-----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,
 IIhMlCwD2F6uyYfRTLdfkF1g3B1j5EzoTAc3VBcK5TXogTYToOAvhuACt4JxiNBY
 LkaZ3TzeB/oRVy/NXBdg+Q==

<SEC-DOCUMENT>0000000000-07-020468.txt : 20070611
<SEC-HEADER>0000000000-07-020468.hdr.sgml : 20070611
<ACCEPTANCE-DATETIME>20070425104441
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-07-020468
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070425

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAUL B F REAL ESTATE INVESTMENT TRUST
		CENTRAL INDEX KEY:			0000086902
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				526053341
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		(301)986-6000

	MAIL ADDRESS:	
		STREET 1:		7501 WISCONSIN AVENUE
		STREET 2:		SUITE 1500
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C4P(#`@;V)J(#P\+TQI;F5A<FEZ960@,2],(#$P
M-#0Q+T\@-3(O12`S-S@X+TX@,2]4(#DS.30O2"!;(#4Q-B`Q-CA=/CX-96YD
M;V)J#2`@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HU,"`Q,0T*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.#4P(#`P,#`P(&X-"C`P,#`P,#$Q,34@
M,#`P,#`@;@T*,#`P,#`P,3,S,2`P,#`P,"!N#0HP,#`P,#`Q-S8T(#`P,#`P
M(&X-"C`P,#`P,#(X,#0@,#`P,#`@;@T*,#`P,#`P,S(R,B`P,#`P,"!N#0HP
M,#`P,#`S-#8T(#`P,#`P(&X-"C`P,#`P,#,W,3(@,#`P,#`@;@T*,#`P,#`P
M,#8X-"`P,#`P,"!N#0HP,#`P,#`P-3$V(#`P,#`P(&X-"G1R86EL97(-"CP\
M+U-I>F4@-C$O4')E=B`Y,S@S+UA29693=&T@-C@T+U)O;W0@-3$@,"!2+TEN
M9F\@-B`P(%(O241;/#9#-4$T-#E%.4,S-C(T03DU-#9&1#(R.3@V,C5$0SDQ
M/CPR-3%#1#$V.3E!.40W.30X.35!1C4R03E$-C!&,CE"-CY=/CX-"G-T87)T
M>')E9@T*,`T*)25%3T8-"B`@(`T*-C`@,"!O8FH\/"],96YG=&@@-SDO0R`X
M."]&:6QT97(O1FQA=&5$96-O9&4O22`Q,3`O3"`W,B]3(#,X/CYS=')E86T-
M"GC:8F!@8&=@8-[,``1<A0RH@`F(61@X&IB1Q-BAF('!AX%+62Q>,$RSZP!,
MM6`.5)<%$#,R,/"I0&AF#[A^-@8&90Z(*,-W@``#`)VG!P$-"F5N9'-T<F5A
M;0UE;F1O8FH--3D@,"!O8FH\/"],96YG=&@@,C`O1FEL=&5R+T9L871E1&5C
M;V1E+U=;,2`Q(#%=+TEN9&5X6S<@-#-=+T1E8V]D95!A<FUS/#PO0V]L=6UN
M<R`S+U!R961I8W1O<B`Q,CX^+U-I>F4@-3`O5'EP92]84F5F/CYS=')E86T-
M"GC:8F)B9&!B8&`<"A@@P``MV@"$#0IE;F1S=')E86T-96YD;V)J#34Q(#`@
M;V)J/#PO36%R:TEN9F\\/"],971T97)S<&%C949L86=S(#`O36%R:V5D('1R
M=64^/B]-971A9&%T82`U(#`@4B]0:65C94EN9F\\/"]-87)K96101$8\/"],
M87-T36]D:69I960H1#HR,#`W,#0R-3$P,#4U-RD^/CX^+U!A9V5S(#0@,"!2
M+U!A9V5,87EO=70O3VYE0V]L=6UN+U-T<G5C=%1R9652;V]T(#<@,"!2+U1Y
M<&4O0V%T86QO9R],86YG*$5.+553*2],87-T36]D:69I960H1#HR,#`W,#0R
M-3$P,#4U-RDO4&%G94QA8F5L<R`R(#`@4CX^#65N9&]B:@TU,B`P(&]B:CP\
M+T-R;W!";WA;,"`P(#8Q,B`W.3)=+U!A<F5N="`T(#`@4B]3=')U8W1087)E
M;G1S(#`O0V]N=&5N=',@-30@,"!2+U)O=&%T92`P+TUE9&EA0F]X6S`@,"`V
M,3(@-SDR72]297-O=7)C97,\/"]&;VYT/#PO5%0P(#4S(#`@4B]45#$@-34@
M,"!2/CXO4')O8U-E=%LO4$1&+U1E>'1=+T5X=$=3=&%T93P\+T=3,"`U."`P
M(%(^/CX^+U1Y<&4O4&%G93X^#65N9&]B:@TU,R`P(&]B:CP\+U-U8G1Y<&4O
M5')U951Y<&4O1F]N=$1E<V-R:7!T;W(@-38@,"!2+TQA<W1#:&%R(#$R,2]7
M:61T:'-;,C4P(#`@,"`P(#`@,"`P(#`@,"`P(#`@,"`R-3`@,S,S(#(U,"`P
M(#4P,"`U,#`@-3`P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`P(#`@,"`P(#`@
M,"`P(#`@-S(R(#8V-R`V-C<@-S(R(#8Q,2`U-38@,"`W,C(@,S,S(#,X.2`W
M,C(@,"`X.#D@,"`W,C(@-34V(#`@-C8W(#4U-B`V,3$@,"`P(#DT-"`P(#`@
M,"`P(#`@,"`P(#`@,"`T-#0@,"`T-#0@-3`P(#0T-"`S,S,@-3`P(#4P,"`R
M-S@@,"`P(#(W."`W-S@@-3`P(#4P,"`U,#`@,"`S,S,@,S@Y(#(W."`U,#`@
M-3`P(#<R,B`P(#4P,%TO0F%S949O;G0O5&EM97-.97=2;VUA;E!3350O1FER
M<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N<VE%;F-O9&EN9R]4>7!E+T9O;G0^
M/@UE;F1O8FH--30@,"!O8FH\/"],96YG=&@@.3<Q+T9I;'1E<B]&;&%T941E
M8V]D93X^<W1R96%M#0I(B8Q6VXZC.!1\SU><1Y`:8ALPL!J-U)?TSD79'4V0
M1JO6/K#$F;`B$`'I5L_7S[&!I#NQ(2_A$E1U?*I</O-O\.'#?'G_^0$(?/QX
M]W`/,P(_9Q1RF,W_7.%],[M+9O,D(4`AV>"_28;?)B_X`TD#E,CK+_FJ!LKP
M2N0E)A"2R(TY)+N9!7;R_VR1S!9+Q)^?..G`^8[B'0J/`Y>.H[`K4"+J>N,H
MWA4H/'2#<13_"I3`<\-QE.`*%"\>NKM,\P)6;;4'/^#4A,DG,#W"@3,^U>Q0
M"^,0EY`H5M[`.^I+@[S!#B/@E`T2W.YKK)@%-\`("4U,D9;IY+]W[0CB:$J:
MV%QY'`Z5,W8)'?F]7D_6JA7[K;`=;I7P*2UL)[3V>7D#7VIYZX+];_)%:W0R
MTC8ZD*,"%^0AZ65^LNZWN=C8@06/>9F669X6\/=&OL@S49NI]9NLHXZ.BGF7
MU$'8F^')NG/AT855:CN!=2C@NT#N1=.FK8#/JANVXUO/HFGEP\Z.+2&_+%L,
MA4/3FFO3;]U.$S;4YFLT\;W>3$]6&!`*/_(FJ\HF+^'VN>,^J(N96K_?%9^F
M%RSN[86]$.U6-!)\G=[`4MZD]6N1EFNT<X36-U+JP\'D:!I,Q00]RPGZMGU'
M:=G9<BCC@"US([];S_?%']*\8#N4<-9)K5IW+K=:5^<;_VC96();G1-*Z8"=
M.,EN*)N;RSYEB'=>-F?@1Y%+^K(?JWJ'^\KY"INJQBW19$J)`OX1:0V+<BW6
ML!+[5NRD)__#'>(1%3C<+%`XTL^C'1G7%!;Z+AL*RPND?A"9,N!.,M-XBCD:
M83[NT4!#S(GK*V+%"W]5+N"7#@DIBF020!^%!B/Z/I\R(AN)-[,1);;'CO'V
M('5;]D'Z*96J%2I<34UC^F0S+8/&DX.$/HZ4SSV)JA:$@7J!38)C'.$^8F%`
MK1\"MNFS@*S:[0O1HB6J0PVU>,[%"U0;>)6/:FD*GQWQ21=W.#RAX+B.=6]V
M.[*DWV5_OH),FUH4J<3=Y$5>_FSD.WDZ*-:R.F'3-[4K"9P>W*&N])0DV-B^
M=;"I56.VU;)FS'"5XV6+P"VTV[RQN05MKMZ:3SIFR%6-*'(J\,)PTEQ3,Y7"
MX=YQV#0"Z<>JD[QGD`%QY3B`D*N\Q"-6%*\W1FS]>$4TL!YW?3:^8OV0=8;#
MF,LG</0CU!D.CNG1!(XA+_J19?`MOY27X?1..O!O*9XD]^A489S`]2FBL/T3
MC6:V9#C>#U*),L?SX#;+JD/9IJ7Q%/*N3P]%@;._3K;?`@P`*]?TD`T*96YD
M<W1R96%M#65N9&]B:@TU-2`P(&]B:CP\+U-U8G1Y<&4O5')U951Y<&4O1F]N
M=$1E<V-R:7!T;W(@-3<@,"!2+TQA<W1#:&%R(#$Q."]7:61T:'-;,C4P(#`@
M,"`P(#`@,"`P(#`@,"`P(#`@,"`R-3`@,S,S(#(U,"`P(#4P,"`U,#`@-3`P
M(#4P,"`U,#`@,"`U,#`@-3`P(#4P,"`U,#`@,S,S(#`@,"`P(#`@,"`P(#`@
M-C8W(#`@-S(R(#8V-R`V,3$@,"`P(#,X.2`P(#<W."`P(#`@-S(R(#`@,"`P
M(#<R,B`U-38@-C8W(#`@,"`P(#`@-S(R(#`@,"`P(#`@,"`P(#`@-3`P(#4U
M-B`T-#0@-34V(#0T-"`S,S,@,"`P(#(W."`P(#`@,C<X(#@S,R`U-38@-3`P
M(#4U-B`P(#0T-"`S.#D@,S,S(#4U-B`U,#!=+T)A<V5&;VYT+U1I;65S3F5W
M4F]M86Y04RU";VQD350O1FER<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N<VE%
M;F-O9&EN9R]4>7!E+T9O;G0^/@UE;F1O8FH--38@,"!O8FH\/"]3=&5M5B`X
M,B]&;VYT3F%M92]4:6UE<TYE=U)O;6%N4%--5"]&;VYT4W1R971C:"].;W)M
M86PO1F]N=%=E:6=H="`T,#`O1FQA9W,@,S0O1&5S8V5N="`M,C$V+T9O;G1"
M0F]X6RTU-C@@+3,P-R`R,#`P(#$P,#==+T%S8V5N="`X.3$O1F]N=$9A;6EL
M>2A4:6UE<R!.97<@4F]M86XI+T-A<$AE:6=H="`V-38O6$AE:6=H="`M-30V
M+U1Y<&4O1F]N=$1E<V-R:7!T;W(O271A;&EC06YG;&4@,#X^#65N9&]B:@TU
M-R`P(&]B:CP\+U-T96U6(#$S-B]&;VYT3F%M92]4:6UE<TYE=U)O;6%N4%,M
M0F]L9$U4+T9O;G13=')E=&-H+TYO<FUA;"]&;VYT5V5I9VAT(#<P,"]&;&%G
M<R`S-"]$97-C96YT("TR,38O1F]N=$)";WA;+34U."`M,S`W(#(P,#`@,3`R
M-ETO07-C96YT(#@Y,2]&;VYT1F%M:6QY*%1I;65S($YE=R!2;VUA;BDO0V%P
M2&5I9VAT(#8U-B]82&5I9VAT("TU-#8O5'EP92]&;VYT1&5S8W)I<'1O<B])
M=&%L:6-!;F=L92`P/CX-96YD;V)J#34X(#`@;V)J/#PO3U!-(#$O3U`@9F%L
M<V4O;W`@9F%L<V4O5'EP92]%>'1'4W1A=&4O4T$@9F%L<V4O4TT@,"XP,CX^
M#65N9&]B:@TQ(#`@;V)J/#PO1FER<W0@,S(Y+TQE;F=T:"`W-#4O1FEL=&5R
M+T9L871E1&5C;V1E+TX@-#,O5'EP92]/8FI3=&T^/G-T<F5A;0T*>-K<EDM/
M&S$4A?_*7;8+\'-F/!**%!YI4R`@DJH+U,60F'1$F(G,I"7_GF,[*;`B5H4J
ML9C<7.?XN]<^'CD%<3)D-)6DM"3!2>6"A*"<:Q*2C"Q)*#*%(@&1*$AD5'I)
M#C'/R(]P#9%!+*'"5Z$*DAS1")*02IF1!%SF)4E(%%`2>)4A!T*CE@1/@R/!
MTR5R\#*%'+P,_2GP<B3*ERZ0@U>@F`*OR)&#9SAR\$R&'#Q3(@>OU,C!*PUR
M(#G$FB,6)6G?(IK!XJ5`?UJA5?2'*6@;.5I71I'.T2K6J[$TWX<V:!5U?,L&
MZSPX8*?824Y7[+)RMNDFSEKLZNN!D7WL3NV:!+MJ%_:\6OH=]Y+)>FG9N'.K
M:=!=M6W7ZWGF-4R`P)L0@HXABR&/H8C!Q!"*>@-"$#%$BHP4&2DR4F2DR$B1
MD2(C146*BA05*2I25*2H2%&1HB)%18J*%!TI.E)TI.A`^<DN*4QA8S:VTXZ=
M5<W\T\EH[\OAY[`#H]7]P[4_3$$=AH;-HF[L^%>%/1O4\Y6S[-BURZ-JN4TO
M5IV7L/&R:MAX=?,P=?6RVZ9+ZUX.3"[Z>([P#$*$#?6=;5?;G^'98?O(CNO?
M;-2Z^VK!+ME),VO:SF(`'P.X]9Q];V;6/5<?M(M%^\?.OL)A/WRW+3H8^FI#
M-G#5O0WT5RM"5U'0ZWWX,P!/^_X-\\?@E#B.A-D<B>V&SRD+,X+_+[0B02L3
MM"I!JW?09AMMMH.VW&CS';1ZHRT2^C4)VC+%BR3C4IP3*=:)%._$+N:9K7@7
M]XJM.$\1%RGB%`-%BH.2)QQE*5+$,N$P2Y4BUBGB+$6<\@+*(D5L4L1E@ECQ
M%/&;#N*JFMK^;6<=\7T>KL+^HI[C$NTJU[$+W-9K?U'^<'57-_/S=F;9F9O<
MQ(F']K9U]N_,(2[&I@LIKL\768!M<OR9VN?_J39_J_*WU4-7WZX_6NU"OFOQ
M/97_8_GW.VTB][6?!!@`YYU6S`T*96YD<W1R96%M#65N9&]B:@TR(#`@;V)J
M/#PO3G5M<ULP(#,@,"!273X^#65N9&]B:@TS(#`@;V)J/#PO4R]$/CX-96YD
M;V)J#30@,"!O8FH\/"]#;W5N="`Q+U1Y<&4O4&%G97,O2VED<ULU,B`P(%)=
M/CX-96YD;V)J#34@,"!O8FH\/"]3=6)T>7!E+UA-3"],96YG=&@@-#,R-2]4
M>7!E+TUE=&%D871A/CYS=')E86T-"CP_>'!A8VME="!B96=I;CTB[[N_(B!I
M9#TB5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED(C\^"CQX.GAM<&UE=&$@>&UL
M;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z>&UP=&L](C,N,2TW,#$B/@H@("`\
M<F1F.E)$1B!X;6QN<SIR9&8](FAT='`Z+R]W=W<N=S,N;W)G+S$Y.3DO,#(O
M,C(M<F1F+7-Y;G1A>"UN<R,B/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIP9&8](FAT='`Z+R]N<RYA
M9&]B92YC;VTO<&1F+S$N,R\B/@H@("`@("`@("`\<&1F.E!R;V1U8V5R/D%C
M<F]B870@1&ES=&EL;&5R(#<N,"`H5VEN9&]W<RD\+W!D9CI0<F]D=6-E<CX*
M("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I
M;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.G!D9G@](FAT='`Z
M+R]N<RYA9&]B92YC;VTO<&1F>"\Q+C,O(CX*("`@("`@("`@/'!D9G@Z0V]M
M<&%N>3Y314,\+W!D9G@Z0V]M<&%N>3X*("`@("`@("`@/'!D9G@Z4V]U<F-E
M36]D:69I960^1#HR,#`W,#0R-3$S-3,P-3PO<&1F>#I3;W5R8V5-;V1I9FEE
M9#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I
M<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.GAA<#TB:'1T
M<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R(^"B`@("`@("`@(#QX87`Z0W)E
M871E1&%T93XR,#`W+3`T+3(U5#$P.C`U.C4S+3`T.C`P/"]X87`Z0W)E871E
M1&%T93X*("`@("`@("`@/'AA<#I#<F5A=&]R5&]O;#Y!8W)O8F%T(%!$1DUA
M:V5R(#<N,"!F;W(@5V]R9#PO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\
M>&%P.DUO9&EF>41A=&4^,C`P-RTP-"TR-50Q,#HP-3HU-RTP-#HP,#PO>&%P
M.DUO9&EF>41A=&4^"B`@("`@("`@(#QX87`Z365T861A=&%$871E/C(P,#<M
M,#0M,C54,3`Z,#4Z-3<M,#0Z,#`\+WAA<#I-971A9&%T841A=&4^"B`@("`@
M(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIX87!-33TB:'1T<#HO+VYS
M+F%D;V)E+F-O;2]X87`O,2XP+VUM+R(^"B`@("`@("`@(#QX87!-33I$;V-U
M;65N=$E$/G5U:60Z-S=D9C,U9C(M,64S."TT.#EF+6$X-S$M865A9C)F.&,Q
M-#4Q/"]X87!-33I$;V-U;65N=$E$/@H@("`@("`@("`\>&%P34TZ26YS=&%N
M8V5)1#YU=6ED.F4S83-A-3!D+3`X.&(M-#@Y8RUB-V(U+6(W,SDY,3-D,SAF
M-#PO>&%P34TZ26YS=&%N8V5)1#X*("`@("`@("`@/'AA<$U-.E9E<G-I;VY)
M1#X*("`@("`@("`@("`@/')D9CI397$^"B`@("`@("`@("`@("`@(#QR9&8Z
M;&D^,SPO<F1F.FQI/@H@("`@("`@("`@("`\+W)D9CI397$^"B`@("`@("`@
M(#PO>&%P34TZ5F5R<VEO;DE$/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*
M("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@
M("`@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O
M(CX*("`@("`@("`@/&1C.F9O<FUA=#YA<'!L:6-A=&EO;B]P9&8\+V1C.F9O
M<FUA=#X*("`@("`@("`@/&1C.G1I=&QE/@H@("`@("`@("`@("`\<F1F.D%L
M=#X*("`@("`@("`@("`@("`@/')D9CIL:2!X;6PZ;&%N9STB>"UD969A=6QT
M(CY293H\+W)D9CIL:3X*("`@("`@("`@("`@/"]R9&8Z06QT/@H@("`@("`@
M("`\+V1C.G1I=&QE/@H@("`@("`@("`\9&,Z8W)E871O<CX*("`@("`@("`@
M("`@/')D9CI397$^"B`@("`@("`@("`@("`@(#QR9&8Z;&D^<&%R<F%T=',\
M+W)D9CIL:3X*("`@("`@("`@("`@/"]R9&8Z4V5Q/@H@("`@("`@("`\+V1C
M.F-R96%T;W(^"B`@("`@("`@(#QD8SIS=6)J96-T/@H@("`@("`@("`@("`\
M<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL:2\^"B`@("`@("`@("`@
M(#PO<F1F.E-E<3X*("`@("`@("`@/"]D8SIS=6)J96-T/@H@("`@("`\+W)D
M9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O
M=70](B(*("`@("`@("`@("`@>&UL;G,Z<&AO=&]S:&]P/2)H='1P.B\O;G,N
M861O8F4N8V]M+W!H;W1O<VAO<"\Q+C`O(CX*("`@("`@("`@/'!H;W1O<VAO
M<#IH96%D;&EN93X*("`@("`@("`@("`@/')D9CI397$^"B`@("`@("`@("`@
M("`@(#QR9&8Z;&DO/@H@("`@("`@("`@("`\+W)D9CI397$^"B`@("`@("`@
M(#PO<&AO=&]S:&]P.FAE861L:6YE/@H@("`@("`\+W)D9CI$97-C<FEP=&EO
M;CX*("`@/"]R9&8Z4D1&/@H\+W@Z>&UP;65T83X*("`@("`@("`@("`@("`@
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("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
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("`@("`@(`H\/WAP86-K970@96YD/2)W(C\^#0IE;F1S=')E86T-96YD;V)J
M#38@,"!O8FH\/"]#<F5A=&EO;D1A=&4H1#HR,#`W,#0R-3$P,#4U,RTP-"<P
M,"<I+T%U=&AO<BAP87)R871T<RDO0W)E871O<BA!8W)O8F%T(%!$1DUA:V5R
M(#<N,"!F;W(@5V]R9"DO4')O9'5C97(H06-R;V)A="!$:7-T:6QL97(@-RXP
M(%PH5VEN9&]W<UPI*2]-;V1$871E*$0Z,C`P-S`T,C4Q,#`U-3<M,#0G,#`G
M*2]#;VUP86YY*%-%0RDO4V]U<F-E36]D:69I960H1#HR,#`W,#0R-3$S-3,P
M-2DO5&ET;&4H4F4Z*3X^#65N9&]B:@UX<F5F#0HP(#4P#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#,W.#@@,#`P,#`@;@T*,#`P,#`P-#8R."`P,#`P
M,"!N#0HP,#`P,#`T-C8Q(#`P,#`P(&X-"C`P,#`P,#0V.#0@,#`P,#`@;@T*
M,#`P,#`P-#<S-2`P,#`P,"!N#0HP,#`P,#`Y,3,V(#`P,#`P(&X-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P
M,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P
M(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S
M-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*
M=')A:6QE<@T*/#PO4VEZ92`U,#X^#0IS=&%R='AR968-"C$Q-@T*)25%3T8-
!"C\_
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----