+U-!(&9A;'-E+U--(#`N,#(^/@UE;F1O8FH-
M,2`P(&]B:@T\/"]&:7)S="`S,34O3&5N9W1H(#<S-"]&:6QT97(O1FQA=&5$
M96-O9&4O3B`T,2]4>7!E+T]B:E-T;3X^<W1R96%M#0IXVMR474_;,!2&]U-\
MN5TP?^=#0I5*H5)5*(@4[0+M(A3312M)Y:;3^/=[[4,I<('JFTF;U/3D.*^?
M8Y\W3LX$*Y@4@I5,6X4[IG/)I&2V1%`LTPB:Y58S:5B1YTS:H!=,9I`IY/AI
M@T%P=(F_$DHKF8+$E)8I`*PNF0+=%IHID#+,4P81M12FYD@4>'E6L(`L4%D!
M55CHP"N%8AJ\TN0L+*@LD4,B-'(@18$<B+`>'4KFR#.4Q.(@42I##K06R+&4
ML%4C$,N<&2S!&.3@F3)C!CR+00.>+9"#%[I@P,MRY.#EV-3Q,9^B=X)=\ZO:
MN[:?>^?0QK<#,_>[G[HG)OEUMW(7]3JT.$CF3VO'J]YO%U%WW74]'ZWJS29J
M9-`,!J'&+?:`)/0WAE@A=#<&24%1T!0,!4LAHT`4111%%$T4311-%$T4311-
M%$T4311-%$T40Q1#%$,40Q1#%$,40Q03*=_Y%8LWO.*56_3\O&Z7G\]F1S?5
MIR]Q[[/MX^8VOFE!'H<F[:II7?6C1O?&S7+K'3_UW7I4KW?IY;8/$EZMZY97
MV[O-PC?K?I>NG7\],+\<XAKA&L<(0YJ?KMON'L.]D^XW/VU^\5GG'^L5O^)G
M[7W;]0X#^!O#MWUVT]X[OZ\.ZB1@)WSLZT<7,6^6CO(DH.W&"K>2&BBI@9(:
M*.V^!V`OW/"A=YZ)KR(N<KAJEMA>7_N>7Z*13V$+WWS3-^WRHKMW_-S/[VCB
MB7OHO'N9.<&2VSZFV-BK+,+V^5^J?)2KU-HCJ)S_U[9]I)7YL'A\/AC\O\<?
MC1TR>MGY:'>\IDS@LU`\?Q9V9V[)K'CY(@Z?C\;K2?*`251IRE2"5B=H38+6
M)FBS`[3F?4/RA`)%@K9,T$IQ\,HA3K%0IG@H4TR4*2[*%!ME=O"+#7&*?S+%
M0)GBH!(IXJ1#F.*@.L1!^_X(J!0K58J5*DL1IUBI4JQ4*5;JCZW\(\``YA0#
M/PT*96YD<W1R96%M#65N9&]B:@TR(#`@;V)J#3P\+TYU;7-;,"`S(#`@4ET^
M/@UE;F1O8FH-,R`P(&]B:@T\/"]3+T0^/@UE;F1O8FH--"`P(&]B:@T\/"]#
M;W5N="`Q+U1Y<&4O4&%G97,O2VED<ULU,"`P(%)=/CX-96YD;V)J#34@,"!O
M8FH-/#PO4W5B='EP92]834PO3&5N9W1H(#,Y.3$O5'EP92]-971A9&%T83X^
M<W1R96%M#0H\/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835`@0V]R92`T+C`M8S,R,2`T-"XS
M.3@Q,38L(%1U92!!=6<@,#0@,C`P.2`Q-#HR-#HS.2(^"B`@(#QR9&8Z4D1&
M('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M
M<WEN=&%X+6YS(R(^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T
M/2(B"B`@("`@("`@("`@('AM;&YS.G!D9CTB:'1T<#HO+VYS+F%D;V)E+F-O
M;2]P9&8O,2XS+R(^"B`@("`@("`@(#QP9&8Z4')O9'5C97(^06-R;V)A="!$
M:7-T:6QL97(@."XR+C8@*%=I;F1O=W,I/"]P9&8Z4')O9'5C97(^"B`@("`@
M(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIP9&9X/2)H='1P.B\O;G,N
M861O8F4N8V]M+W!D9G@O,2XS+R(^"B`@("`@("`@(#QP9&9X.D-O;7!A;GD^
M4T5#/"]P9&9X.D-O;7!A;GD^"B`@("`@("`@(#QP9&9X.E-O=7)C94UO9&EF
M:65D/D0Z,C`Q,3`U,#,R,3`W,C0\+W!D9G@Z4V]U<F-E36]D:69I960^"B`@
M("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N
M(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIX87`](FAT='`Z+R]N
M<RYA9&]B92YC;VTO>&%P+S$N,"\B/@H@("`@("`@("`\>&%P.D-R96%T;W)4
M;V]L/D%C<F]B870@4$1&36%K97(@."XQ(&9O<B!7;W)D/"]X87`Z0W)E871O
M<E1O;VP^"B`@("`@("`@(#QX87`Z36]D:69Y1&%T93XR,#$Q+3`U+3`S5#$W
M.C`W.C0R+3`T.C`P/"]X87`Z36]D:69Y1&%T93X*("`@("`@("`@/'AA<#I#
M<F5A=&5$871E/C(P,3$M,#4M,#-4,3<Z,#<Z-#`M,#0Z,#`\+WAA<#I#<F5A
M=&5$871E/@H@("`@("`@("`\>&%P.DUE=&%D871A1&%T93XR,#$Q+3`U+3`S
M5#$W.C`W.C0R+3`T.C`P/"]X87`Z365T861A=&%$871E/@H@("`@("`\+W)D
M9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O
M=70](B(*("`@("`@("`@("`@>&UL;G,Z>&%P34T](FAT='`Z+R]N<RYA9&]B
M92YC;VTO>&%P+S$N,"]M;2\B/@H@("`@("`@("`\>&%P34TZ1&]C=6UE;G1)
M1#YU=6ED.C8Q930T,3AD+38P,F0M-&)C-BTX,S$U+35E,3<X-C)C9&,V.3PO
M>&%P34TZ1&]C=6UE;G1)1#X*("`@("`@("`@/'AA<$U-.DEN<W1A;F-E240^
M=75I9#IE-#8R8S0U82UD9C4P+30R.3`M.6%F8RUA,V$X9#$T.&9D8F(\+WAA
M<$U-.DEN<W1A;F-E240^"B`@("`@("`@(#QX87!-33IS=6)J96-T/@H@("`@
M("`@("`@("`\<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL:3XX/"]R
M9&8Z;&D^"B`@("`@("`@("`@(#PO<F1F.E-E<3X*("`@("`@("`@/"]X87!-
M33IS=6)J96-T/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z
M9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O(CX*("`@("`@
M("`@/&1C.F9O<FUA=#YA<'!L:6-A=&EO;B]P9&8\+V1C.F9O<FUA=#X*("`@
M("`@("`@/&1C.F-R96%T;W(^"B`@("`@("`@("`@(#QR9&8Z4V5Q/@H@("`@
M("`@("`@("`@("`\<F1F.FQI/F=R:69F:6YR/"]R9&8Z;&D^"B`@("`@("`@
M("`@(#PO<F1F.E-E<3X*("`@("`@("`@/"]D8SIC<F5A=&]R/@H@("`@("`@
M("`\9&,Z=&ET;&4^"B`@("`@("`@("`@(#QR9&8Z06QT/@H@("`@("`@("`@
M("`@("`\<F1F.FQI('AM;#IL86YG/2)X+61E9F%U;'0B+SX*("`@("`@("`@
M("`@/"]R9&8Z06QT/@H@("`@("`@("`\+V1C.G1I=&QE/@H@("`@("`\+W)D
M9CI$97-C<FEP=&EO;CX*("`@/"]R9&8Z4D1&/@H\+W@Z>&UP;65T83X*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD/2)W(C\^#0IE;F1S
M=')E86T-96YD;V)J#38@,"!O8FH-/#PO0W)E871I;VY$871E*$0Z,C`Q,3`U
M,#,Q-S`W-#`M,#0G,#`G*2]!=71H;W(H9W)I9F9I;G(I+T-R96%T;W(H06-R
M;V)A="!01$9-86ME<B`X+C$@9F]R(%=O<F0I+U!R;V1U8V5R*$%C<F]B870@
M1&ES=&EL;&5R(#@N,BXV(%PH5VEN9&]W<UPI*2]-;V1$871E*$0Z,C`Q,3`U
M,#,Q-S`W-#(M,#0G,#`G*2]#;VUP86YY*%-%0RDO4V]U<F-E36]D:69I960H
M1#HR,#$Q,#4P,S(Q,#<R-"DO5&ET;&4H*3X^#65N9&]B:@UX<F5F#0HP(#0X
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#<P-C4@,#`P,#`@;@T*,#`P
M,#`P-S@Y-2`P,#`P,"!N#0HP,#`P,#`W.3(Y(#`P,#`P(&X-"C`P,#`P,#<Y
M-3,@,#`P,#`@;@T*,#`P,#`P.#`P-2`P,#`P,"!N#0HP,#`P,#$R,#<S(#`P
M,#`P(&X-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0IT<F%I;&5R#0H\/"]3:7IE(#0X/CX-"G-T87)T
2>')E9@T*,3$V#0HE)45/1@T*
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
