-----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,
 MpkSH8vD3mGC8yuQkFHc9x4p7KWQAeJisoCJXDOm+sb9mSo4YR2hqg1BKOS9EXjU
 ZOjDL6oI72bsAb5YzPL0fg==

<SEC-DOCUMENT>0000000000-09-035896.txt : 20090821
<SEC-HEADER>0000000000-09-035896.hdr.sgml : 20090821
<ACCEPTANCE-DATETIME>20090707162509
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-09-035896
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090707

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAIL RESORTS INC
		CENTRAL INDEX KEY:			0000812011
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				510291762
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
		BUSINESS PHONE:		303-404-1800

	MAIL ADDRESS:	
		STREET 1:		390 INTERLOCKEN CRESCENT
		STREET 2:		SUITE 1000
		CITY:			BROOMFIELD
		STATE:			CO
		ZIP:			80021
PUBLIC REFERENCE ACCESSION NUMBER:		0000812011-08-000026
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C0V(#`@;V)J#3P\+TQI;F5A<FEZ960@,2],(#$R
M.#@S+T\@-#@O12`V-3(Y+TX@,2]4(#$Q.3$V+T@@6R`U-38@,3<W73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HT-B`Q,PT*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.3`P(#`P,#`P(&X-"C`P,#`P,#$Q-S,@
M,#`P,#`@;@T*,#`P,#`P,30Q-B`P,#`P,"!N#0HP,#`P,#`Q.#4P(#`P,#`P
M(&X-"C`P,#`P,#$X.#4@,#`P,#`@;@T*,#`P,#`P,C@S."`P,#`P,"!N#0HP
M,#`P,#`S,C8W(#`P,#`P(&X-"C`P,#`P,#4Y-C`@,#`P,#`@;@T*,#`P,#`P
M-C(P,R`P,#`P,"!N#0HP,#`P,#`V-#4R(#`P,#`P(&X-"C`P,#`P,#`W,S,@
M,#`P,#`@;@T*,#`P,#`P,#4U-B`P,#`P,"!N#0IT<F%I;&5R#0H\/"]3:7IE
M(#4Y+U!R978@,3$Y,#4O6%)E9E-T;2`W,S,O4F]O="`T-R`P(%(O26YF;R`V
M(#`@4B])1%L\0S$S-3@R-44Y.4-"-C4W03=!-3)%.#=%-T5!,$-$140^/#0Y
M1C(T,S<Q134T,$9"-#`Y1$4S.3`S1D4Y-T$Q0C8Y/ET^/@T*<W1A<G1X<F5F
M#0HP#0HE)45/1@T*("`-"C4X(#`@;V)J#3P\+TQE;F=T:"`X-R]#(#DU+T9I
M;'1E<B]&;&%T941E8V]D92])(#$Q-R],(#<Y+U,@,SD^/G-T<F5A;0T*>-IB
M8&#@9&!@?L(`!")O&%`!$Q"S,'`<8#!`$N2$8@8&908>7L9^!N9I$JN2>!FN
M,2V`:9(1AVJV`F)&!@:)"Q":V1UN"AL#@\Y2B"BC-D"``0"0X@FX#0IE;F1S
M=')E86T-96YD;V)J#34W(#`@;V)J#3P\+TQE;F=T:"`R,"]&:6QT97(O1FQA
M=&5$96-O9&4O5ULQ(#$@,5TO26YD97A;-R`S.5TO1&5C;V1E4&%R;7,\/"]#
M;VQU;6YS(#,O4')E9&EC=&]R(#$R/CXO4VEZ92`T-B]4>7!E+UA2968^/G-T
M<F5A;0T*>-IB8F)D8&)@8!R,&"#``"7N`'@-"F5N9'-T<F5A;0UE;F1O8FH-
M-#<@,"!O8FH-/#PO36%R:TEN9F\\/"],971T97)S<&%C949L86=S(#`O36%R
M:V5D('1R=64^/B]-971A9&%T82`U(#`@4B]0:65C94EN9F\\/"]-87)K9610
M1$8\/"],87-T36]D:69I960H1#HR,#`Y,#<P-S$V,C`Q-"D^/CX^+U!A9V5S
M(#0@,"!2+U!A9V5,87EO=70O3VYE0V]L=6UN+U-T<G5C=%1R9652;V]T(#<@
M,"!2+U1Y<&4O0V%T86QO9R],86YG*/[_`$4`3@`M`%4`4RDO3&%S=$UO9&EF
M:65D*$0Z,C`P.3`W,#<Q-C(P,30I+U!A9V5,86)E;',@,B`P(%(^/@UE;F1O
M8FH--#@@,"!O8FH-/#PO0W)O<$)O>%LP(#`@-C$R(#<Y,ETO4&%R96YT(#0@
M,"!2+U-T<G5C=%!A<F5N=',@,"]#;VYT96YT<R`U,2`P(%(O4F]T871E(#`O
M365D:6%";WA;,"`P(#8Q,B`W.3)=+U)E<V]U<F-E<SP\+T-O;&]R4W!A8V4\
M/"]#4S`@-3`@,"!2/CXO1F]N=#P\+U14,"`T.2`P(%(O5%0Q(#4R(#`@4CX^
M+U!R;V-3971;+U!$1B]497AT72]%>'1'4W1A=&4\/"]'4S`@-38@,"!2/CX^
M/B]4>7!E+U!A9V4^/@UE;F1O8FH--#D@,"!O8FH-/#PO4W5B='EP92]4<G5E
M5'EP92]&;VYT1&5S8W)I<'1O<B`U-"`P(%(O3&%S=$-H87(@,3(Q+U=I9'1H
M<ULR-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S,S,@,C4P(#`@-3`P
M(#4P,"`U,#`@-3`P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`R-S@@,"`P(#`@
M,"`P(#`@,"`V-C<@-C8W(#<R,B`P(#4U-B`P(#`@,S,S(#,X.2`W,C(@-C$Q
M(#@X.2`P(#<R,B`P(#`@-C8W(#4U-B`P(#`@-S(R(#DT-"`P(#`@,"`P(#`@
M,"`P(#`@,"`T-#0@,"`T-#0@-3`P(#0T-"`S,S,@-3`P(#4P,"`R-S@@,"`U
M,#`@,C<X(#<W."`U,#`@-3`P(#4P,"`P(#,S,R`S.#D@,C<X(#4P,"`U,#`@
M-S(R(#`@-3`P72]"87-E1F]N="]4:6UE<TYE=U)O;6%N4%--5"]&:7)S=$-H
M87(@,S(O16YC;V1I;F<O5VEN06YS:45N8V]D:6YG+U1Y<&4O1F]N=#X^#65N
M9&]B:@TU,"`P(&]B:@U;+TE#0T)A<V5D(#4S(#`@4ET-96YD;V)J#34Q(#`@
M;V)J#3P\+TQE;F=T:"`X.#,O1FEL=&5R+T9L871E1&5C;V1E/CYS=')E86T-
M"DB)M%;O;]HP$/W.7W$?DXD8.[]35956:*=VZS:-:--4[0,*3O$6G"D)[?K?
M[^Q`0@;NT*11H1K'G-^]>^^.RW0T^0CGYY.[Z<T,*%Q<7,ZF,)I,YQ2R&C?4
M']29'$W>X-9#/9JD*04&:3YBC`2N/M"N$@H138@70[H>66"GWT=7=RI8?P';
M74#!883Y(:0SPU%W>#1@YJ/>Z5']TZ,&NZ,.)912/)G!;O4$^U?=6W<+4<"\
M*7^"%]B!%3+8?^'.WK__^LC^EMX>9!+V2:L<%/R`>"SN4EAB"O\=VA^/;C>%
M'5G/MH,?HS&XN$W5.S$D$77EZ+&K\BT-Y8N[I%7-0I6YLUL^0?H*4[[E>5YQ
MA0*^$(7KMI2\-MR?#.40=W*(>SELY31="9[#M9`+F8E%`1_R7&2\@N.6H,/`
M;A?8/=399Z6S3[PNJZ8>*R)O9$8,@!D;!O:ZP%['@(>>O9$-KXHRLT/K!Y<P
MK7B=<=D@+6.8;T3#$2*ENFS'[W%/,$K+S+UU697E&D/G@A?+,4P_0$Q5V5UF
MRL([%._?;<XZGV.[8FV[.DIO2-Q`1PM9:X-/_`P^VYZU)=KV+<TUW.!*V@ZS
MD&\-M.^#/3`#F.!$,,-:7XN"P_N2`!*)##DT"3$MX]TQDARJI<D0+#3!\#L8
MOHKDM*'VF\-U6:U1!L[;,Z4#_`3-BJ/":Z4:5/A7OJC@2B[Y4OGZ&3RFU:E-
MC08QE#8:6)3U%M7"8=O9H@>+'_M$D;0^UJFVKQG/A12->.3PL2I_/6-#7C1\
MC5J&4L(<D6:J@"N^W""SS']M@!7O\;2EV251\*?\6O493)T<<KTME1;;"V./
M'M[>V]?I_7MD^OJ^IV,KDF:J(G<5%H``MC5,GMO,JL\,M7#9O]C,=5]L,4/K
M]T,`J^#%U/K"8;7`8F4E;JJF\+/@#2JHW%10\4?!GZ#,U1?TD%"'\(%2(A[5
M8H2%7.+)`JN,^2TA%X60#[7>QM,ZN"S;A$\P7+ZI4-45XE$WJ+>B3#88L$&]
MBQH4CD;LGA`#E5W'<AF)H^#T*3L7$L<$+W2^8T-TWU2HEW[+N/V/F0-0AF^$
M1TJKEWZB[G0C$M!A;N\T;G3:BLL?!O1#R[?MAI(D"?;F><O29873<P73%5*#
MXU2'ZU/NFX,?QB3PP?.BPU^>5^GHMP`#`)+]7N@-"F5N9'-T<F5A;0UE;F1O
M8FH--3(@,"!O8FH-/#PO4W5B='EP92]4<G5E5'EP92]&;VYT1&5S8W)I<'1O
M<B`U-2`P(%(O3&%S=$-H87(@,3(Q+U=I9'1H<ULR-3`@,"`P(#`@,"`P(#`@
M,"`P(#`@,"`P(#(U,"`S,S,@,C4P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`P
M(#4P,"`P(#4P,"`U,#`@,S,S(#`@,"`P(#`@,"`P(#<R,B`P(#`@-S(R(#8V
M-R`V,3$@,"`P(#,X.2`U,#`@-S<X(#`@,"`W,C(@,"`V,3$@,"`W,C(@-34V
M(#`@,"`W,C(@,"`P(#<R,B`P(#`@,"`P(#`@,"`P(#4P,"`P(#0T-"`U-38@
M-#0T(#,S,R`P(#4U-B`R-S@@,"`P(#(W."`X,S,@-34V(#4P,"`P(#`@-#0T
M(#,X.2`S,S,@-34V(#4P,"`P(#4P,"`U,#!=+T)A<V5&;VYT+U1I;65S3F5W
M4F]M86Y04RU";VQD350O1FER<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N<VE%
M;F-O9&EN9R]4>7!E+T9O;G0^/@UE;F1O8FH--3,@,"!O8FH-/#PO3&5N9W1H
M(#(U.3@O1FEL=&5R+T9L871E1&5C;V1E+TX@,R]!;'1E<FYA=&4O1&5V:6-E
M4D="/CYS=')E86T-"FC>G)9W5%37%H?/O7=ZH<TPTAEZDRXP@/0N(!T$41AF
M!AC*`,,,36R(J$!$$1$!19"@@`&CH4BLB&(A**A@#T@04&(PBJBH9$;62GQY
M>>_EY??'O=_:9^]S]]E[G[4N`"1/'RXO!98"()DGX`=Z.--7A4?0L?T`!GB`
M`:8`,%GIJ;Y![L%`)"\W%WJZR`G\B]X,`4C\OF7HZ4^G@_]/TJQ4O@``R%_$
MYFQ..DO$^2).RA2DBNTS(J;&)(H91HF9+TI0Q')BCEODI9]]%ME1S.QD'EO$
MXIQ3V<EL,?>(>'N&D"-BQ$?$!1E<3J:(;XM8,TF8S!7Q6W%L,H>9#@"*)+8+
M.*QX$9N(F,0/#G01\7(`<*2X+SCF"Q9PL@3B0[FDI&;SN7'Q`KHN2X]N:FW-
MH'MR,I,X`H&A/Y.5R.2SZ2XIR:E,7C8`BV?^+!EQ;>FB(EN:6EM:&IH9F7Y1
MJ/^Z^#<E[NTBO0KXW#.(UO>'[:_\4NH`8,R*:K/K#UO,?@`ZM@(@=_\/F^8A
M`"1%?6N_\<5Y:.)YB1<(4FV,C3,S,XVX'):1N*"_ZW\Z_`U]\3TC\7:_EX?N
MRHEE"I,$=''=6"E)*4(^/3V5R>+0#?\\Q/\X\*_S6!K(B>7P.3Q11*AHRKB\
M.%&[>6RN@)O"HW-Y_ZF)_S#L3UJ<:Y$H]9\`-<H(2-V@`N3G/H"B$`$2>5#<
M]=_[YH,/!>*;%Z8ZL3CWGP7]^ZYPB?B1SHW['.<2&$QG"?D9BVOB:PG0@``D
M`17(`Q6@`72!(3`#5L`6.`(WL`+X@6`0#M8"%H@'R8`/,D$NV`P*0!'8!?:"
M2E`#ZD$C:`$G0`<X#2Z`R^`ZN`GN@`=@!(R#YV`&O`'S$`1A(3)$@>0A54@+
M,H#,(`9D#[E!/E`@%`Y%0W$0#Q)"N=`6J`@JA2JA6J@1^A8Z!5V`KD(#T#UH
M%)J"?H7>PPA,@JFP,JP-&\,,V`GVAH/A-7`<G`;GP/GP3K@"KH./P>WP!?@Z
M?`<>@9_#LPA`B`@-44,,$0;B@O@A$4@LPD<V((5(.5*'M"!=2"]R"QE!II%W
M*`R*@J*C#%&V*$]4"(J%2D-M0!6C*E%'4>VH'M0MU"AJ!O4)348KH0W0-F@O
M]"IT'#H378`N1S>@V]"7T'?0X^@W&`R&AM'!6&$\,>&8!,PZ3#'F`*85<QXS
M@!G#S&*Q6'FL`=8.ZX=E8@78`NQ^[#'L.>P@=AS[%D?$J>+,<.ZX"!P/EX<K
MQS7ASN(&<1.X>;P47@MO@_?#L_'9^!)\/;X+?P,_CI\G2!-T"':$8$("83.A
M@M!"N$1X2'A%)!+5B=;$`"*7N(E803Q.O$(<);XCR9#T22ZD2)*0M)-TA'2>
M=(_TBDPF:Y,=R1%D`7DGN9%\D?R8_%:"(F$DX27!EM@H4271+C$H\4(2+ZDE
MZ22Y5C)'LESRI.0-R6DIO)2VE(L44VJ#5)74*:EAJ5EIBK2IM)]TLG2Q=)/T
M5>E)&:R,MHR;#%LF7^:PS$69,0I"T:"X4%B4+91ZRB7*.!5#U:%Z41.H1=1O
MJ/W4&5D9V66RH;)9LE6R9V1':`A-F^9%2Z*5T$[0AFCOER@O<5K"6;)C2<N2
MP25S<HIRCG(<N4*Y5KD[<N_EZ?)N\HGRN^4[Y!\IH!3T%0(4,A4.*EQ2F%:D
M*MHJLA0+%4\HWE>"E?25`I76*1U6ZE.:5591]E!.5=ZO?%%Y6H6FXJB2H%*F
M<E9E2I6B:J_*52U3/:?ZC"Y+=Z(GT2OH/?09-24U3S6A6JU:O]J\NHYZB'J>
M>JOZ(PV"!D,C5J-,HUMC1E-5TU<S5[-9\[X67HNA%:^U3ZM7:TY;1SM,>YMV
MA_:DCIR.ETZ.3K/.0UVRKH-NFFZ=[FT]C!Y#+U'O@-Y-?5C?0C]>OTK_A@%L
M8&G`-3A@,+`4O=1Z*6]IW=)A0Y*ADV&&8;/AJ!'-R,<HSZC#Z(6QIG&$\6[C
M7N-/)A8F22;U)@],94Q7F.:9=IG^:J9OQC*K,KMM3C9W-]]HWFG^<IG!,LZR
M@\ON6E`L?"VV671;?+2TLN1;MEA.66E:15M56PTSJ`Q_1C'CBC7:VMEZH_5I
MZW<VEC8"FQ,VO]@:VB;:-ME.+M=9SEE>OWS,3MV.:5=K-V)/MX^V/V0_XJ#F
MP'2H<WCBJ.'(=FQPG'#2<TIP.N;TPMG$F>_<YCSG8N.RWN6\*^+JX5KHVN\F
MXQ;B5NGVV%W=/<Z]V7W&P\)CG<=Y3[2GM^=NSV$O92^65Z/7S`JK%>M7]'B3
MO(.\*[V?^.C[\'VZ?&'?%;Y[?!^NU%K)6]GA!_R\_/;X/?+7\4_S_SX`$^`?
M4!7P--`T,#>P-X@2%!74%/0FV#FX)/A!B&Z(,*0[5#(T,K0Q="[,-:PT;&25
M\:KUJZZ'*X1SPSLCL!&A$0T1LZO=5N]=/1YI$5D0.;1&9TW6FJMK%=8FK3T3
M)1G%C#H9C8X.BVZ*_L#T8]8Q9V.\8JIC9E@NK'VLYVQ'=AE[BF/'*>5,Q-K%
MEL9.QMG%[8F;BG>(+X^?YKIP*[DO$SP3:A+F$OT2CR0N)(4EM2;CDJ.33_%D
M>(F\GA25E*R4@52#U(+4D32;M+UI,WQO?D,ZE+XFO5-`%?U,]0EUA5N%HQGV
M&549;S-#,T]F26?QLOJR];-W9$_DN.=\O0ZUCK6N.U<M=W/NZ'JG];4;H`TQ
M&[HW:FS,WSB^R6/3T<V$S8F;?\@SR2O->[TE;$M7OG+^IORQK1Y;FPLD"O@%
MP]MLM]5L1VWG;N_?8;YC_XY/A>S":T4F1>5%'XI9Q=>^,OVJXJN%G;$[^TLL
M2P[NPNSB[1K:[;#[:*ET:4[IV![?/>UE]++"LM=[H_9>+5]67K./L$^X;Z3"
MIZ)SO^;^7?L_5,97WJERKFJM5JK>43UW@'U@\*#CP98:Y9JBFO>'N(?NUGK4
MMM=IUY4?QAS../RT/K2^]VO&UXT-"@U%#1^/\(Z,'`T\VM-HU=C8I-14T@PW
M"YNGCD4>N_F-ZS>=+88MM:VTUJ+CX+CP^+-OH[\=.N%]HOLDXV3+=UK?5;=1
MV@K;H?;L]IF.^(Z1SO#.@5,K3G5WV7:U?6_T_9'3:J>KSLB>*3E+.)M_=N%<
MSKG9\ZGGIR_$71CKCNI^<''5Q=L]`3W]E[PO7;GL?OEBKU/ON2MV5TY?M;EZ
MZAKC6L=UR^OM?19];3]8_-#6;]G??L/J1N=-ZYM=`\L'S@XZ#%ZXY7KK\FVO
MV]?OK+PS,!0R='<X<GCD+OONY+VD>R_O9]R??[#I(?IAX2.I1^6/E1[7_:CW
M8^N(Y<B94=?1OB=!3QZ,L<:>_Y3^TX?Q_*?DI^43JA.-DV:3IZ?<IVX^6_UL
M_'GJ\_GI@I^E?ZY^H?OBNU\<?^F;634S_I+_<N'7XE?RKXZ\7O:Z>]9_]O&;
MY#?S<X5OY=\>?<=XU_L^[/W$?.8'[(>*CWH?NSYY?WJXD+RP\)L``P#WA//[
M"@T*96YD<W1R96%M#65N9&]B:@TU-"`P(&]B:@T\/"]3=&5M5B`X,B]&;VYT
M3F%M92]4:6UE<TYE=U)O;6%N4%--5"]&;VYT4W1R971C:"].;W)M86PO1F]N
M=%=E:6=H="`T,#`O1FQA9W,@,S0O1&5S8V5N="`M,C$V+T9O;G1"0F]X6RTU
M-C@@+3,P-R`R,#`P(#$P,#==+T%S8V5N="`X.3$O1F]N=$9A;6EL>2A4:6UE
M<R!.97<@4F]M86XI+T-A<$AE:6=H="`V-38O6$AE:6=H="`M-30V+U1Y<&4O
M1F]N=$1E<V-R:7!T;W(O271A;&EC06YG;&4@,#X^#65N9&]B:@TU-2`P(&]B
M:@T\/"]3=&5M5B`Q,S8O1F]N=$YA;64O5&EM97-.97=2;VUA;E!3+4)O;&1-
M5"]&;VYT4W1R971C:"].;W)M86PO1F]N=%=E:6=H="`W,#`O1FQA9W,@,S0O
M1&5S8V5N="`M,C$V+T9O;G1"0F]X6RTU-3@@+3,P-R`R,#`P(#$P,C9=+T%S
M8V5N="`X.3$O1F]N=$9A;6EL>2A4:6UE<R!.97<@4F]M86XI+T-A<$AE:6=H
M="`V-38O6$AE:6=H="`M-30V+U1Y<&4O1F]N=$1E<V-R:7!T;W(O271A;&EC
M06YG;&4@,#X^#65N9&]B:@TU-B`P(&]B:@T\/"]/4$T@,2]/4"!F86QS92]O
M<"!F86QS92]4>7!E+T5X=$=3=&%T92]302!F86QS92]332`P+C`R/CX-96YD
M;V)J#3$@,"!O8FH-/#PO1FER<W0@,CDY+TQE;F=T:"`W-#,O1FEL=&5R+T9L
M871E1&5C;V1E+TX@,SDO5'EP92]/8FI3=&T^/G-T<F5A;0T*>-K<E4U/VT`0
MAOM3]M@>VO5^>&U+""D$(D6!$.&@'E`/)BRIU6!;&[N"?]]W/22`HB*O>D"J
MY'@RZW>>V9F)-PF+6,I$%+&,*27PC:DX8D*P.(61S&C)A&*)T4QHEJ8)$S%4
M$`@#F<(-2]+`!T?'N&60($0B/H8OO32"#Y#1\!5L!A_$1,$'+_$^4*GWP4M3
M^!Z%FP0O2S13$9"`8I<R,H8I"31VJ"`5)F5*(P7VJ&)8`YU!*N\GL#'*`TI'
M\#-8U*C!TYEA&KP85>*2<98R[;>B-<,E308=>(DV[.B(S]"KB%WQ1>%LU2Z=
MM6C;VX6Y?6QG]HD)?E5O[$71^)9ZR?*IL3QO7;?J=5=UW?+QIMAN>XWPFN-C
MG^-&]$E\'[V1$1E!1I)19#29F(PADY`ABB2*(HHBBB**(HHBBB**(HHBBB**
M(HHFBB:*)HHFBB:*[BD_^(+U`)[SW*Y:?EY4Z\]G\Z_7^:<O?9GS[F%[$_D?
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M5B%B'2*.AXC505],2(XD1)R&B+.@\80-,VB:(FB<8M`\]4'7A1X>!W4<I`X8
MZ7CWYX>PU\/=_27^M>XT1)P%B&70;&78FSIHMO'!M*0:'@=UT&LK!\W6'.[)
M#(^#^OWA_A%@`+,U'$,-"F5N9'-T<F5A;0UE;F1O8FH-,B`P(&]B:@T\/"].
M=6US6S`@,R`P(%)=/CX-96YD;V)J#3,@,"!O8FH-/#PO4R]$/CX-96YD;V)J
M#30@,"!O8FH-/#PO0V]U;G0@,2]4>7!E+U!A9V5S+TMI9'-;-#@@,"!273X^
M#65N9&]B:@TU(#`@;V)J#3P\+U-U8G1Y<&4O6$U,+TQE;F=T:"`T,#4Q+U1Y
M<&4O365T861A=&$^/G-T<F5A;0T*/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED
M/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX*/'@Z>&UP;65T82!X;6QN
M<SIX/2)A9&]B93IN<SIM971A+R(@>#IX;7!T:STB061O8F4@6$U0($-O<F4@
M-"XP+6,S,38@-#0N,C4S.3(Q+"!3=6X@3V-T(#`Q(#(P,#8@,3<Z,30Z,SDB
M/@H@("`\<F1F.E)$1B!X;6QN<SIR9&8](FAT='`Z+R]W=W<N=S,N;W)G+S$Y
M.3DO,#(O,C(M<F1F+7-Y;G1A>"UN<R,B/@H@("`@("`\<F1F.D1E<V-R:7!T
M:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIP9&8](FAT='`Z
M+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\B/@H@("`@("`@("`\<&1F.E!R;V1U
M8V5R/D%C<F]B870@1&ES=&EL;&5R(#@N,2XP("A7:6YD;W=S*3PO<&1F.E!R
M;V1U8V5R/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z<&1F
M>#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&9X+S$N,R\B/@H@("`@("`@("`\
M<&1F>#I#;VUP86YY/E-%0SPO<&1F>#I#;VUP86YY/@H@("`@("`@("`\<&1F
M>#I3;W5R8V5-;V1I9FEE9#Y$.C(P,#DP-S`W,C`Q.3$V/"]P9&9X.E-O=7)C
M94UO9&EF:65D/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z
M>&%P/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(CX*("`@("`@("`@
M/'AA<#I#<F5A=&]R5&]O;#Y!8W)O8F%T(%!$1DUA:V5R(#@N,2!F;W(@5V]R
M9#PO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.DUO9&EF>41A=&4^
M,C`P.2TP-RTP-U0Q-CHR,#HQ-"TP-#HP,#PO>&%P.DUO9&EF>41A=&4^"B`@
M("`@("`@(#QX87`Z0W)E871E1&%T93XR,#`Y+3`W+3`W5#$V.C(P.C$P+3`T
M.C`P/"]X87`Z0W)E871E1&%T93X*("`@("`@("`@/'AA<#I-971A9&%T841A
M=&4^,C`P.2TP-RTP-U0Q-CHR,#HQ-"TP-#HP,#PO>&%P.DUE=&%D871A1&%T
M93X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I
M<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.GAA<$U-/2)H
M='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(CX*("`@("`@("`@/'AA
M<$U-.D1O8W5M96YT240^=75I9#HP8F0R-S`R-BTR-&9E+30S,S,M.#,W9"TU
M-C(Q,C8S83=C9F$\+WAA<$U-.D1O8W5M96YT240^"B`@("`@("`@(#QX87!-
M33I);G-T86YC94E$/G5U:60Z-S!C-C@U-&8M83`T92TT,C)C+3DS93<M-3@T
M-#@V8CEB9C9A/"]X87!-33I);G-T86YC94E$/@H@("`@("`@("`\>&%P34TZ
M<W5B:F5C=#X*("`@("`@("`@("`@/')D9CI397$^"B`@("`@("`@("`@("`@
M(#QR9&8Z;&D^.3PO<F1F.FQI/@H@("`@("`@("`@("`\+W)D9CI397$^"B`@
M("`@("`@(#PO>&%P34TZ<W5B:F5C=#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I
M;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@
M("`@("`@('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O9&,O96QE;65N=',O
M,2XQ+R(^"B`@("`@("`@(#QD8SIF;W)M870^87!P;&EC871I;VXO<&1F/"]D
M8SIF;W)M870^"B`@("`@("`@(#QD8SIC<F5A=&]R/@H@("`@("`@("`@("`\
M<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL:3YC:&%U9&AR>6$\+W)D
M9CIL:3X*("`@("`@("`@("`@/"]R9&8Z4V5Q/@H@("`@("`@("`\+V1C.F-R
M96%T;W(^"B`@("`@("`@(#QD8SIT:71L93X*("`@("`@("`@("`@/')D9CI!
M;'0^"B`@("`@("`@("`@("`@(#QR9&8Z;&D@>&UL.FQA;F<](G@M9&5F875L
M="(^1F]R;2`Q,"U+.B`@1F]R('1H92!F:7-C86P@>65A<B!E;F1E9"!*=6QY
M(#,Q+"`R,#`X/"]R9&8Z;&D^"B`@("`@("`@("`@(#PO<F1F.D%L=#X*("`@
M("`@("`@/"]D8SIT:71L93X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@
M(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*/#]X<&%C:V5T(&5N9#TB=R(_/@T*96YD<W1R96%M#65N9&]B:@TV(#`@
M;V)J#3P\+T-R96%T:6]N1&%T92A$.C(P,#DP-S`W,38R,#$P+3`T)S`P)RDO
M075T:&]R*&-H875D:')Y82DO0W)E871O<BA!8W)O8F%T(%!$1DUA:V5R(#@N
M,2!F;W(@5V]R9"DO4')O9'5C97(H06-R;V)A="!$:7-T:6QL97(@."XQ+C`@
M7"A7:6YD;W=S7"DI+TUO9$1A=&4H1#HR,#`Y,#<P-S$V,C`Q-"TP-"<P,"<I
M+T-O;7!A;GDH4T5#*2]3;W5R8V5-;V1I9FEE9"A$.C(P,#DP-S`W,C`Q.3$V
M*2]4:71L92A&;W)M(#$P+4LZ("!&;W(@=&AE(&9I<V-A;"!Y96%R(&5N9&5D
M($IU;'D@,S$L(#(P,#@I/CX-96YD;V)J#7AR968-"C`@-#8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P-C4R.2`P,#`P,"!N#0HP,#`P,#`W,S8X(#`P
M,#`P(&X-"C`P,#`P,#<T,#(@,#`P,#`@;@T*,#`P,#`P-S0R-B`P,#`P,"!N
M#0HP,#`P,#`W-#<X(#`P,#`P(&X-"C`P,#`P,3$V,#8@,#`P,#`@;@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*=')A:6QE<@T*/#PO4VEZ92`T-CX^#0IS=&%R='AR968-
- -"C$Q-@T*)25%3T8-"C\_
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----