<SEC-DOCUMENT>0001104659-11-009355.txt : 20110427
<SEC-HEADER>0001104659-11-009355.hdr.sgml : 20110427
<ACCEPTANCE-DATETIME>20110223163759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-11-009355
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVARTIS AG
		CENTRAL INDEX KEY:			0001114448
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LICHSTRASSE 35
		CITY:			BASEL SWITZERLAND
		STATE:			V8
		ZIP:			CH 4056

	MAIL ADDRESS:	
		STREET 1:		LICHSTRASSE 35
		CITY:			BASEL SWITZERLAND
		ZIP:			CH 4056
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>

  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-weight:bold;"><img width="232" height="81" src="g2360010bai001.jpg" alt="GRAPHIC"></font></b></p>
<table border="0" cellspacing="0" cellpadding="0" width="46%" style="border-collapse:collapse;margin-left:4.0in;width:46.66%;">
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.46%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;">Thomas Werlen</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.78%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;">Novartis AG</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.46%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;">General Counsel</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.78%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;">Novartis Campus</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.46%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.78%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;">CH-4056 Basel</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.46%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;">Jonathan   Symonds</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.78%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;">Switzerland</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.46%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;">Chief Financial Officer</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.78%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;23, 2011</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey P. Riedler</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration Statement on F-4</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration Number 333-171381</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Riedler:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Rule&nbsp;461 under the Securities Act of 1933, as amended (the &#147;<b>Securities Act</b>&#148;), Novartis AG (the &#147;<b>Company</b>&#148;) hereby respectfully requests acceleration of effectiveness of the above-referenced Registration Statement to 9:00&nbsp;a.m., Eastern Standard Time, on February&nbsp;25, 2011, or as soon thereafter as practicable on such date.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that there is any change in the acceleration request set forth in the preceding paragraph, the Company will promptly notify the U.S. Securities and Exchange Commission (the &#147;<b>Commission</b>&#148;) of such change, in which case the Company may be making an oral request for acceleration of the effectiveness of the above-referenced Registration Statement, as amended, in accordance with Rule&nbsp;461 under the Securities Act. Such request may be made by any officer of the Company or by any lawyer with Allen&nbsp;&amp; Overy LLP.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In requesting acceleration of effectiveness of the Registration Statement, the Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective does not relieve the Company from its full responsibility for the adequacy and accuracy of the disclosures in the filing; and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<a name="PB_1_134617_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='1',FILE='C:\JMS\dtodman\10-23600-10\task4506160\23600-10-ba.htm',USER='dtodman',CD='Feb 23 15:09 2011' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please contact Eric Shube of Allen&nbsp;&amp; Overy LLP at (212) 610-6366 with any questions you may have concerning this request. In addition, please notify Mr.&nbsp;Shube when this request for acceleration has been granted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Novartis AG</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jonathan Symonds</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jonathan Symonds</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Dr.&nbsp;Thomas Werlen</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Thomas Werlen</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Counsel</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric Shube</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Allen&nbsp;&amp; Overy)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_150852_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\dtodman\10-23600-10\task4506160\23600-10-ba.htm',USER='dtodman',CD='Feb 23 15:09 2011' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g2360010bai001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g2360010bai001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!1`.@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BDR,XSS5?4;O[!IUQ>>69/(C:38
M#C=@9Q0E=V$VDKLLT5SWA?Q8OB5[A4LFMQ`%))DW9SGV]JZ&JE%Q=F33J1J1
MYHO0****DL****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`R?$X"Z%/.',<L(#QR*<%6SQC^55]*OI-<\*S-.`93&\3D#
M[QQU_6LKQSJP(CTN%L\[Y<?H/Z_E6]X=TXZ;HD-O(,2,"\@]">W]*XX3<L2^
M79+7U/1J4E'`KGW;T]#E_A9%BSU"7')D1?R!_P`:[VN2^'MM]FTN^&,?Z:Z_
ME@5O+?F&_-G<X#-S&_9AZ?6N[%5HPJ^]U=CQL#3?L$ET+]%%%2=`45D:WXAM
M]!N+);M2(;IV1I!_RSP!@D>G-:JLKH'1@RL,@@Y!%-Q:29*G%MQ3U0ZBL:#6
M;J7Q#)I#V4:F*(2M*)B05)QP-O6K^I:E:Z39/>7DHCB3OW)[`#N:;BT["52+
M3=]BU16(FI:[=0"XM='BCC891+FYVR,/H%('XFH]*\5PWVHMI=[:R:?J"_\`
M+&0@AO\`=;O3]G*Q'MH72?7R9OT5@^)/$5SX=A6Y;3Q<6[-LWK-@J<=QCZUK
MV<YN;.&X.W]Z@<;&R,'D<TG%I<W0I5(N3@MT3T5C6.M7-]K-W8)9Q^79L%EG
M$I()/.`,=:L:[JR:)H\]^ZAS&/D3.-S'@"CD=[![6/*Y=%^AHT5!97<=_8PW
M<)S',@=?Q%)>S36]K)-!$DK1J6*L^W(`]<&E9WL7S*URQ17*V?B^_OM)?5;?
M0C);1DAPMR-XQU(&WFMO1M8M=<TY+ZT+;&)!5ARK#J#52IRCN9PK0F[19?HK
M&FU35_ML\5IHHG@B;:LSW(CW'`SP1Z\5GZ;XLU+5I;F*ST(.UJ^R4-=J,'GI
M\O/0TU3DU?\`5"=>"=G?[G_D=315'2KVYOK9Y+NS-G*DC(8B^[IWR*S)/$ES
M'XF30OL$9E==XE\_Y=N">FW/:DH-MI="G5BDF^IT-%(S!5+,0`!DGTKG[?7]
M2U2VDO=)TR*:U5F"--/L>;'4J`#C\3246]ARJ1CHSH:*KV%R;VPM[HQF,S1J
MY0G)7(SBK%2U8I--704444#/,K`?;?&*?:.=UVQ8'V)./TKTVN1UWPU<QZ@N
MK:0H:57\QXL\ELYR/\*WM.UBWOXPK9M[@#YX)1M93^/4>]<&%BZ4I0GNW]YZ
MV.FJ\85*>R5FNQ%X?M?LEO=IC&Z]F<?BU5O$H`:W<<-\P_E6R\D-NA=V5%SD
M^YK$N+>YUJ]#K&T5NG"LXQD>N*C-)>TI.E%7E*VGSW.+!15.2D]$C8L)FN+&
M&5OO,HS]:L4R*)88DB085!@4^N^FI*"4M[&$FG)M'+^*[&WU/6-%L;I2T4S3
M`X."/DX(^AK*TO5+SP7J2Z+K+&33Y#_HUUV0?X>H[?2MC7GE/B;1I8K:XEBM
M7D,SI"Q"!E`'('\JUM4TJSUS3FM;N/=&XRIQAD/8CT-=BFE%1EL_\SSG3<JD
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M7PA="[R)=*W(RGJ1_"/SX_"NTKB;CPQ.WCHO&K#3;H+<W``^5F4YVG_@6#^)
MI4VG%QEZCKQE&<:D-]OOV^YF_P"&=.?3M'3[1S=7+&>X)ZEVY/Y=/PK*\1SV
M&HZ_;Z1?W4,-K!$T\WF2!0SD;4'/<9)KI[BX6VA,KJ[`=HT+$_0"L#PS9"ZC
MO+_4K(K=W=PSLD\7**.%49'H.U*+U<V.I'2-&/\`27^91^'FH[K.ZT>259'L
MI#L96R&0D]#Z9S^8KJ[W_CQN/^N3?RKD-3LKG1/&]MJFGV,TMK/'LN4MXB0H
MZ'@?@?PKJKVX4Z5-*B2-NC8*HC;<3@X&,9IU$G)2746';C3=.6\=/ET.&\+>
M(K/1_!LJW"3%_,?;B)BC$C@;L8'YUU/A'1_[%T"*`RK(\I\UV0Y7)QT/<8Q6
M5X-T[?X7FT?5+*:(R.^Y)8RN5..0<8__`%4N@MJOAJZ?1[ZVN+K3P<VUU%&7
MV#T8#D#^7TK2I:7,H]_O,*%X*$I[6MZ>IV%<5X`_Y"6O_P#7T/YO79-*JQ>:
M=VW&>%)/Y=:XWP1%=66I:J;RSN8!=3!XFDA8!AEN^..HK*'\.7R.BK_&I_/\
MCM:XJX_Y*S;?]>I_]!:NUKBKA+C_`(61#J0L[HV:0^6TP@8KG:?;U-%'KZ,>
M)VA_B1V<B+)&T;#*L"#]#7G=M>ZE\/\`4#97D;7&D2R$QR`?=SZ>_J/RKO;]
MYQIMQ):*6G$3&(`<EL<?K7.:MJJZYX?EL(]*O7O)T"B&2W91&_J6(P`#WS3I
M=FKIDXE+1IVDMO/R.H@FBN+>.:!@\4BAD9>A!Z5)5#1+!],T6TLI'#O#$%8C
MIGO5^L7:^AU1;<4WN%%%%(H*HZE]R/ZT45%3X6:4OC1,W^NB^E6***4-V3+H
M%%%%:$A2444`+1110`4444`%%%%`!1110`4444`%%%%`"4M%%`!1110`4444
+`%%%%`!1110!_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
