-----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,
 D7FyqQdLARArElKOU5VkQb1+DFk/4O6TFbbWNgAOfAKu4nRXyX0zuXIVfAyPnpUW
 GTrKyVbE/KU+xTXEs/YK1Q==

<SEC-DOCUMENT>0000950123-09-018025.txt : 20091005
<SEC-HEADER>0000950123-09-018025.hdr.sgml : 20091005
<ACCEPTANCE-DATETIME>20090626165232
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-018025
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETREIT
		CENTRAL INDEX KEY:			0001080657
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330841255
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
		BUSINESS PHONE:		760-471-8536

	MAIL ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c87330p8733001.gif" alt="(NetREIT)"><br>The Contrarian Real Estate Investment Trust

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">June&nbsp;26, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">United States Securities and Exchange Commission<BR>
450 Fifth Street NW<BR>
Mail Stop 4561<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 10pt">
<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">Attn:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mr.&nbsp;Tom Kluck, Legal Branch Chief<br>
Ms.&nbsp;Cicely Lomothe, Accounting Branch Chief<br>
Ms.&nbsp;Jaime John, Staff Accountant<br>
Ms.&nbsp;Erin Martin, Attorney-Advisor</DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">NetREIT<br>
Registration Statement on Form&nbsp;10<br>
Filed May&nbsp;15, 2009 (originally filed May&nbsp;6, 2008, File No.&nbsp;001-34049)<br>
File No.&nbsp;000-53673<br>
Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2008<br>
Filed May&nbsp;29, 2009</DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Registrant&#146;s responses below are responding to the comments in the Staff&#146;s letter of June&nbsp;15, 2009
regarding the above-referenced Form&nbsp;10 and Form 10-K filings and the amended Form&nbsp;10 and Form 10-K
filed on June&nbsp;26, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Registrant&#146;s responses below are presented in the same numbers as the Staff&#146;s comments in that
letter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;1A Risk Factors</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Our risks of losing property through a mortgage loan default ...page 14</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;Registrant has commenced discussions with the lender of the Garden Gateway Loan to resolve the
issues disclosed in the filings on Form&nbsp;10 and Form 10-K. The lender has indicated that it
considers our transfer of the undivided interest in the property to be a covenant breach, but has
not yet declared or acted on its right to declare the loan in default under the loan documents. The
lender has initially requested a $50,000 fee for its consent to a waiver of default, provided the
necessary documentation can be agreed upon. Registrant is discussing with the lender the amount of
the fee and its required form of documentation. Registrant believes that it will reach agreement
with the lender and that the fees and other costs for resolving this issue will not be material in
amount. Accordingly, Registrant does not believe a specific risk factor regarding this matter is
necessary or appropriate at this time.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 &#183; Phone 866-781-7721 &#183; Fax 760-471-0399 &#183; info@netreit.com
</DIV>


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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c87330p8733001.gif" alt="(NetREIT)"><br>The Contrarian Real Estate Investment Trust

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;3 Properties</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Average Effective Annual Rent Per Square Foot for Last 5 Years, page 41</U>
</DIV>




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;The differences between the two filings was the result of reviewing amounts on the tables and
noting some minor mistakes made in certain calculations that affected Casa Grande Apts.,
Havana/Parker Complex, Garden Gateway and Regatta Square. The amounts reported in the Form 10-K
reflect the correct amounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amended filing on Form&nbsp;10, filed June&nbsp;26, 2009, was revised to conform to the Form 10-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;6 Executive Compensation</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Compensation of Company&#146;s Directors, Page 60</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;The registrant noted errors made to the Director&#146;s Compensation table between the time of the
two filings. The amended filing on Form&nbsp;10, filed June&nbsp;26, 2009, was revised to conform to the Form
10-K. The amounts reported in the Form 10-K reflect the correct amounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;13. Financial Statements and Supplementary Data, Page 72</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Note 4 Real Estate Assets and Lease Intangibles, Page 90</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;The registrant is substantially complete with audited statements of revenues over certain
operating expenses and the unaudited pro forma financial statements with respect to Executive
Office Park, the only significant acquisition and required filing in 2008, and will have the amended filing on
Form 8-K filed shortly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The one significant acquisition in 2009 was the Morena Office Center. Audit procedures for the
amended filing on Form 8-K commenced last week. We anticipate that this filing will also be
completed and filed shortly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Note 5 Investment in Real Estate Ventures</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;The ownership of Garden Gateway is as tenants in common with the registrant owning 94% and one
other tenant in common owning 6%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The same accounting issues were raised in the Staff letter of February&nbsp;2, 2009 question 9 and were
addressed in our response letter dated March&nbsp;6, 2009. Page 30 of the amended filing on Form&nbsp;10,
filed June&nbsp;26, 2009 was corrected to read that the limited partners and tenants in common also have
substantive participation rights to conform to other related disclosures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Facts and circumstances particular to Garden Gateway follow:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Paragraph&nbsp;3 of the Agreement Between Tenants in Common reads as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>Nature of Relationship Between Tenants </U>The tenants shall each hold their respective
interests in the Property as tenants in common. The Tenants do not wish or intend by this
agreement to create a partnership or a joint venture, but merely to set forth the terms and
conditions upon which each of them shall hold their respective interests in the Property.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 &#183; Phone 866-781-7721 &#183; Fax 760-471-0399 &#183; info@netreit.com
</DIV>

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

<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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c87330p8733001.gif" alt="(NetREIT)"><br>The Contrarian Real Estate Investment Trust

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Paragraph&nbsp;4 (C)&nbsp;reads as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>Acts Requiring Mutual Consent </U>Mutual Consent shall be required to effect (i)&nbsp;any
Disposition of the Property (ii)&nbsp;any lease (iii)&nbsp;any loan (iv)&nbsp;any property management
agreement or amendment thereto, or (v)&nbsp;any expenditure, or series of expenditures for the
same purpose, for Operation of the Property in excess of ($20,000).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The agreement goes on to further state that if the parties cannot mutually agree on a course of
action on a proposal, there are certain directions to take that are the equivalent to mediation.
There are no provisions for the degree of ownership affecting any degree of control affecting the
decision.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">EITF 04-5 paragraph 10 states that if the limited partners have substantive
participating rights, the presumption of control by the general partners would be
overcome and each of the general partners would account for its investment using the
equity method of accounting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Registrant believes that under the provisions of paragraph 3 of the Agreement Between Tenants in
Common, the presumption of control has been overcome. The 6% owner has substantive participating
rights which provide for equal control of the Property. Because of these substantive rights, the
equity method of accounting for this tenant in common relationship is proper.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Note 6 Mortgages Receivable, page 94</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;The registrant obtained a third party independent appraisal in March&nbsp;2009 supporting the
underlying value of the property securing the loan as well as supporting our statement that reads
in the footnote as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">&#147;the Company does not anticipate incurring any losses with respect to these loans&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Further, the interest income accrual policy is disclosed in the Significant Accounting Policies
under &#147;Revenue Recognition&#148;. There have not been any cash receipts with respect to these loans and
the registrant anticipates that if there are any payments made on
these loans it will result in a total
payoff so we have not disclosed the treatment of how cash receipts are recorded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Last, the registrant discloses the balances as of the end of each period presented and determined
that the disclosure of average recorded investment in the impaired loans and the related amount of
interest income was not material and, as such, was not disclosed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;15. Financial Statements and Exhibits, Page 106</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;Employment agreements have been filed as exhibits with the amended filing on Form&nbsp;10, filed June
26, 2009.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 &#183; Phone 866-781-7721 &#183; Fax 760-471-0399 &#183; info@netreit.com
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c87330p8733001.gif" alt="(NetREIT)"><br>The Contrarian Real Estate Investment Trust

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;4T. Controls and Procedures, Page 50-51</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;We note that the Staff finds the disclosure unclear. The registrant notes that at the end of
paragraph 3 there should have also been a reference to the quarter ended September&nbsp;30, 2008.
However, the following paragraph specifically references the material weakness that existed as of
September&nbsp;30, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The disclosure regarding this material weakness is provided in four other filings currently on
file. These include the Quarterly Report on Form 10-Q for the quarters ended March&nbsp;31, 2009, 2008
and June&nbsp;30, 2008 and the Annual Report on Form 10-K for the year ended December&nbsp;31, 2008. The Form
10-K properly includes a reference to all three quarters in 2008. In addition, the registrant will
make the disclosure on two more filings including the Quarterly Reports on Form 10-Q for June&nbsp;30,
2009 and September&nbsp;30, 2009. The registrant respectfully requests it should not be held to file an
amended filing for the quarter ended September&nbsp;30, 2008 for this one issue.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amended filing on Form 10-K for the year ended December&nbsp;31, 2008 included the following
conclusion regarding the effectiveness of the registrant&#146;s disclosure controls and procedures:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As of the end of the period covered by this report, we carried out an evaluation, under the
supervision and with the participation of our management, including our Chief Executive
Officer and our Chief Financial Officer, of the effectiveness of the design and operation
of our disclosure controls and procedures. Based upon that evaluation, our Chief Executive
Officer and Chief Financial Officer concluded that our disclosure controls and procedures
were effective as of the end of the period covered by this report.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2008</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;5. Market Price for Registrant&#146;s Common Equity..., page 31</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;The amended filing on Form 10-K for the year ended December&nbsp;31, 2008, filed June&nbsp;26, 2009,
included the information concerning the securities authorized for issuance under equity
compensation plans as required by Item 201(d) of Regulation&nbsp;S-K.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The registrant also noted certain outdated information within the
disclosures that were corrected.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;10. Directors, Executive Officers, and Corporate Governance, page 57</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Committees of the Directors, page 59</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;The amended filing on Form 10-K, filed June&nbsp;26, 2009, has been revised to include the
disclosure of the audit committee financial expert in accordance with Item&nbsp;407(d)(5) of Regulation
S-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Certifications</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;The amended filing on Form 10-K, filed June&nbsp;26, 2009, has been revised to include the reference
to internal control over financial reporting in the introductory language of paragraph 4.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The registrant acknowledges the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company is responsible for the adequacy and accuracy of the disclosure in the
filing;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 &#183; Phone 866-781-7721 &#183; Fax 760-471-0399 &#183; info@netreit.com
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c87330p8733001.gif" alt="(NetREIT)"><br>The Contrarian Real Estate Investment Trust

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company may not assert staff comments as a defense in any legal proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If, after review of this letter and the amended filings, you have additional comments or questions,
please contact the undersigned at your convenience.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Very truly yours,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">s/Kenneth W. Elsberry
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">KENNETH W. ELSBERRY<br>
CHIEF FINANCIAL OFFICER
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 &#183; Phone 866-781-7721 &#183; Fax 760-471-0399 &#183; info@netreit.com
</DIV>



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

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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c87330p8733001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c87330p8733001.gif
M1TE&.#EA\0`H`'```"'Y!`$``/\`+`````#Q`"@`A____P`I<P````@A>P`A
M<X2$A``IA``0<][F[V-C8TI2M3%:C)2,C$I*4AD(*2$I&>_O[Q`(""DZA)QC
MQ9QC[ZVMG"E2M92$O6M2A&M2YBE2YFL9YBD9YFM2M6L9M2D9M:WF:^^U:^^U
M$*VU$`A2M4I2Y@A2YDH9Y@@9YDH9M0@9M8SF:\ZU:\ZU$(RU$`A2&8REG&-[
MC-;>SJVMWN\ZWN\Z6FNE6JTZWJTZ6N\ZG.\Z&:TZG*TZ&>\0WN\06JT0WJT0
M6N\0G.\0&:T0G*T0&:6MO<Z$WA"EWLZ$G!"EG*UC6FO.WN]C6FO.6BF$6BG.
MWBG.6FN$&:UC&6O.G.]C&6O.&2F$&2G.G"G.&>]CWC&$WN]CG#&$G,XZWLXZ
M6DJE6HPZWHPZ6LXZG,XZ&8PZG(PZ&<X0WLX06HP0WHP06LX0G,X0&8P0G(P0
M&8QC6DK.WLYC6DK.6@B$6@C.W@C.6DJ$&8QC&4K.G,YC&4K.&0B$&0C.G`C.
M&5)[6L7>YG-[8XREO6M2$``08ZVM:W.$M>_F:^_F$*WF$(RM:\[F:\[F$(SF
M$(RMYF,(A(QCE#$(A$)*,6.E[YR$[ZWFG&LI4F.EK>^UG.^U0JVU0FLI&6.E
MSHSFG&L(4F.EC,ZUG,ZU0HRU0FL(&4(04@@Q4@A:4HSF[XSFQ4I:6HR$6DI2
MA&OOWN^$WN^$6FOO6C&EWBFE6JV$6BGOWBGO6N^$G#&EG&NE&:V$&6OOG.^$
M&6OO&2FE&2GOG"GO&4KOWLZ$6DKO6@BE6@COW@CO6DJE&8R$&4KOG,Z$&4KO
M&0BE&0COG`CO&2E2&4(Q2EI[K<[%Q>_FG._F0JWF0FM2,?>U[_>UQ4)2$,[F
MG,[F0HSF0LZEQ<ZE[P@ZA$(I&6-[SF-[[P@I&4((&0@(A&,IA*UCE#$IA,7F
MQ2DI2BE:4JWF[ZWFQ<[%YA`I<R$(6LYC[Q"$[\YCK1"$K<YCSA"$SLYCC!"$
MC`A:A/?FSFM*6@`AA/?_U@`A>X2$E``0"```".___P````C_`!$`8E2D"$&"
M!A,B/%B0H<(B"`!(G%@@08P$SB9JW,B18P4,?Q+`Z$BRI,F3'-416LFRI<N6
M!6=$/`GAI<V;.`E!F*CRY86)17(*S0GH'Z$#!\(10)IT*=.D3\-%C3IC(X0(
M`K(*R(C29`*MS+J*/2FCK(R2@`0).D!`4-NW;N.^94J`@(1F54FJ@\M7KM^^
M@&<"2+L6;H"=`)JI9?NW,6"_!P1)^`<(WS8#^/`9V*Q9\^;+VT`;"#UZ].4`
MZC@^T"H@PMFQ'/]H;0"[]L8&_2)$2-T1T(%M!-8%%[Z.N/'@R(6_75"D(P+@
MPZ,7EWY\NG7BO`>S)5Y7PLRCU,-?_Q>_SH#PR8#"C6ZF0`'[]PH69-YFV3+]
M^_<';%/G3R,$!ZP)T`!BM@'P55:T%6B;.5E%(-A&OA6GWSH#3%BAA1,.)^$Z
M;#5#H$3J%$?AA/B,N,TZ)59X8HHDCFB7'Q.E-0"%TTF`F&(SMJ@BBB;RN&.%
M-**X`&6:25#!*0D@><HI#3@#`R`*X$..95-*0"4^5EZ6ET:K!9B`@@#(AB"8
MM4'2X&L<`1)<B4'2...&(I:8(G*"+/`A`L2Q*>*;>XH(YY_[Q7@`CSQN@]A1
MA/:Y(9]PLGGB`,&AIYX%!4#20`/27`I)`0^84P`@H=5WGZB692<1!%T&.%*!
M!PI()FP,MO^&)H2#"@<D/FSEBM12=>E9XJ,<-J-1B`2\B4^Q)1)PK++"+9OL
MLBAV!Z-$$0IWX@$V2J18GKTJ-Z.</":+7'+'HE>B!7\@F4!(2>[#358%="/E
M9>1LHT*]\P[0G'^I8J455[6)Z>JK8IDI@`.S:J3FB!0&UTP,S3P<<0P*I"(!
MK[Y2&!D@$\D`'+!O;A/R.B(7=R+)-)Y<7'81SHB<=Q)=,.C))=>LX74USPCL
MD.D9L,`^#20@=)+2[--E`E&.)NJHI5H%8%8P,*.5`P^*U6J"!*,4ZS>F*CRH
MSN=]J)$_$*AT<7(Z8XM8B-,]2L`,$,0M]]P0($"WW79_&&&*Y_7_!T#=<>=-
M=P=U`:<?`:D(+G?>=A.)#[KW#)W`/:<P$.L?S0Q@F0I8BEJO`5M.E&H%5VG%
MC6T8S)9U5P:[1E*$P#6<[4D(Q/#;M].]+=%SS'(7.IG5%E=NU241,IRQ$J!$
MF7H_JROTD@QTB4$S5(9JI00J&*!?UZAJ-9(SK/T1L.JKGQ2KZ[W5FJ-=Q'<$
MP0*U$GH`(2"*6.R,!W0-IF_%FA>V6,U@"^X0I[S*#`!=01O:/1H`@W<)X`]1
M&E5^0D.?WW4/:A(I`&M6937RE:\D!D/8Z^J".Y*)K20SL%5P('6`&.P.4F"K
MR[X(EI:3!<!:[>N(\4@VG`-8X(0;69X!_RAUBL@][QX,^$96,(</_50)'RH0
M61,#Y9^G":`"$SD%:P"&DJO!9FZVD5IK@*B='!5';6*!`+!.1@`%U&^%PB.`
M_A14K3G-#B4!W-"Q4E%``FQ#`@5(X/,J=[DHD2HTU].2:K3"`(W$ZF`)*XG`
M(($29P3R`=_03:?^0+J.^,,9%0AE*+L4@7V(,I2\69BQV"<6?Y"C6!):B@L!
MP+OU":<(?GM56ASUOZX8[U?(L=-)A$@I00JM`='+RO3JDZ4IC6H`W+,B!P$@
M`W\)X!0='%-)8/#(`&GE`040VW^\24YX4>L`,_*?7<B8$FOYB`#"`@#;"'6L
M.1:H6FMBI2\%X?\G2/%QF)7Y8R`EEP`&.A!B\[(7J;(TPU.E:IH``)]6OH02
M@6%M(S)H`#FMR1IS<!$`J2HG:PI`+3A&"V9=*<+-9B0(^E$S=B2[H2#L:1O?
ME%"?*`$/N'S(3HD0<Z!#PY31LH(TS=!'`D<E%?=&QQ$->J^+'M2(,SCZ@#\X
M0QT0D($EQ=@@+E9@'P78!PR2*8!^_($!^]@'`PKP&IN6IT8YW(@ZMG$`<!5+
M=_*T59P($`-"-&,H*_GK2KH6O&3=\21Y/,X_3>*X!11`&@0EY!*;@9DLV>=>
M(MO&[T#*R(YH\5\G29TV-2*#?I&4)!5(%3\^ZL@&D1$0B2I73R4R@XO_6<=E
MLWM.N*:SJ[7X-C+`_6UP&ZJ=-2D'I3D-3LD,<`!A,K9G1)0<]*1'O?LXTS[S
MB>93.0(!!PK@`3VU*$>X*D*3(."1`R))""-Y3N'52!WPC2]\_0!?0"Q`.3Y"
MT0$X]L;IQ/"M!+AA@(4CX'7<$%)X%520@'-8D^0Q.FW,)4F(1``$2O<>[IIL
M."Q+'WS5:P`69&I'_&!-9K#3BQJI@%96VY5J;I<CYV/O8)BE7$@%X,8W+'!=
MV#)@7JZ3)['[KYYRAK)?F9$`Q'4KI'`H%D2EDT/.+8D0'5O$H4E#L@(H:F8.
M*:JEOM@CX2N):`<VD4>*3RQ.%8`YU-N@'%;+_V4T2LZ`DY,R]V+K03(P(YN,
M91P^7P=WOZN6>2#5X)(TP[C36:R4*U/A`CCO>=&+P#<8T`T)+,`"$K"`!;9L
MV1!WMB1I%@!$)S))J6HE`K/UCS59"X#SL7K&;M*9K(L<IR`AI[E5\X,$?C,<
M<>V85[D"-J_:<H`D"V+/YXGK1HQWO+K\$*#,PP#E0E+$RE7U`@R`@5C56H%L
M$,*0]]%N5K!HDL^VAM4HSN!$:].JTV[$8-]P\Z"0[5[C\*C7T<(6($Y(+#C9
MI6(+:$8J`!Z#@2^`8@8/^`((6RM@%IHD>1R`.A4]849'5[H%,$<"*B(T=CD:
M$OL`Q*9%1ES.9J61)O_I[C=/*-XLSJ8`,(^YS&=>``:8&YLP[NH(BV,><!%'
M9$M&V<0!D4/>O5..J]NE=7!ZDE^:;"E1KCCS@/H\:<#@`>NJ=D%/@8$#N2%S
MVW/:E_7"CZA*)-T`\*Y(UZZ5-7.D=?)^$X1U59>Z7.=8_-6+==Q&T]K447:I
ME@@A^$D<2+D1H,<JYM"*B$QSA*0!3%K@*5#QV080HCZ_\\=#NZ)BK6!@(RV7
M2#?9SG9[C+>L$7BUFI1;J"*H8P;J</T,BG"Q6Q%GLT"&Y;A*KJ`B')OGR6XR
M"=_4W-E.V='2M78"&+"N==WC#X[."B0NWS1^:87<%64-]@WD095GY105*$+_
M^$,I_O&;O_SBS\;VRYR5;Y@^?8RR"TD0]5:-49RT$@(6TK/V]U[B<6;WE@H2
MUA&4X6Q_8$R3XRX8T``1P"1,X@!(@B"$<#B;E2HHUQ7FQF(2,6:4Q'X8]$&M
M8T\+(R>$ED,+(!W0X5(<@0!!US!(EG3HU&S;H&P:07_#(0C/QEC[T`_]X"E%
MQ"Y,DD1_@!5K52D"``D'$C0\V`\?-4X?V!47I&:($7H`8#`"X&ZK<S[RYB?^
MMQ$S0$(J4RS3(E>V`C;Y`X.T]F-=D4<I8@`$-$Q.]0!N\&B44P$)4`$P-S05
MH5:KH83]<$42%H47V!7J8$T)@G9HES5FP@^I]SJ[_P4I,VAH#<<C!W!_M!1D
MXX)[]U0KT8%<36=W)U-\<)@5CE=E2?(',%`1S!!2$?``D(<!#/!5L=*$(C86
M,#!281)5#&`Z@3<66D@2,M,V7;@1"&!;A1<`^]5.=<8ASC"`="1``/9P'1%Q
MUE*)RA.'?T`YSK=QNG$P#Z`;$>``6-&*@00)%<`@ZR>(MA%JV9!F%R4#6Q0P
M=SB&&M$Z,J92B<)T:;(=);-D]/A2*S0N?0<;+1-'GF@23B=W.2AE8N)X'2<T
M%8%%?W`6X<16!A)10YAE9D)<3BAJM@$!&M4@5GA1`&!N;B<6MRA]';$U(K@=
M0**&)9$*=;4H!Q!//.%>+_^Y`'X5,3OY5Q'CDSSYD\W0`3'`7_T'DTU'>&QB
MC:/8&FHU5E`92!F7`%T'`#;'*8Y6`)G$`%*S?B9W1042A:Q!DA)E3ETQ55K!
M>V:B&S*F2@9)@WO1,/4G"'DG3T%F,I#B6VJQEWS9EWW)E#8U'!]#@Q-A/$N&
M8%%'@&G&B+F1&PY0`0U@*9$Y$MD`"<QP"LS0`%]5$5G1A-*D(,[PAP%"DKGX
M:291!-9T9CG7&N^WCSZ'E/-W``%P,B5R9Q.!)ZQW/":S*&[2FT!R+?%TE-+(
M$8JQ1DS)6*'F3=S`#)9BF9!@#L_9G,S93>EH@6#2>6/9$2&)(*_F#*UR32#T
M93#_P!4+4VN1>!+^L&MR*1PM=)NV="'KR3=FU(\HXS*"<'@1XC\EV&23*!P+
M.6')27H"RI&UR"JCZ3[F1HH;5X0),'JJJ9VG!G-_@([ME2S#2!(JM4(O>0!Y
MT6^_66=L8AXK4FN%US"SA$^XU8MLF#N6&$0"(Z`P6IVFJ2#;>83;Q%%K9PY>
MN1'8Z4W[PC_C8IMK.)/C$AP1X0?-(F?!L1UV5W?*,2[1(ASW22UN<6]^1)B"
MQZ1U-YP^M0_@&(Y?*HY?.J9D"HX.T(0,PH,[^D4/P(,-:!(RP"EKQT"!%Z#?
ME4I.A$BP61+J(`$DLPWU0@["03]]2C(2H!\#@%2)*C*'C`JHC.I$HU$O)".I
MP8DM)).HZ\"E-:A<AWHQ'C),)N&,4.B,]H``I=J+*6</615XZH"'2;(N!>`,
MJ"H1]@`#0H,!XVD5=8,W=?-%C(,`P-JKM,2K@5.L@'.LC!,XR6HW$[&KRHJJ
IR.JLRO,/U%JMUGJMV)JMVKJMW-JMWOJMX!JNXCJNY%JNYGJNW!H0`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
