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<SEC-DOCUMENT>0001193125-07-008354.txt : 20070907
<SEC-HEADER>0001193125-07-008354.hdr.sgml : 20070907
<ACCEPTANCE-DATETIME>20070118150710
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-07-008354
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERIPATH INC
		CENTRAL INDEX KEY:			0001027532
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				650642485
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7289 GARDEN RD
		STREET 2:		SUITE 200
		CITY:			RIVER BEACH
		STATE:			FL
		ZIP:			33404
		BUSINESS PHONE:		5618451850

	MAIL ADDRESS:	
		STREET 1:		7289 GARDEN RD
		STREET 2:		SUITE 200
		CITY:			RIVER BEACH
		STATE:			FL
		ZIP:			33404
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">January&nbsp;16, 2007 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>VIA EDGAR </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Tia Jenkins </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Senior Assistant
Chief Accountant </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Securities and
Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">450 Fifth Street, N.W. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C.
20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Ameripath, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Form 10-K for the year ended
December&nbsp;31, 2005 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Filed March&nbsp;28, 2006 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">Form 8-K/A dated January&nbsp;31, 2006 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Filed April&nbsp;12, 2006 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">File No.&nbsp;333-17065 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Ms.&nbsp;Jenkins: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On behalf of Ameripath, Inc. (&#147;Ameripath&#148; or the &#147;Company&#148;), set forth below are responses to the comments of the Division of
Corporate Finance of the Securities and Exchange Commission (the &#147;SEC&#148;) that appeared in your letter dated, December&nbsp;19, 2006, with respect to the filings referenced above. For your convenience, the text of your comments is set forth
below and our responses are followed in bold. In addition, where appropriate, we have included language setting forth the disclosure we would propose to make to address your comments. For your convenience, we have included the relevant text from our
previous filings and response letter and set forth the changes that we would propose to make as marked text. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With this letter, Ameripath
is requesting that the proposed disclosures stated below be made in our next annual filing, which will be a Form 10-K for the year ended December&nbsp;31, 2006 and will be filed on our about March&nbsp;28, 2007 and our subsequent periodic reports as
applicable. We are making this request due to the fact that the Company is a voluntary filer that is not currently required to make periodic filings pursuant to the Exchange Act, but rather makes such filings pursuant to a contractual provision in
the indenture governing the Company&#146;s senior subordinated notes. The Company does not have any publicly-held equity securities. We appreciate the Commission&#146;s review and consideration of this request. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>December&nbsp;31, 2005 Form 10-K </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Item&nbsp;7 &#150;
Management&#146;s Discussion and Analysis, page 21 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Please clarify in your proposed disclosure, regarding prior comment #2, what criteria the company uses to determine that accounts receivable are &#147;deemed to be
uncollectible&#148;, third party accounts receivable &#147;exceed the payor&#146;s timely filing limits&#148;, and that &#147;all collection efforts have occurred&#148; for private pay patients. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: We have added more verbiage in our proposed disclosure below to address your concern.</B> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U>PROPOSED DISCLOSURE:</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Provision for Doubtful Accounts. </I><U>We calculate our provision for doubtful accounts based upon our past billing and collection experience by type of payor and type of service (outpatient versus inpatient) for
each or our labs.</U> The provision for doubtful accounts typically is higher for inpatient services than for outpatient services due primarily to a larger concentration of indigent and private pay patients, greater difficulty gathering complete and
accurate billing information and longer billing and collection cycles for inpatient services. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U>The Company&#146;s billing systems
generate detailed accounts receivable aging reports by payor type and by location, which are reviewed by billing personnel, who in turn perform follow up procedures on unpaid amounts. Based on historical experience, the Company deems accounts
receivable balances greater than 150 days to be uncollectible, at which time the accounts receivables are charged off against the allowance for doubtful accounts.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><U>Since we do not have a direct relationship with our patients, and must obtain insurance information via our referring physician offices or hospitals, inaccurate or incomplete insurance information may be supplied
to us and may result in third party claims filed by us beyond the timely filing restrictions per our managed care contracts. Based on historical experience, we deem third party accounts receivable that has exceeded the payor&#146;s timely filing
limits to be uncollectible, and at that time charge off third party accounts receivable against the allowance for doubtful accounts.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2"><U>Private pay patient accounts, including deductibles and co-payment amounts, generate a minimum of three patient statements which are sent to the patient&#146;s last known address. If unpaid after three statement cycles these accounts are
either submitted to a collection agency or pursued by our billing department personnel. Based on historical experience, we deem private pay patient accounts outstanding after these collection efforts have occurred to be uncollectible, and at that
time charge off private pay patient account receivable against the allowance for doubtful accounts.</U> Management service revenue generally does not include a provision for doubtful accounts. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Please expand your proposed disclosures regarding prior comment 3 to address the other primary reasons for reduction in your provision for doubtful accounts receivable from 2004 to
2005. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: We have changed the proposed disclosure verbiage below to reflect that this is substantially the only
reason for the reduction in our provisions for doubtful accounts from 2004 to 2005.</B> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U>PROPOSED DISCLOSURE:</U> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Provision for Doubtful Accounts.</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Our
provision for doubtful accounts decreased by $2.7 million, or 3.6%, from $76.5 million for 2004 to $73.8 million for the same period in 2005. The provision for doubtful accounts as a percentage of net revenues decreased from 15.1% for 2004 to 13.1%
for the same period in 2005. <U>Substantially all of the reduction</U> in the provision for doubtful accounts as a percentage of net revenues for the period ended December&nbsp;31, 2005 compared to the period ended December&nbsp;31, 2004 <U>is a
result</U> of the increase in outpatient revenues as a percentage of net revenues. The provision for doubtful accounts on our outpatient revenues are lower than the provision for doubtful accounts on our inpatient revenues. <U>For the year ended
December&nbsp;31, 2005, our outpatient net revenues were 60.4% of consolidated net revenues and inpatient net revenues were 39.6% of consolidated net revenues,</U> </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2"><U>compared to our revenue mix for the year ended December&nbsp;31, 2004, where our outpatient net revenues were 53.7% of consolidated net revenues and our
inpatient net revenues were 46.3% of consolidated net revenues. Our provisions for bad debts &#150; outpatient as a percentage of our net outpatient revenues were approximately 9.8% in 2004 and 8.3% in 2005. Our provisions for doubtful accounts
&#150; clinical as a percentage of clinical (CPC) revenues were approximately 40% in both 2004 and 2005. Our provisions for bad debts &#150; hospital as a percentage of hospital net revenues were approximately 17.5% in both 2004 and 2005.</U>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Because substantially all of our revenues are derived from services for which our operations charge on a fee-for-service basis, we assume
the financial risk related to collection. This includes potential write-offs of doubtful accounts and long collection cycles for accounts receivable, including reimbursements by third-party payors, such as government programs and managed care
organizations. Our provision for doubtful accounts for the year 2005 was 13.1% of net revenues, with net revenues from outpatient and inpatient services having a provision for doubtful accounts of 8.3% and 24.0%, respectively. The difference between
our provision for doubtful accounts in each segment is principally due to the lower recoverability of CPC fees in the inpatient segment. Each of these fees is typically a de minimus amount that is billed directly to the insurance carrier or the
patient and, as a result, frequently go unpaid. <U>Our net CPC revenues are approximately $4.5 million per month and our related provision for doubtful accounts is approximately $1.8 million per month.</U> </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In addition, please separately tell us how your recognize revenues from CPC fees. Page 6 of the text indicates that each of the fees is typically a de minimus amount billed directly
to the insurance carrier or the patient and may frequently go unpaid. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE:</B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>The text above and on page 6 should read &#150; The difference between our provision for doubtful accounts in each segment is principally due to the
lower recoverability of CPC fees <U>and our inpatient deductible and co-pay amounts</U>.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Ameripath recognizes revenues for CPC fees
as we bill clinical CPT codes. If a hospital contract or a managed care contract allows for us to bill CPC fees we bill them at the time the clinical CPT code is billed. The typical charge for a CPC fee ranges from $5 to $10 per CPT code. These fees
are generally collectible as we have a contract to bill these CPC fees. Private pay patient accounts, including deductibles and co-payment amounts, generate a minimum of three patient statements which are sent to the patient&#146;s last known
address. If unpaid after three statement cycles these accounts are either submitted to a collections agency or pursued by our billing department personnel. Private pay patient accounts are charged off after these collection efforts have
occurred.</B> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Item&nbsp;9A, Controls and Procedures, page 41 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Please clarify in your proposed disclosure regarding prior comment #10 when the material weakness began. In the first sentence you state that Ernst&nbsp;&amp; Young identified one
deficiency during the course of their audit of the financial statements for calendar year ended December&nbsp;31, 2005. However, in the fourth sentence you indicate that the matter was identified during the audit of the financial statements for the
calendar year ended December&nbsp;31, 2004. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: We will make the following clarification in the proposed
disclosure.</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U>PROPOSED DISCLOSURE:</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">During the course of their audit of our consolidated financial statements for the calendar year ended December&nbsp;31, 2005, our independent registered public accounting firm, Ernst&nbsp;&amp; Young LLP, advised
management and the Audit Committee of our Board of Directors that they had identified one deficiency in internal controls that they considered to be a &#147;material weakness&#148; as defined under standards established by the American Institute of
Certified Public Accountants. The material weakness relates to the adequacy of general controls relating to an information technology system. The material weakness relates to program changes or data file access controls that are not adequate to
provide reasonable assurance that (1)&nbsp;development of and changes to programs are authorized, tested, and approved prior to being placed into production, and (2)&nbsp;access to data files is appropriately restricted to authorized users and
programs. <U>This material weakness had also been identified and communicated to management and the Audit Committee of our Board of Directors during the year ended December&nbsp;31, 2004. We believe that the deficiency has been present since the
March 2003 Transaction</U> and that the deficiency was present as of the end of the period covered by this report. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Form 8-K/A1 filed April&nbsp;12,
2006 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Exhibit 99.2 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Pro Form Adjustments, page 7
</U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Please further explain the basis for pro forma adjustment (k). It is not clear how the removal of costs included in the historical operations of the acquiree meets the objectives of
Article 11 of regulation S-X. Alternatively, revise to remove the adjustment and consider disclosing the amount and specific nature of these costs in a footnote. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: We will revise to remove the adjustment and we will disclose the amount and specific nature of these costs in a footnote.</B> </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">We have reviewed your response prior to comment 13 and continue to believe that compensation costs incurred during the prior year, as shown in pro forma adjustment (1)&nbsp;should
not be eliminated unless they are directly attributable to the acquisition transaction and expected to have a continuing impact, which does not appear to be the case. See section 210.11-02(b)(6) of Regulation S-X. Please revise.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: We will revise to remove the pro forma adjustment related to stock based compensation charges expensed in the
2005 fiscal year.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Should you have any questions or comments regarding the foregoing, do not hesitate to contact the undersigned at
(561)&nbsp;712-6200. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Donald E. Steen</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Donald E. Steen</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>

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