<SEC-DOCUMENT>0001193125-14-128741.txt : 20140605
<SEC-HEADER>0001193125-14-128741.hdr.sgml : 20140605
<ACCEPTANCE-DATETIME>20140403060903
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-128741
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001132105
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				391795614
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706
		BUSINESS PHONE:		801-556-6681

	MAIL ADDRESS:	
		STREET 1:		7035 HIGH TECH DRIVE
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047-3706

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMAN'S WAREHOUSE HOLDINGS, INC
		DATE OF NAME CHANGE:	20131211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPORTSMANS WAREHOUSE HOLDINGS INC
		DATE OF NAME CHANGE:	20010109
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<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="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g703435img.jpg" ALT="LOGO">
</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BEIJING</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BRUSSELS</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CENTURY CITY</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HONG KONG</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JAKARTA&#134;</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LONDON</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEWPORT BEACH</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>NEW YORK</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>400 South Hope Street<BR>Los Angeles, California 90071-2899</B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TELEPHONE (213) 430-6000</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FACSIMILE (213) 430-6407</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>www.omm.com</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SAN FRANCISCO</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SEOUL</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SHANGHAI</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SILICON VALLEY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SINGAPORE</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>TOKYO</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>WASHINGTON, D.C</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;3, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mara L. Ransom </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assistant Director </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">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-3628 </P> <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>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Sportsman&#146;s Warehouse Holdings, Inc. </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Registration Statement on Form S-1 <U> </U></B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;<U></U></B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>File No.&nbsp;333-194421
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Ransom: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>On behalf of
Sportsman&#146;s Warehouse Holdings, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), this letter sets forth an updated stock split ratio to our letter to the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange
Commission (the &#147;<B>Commission</B>&#148; or the &#147;<B>SEC</B>&#148;) dated April&nbsp;1, 2014 (the &#147;<B>April 1 Letter</B>&#148;) regarding the above referenced Registration Statement on Form S-1 (the &#147;<B>Registration
Statement</B>&#148;). <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the April&nbsp;1 Letter, the Company supplemented its response to the Staff&#146;s comment 34 of its
letter to the Company dated January&nbsp;10, 2014 relating to the Registration Statement. The Company hereby notifies the Staff that the Company has revised its expected stock split ratio to an expected 2.87-for-1 stock split by the Company prior to
the effectiveness of the Registration Statement. The estimated price range of $11.00 to $13.00 set forth in the April&nbsp;1 Letter remains unchanged. The $12.00 per share midpoint of the Price Range equates to $34.44 per share before giving effect
to the revised expected stock split. As a result of the revised expected stock split, the estimated fair market value of the restricted stock unit awards granted on November&nbsp;18, 2013 and December&nbsp;10, 2013 is $7.06 per share on a post-split
basis ($20.26 per share on a pre-split basis). </P> <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>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top">In association with Tumbuan &amp; Partners </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Mara L. Ransom, April 3, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted in the April&nbsp;1 Letter, the Company intends to supplement its disclosure under
&#147;Management&#146;s Discussion and Analysis&#151;Restricted Stock Unit Awards and Common Stock Valuation&#148; in its next filing to include the following disclosure: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;We and the underwriters determined the price range of our common stock to be between $11.00 and $13.00 per share (on a post-split
basis). We believe that the difference in value reflected between the midpoint of the estimated price range of $12.00 and our determination of fair value of our restricted nonvoting common stock of $7.06 per share (on a post-split basis) on
November&nbsp;18, 2013 and December&nbsp;10, 2013 is primarily the result of the following factors: </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>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the valuation prepared as of September&nbsp;30, 2013 contained multiple valuation scenarios, including this offering to which we assigned a probability weighting of 60 percent; </TD></TR></TABLE>
<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>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our fourth quarter of fiscal year 2013 reflected a 3.0% growth in gross profit and a 233.6% growth in net income from the third quarter of fiscal year 2013 (or 2.0% growth in net income excluding the impact of $4.9
million in one-time charges for the repayment of our term loan in the third quarter of fiscal year 2013); and </TD></TR></TABLE> <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>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the estimated offering price necessarily assumes that this offering has occurred and a public market for our common stock has been created. Therefore, the estimated offering price excludes the marketability and
illiquidity discounts used in our September&nbsp;30, 2013 valuation report.&#148; </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the fair value
of a share of restricted nonvoting common stock applicable to each restricted stock unit award was appropriate at the applicable valuation dates and demonstrated the efforts of the Company&#146;s board of directors and the Company to consider all
relevant factors available at the valuation dates. The Company believes that the proposed disclosure set forth above will provide investors with a clear indication of the intervening factors that have led to the increase in the fair value of the
Company&#146;s common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We request that the Staff contact the undersigned at (213)&nbsp;430-6100 or jpmotley@omm.com with any questions or comments regarding this
letter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><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="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ John-Paul
Motley</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John-Paul Motley</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">of O&#146;Melveny&nbsp;&amp; Myers LLP</P></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>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">John Schaefer, Sportsman&#146;s Warehouse Holdings, Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kevan Talbot, Sportsman&#146;s
Warehouse Holdings, Inc. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g703435img.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g703435img.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`/P$!`P$1``(1`0,1`?_$`'0``0`#``,``@,`````
M```````("0H%!@<#"P$"!`$!`````````````````````!````8"`0$(`@(`
M!04``````@,$!08'`0@`"1$2$Y;65QD*(105%C%!(B,7TY4FAA@1`0``````
M``````````````#_V@`,`P$``A$#$0`_`-_'`<!P'`<!P'`<!P'`<!P'`<#Q
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MVQHDC:VIK-C3:E-6)STZ9-_(HDJD)Y05:?)BL-FW`<!P'`<!P'`<!P'`<!P'
M`<!P'`<!P'`<!P'`<!P'`<!P'`<##E]G78D^;]3+I#Z`25S.1T6Y7)3%U7$R
M&J,DLDM-G-\-M9,(7TG(\$*DL8CD<>\%X,QW`_RYN?\`'&,X#<9C&`XP$.,!
M"'&,!#C&,8QC&.S&,8Q^,8QC@?G@?6R]7G7(O2G[/NEMGZ\-0&)5LQ<NL-[?
MUYC)&0G#.I=<QM:VJG3I4P?]":;"9%#@MP''=&<[*<YQ@.>S@?9-<!P'`<!P
M'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P'`<!P,$'W/M/[)(>M4.HO6K>[
MF-5<-QE)6;(V0D\1\!<$LK'.*;E2M01WQ-Z):_O3LBPJ'@)12[",K(O$4%X$
M&@[H?]:&D>J9KA#$;I,H[&]Q8'&F]EO:G'!<D:W]T>VA&6F5V=`VL\TLV0P2
M7>#^[D:/!N6A2:-(IP#N%&'A>AG.`XR(6<8QC&<YSG/9C&,?G.<YS^,8QC@9
MCHKIB_\`4=ZY>>I3.6)R:M0]"X@T4MJPK>V]2@QL/=D96R=RE-IQ(A1DL:ZJ
M:ZF<N<"4+P$/ZSTZ-B4Q&(Y.4</`:<N`X#@.`X#@.`X#@.`X#@.`X#@.`X#@
M.`X#@.`X#@.`X#@.`X'2+)K6`7%`9=5MJ0Z/6!7,\8E\9F4+E;6E>8](V)S)
MR0M;71M6%F$*"#09[<=N.\`>`C!D(PA%@,A=_P#TVM8WNUP6MIIMG=6GZ@EV
MR]M48):LV8CAKAWS#`#@$M#+H+/6`A+D>,$X5N+DH!C\8/[.S'`MUTIZ.LJU
MY5,SQL_U&MY=\%L<_2,CT(M^XIJP4<VJT><F%+7.KVZ6O)\[4)S>[X14A=G-
MN!@&,_I]_L%@+LRBBB"BR22RR222P%%%%`"64446'`"RRRP8P$!8`XQC&,8Q
MC&,<#]^`X#@.`X#@.`X#@.`X#@.`X#@0ID/44TUBK\]QA_N=,WOL==G!C>4&
M8192C*)U:E9J%>DRH20U0E/RG5$"!WRC!EB[.T(LX[,\#A_DRT?]\DOD*TO1
M'`?)EH_[Y)?(5I>B.`^3+1_WR2^0K2]$<!\F6C_ODE\A6EZ(X#Y,M'_?)+Y"
MM+T1P'R9:/\`ODE\A6EZ(X#Y,M'_`'R2^0K2]$<!\F6C_ODE\A6EZ(X#Y,M'
M_?)+Y"M+T1P'R9:/^^27R%:7HC@/DRT?]\DOD*TO1'`?)EH_[Y)?(5I>B.`^
M3+1_WR2^0K2]$<!\F6C_`+Y)?(5I>B.`^3+1_P!\DOD*TO1'`?)EH_[Y)?(5
MI>B.`^3+1_WR2^0K2]$<!\F6C_ODE\A6EZ(X#Y,M'_?)+Y"M+T1P'R9:/^^2
M7R%:7HC@/DRT?]\DOD*TO1'`?)EH_P"^27R%:7HC@/DRT?\`?)+Y"M+T1P'R
M9:/^^27R%:7HC@/DRT?]\DOD*TO1'`?)EH_[Y)?(5I>B.`^3+1_WR2^0K2]$
M<!\F6C_ODE\A6EZ(X#Y,M'_?)+Y"M+T1P'R9:/\`ODE\A6EZ(X#/4ST?QC.<
MWFE[,?G/_@5I?Y?^C\#M/_W[J-[OIO)UA^D>!*.52^)01D5R:;RB.PV-M^`B
M7R"5/;;'F1%@>>P&5;J[J4:!-@6?QCOF![>!TZN+SI.X\+A5%<-66H%K[<.0
MJXL&)3C#=V#"7G][,8=W3"3L,%@/^YW?SG&/\>!Q=V[#TMK@R162WE83)6D<
MFL]C581M_DF%Q+*MGDQ-/3Q:.J71.C4HFE2_*TXB$QBP:=.8?D)6#/$&`(@]
M1,?V(I\2Q@UZ:2Y*N:ESZBCQCBC`^+&1K5MZ!R>$K2(["]0U-RYV2DGJ`%Y)
M)-4E`&+`C`8R'(GGD)2#E2HXI,F3%&'J%!Y@"2"""09,-..-,R$LHHHL.1"$
M+.,!QCMS^.!_(TNS4_M38^L3FWO3(]-Z-V9WAI6)G%J=FIQ3%K&]S;'!&8<D
M7MZ](<`TDXH8RS2QX$'.0YQG@<AP'`<!P'`<!P'`<!P'`<#K4SF$:KR'2R?S
M-V3L$/@T:?9A+'U6`\Q*RQJ,M:IZ?792!,4>I&G;FM$:</!8!CR$&>Z'.>S'
M`^*"3B(V;"8A9$`?VZ5P6?QAAF<-D[0;D]JD46D[6E>F![;CLA`(Q$Z-:TH\
MK.<!SD`\=N,9_'`ZXYW-5S/;L3H5RFK,EN&<PB7V3%(`,PX3\\06!NT88I9)
MR2BR1D$-C0[S)M3B$:86(TQ1V%8'X9N0!Z;P'`<!P'`<!P'`<!P'`<#+!TWG
MN,]6_J.=2[839YM0V_5^DMY-VL&GE&3U$F?ZIJU*SG2M'.[7#7CH%3&W:SIN
MNBR8TM[7)3UR(@PU.G-+*"6`L.P?8,T%JZNM0)YU'-08^T:K[KZ;!CMHQ2Z*
M):D%;2&5PY#)FELF$+G9<63MK=,6?+*Z&+"0N9"K(1I/U\]J50H),"R'7)*S
M=5K1#IU;"7VC`44O347ME,*^;4J;^M3"VX.P*5\>)<P&8R(N),-GC+D)"((<
MX-/;TA1N<E!,`8%#?6[W0O'4/K#ZR[=UFW.+]0V@E(U0T;BH6LX1@BZPW>M^
M?0]S1*T`"#O'[Z"K4"Q*//8$EX);1?GM_`6K=<G;.:)M"%%/:=/2.37GO'5-
ME'U>_LB\T*=DUOAM2.5M7W=*9P2`$:0V(ZG)`U-B@/=&-ZDK<$K/B"#C@>V]
M#:>#O7HT:&/)[JZI%`]<&"ME;JUK1(GE(HJY4ZU6:I1+0A&)(K+S$.\6/NY[
MN.S/9V<"L[I);$6GMS4>9W?/5;G,2OF.;O6%6$>IIUE>K[2VV)7M;6BTMT>@
MCA7"FM6VPW1=/V`E2W"5M[@0L.,.P:3VB!V""8V\5YW]!.LKTJM;X'>$_AU'
M;41K9]WNJO&<49&V2)51\";)%"_XMS<HXOD,9`>YK,Y<<(%A&%I8<!%C':+.
M0XCK=7ELSHVHU-W9K.Z;#9=5XKLS6$!WJJ=M+C"IC44G.7ML94M@,SHXQ9SD
ML1/CSL7E(M"A6D@<#'1.$6`9"(0@ECN99]I3[:#0_5#6ZUI+7[Q9<AFFP^P$
MV@9[$X":]/*H8$J)X;S2GAG?6Y,LN6TIE&V%E<RPA4I"OY!0F%WB19"%=-E;
M%62GZVEYZ:6'U"+#UCUCCVD$#O\`B&#)CK]%#R+9D%@M\6<6]%,+CKJ2GN#2
M>PY/4A:\&#$68`1H,A+!D.`E3U$[HVWUIZ<%#273RW6[8W9MUN/5F`P"Q9$"
M&G,FRA\UF[:B-0O8F8M%$!(+>:1Y2>.UF(2N^L`8C.(_VQA#TC6OJ+5_U%M$
MKFM*J7B5TA?E4PF=,5VU`>I*:[@ULO:&1UW5JHS(VEX;O%.0DO[0,:!2I0_J
M.B4L99A830*4Y(0CME_ZC<AZ.&HN].MNPMG2+9F!4-1^S5\5@-)!U[-M1"'"
M.L,_NB#%(OZ0I/A\E4-"M6<S&L&$9H""1(0%F&&D#*"3S!MF]=2ZW=/T.E%W
M3.O]?FVHV/;7:Z?P04:-<ED9LUI7,M,:J+U#XPR`F/6!))*V.SM(!)PIW1D:
MX[DL`RANA!F`NP+!X999?>&/PP!!WS!=\P?=#@/>,'G\B&+L[<Y_SSP,YNK5
MX7)U!+PZD]:BW4GE&;*ZA;FNT&JZG:U=*_+KF.:V0YUCQE?262Q=5%I$MM%)
M;XT+TDDKDJ4F'-Z@PM,FPWB+)P8&AF/R>-2Q$8Y1:0L<E;B5:A`:OC[L@>41
M2Y(+`%2(Q4W*%)`%:86<8,+R+`P9S^<8X%:G6NLA95G2FWGD38J$C=WNB9!6
M#(H!VY-`]W0L;:@:?!`'.!G&?OS@O.`!_(^SLX%6?UM-D["KJ";+](_:QZ3)
M-ANF;-W6.,BIS5?K@DFN#FN.41=^;3EN`9.CL26']T@\0\EDL3JTA[<![,Y"
MNZG]G+?LK[(FD.Z4\=QHM?=[ZSVFI#42-"_:)PEUSJ;$R8(+*E@%!G<`.[)U
M%<S%,'``Y$D>D?Y$#)?8%WG4!O+8_IX[IZM;;R"Z)S*NFG;$PQK]M+5[X3&#
MHYKA8%E&`9ZEOQO?4L:*EI-="DAQ*!W2K%YR)N&+`R^TQ42`H),ZXOEM[:[0
M;#;$-MT6)'M+X2K_`/G?7ZMHRN84D5N*?5RL?6B\=D/YP+$HD2F+`F:H<4CA
M"1RPVK!QM4ZY`:%0E%@*B>FCL986T"?:Y'L+U7K!JVV*;ZFEKZ]TS7CE8&M<
M=S+*EK6?P5/#(@ZP%\KQ--IFJGF%JYB$N2+"5BLP[_8'XY6>\$S>JC:5_P`)
MZ@/20H^IMBK>IZNMR;5O>N;P9J]5PX)SFQUS7<:ED961Q9*X9*S(L[D.3@?^
MRH2X#^R2/NCQ_I#G`>J=+RY=L'S9CJ9:NWI8[QL-3FH=W5G"J!V1E$>B;',9
M0"?5T"PIQ5$P<(*PQF*RV2TR)W;$*QP)0D*?'5"`HP$7<+*"'FCVUDTW?OS:
M2C;;W)N+6WJ":\[@3`]%JNG/C$3KP6LU=V2W*X>T1B`.L74&6W#9_527);Z^
M?NJ'LI2XX7$FI48D?B!IGX%`E>7#>CC]AR\M6W&\K36:YPS0V);%1VGE#TVY
MB:.T)/9;#$W%QR<!G!(53$4T'G!(;#5PT91YHAX!_I!@(=D^Q'>EX:R=.IYO
M/7BX)S3%FQBYJ0C:*2PM8VARH8I_8K)$Y(@=&UY:W=L<"C&IP'DD0R?$(.Q@
M8!8_.,A=8QLP<0MK8QN[^KP./)4(WQ6[*#)(?XR$!8W$UYQW%.7461Y'X^.Z
M+!GYQV=G`Q41+;/?8CI:[0[TQ+>&\7?:#7?J23V@J6JR6%06;P'8*+-=PUW7
M$4H!RK44+)='^1OC5+E1Y"UG/(><G)LF",\$(Q%!KG_Y#V$]H&K_`+J?_P!7
M@9IJ3:YYTX>J)O'L)HXR,?44T.VKL%M7[:U%IE/:YMO8W2S8].[294L4R.H6
M259=W)$I?%TA[[<5DERRG/,*&2$]L+"L"8'52N:P]]M.)YJS4E7VGJ]4MOI8
MR3M'N;O%`7/5"E]:Z&029F>YLO,)NL^&26;3U]`W%M2-"C2!;"\*S#53@G"$
M&1!=+I]!Z/K'5?7RNM:I1&YQ0<$J.#1*IYI$)(SS&.RZ%QYA1M;1)FR51Y4N
M9)"!]*2_M#5I#3"#S31"!GLSP**6%LUOOS:#[`4:W66H:DIZV(1JK6CX]76H
M;JQ:X?KY%Z;=HO%[-?WF8+VY%7"=VNJ0OBV+*7H3<-P4-X%23!N`"R`/(NAS
MJ8JJ.IYYC=?9>F[3GC?KS:>M^F`D-G5[($(.F-`I@Z+'&_($%HD3C_.5E:TD
ME*`Y2_@R<F3,;2QI#CR\!`5@/5OJWS&1Q/I@,]/S*+S@Q#5-G7LJKJ=M#(HG
M5<615JJ:K']"Z5]9$$,D\)E2\B1.CFWC:T:XQQ+4HQ@P1G'9G(0`Z*VS.IU/
M:\/U;VUK@MLW8YUZB-I/--.#-7U>S`U5-9G;3(KK!*WV^UO+HFA\BC+X9C#@
MD4*R7%L\(TO*8S&<%F!.OJK6&JKCKB]%ZPDU?V#8+?6\-W%"_P`<KMB(D,^>
M4L[@+*QE**[@AC@@DMG"B_A?N/9;"G<#&I#G!IX0]H0B"T2]IE1V[6D^XD)V
MDATOU7UC?HB]U3(;&VU;4U!EEIWV/-8R;/*0V&K8_P"K,40F;X@`TN3B<F"J
M>4(O"QC``","&_0<JFT834I<IW#L&"2G<YRIFK*GC<::Y='WV4,>CFO;G,*T
MU\G*1O1NK@ZJX=>$G1R*5E2$&/T7_P#D$XL&#,3Y"`(&7O<M`4[]CC8&>;*5
MD9/ZP<>G/7M<I4"JO(G9B]%*D-BMLD%(#*[>%A\Q21!0T@4HRI$2UC;3E6!I
ML'YP+.<A/O=VV8C)]'^FO.::JB81.MGK>CI_R2LH$B8$I+@PTU%;H8548"0W
M(E*IG(6O,"0I36=C2JE+@MRJ*2HBU)P>S@>`=1S5"#3J^+CV[Z46RU$5[U0Z
MGJQ\SM5K*DLB$91;*TVKCI1;G$-G*C!(T3Q!Y@4S*B<M+^\I$&0*?UP*CB1A
M3+$H70].PE,P].K2,DT292E:M.M>,'Y9SR9"F,*24Y$Q'`;U#*)>0]A[H,A`
M)*(\*C/9DO(\"#G(4Y_6$50=-K7NFQP]"RD%J>HGLE,41\6PR.C!_2Y+F'F0
M5`9(8HL=F%&Z-[,1W!,AZDMR;"NSQ4Q8#`"&&@'8R+6#.-?;RA=32TN`VE+J
M@LB,UO.#CAIRH?.GV'/#9$Y.8I*",U*!C?51"G)H`B&5@KO8QG.,8X&':DGB
M-6'3FCE9ZL1>RJ"Z].G=.IH15\EJTNMK%I[:NK8U(W-DF#O:MCL,\S6MK:L6
M6_)EBYVD"A6:N8WHU6(D*DX.0GAH(Z&MJ!=8#LS`)_2\IK/:-1M_?L^VX<8P
M"-3O7I;L'*GA`ND3'65GUD^R^),[=%H82Q("F![5HI(F+*`:J)-,/R<8'R?8
M`EQJ;6*AZ\6QF4KZ^F.[^FKC>4Q3,H_Z-!:6B%]1.4R-PE,H<#VY@+7O#\RM
MC8WM`%!CFZJUI929.:(6,9"M+K!:9LE]=3&AK=TYVNJRD;OLRII!0?4VA:2V
M*\B5TP31J407#U)[VGM:2*0H)M%VMHJLPYH4NBQO3B0*#6`[!A."?&`')=:1
MAKRO]DOKQ6IJ&CA5@)Z2N%&"JJTJ6<0!TDM@:P$(:;$F-I2.F2E*Z6JT%0YF
M[C>%B"O"J+5`SWNZ8$60N(ZT$BBTLZ.>\S@ZM2U&V336F<-+&BGK(=##FN5/
MB/\`CX2IE*:<E,A<)_0F`T1N%;KE&6C-"69D81=S.0]:Z2KS'S^F#HSE@;#$
M#=&]4Z485:5`W@-1J':.UM'D<@51U0S96M<J;5SP0>-.X-9RQ&XB%DP@TWO=
MN0S6]*+936FD6/?Z*W=K4\6Y:TPZL5\V+41K!"ZRFQ@Y!+9_!2ZGB#C814F/
M65?/V:Q&LG*AJ<Q(W!H/.+'@@1IN2LA./KK8K9XZ@_1$272SIC:CBET;"/5E
MJGU[1QEI5-DE@T%8FQ%&CE;_`!M_FCPU/*8M6M2,&%JUO2!+.4%@`:5@P/5M
M$_\`EW0>^I=2M*-#[NCTF-@9S/;#UUO>BWELO21Z?VTZR5R4VW1EMGQY[>9;
M,*Y'-Q+#$#T'+DX-*P0TJX0C/V!)PA9O?*:1WEV4Z>K-&:W6Z>]9^%;(4V^"
M=+)=(I2<TC%-PZ2N"FU2<N3U*T2[82OY7%FQ=_5&QC*?5[AD_!7<2IC'`'`V
M#\#+"\VZ[TY]E6_[-#2]MVG%W'IQ02KEC73;1&YQ9C6Z-]G,LD+F#A40)4W6
M2&LE?@C;BI"6V&-IKCDHHLP6!Y$$.4^PC8DUOWHS.KV;3<UJ5[FVQM0G,4*N
M5RAU9/S/&H3=:4YG=;!<IA)&F'P1WF[<RE&MS6L<_P!PTU>G("$1V1@"%TM'
M;=22V98R0U/J?M/64=:JQ<9G+Y_<]:DPIA0+VP,?1L\%BY:-[?ULYF+X8Y*3
M_#;P#3$IF\P7BC&84`04N?7?%43?3UWL5JL]<(+=4=17;N8U`JD;O6LH>1II
F6Z1Q8I:X-(&9\D1*&>,X`*"'EF3'E/;;W184D%ECQD0:B.!__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
