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<SEC-DOCUMENT>0000891836-07-000229.txt : 20080327
<SEC-HEADER>0000891836-07-000229.hdr.sgml : 20080327
<ACCEPTANCE-DATETIME>20070709124218
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000891836-07-000229
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENI SPA
		CENTRAL INDEX KEY:			0001002242
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
		BUSINESS PHONE:		011390659822449

	MAIL ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP
</TITLE>
</HEAD>
<BODY>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 9, 2007 </FONT></P>
<BR><BR>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ms Cecilia Blye,<BR>
Chief &#151; Office of Global Security Risk,<BR>
Division of Corporation Finance,<BR>
Securities and Exchange Commission,<BR>
100 F Street, N.E.,<BR>
Washington, D.C. 20549 </FONT></P>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Re:</FONT></TD>
     <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Eni Spa<BR>
Form 20-F for the Fiscal Year ended December 31, 2006<BR>
Filed June 20, 2007<BR>
File No. 1-14090</U></FONT></TD>
</TR>
</TABLE>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Ms. Blye, </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank
you for your facsimile dated June 28, 2007 setting forth comments of the Staff of the
Commission (the &#147;Staff&#148;) relating to the Form 20-F for the year ended December
31, 2006 (the &#147;2006 Form 20-F&#148;) of Eni S.p.A (&#147;Eni&#148;) (File No.
1-14090). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
facilitate the Staff&#146;s review, we have included in this letter the captions and
comments from the Staff&#146;s comment letters in bold italicized text, and have provided
our response immediately following each comment. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><I>General</I></U> </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
     <TR VALIGN=TOP>
     <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>1.</I></B></FONT></TD>
     <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>On pages 7-8 you discuss the risk of U.S. sanctions related to your
operations in Iran. Please address for us the applicability to your Iran-related
activities, including any direct or indirect payments to the Iranian government,
of Section&nbsp;5(b) of the Iran Sanctions Act of 1996, as modified by the Iran
Freedom Support Act on September 30, 2006.</I></B> </FONT></TD>
     </TR>
     </TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
2006 Form 20-F includes a discussion of the nature and extent of our exploration and
production operations in Iran. See in particular the discussion in Item 4 on pages 31 and
32 of the 2006 Form 20-F regarding our operations in Iran. In addition, the risk of U.S.
sanctions as a result of activities in Iran is specifically discussed. The risk factor
also indicates that U.S. sanctions may apply against any persons that knowingly contribute
to certain military programs of Iran. See &#147;Our activities in Iran could lead to
sanctions under relevant U.S. legislation&#148; on page 7 of the 2006 Form 20-F. We understand that no
sanctions have ever been imposed on any person or entity under the Iran
Sanctions Act. As noted in the 2006 Form 20-F, we cannot predict interpretations
of, or the implementation policy of the U.S. Government under, the Iran
Sanctions Act with respect to our current and future activities in Iran.</FONT></P>

<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, the
technology, equipment and services we provide in connection with our operations
in Iran have been used for the exploration, evaluation and production of oil and
gas resources in Iran. Under agreements with entities controlled by the Iranian
Government, such entities have access to the technology, equipment and services
subject to these agreements. However, we have no knowledge of any other uses
made or to be made by Iranian parties of the goods, technology, equipment and
services referred to above including whether or not they contribute materially
to the ability of Iran to acquire or develop the weapons described in the Iran
Freedom Support Act of 2006. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that Italy, as a member
of the European Union, has adopted UN Security Council Regulation 1737 (2006)
prohibiting the export of all items, materials, goods and technology which could
contribute to Iran&#146;s nuclear-related activities and, to the best knowledge
of our management, we are in compliance with such prohibition. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
     <TR VALIGN=TOP>
     <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>2.</I></B></FONT></TD>
     <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>We are aware of published reports that you have purchased Syrian light
crude oil and supplied high sulfur fuel oil to Syria. Syria is identified as a
state sponsor of terrorism by the U.S. Department of State and subject to U.S.
sanctions and export controls. Please describe for us the nature and extent of
the your past, current, and anticipated operations in, or other contacts with,
Syria, whether through direct or indirect arrangements or pursuant to written or
unwritten agreements. Your response should describe in reasonable detail the
products and services you have provided to Syrian persons or entities, or to the
government of Syria, as well as any agreements, commercial arrangements, or
other contacts with the government of Syria or entities controlled by that
government.</I></B>
</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our
operations in Syria have historically been and continue to be immaterial to our
Group. The nature and extent of our operations in Syria have mainly been limited
to transactions carried out by our Refining and Marketing Division with Syrian
Petrol Company, an entity controlled by the Syrian government, for the purchase
of crude oil under term purchase contracts based on prevailing market
conditions. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, our Refining and
Marketing Division purchased a total of 484 thousand tonnes
(&#147;ktonnes&#148;) of crude oil from Syrian Petrol Company pursuant to term
purchase contracts entered into in December 2005, representing less than 1% of
total volumes of crude oil supplied by this business segment for the year, which
were equal to 65.70 million tonnes. The aggregate amount paid to Syrian Petrol
Company under those contracts in 2006 was equal to $197 million (&#128;157
million), representing significantly less than 1% of our consolidated purchases
of goods and raw materials for the period (&#128;44,661 million). In
2005, our Refining and Marketing Division purchased 243 ktonnes of crude oil
from Syrian Petrol Company under similar contracts entered into in December 2004
for an aggregate purchase price of $86 million. These amounts represented
significantly less than 1% of total volumes of crude oil supplied by this
business segment for the year and our consolidated purchases of goods and raw
materials for the year, respectively. We expect purchases of volumes of crude
oil from Syrian counterparties in 2007 to be on the same level as in 2006.
Attached as Annex A to this letter is a list of the term purchase contracts
relating to individual purchases of volumes of crude oil from Syrian Petrol
Company in 2005 and 2006.</FONT></P>
<BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></P>

<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005 we also marketed
limited amounts of refined products (an estimated 175 ktonnes comprising mainly
high sulfur fuel oil) to certain international traders who, according to bills
of loading and shipping documentation available to us, then resold the products
to Syrian companies. In 2005 we purchased 240 ktonnes of crude oil and in 2006
we purchased 30 ktonnes of refinery feedstock, in each case from international
traders who, based on bills of loading and shipping documentation available to
us, we believe purchased those raw materials from Syrian companies. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our management does not
currently have any plans to significantly develop our operations and activities
in Syria in the future. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis of our
contacts and transactions with Syrian counterparties described above, we
respectfully submit that such activities are immaterial to our business and do
not require specific country-based disclosure in our SEC filings, including as
part of any risk factor describing our activities in certain states identified
as a sponsor of terrorism by the U.S. Department of State and subject to U.S.
sanctions and export controls. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
     <TR VALIGN=TOP>
     <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>3.</I></B></FONT></TD>
     <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Please discuss the materiality of the operations and other contacts
described in response to the foregoing comment, and whether they would
constitute a material investment risk for your security holders. You should
address materiality in quantitative terms, including the approximate dollar
amounts of any associated revenues, assets, and liabilities for the period
covered by the annual report concerning Syria. Please also address materiality
in terms of qualitative factors that a reasonable investor would deem important
in making an investment decision, including the potential impact of corporate
activities upon a company&#146;s reputation and share value.</I></B>
</FONT></TD>
     </TR>
     </TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
     <TR VALIGN=TOP>
     <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>We note, for example, that Arizona and Louisiana have adopted legislation
requiring their state retirement systems to prepare reports regarding
state pension fund assets invested in, and/or permitting divestment of state
pension fund assets from, companies that do business with countries identified
as state sponsors of terrorism. The Missouri Investment Trust has established an
equity fund for the investment of certain state-held monies that screens out
stocks of companies that do business with U.S. designated state sponsors of
terrorism. The Pennsylvania legislature has adopted a resolution directing its
Legislative Budget and Finance Committee to report annually to the General
Assembly regarding state funds invested in companies that have ties to
terrorist-sponsoring countries. Your materiality analysis should address the
potential impact of the investor sentiment evidenced by such actions directed
toward companies that have operations or business contacts associated with
Syria.</I></B> </FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></P>
<PAGE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
     <TR VALIGN=TOP>
     <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Your qualitative materiality analysis also should address whether, and the
extent to which, the government of Syria, or persons or entities controlled
by that government, receive cash or act as intermediaries in connection with
your operations and contacts.</I></B> </FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as described in
the response to comment 2 above, in 2006 and 2005 we did not enter into any
transactions or arrangements with any Syrian entities, nor did we have any
assets or liabilities related to our activities in Syria. As at the end of our
2006 fiscal year, we believe that none of our assets were affected by our
exposure to Syria. In addition, we do not believe that our operations would be
materially disrupted should transactions with Syria be terminated. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From a quantitative point of view, and
taking into account the size and diversity of our overall operations, we do not
believe that our contacts with Syria are material to us or pose any material
risk for our security holders. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also considered
qualitative factors that a reasonable investor would deem important in making an
investment decision, including the potential impact of corporate activities upon
a company&#146;s reputation and share value that could result from the fact that
we have business interests with countries that the U.S. Department of State has
designated a sponsor of terrorism and that currently is subject to U.S. economic
sanctions. We have also noted the adoption and potential adoption of legislation
by certain U.S. states and the internal policies of certain U.S. institutions,
which would prohibit investment in, and/or require divestment from, companies
that conduct certain business with certain sanctioned countries. In addition, we
have considered, for the purpose of our materiality analysis, that the Syrian
Government, and entities controlled by that government, may receive payments
pursuant to the commercial arrangements related to us. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of the
immateriality of our contacts with Syria, which were entered into in the
ordinary course of business, we believe that our existing security holders or
potential new investors would not consider that those Syrian-related activities
adversely affect, or could adversely affect, our reputation or share value. We
believe that reasonable investors making an investment decision expect us to
continue providing complete and accurate disclosure on the development of, and
risks relating to, our material activities in certain states identified as state
sponsors of terrorism by the U.S. Department of State. In our opinion this is
fully accomplished in our 2006 Form 20-F. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are available to
discuss the foregoing with you at your convenience. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acknowledge that Eni is
responsible for the adequacy and accuracy of the disclosure in its Form 20-F,
that Staff comments or changes to disclosure in response to Staff comments do
not foreclose the Commission from taking any action with respect to our Form
20-F, and that we 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>

<BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></P>

<PAGE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions
relating to this letter, please feel free to call the undersigned at
+39-02-5982-1000 or Oderisio de Vito Piscicelli at Sullivan &amp; Cromwell LLP
at +44-207-959-8900. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=65%></TD>
     <TD WIDTH=45%>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours,<BR><BR>
<U>/s/ Paolo Scaroni&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Paolo Scaroni<BR>
Chief Executive Officer<BR>
Eni S.p.A.</FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cc:</FONT></TD>
     <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Roger Schwall<BR>
Assistant Director<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
<BR>
Pradip Bhaumik<BR>
Attorney-Advisor, Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
<BR>
Richard C. Morrissey<BR>
Oderisio de Vito Piscicelli<BR>
(Sullivan &amp; Cromwell LLP)</FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></P>
<PAGE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ANNEX A</U><BR>
Fiscal year: 2006</B></FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>N&deg;</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Eni Segment</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Type of Agreement</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Year of the Agreement</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Delivery date</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Counterparty</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Country</B></FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Quantity (<I>'000 ktonnes</I>)</B></FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>mag-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ago-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>feb-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ott-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>apr-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>81</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2005</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>feb-06</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>83</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT>&nbsp;</TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>484</B></FONT></TD></TR></TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Fiscal year: 2005</B></FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2004</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>mar-05</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2004</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>mag-05</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>83</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Refining and Marketing</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term contract for the purchasing of crude oil</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>December 2004</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>set-05</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syrian Petrol Co.</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Syria</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>80</FONT><BR><BR></TD>
</TR>
<TR VALIGN=TOP>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT>&nbsp;</TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>243</B></FONT></TD>
</TR>
</TABLE>

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