-----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,
 Q8S4XYKG5ezPqrWUmJav3B78VYb3kFcuAcyt4/VIyzT6mDzGYwfcM/UQutRQ00cC
 xw0tizjQnrlwMEuyTwJWOA==

<SEC-DOCUMENT>0000000000-10-007487.txt : 20100322
<SEC-HEADER>0000000000-10-007487.hdr.sgml : 20100322
<ACCEPTANCE-DATETIME>20100205112705
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-10-007487
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100205

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C4V(#`@;V)J#3P\+TQI;F5A<FEZ960@,2],(#$S
M,#@S+T\@-3@O12`V-#0X+TX@,2]4(#$Q.3$V+T@@6R`U-38@,3<W73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HU-B`Q,PT*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.3`P(#`P,#`P(&X-"C`P,#`P,#$Q-S,@
M,#`P,#`@;@T*,#`P,#`P,30Q-B`P,#`P,"!N#0HP,#`P,#`Q.#4T(#`P,#`P
M(&X-"C`P,#`P,#$X.#D@,#`P,#`@;@T*,#`P,#`P,C<U-R`P,#`P,"!N#0HP
M,#`P,#`S,3@V(#`P,#`P(&X-"C`P,#`P,#4X-SD@,#`P,#`@;@T*,#`P,#`P
M-C$R,B`P,#`P,"!N#0HP,#`P,#`V,S<Q(#`P,#`P(&X-"C`P,#`P,#`W,S,@
M,#`P,#`@;@T*,#`P,#`P,#4U-B`P,#`P,"!N#0IT<F%I;&5R#0H\/"]3:7IE
M(#8Y+U!R978@,3$Y,#4O6%)E9E-T;2`W,S,O4F]O="`U-R`P(%(O26YF;R`V
M(#`@4B])1%L\,#A$.#,T1D(V1D(R-S<P.#=%,34Y,D4U,3A#1$4Q1C`^/#<R
M,#9!1$1#,CA%,$8Q-$,X-C9$,C<S0C%!-#(Y13,Q/ET^/@T*<W1A<G1X<F5F
M#0HP#0HE)45/1@T*("`-"C8X(#`@;V)J#3P\+TQE;F=T:"`X-R]#(#DU+T9I
M;'1E<B]&;&%T941E8V]D92])(#$Q-R],(#<Y+U,@,SD^/G-T<F5A;0T*>-IB
M8&#@9&!@?L(`!"*S&5`!$Q"S,'`<8%!`$N2$8@8&908>7L;)#,R.$JN2>!FN
M,2V`:9+1AVJV`F)&!@:)>@C-O`%N"AL#@\Y&B"BC/$"``0!4W0DV#0IE;F1S
M=')E86T-96YD;V)J#38W(#`@;V)J#3P\+TQE;F=T:"`R,"]&:6QT97(O1FQA
M=&5$96-O9&4O5ULQ(#$@,5TO26YD97A;-R`T.5TO1&5C;V1E4&%R;7,\/"]#
M;VQU;6YS(#,O4')E9&EC=&]R(#$R/CXO4VEZ92`U-B]4>7!E+UA2968^/G-T
M<F5A;0T*>-IB8F)D8&)@8!S*&"#``#LD`)8-"F5N9'-T<F5A;0UE;F1O8FH-
M-3<@,"!O8FH-/#PO36%R:TEN9F\\/"],971T97)S<&%C949L86=S(#`O36%R
M:V5D('1R=64^/B]-971A9&%T82`U(#`@4B]0:65C94EN9F\\/"]-87)K9610
M1$8\/"],87-T36]D:69I960H1#HR,#$P,#(P-3$Q,C8Q-"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*$0Z,C`Q,#`R,#4Q,3(V,30I+U!A9V5,86)E;',@,B`P(%(^/@UE;F1O
M8FH--3@@,"!O8FH-/#PO0W)O<$)O>%LP(#`@-C$R(#<Y,ETO4&%R96YT(#0@
M,"!2+U-T<G5C=%!A<F5N=',@,"]#;VYT96YT<R`V,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`@-C`@,"!2/CXO1F]N=#P\+U14,"`U.2`P(%(O5%0Q(#8R(#`@4CX^
M+U!R;V-3971;+U!$1B]497AT72]%>'1'4W1A=&4\/"]'4S`@-C8@,"!2/CX^
M/B]4>7!E+U!A9V4^/@UE;F1O8FH--3D@,"!O8FH-/#PO4W5B='EP92]4<G5E
M5'EP92]&;VYT1&5S8W)I<'1O<B`V-"`P(%(O3&%S=$-H87(@,3(Q+U=I9'1H
M<ULR-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S,S,@,C4P(#`@-3`P
M(#4P,"`U,#`@-3`P(#4P,"`U,#`@,"`P(#`@-3`P(#(W."`P(#`@,"`P(#`@
M,"`W,C(@-C8W(#8V-R`W,C(@,"`U-38@-S(R(#<R,B`S,S,@,"`W,C(@-C$Q
M(#@X.2`P(#<R,B`U-38@,"`V-C<@-34V(#8Q,2`P(#<R,B`Y-#0@,"`P(#`@
M,"`P(#`@,"`P(#`@-#0T(#4P,"`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--C`@,"!O8FH-6R])0T-"87-E9"`V,R`P(%)=#65N9&]B:@TV
M,2`P(&]B:@T\/"],96YG=&@@-SDX+T9I;'1E<B]&;&%T941E8V]D93X^<W1R
M96%M#0I(B9Q6VW*;,!!]YROV$3H&2^*>R72FMN,T:=VD-=,^>/I`0([I8)$*
MG(S_OA(8"#$V;7T96;`Z>W;W[.))H(SOX?)RO)C>S`#!^_>3V124\72)(,K%
M!?F&/&+*^%I<>LR5<1`@P!"L%4S*NV)QQ0=YAEB"K:*"%OQ2KA82IH7&-30"
M'1O8L2&8G3`EM2GV#;NQCD]8F[5U\.Z$A=6X-A!")@01Z/7/%_G3,CMNYO2!
M[T*^!WL$!&&_%]1NXQ%XJ$02?)$SS-BIC^KFH*W;X>ZTW!WIL7-^$28I+(OL
M"4R$42^:=TSZ9-;\CF>[]6S7QQ;<@$7(BX3!TH"/N\<-S?MKCSI87HOE';!6
MZG23T+5FJ3!/6,BB)$SA3N[E-]%TK$:4@_8SN#U&QQUTTJ*3FNDW&K]D60P!
MW^7%"&Y89/03)6?3+:'N&(4)39]I3#F%^S2,Z`B6NZ2@(NW]6<=F!]5J4:TF
ME4F:PO<P3>E^!-,/`+[E6[@?S3HNXK".<*-7T;^XZM^J$SW9B"N1H@L0:28V
M*K.EN>I1PGJ3WXI91N2_U<E!XJYDMA+4=.(ZJ%GG&=\*=>B?8)UQ*#84]C3D
M0%E,8YC1B&X?1-5-+/M0:*6?@=MEX+[I;Z<E4/K+I<.OC</?HM,+RO.#4Z'G
M:%-ZO-TQ65((60QE2E$-).;6DCX5!W*H)-<_)+#7X=8*<IZD%+YD!B"$=6RZ
M]HGS_JNJH;IJS;RI0K//E)V@L]+KS.*93+WLZ:J3+_H!\3^,$$+.SI#7JEVI
M/S1?I;+181,^4XBRK>:I3QI64UJ(PF0[#IP^)_0%LC7LY5964]A4`I)EXC0-
MI>TZ21/VF)?7X@Q8)B0<%J+<25YIJ'<,Z5T^1;*5C$85G9#M8;WC0C&\I.:K
MY5U6Y"<:@YC_TZ;$&GR:D::3B>%6*>T2A^JUU(AK8S$[B6MY*I,[I$9R)_-<
M+KRZ=]BEU6Y?68ZJY41P3B<X(8K!P-SAP+QA$W]PU,]"EM`4/AMPG?$X8_W_
M&=!17XH2=7`F7#R%-E`^EOHQ>CI!_XM,F*0_S*M`^2/``#7%-&P-"F5N9'-T
M<F5A;0UE;F1O8FH--C(@,"!O8FH-/#PO4W5B='EP92]4<G5E5'EP92]&;VYT
M1&5S8W)I<'1O<B`V-2`P(%(O3&%S=$-H87(@,3(Q+U=I9'1H<ULR-3`@,"`P
M(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S,S,@,C4P(#`@-3`P(#4P,"`U,#`@
M-3`P(#`@-3`P(#`@-3`P(#4P,"`U,#`@,S,S(#`@,"`P(#`@,"`P(#`@,"`P
M(#<R,B`P(#8Q,2`P(#`@,S@Y(#4P,"`W-S@@,"`Y-#0@-S(R(#`@,"`W-S@@
M-S(R(#4U-B`V-C<@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@-3`P(#4U-B`T
M-#0@-34V(#0T-"`S,S,@,"`U-38@,C<X(#`@,"`R-S@@.#,S(#4U-B`U,#`@
M-34V(#4U-B`T-#0@,S@Y(#,S,R`U-38@,"`W,C(@,"`U,#!=+T)A<V5&;VYT
M+U1I;65S3F5W4F]M86Y04RU";VQD350O1FER<W1#:&%R(#,R+T5N8V]D:6YG
M+U=I;D%N<VE%;F-O9&EN9R]4>7!E+T9O;G0^/@UE;F1O8FH--C,@,"!O8FH-
M/#PO3&5N9W1H(#(U.3@O1FEL=&5R+T9L871E1&5C;V1E+TX@,R]!;'1E<FYA
M=&4O1&5V:6-E4D="/CYS=')E86T-"FC>G)9W5%37%H?/O7=ZH<TPTAEZDRXP
M@/0N(!T$41AF!AC*`,,,36R(J$!$$1$!19"@@`&CH4BLB&(A**A@#T@04&(P
MBJBH9$;62GQY>>_EY??'O=_:9^]S]]E[G[4N`"1/'RXO!98"()DGX`=Z.--7
MA4?0L?T`!GB``:8`,%GIJ;Y![L%`)"\W%WJZR`G\B]X,`4C\OF7HZ4^G@_]/
MTJQ4O@``R%_$YFQ..DO$^2).RA2DBNTS(J;&)(H91HF9+TI0Q')BCEODI9]]
M%ME1S.QD'EO$XIQ3V<EL,?>(>'N&D"-BQ$?$!1E<3J:(;XM8,TF8S!7Q6W%L
M,H>9#@"*)+8+.*QX$9N(F,0/#G01\7(`<*2X+SCF"Q9PL@3B0[FDI&;SN7'Q
M`KHN2X]N:FW-H'MR,I,X`H&A/Y.5R.2SZ2XIR:E,7C8`BV?^+!EQ;>FB(EN:
M6EM:&IH9F7Y1J/^Z^#<E[NTBO0KXW#.(UO>'[:_\4NH`8,R*:K/K#UO,?@`Z
MM@(@=_\/F^8A`"1%?6N_\<5Y:.)YB1<(4FV,C3,S,XVX'):1N*"_ZW\Z_`U]
M\3TC\7:_EX?NRHEE"I,$=''=6"E)*4(^/3V5R>+0#?\\Q/\X\*_S6!K(B>7P
M.3Q11*AHRKB\.%&[>6RN@)O"HW-Y_ZF)_S#L3UJ<:Y$H]9\`-<H(2-V@`N3G
M/H"B$`$2>5#<]=_[YH,/!>*;%Z8ZL3CWGP7]^ZYPB?B1SHW['.<2&$QG"?D9
MBVOB:PG0@``D`17(`Q6@`72!(3`#5L`6.`(WL`+X@6`0#M8"%H@'R8`/,D$N
MV`P*0!'8!?:"2E`#ZD$C:`$G0`<X#2Z`R^`ZN`GN@`=@!(R#YV`&O`'S$`1A
M(3)$@>0A54@+,H#,(`9D#[E!/E`@%`Y%0W$0#Q)"N=`6J`@JA2JA6J@1^A8Z
M!5V`KD(#T#UH%)J"?H7>PPA,@JFP,JP-&\,,V`GVAH/A-7`<G`;GP/GP3K@"
MKH./P>WP!?@Z?`<>@9_#LPA`B`@-44,,$0;B@O@A$4@LPD<V((5(.5*'M"!=
M2"]R"QE!II%W*`R*@J*C#%&V*$]4"(J%2D-M0!6C*E%'4>VH'M0MU"AJ!O4)
M348KH0W0-F@O]"IT'#H378`N1S>@V]"7T'?0X^@W&`R&AM'!6&$\,>&8!,PZ
M3#'F`*85<QXS@!G#S&*Q6'FL`=8.ZX=E8@78`NQ^[#'L.>P@=AS[%D?$J>+,
M<.ZX"!P/EX<KQS7ASN(&<1.X>;P47@MO@_?#L_'9^!)\/;X+?P,_CI\G2!-T
M"':$8$("83.A@M!"N$1X2'A%)!+5B=;$`"*7N(E803Q.O$(<);XCR9#T22ZD
M2)*0M)-TA'2>=(_TBDPF:Y,=R1%D`7DGN9%\D?R8_%:"(F$DX27!EM@H4271
M+C$H\4(2+ZDEZ22Y5C)'LESRI.0-R6DIO)2VE(L44VJ#5)74*:EAJ5EIBK2I
MM)]TLG2Q=)/T5>E)&:R,MHR;#%LF7^:PS$69,0I"T:"X4%B4+91ZRB7*.!5#
MU:%Z41.H1=1OJ/W4&5D9V66RH;)9LE6R9V1':`A-F^9%2Z*5T$[0AFCOER@O
M<5K"6;)C2<N2P25S<HIRCG(<N4*Y5KD[<N_EZ?)N\HGRN^4[Y!\IH!3T%0(4
M,A4.*EQ2F%:D*MHJLA0+%4\HWE>"E?25`I76*1U6ZE.:5591]E!.5=ZO?%%Y
M6H6FXJB2H%*F<E9E2I6B:J_*52U3/:?ZC"Y+=Z(GT2OH/?09-24U3S6A6JU:
MO]J\NHYZB'J>>JOZ(PV"!D,C5J-,HUMC1E-5TU<S5[-9\[X67HNA%:^U3ZM7
M:TY;1SM,>YMVA_:DCIR.ETZ.3K/.0UVRKH-NFFZ=[FT]C!Y#+U'O@-Y-?5C?
M0C]>OTK_A@%L8&G`-3A@,+`4O=1Z*6]IW=)A0Y*ADV&&8;/AJ!'-R,<HSZC#
MZ(6QIG&$\6[C7N-/)A8F22;U)@],94Q7F.:9=IG^:J9OQC*K,KMM3C9W-]]H
MWFG^<IG!,LZR@\ON6E`L?"VV671;?+2TLN1;MEA.66E:15M56PTSJ`Q_1C'C
MBC7:VMEZH_5IZW<VEC8"FQ,VO]@:VB;:-ME.+M=9SEE>OWS,3MV.:5=K-V)/
MMX^V/V0_XJ#FP'2H<WCBJ.'(=FQPG'#2<TIP.N;TPMG$F>_<YCSG8N.RWN6\
M*^+JX5KHVN\FXQ;B5NGVV%W=/<Z]V7W&P\)CG<=Y3[2GM^=NSV$O92^65Z/7
MS`JK%>M7]'B3O(.\*[V?^.C[\'VZ?&'?%;Y[?!^NU%K)6]GA!_R\_/;X/?+7
M\4_S_SX`$^`?4!7P--`T,#>P-X@2%!74%/0FV#FX)/A!B&Z(,*0[5#(T,K0Q
M="[,-:PT;&25\:KUJZZ'*X1SPSLCL!&A$0T1LZO=5N]=/1YI$5D0.;1&9TW6
MFJMK%=8FK3T3)1G%C#H9C8X.BVZ*_L#T8]8Q9V.\8JIC9E@NK'VLYVQ'=AE[
MBF/'*>5,Q-K%EL9.QMG%[8F;BG>(+X^?YKIP*[DO$SP3:A+F$OT2CR0N)(4E
MM2;CDJ.33_%D>(F\GA25E*R4@52#U(+4D32;M+UI,WQO?D,ZE+XFO5-`%?U,
M]0EUA5N%HQGV&549;S-#,T]F26?QLOJR];-W9$_DN.=\O0ZUCK6N.U<M=W/N
MZ'JG];4;H`TQ&[HW:FS,WSB^R6/3T<V$S8F;?\@SR2O->[TE;$M7OG+^IORQ
MK1Y;FPLD"O@%P]MLM]5L1VWG;N_?8;YC_XY/A>S":T4F1>5%'XI9Q=>^,OVJ
MXJN%G;$[^TLL2P[NPNSB[1K:[;#[:*ET:4[IV![?/>UE]++"LM=[H_9>+5]6
M7K./L$^X;Z3"IZ)SO^;^7?L_5,97WJERKFJM5JK>43UW@'U@\*#CP98:Y9JB
MFO>'N(?NUGK4MM=IUY4?QAS../RT/K2^]VO&UXT-"@U%#1^/\(Z,'`T\VM-H
MU=C8I-14T@PW"YNGCD4>N_F-ZS>=+88MM:VTUJ+CX+CP^+-OH[\=.N%]HOLD
MXV3+=UK?5;=1V@K;H?;L]IF.^(Z1SO#.@5,K3G5WV7:U?6_T_9'3:J>KSLB>
M*3E+.)M_=N%<SKG9\ZGGIR_$71CKCNI^<''5Q=L]`3W]E[PO7;GL?OEBKU/O
MN2MV5TY?M;EZZAKC6L=UR^OM?19];3]8_-#6;]G??L/J1N=-ZYM=`\L'S@XZ
M#%ZXY7KK\FVOV]?OK+PS,!0R='<X<GCD+OONY+VD>R_O9]R??[#I(?IAX2.I
M1^6/E1[7_:CW8^N(Y<B94=?1OB=!3QZ,L<:>_Y3^TX?Q_*?DI^43JA.-DV:3
MIZ?<IVX^6_UL_'GJ\_GI@I^E?ZY^H?OBNU\<?^F;634S_I+_<N'7XE?RKXZ\
M7O:Z>]9_]O&;Y#?S<X5OY=\>?<=XU_L^[/W$?.8'[(>*CWH?NSYY?WJXD+RP
M\)L``P#WA//["@T*96YD<W1R96%M#65N9&]B:@TV-"`P(&]B:@T\/"]3=&5M
M5B`X,B]&;VYT3F%M92]4:6UE<TYE=U)O;6%N4%--5"]&;VYT4W1R971C:"].
M;W)M86PO1F]N=%=E:6=H="`T,#`O1FQA9W,@,S0O1&5S8V5N="`M,C$V+T9O
M;G1"0F]X6RTU-C@@+3,P-R`R,#`P(#$P,#==+T%S8V5N="`X.3$O1F]N=$9A
M;6EL>2A4:6UE<R!.97<@4F]M86XI+T-A<$AE:6=H="`V-38O6$AE:6=H="`M
M-30V+U1Y<&4O1F]N=$1E<V-R:7!T;W(O271A;&EC06YG;&4@,#X^#65N9&]B
M:@TV-2`P(&]B:@T\/"]3=&5M5B`Q,S8O1F]N=$YA;64O5&EM97-.97=2;VUA
M;E!3+4)O;&1-5"]&;VYT4W1R971C:"].;W)M86PO1F]N=%=E:6=H="`W,#`O
M1FQA9W,@,S0O1&5S8V5N="`M,C$V+T9O;G1"0F]X6RTU-3@@+3,P-R`R,#`P
M(#$P,C9=+T%S8V5N="`X.3$O1F]N=$9A;6EL>2A4:6UE<R!.97<@4F]M86XI
M+T-A<$AE:6=H="`V-38O6$AE:6=H="`M-30V+U1Y<&4O1F]N=$1E<V-R:7!T
M;W(O271A;&EC06YG;&4@,#X^#65N9&]B:@TV-B`P(&]B:@T\/"]/4$T@,2]/
M4"!F86QS92]O<"!F86QS92]4>7!E+T5X=$=3=&%T92]302!F86QS92]332`P
M+C`R/CX-96YD;V)J#3$@,"!O8FH-/#PO1FER<W0@,S<Y+TQE;F=T:"`X-#@O
M1FEL=&5R+T9L871E1&5C;V1E+TX@-#DO5'EP92]/8FI3=&T^/G-T<F5A;0T*
M>-KDED]OTT`0Q?DH<X0#[/_U6D*52J!2";154\2AXF#:;;!([<AQ$/WVO/60
ME@:I]1ZJ""$UF>[ZS6]FWR2Q"Y(42$E))1GO\1^9X$@I\A)!DP\%*4-!EJ0L
ME4:3PKYTV(5:!44J"206X%@-&?Z<TZ0E)(4G#4E``8W44F-ML.4":8LM%-(.
MT>$M79+8+Q!3?I*@"2"UM6@/""<UF90"/5K1KL0^>-X:,N#Y$,@@I<"F`:\H
ML`8OH*@!+Q0%&?!*-&/!*WU!5@&-)BW0LG"44`K-6XOHL4ZEX(OUB*AK@3`X
MCP7:X&)JS922'*RS2'+@V5`2CF`<FG+@.?3EP//H*[7NT=?KUV(*[R6=BI.J
MBTU_UL6(,=S?.(H_^VF\(25.VT7\6"W3B)+D[&89Q:SOUA>#[K1M>S%95*O5
MH%%)L[>7:ISC[%@DOX?@.'@.!8?`8:B>G!Z"XJ`Y,,4PQ3#%,,4PQ3#%,,4R
MQ3+%,L4RQ3+%,L4RQ3+%,L4RQ3'%,<4QQ3'%,<4-E"_BA`:`F(E9O.C%AZJ9
M/W]W]/+3[-F+P8FC]?7J?/@<)OFP==@LZB;.OE7P\J">K[LHWG;M<E(M-\OC
M=9\D8K:L&C%;?UU==/6RWRR7L?MSX^QX'Z\)7@=#Q'CJ[[%=;RYCEF_:G^)M
M_4,<M=UUM1`GXEUSV;1]Q`;>#C#%N]6GYC)V=]5!/4S80W'05==QP-QK'>59
MP,<=*IPKMDRQ98HM4VR\8N,5&Z_8>,7&:S9>JSNWT,5%W+_J8T?RE1R.L[^H
MYS"BK[I>',/RFW38SUW=U\W\8WL9Q8?N["LGOHE7;1=O,P]QN*8?EK#@C]4`
MNUL_7'D"5>S^N=+&/U@[7=Z1XR^?M/8CY]YI<;DSSPN]NU/O\*.FW:/G?K]>
M]?75S1-6_U_NCG!YG_A>(":;N\^4).Z:X?==<W-+FI,+MX\/MTE3/((\KC7;
M!?3HI"F9$5J[7<!FG,"-T+KM`GY$DM].*C*Z"AG:,F=>6<-5.6*=(QXSUF+;
M0&5'9T'L<OH9,]#P5S]C)EK^E94S6Y4S7)TS7*TRS-0Z1VQRQ#G?53UBIOR,
M>N_GQH_.@KC($8\8)3\LW^NGS"AA<F9J<KZPYN&9_A)@`/75.\@-"F5N9'-T
M<F5A;0UE;F1O8FH-,B`P(&]B:@T\/"].=6US6S`@,R`P(%)=/CX-96YD;V)J
M#3,@,"!O8FH-/#PO4R]$/CX-96YD;V)J#30@,"!O8FH-/#PO0V]U;G0@,2]4
M>7!E+U!A9V5S+TMI9'-;-3@@,"!273X^#65N9&]B:@TU(#`@;V)J#3P\+U-U
M8G1Y<&4O6$U,+TQE;F=T:"`T,#,Y+U1Y<&4O365T861A=&$^/G-T<F5A;0T*
M/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C
M>FMC.60B/SX*/'@Z>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM971A+R(@
M>#IX;7!T:STB061O8F4@6$U0($-O<F4@-"XP+6,S,C$@-#0N,SDX,3$V+"!4
M=64@075G(#`T(#(P,#D@,30Z,C0Z,SDB/@H@("`\<F1F.E)$1B!X;6QN<SIR
M9&8](FAT='`Z+R]W=W<N=S,N;W)G+S$Y.3DO,#(O,C(M<F1F+7-Y;G1A>"UN
M<R,B/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@("`@
M("`@("`@("!X;6QN<SIP9&8](FAT='`Z+R]N<RYA9&]B92YC;VTO<&1F+S$N
M,R\B/@H@("`@("`@("`\<&1F.E!R;V1U8V5R/D%C<F]B870@1&ES=&EL;&5R
M(#@N,2XP("A7:6YD;W=S*3PO<&1F.E!R;V1U8V5R/@H@("`@("`\+W)D9CI$
M97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M(B(*("`@("`@("`@("`@>&UL;G,Z<&1F>#TB:'1T<#HO+VYS+F%D;V)E+F-O
M;2]P9&9X+S$N,R\B/@H@("`@("`@("`\<&1F>#I#;VUP86YY/E-E8W5R:71I
M97,@86YD($5X:&%N9V4@0V]M;6ES<VEO;CPO<&1F>#I#;VUP86YY/@H@("`@
M("`@("`\<&1F>#I3;W5R8V5-;V1I9FEE9#Y$.C(P,3`P,C`U,34T-C`U/"]P
M9&9X.E-O=7)C94UO9&EF:65D/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*
M("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@
M("`@>&UL;G,Z>&%P/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(CX*
M("`@("`@("`@/'AA<#I#<F5A=&]R5&]O;#Y!8W)O8F%T(%!$1DUA:V5R(#@N
M,2!F;W(@5V]R9#PO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.DUO
M9&EF>41A=&4^,C`Q,"TP,BTP-50Q,3HR-CHQ-"TP-3HP,#PO>&%P.DUO9&EF
M>41A=&4^"B`@("`@("`@(#QX87`Z0W)E871E1&%T93XR,#$P+3`R+3`U5#$Q
M.C(V.C$R+3`U.C`P/"]X87`Z0W)E871E1&%T93X*("`@("`@("`@/'AA<#I-
M971A9&%T841A=&4^,C`Q,"TP,BTP-50Q,3HR-CHQ-"TP-3HP,#PO>&%P.DUE
M=&%D871A1&%T93X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR
M9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS
M.GAA<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(CX*("`@
M("`@("`@/'AA<$U-.D1O8W5M96YT240^=75I9#HT-F4T8C<R8RUA8F8P+31D
M8S$M.3EB8RTV9C`Q,69A-&8S8V8\+WAA<$U-.D1O8W5M96YT240^"B`@("`@
M("`@(#QX87!-33I);G-T86YC94E$/G5U:60Z8S`T869F,F,M830W,"TT.3(T
M+3@W830M86%F.3<R,F%B8S)F/"]X87!-33I);G-T86YC94E$/@H@("`@("`@
M("`\>&%P34TZ<W5B:F5C=#X*("`@("`@("`@("`@/')D9CI397$^"B`@("`@
M("`@("`@("`@(#QR9&8Z;&D^,SPO<F1F.FQI/@H@("`@("`@("`@("`\+W)D
M9CI397$^"B`@("`@("`@(#PO>&%P34TZ<W5B:F5C=#X*("`@("`@/"]R9&8Z
M1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T
M/2(B"B`@("`@("`@("`@('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O9&,O
M96QE;65N=',O,2XQ+R(^"B`@("`@("`@(#QD8SIF;W)M870^87!P;&EC871I
M;VXO<&1F/"]D8SIF;W)M870^"B`@("`@("`@(#QD8SIC<F5A=&]R/@H@("`@
M("`@("`@("`\<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL:3Y5+E,N
M/"]R9&8Z;&D^"B`@("`@("`@("`@(#PO<F1F.E-E<3X*("`@("`@("`@/"]D
M8SIC<F5A=&]R/@H@("`@("`@("`\9&,Z=&ET;&4^"B`@("`@("`@("`@(#QR
M9&8Z06QT/@H@("`@("`@("`@("`@("`\<F1F.FQI('AM;#IL86YG/2)X+61E
M9F%U;'0B/E]2159)15<@4D503U)4/"]R9&8Z;&D^"B`@("`@("`@("`@(#PO
M<F1F.D%L=#X*("`@("`@("`@/"]D8SIT:71L93X*("`@("`@/"]R9&8Z1&5S
M8W)I<'1I;VX^"B`@(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"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("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*/#]X<&%C:V5T(&5N9#TB=R(_/@T*96YD<W1R96%M
M#65N9&]B:@TV(#`@;V)J#3P\+T-R96%T:6]N1&%T92A$.C(P,3`P,C`U,3$R
M-C$R+3`U)S`P)RDO075T:&]R*%4N4RXI+T-R96%T;W(H06-R;V)A="!01$9-
M86ME<B`X+C$@9F]R(%=O<F0I+U!R;V1U8V5R*$%C<F]B870@1&ES=&EL;&5R
M(#@N,2XP(%PH5VEN9&]W<UPI*2]-;V1$871E*$0Z,C`Q,#`R,#4Q,3(V,30M
M,#4G,#`G*2]#;VUP86YY*%-E8W5R:71I97,@86YD($5X:&%N9V4@0V]M;6ES
M<VEO;BDO4V]U<F-E36]D:69I960H1#HR,#$P,#(P-3$U-#8P-2DO5&ET;&4H
M7U)%5DE%5R!215!/4E0I/CX-96YD;V)J#7AR968-"C`@-38-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P-C0T."`P,#`P,"!N#0HP,#`P,#`W,SDR(#`P
M,#`P(&X-"C`P,#`P,#<T,C8@,#`P,#`@;@T*,#`P,#`P-S0U,"`P,#`P,"!N
M#0HP,#`P,#`W-3`R(#`P,#`P(&X-"C`P,#`P,3$V,3@@,#`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*,#`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#0IT<F%I;&5R#0H\/"]3
A:7IE(#4V/CX-"G-T87)T>')E9@T*,3$V#0HE)45/1@T*
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----