-----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,
 PrgsTGlVdepkmiJmxirn7Hk1Xnrqs6ZJz+p6Ibs/3rFFRWc02CCjg4zdRIdsEuAK
 Uz+CL+nvIWzZ3H0G3hxKgA==

<SEC-DOCUMENT>0000000000-08-033452.txt : 20080822
<SEC-HEADER>0000000000-08-033452.hdr.sgml : 20080822
<ACCEPTANCE-DATETIME>20080708094403
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-08-033452
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080708

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL SHIPHOLDING CORP
		CENTRAL INDEX KEY:			0000278041
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				362989662
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		11 NORTH WATER STREET
		STREET 2:		SUITE # 18290
		CITY:			MOBILE
		STATE:			AL
		ZIP:			36602
		BUSINESS PHONE:		2512439100

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 2004
		CITY:			MOBILE
		STATE:			AL
		ZIP:			36652
PUBLIC REFERENCE ACCESSION NUMBER:		0000278041-07-000011
</SEC-HEADER>
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.pdf
<TEXT>
<PDF>
begin 644 filename1.pdf
M)5!$1BTQ+C0-)>+CS],-"C8U(#`@;V)J#3P\+TQI;F5A<FEZ960@,2],(#$S
M-3`P+T\@-C<O12`V-C(P+TX@,2]4(#$R,34S+T@@6R`U-38@,3<T73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HV-2`Q,PT*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.#DW(#`P,#`P(&X-"C`P,#`P,#$Q-S`@
M,#`P,#`@;@T*,#`P,#`P,30Q,R`P,#`P,"!N#0HP,#`P,#`Q.#,T(#`P,#`P
M(&X-"C`P,#`P,#(R.#(@,#`P,#`@;@T*,#`P,#`P,C,Q-R`P,#`P,"!N#0HP
M,#`P,#`S,S4X(#`P,#`P(&X-"C`P,#`P,#8P-3$@,#`P,#`@;@T*,#`P,#`P
M-C,P,"`P,#`P,"!N#0HP,#`P,#`V-30S(#`P,#`P(&X-"C`P,#`P,#`W,S`@
M,#`P,#`@;@T*,#`P,#`P,#4U-B`P,#`P,"!N#0IT<F%I;&5R#0H\/"]3:7IE
M(#<X+U!R978@,3(Q-#(O6%)E9E-T;2`W,S`O4F]O="`V-B`P(%(O26YF;R`V
M(#`@4B])1%L\0CE%,$%!,4(V-3$W,D(Y-T1$,$$R,38Y041$.48U-$$^/#,S
M1#DQ,C`S0S%&0S5#-#)"-S-&03`R1$8T0D-%-#`S/ET^/@T*<W1A<G1X<F5F
M#0HP#0HE)45/1@T*("`-"C<W(#`@;V)J#3P\+TQE;F=T:"`X-"]#(#DU+T9I
M;'1E<B]&;&%T941E8V]D92])(#$Q-R],(#<Y+U,@,SD^/G-T<F5A;0T*>-IB
M8&#@9&!@?L(`!*)>#*B`"8A9&#@.H`AR0C$#@S(##R]CD^0%!KM72;P)%Y@6
MP#3)QD(U6P$Q(P.#I!Z$9M&'F\+&P*![`"+*R``08`!L(@EJ#0IE;F1S=')E
M86T-96YD;V)J#3<V(#`@;V)J#3P\+TQE;F=T:"`R,"]&:6QT97(O1FQA=&5$
M96-O9&4O5ULQ(#$@,5TO26YD97A;-R`U.%TO1&5C;V1E4&%R;7,\/"]#;VQU
M;6YS(#,O4')E9&EC=&]R(#$R/CXO4VEZ92`V-2]4>7!E+UA2968^/G-T<F5A
M;0T*>-IB8F)D8&)@8!SN&"#``%(]`+$-"F5N9'-T<F5A;0UE;F1O8FH--C8@
M,"!O8FH-/#PO36%R:TEN9F\\/"],971T97)S<&%C949L86=S(#`O36%R:V5D
M('1R=64^/B]-971A9&%T82`U(#`@4B]0:65C94EN9F\\/"]-87)K96101$8\
M/"],87-T36]D:69I960H1#HR,#`X,#<P.#`Y-#`U-"D^/CX^+U!A9V5S(#0@
M,"!2+U!A9V5,87EO=70O3VYE0V]L=6UN+U-T<G5C=%1R9652;V]T(#<@,"!2
M+U1Y<&4O0V%T86QO9R],86YG*/[_`$4`3@`M`%4`4RDO3&%S=$UO9&EF:65D
M*$0Z,C`P.#`W,#@P.30P-30I+U!A9V5,86)E;',@,B`P(%(^/@UE;F1O8FH-
M-C<@,"!O8FH-/#PO0W)O<$)O>%LP(#`@-C$R(#<Y,ETO4&%R96YT(#0@,"!2
M+U-T<G5C=%!A<F5N=',@,"]#;VYT96YT<R`W,2`P(%(O4F]T871E(#`O365D
M:6%";WA;,"`P(#8Q,B`W.3)=+U)E<V]U<F-E<SP\+T-O;&]R4W!A8V4\/"]#
M4S`@-S`@,"!2/CXO1F]N=#P\+U14,"`V."`P(%(O5%0Q(#8Y(#`@4CX^+U!R
M;V-3971;+U!$1B]497AT72]%>'1'4W1A=&4\/"]'4S`@-S4@,"!2/CX^/B]4
M>7!E+U!A9V4^/@UE;F1O8FH--C@@,"!O8FH-/#PO4W5B='EP92]4<G5E5'EP
M92]&;VYT1&5S8W)I<'1O<B`W,R`P(%(O3&%S=$-H87(@,3(Q+U=I9'1H<ULR
M-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S,S,@,C4P(#`@-3`P(#4P
M,"`U,#`@-3`P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`S,S,@,"`P(#`@,"`P
M(#`@,"`P(#<R,B`W,C(@,"`V,3$@,"`P(#,X.2`P(#<W."`P(#DT-"`W,C(@
M,"`P(#`@-S(R(#4U-B`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#4P,"`U
M-38@-#0T(#4U-B`T-#0@,S,S(#4P,"`U-38@,C<X(#`@,"`R-S@@.#,S(#4U
M-B`U,#`@-34V(#`@-#0T(#`@,S,S(#`@,"`P(#`@-3`P72]"87-E1F]N="]4
M:6UE<TYE=U)O;6%N4%,M0F]L9$U4+T9I<G-T0VAA<B`S,B]%;F-O9&EN9R]7
M:6Y!;G-I16YC;V1I;F<O5'EP92]&;VYT/CX-96YD;V)J#38Y(#`@;V)J#3P\
M+U-U8G1Y<&4O5')U951Y<&4O1F]N=$1E<V-R:7!T;W(@-S0@,"!2+TQA<W1#
M:&%R(#$R,2]7:61T:'-;,C4P(#`@,"`P(#`@,"`W-S@@,"`S,S,@,S,S(#`@
M,"`R-3`@,S,S(#(U,"`P(#4P,"`U,#`@-3`P(#4P,"`P(#4P,"`U,#`@-3`P
M(#4P,"`U,#`@,C<X(#`@,"`P(#`@,"`P(#<R,B`P(#8V-R`W,C(@-C$Q(#4U
M-B`W,C(@,"`S,S,@,S@Y(#<R,B`V,3$@.#@Y(#<R,B`W,C(@,"`P(#`@-34V
M(#`@-S(R(#<R,B`Y-#0@,"`P(#`@,"`P(#`@,"`P(#`@-#0T(#4P,"`T-#0@
M-3`P(#0T-"`S,S,@-3`P(#4P,"`R-S@@,"`P(#(W."`W-S@@-3`P(#4P,"`U
M,#`@,"`S,S,@,S@Y(#(W."`U,#`@-3`P(#<R,B`U,#`@-3`P72]"87-E1F]N
M="]4:6UE<TYE=U)O;6%N4%--5"]&:7)S=$-H87(@,S(O16YC;V1I;F<O5VEN
M06YS:45N8V]D:6YG+U1Y<&4O1F]N=#X^#65N9&]B:@TW,"`P(&]B:@U;+TE#
M0T)A<V5D(#<R(#`@4ET-96YD;V)J#3<Q(#`@;V)J#3P\+TQE;F=T:"`Y-S$O
M1FEL=&5R+T9L871E1&5C;V1E/CYS=')E86T-"DB)G%9;CYLX%'[G5YRG%:P"
ML<V]JBIE<JDRW>Q6A>T\3/>!(4[C%8$(2-OY]WL,"80,#*--E,0QQ]_YSMUW
MH3+]#._?3S?S]0((?/APMYB#,IT'!.("-^0;BCA5IA]QZWNA3,.0`(5PIU!6
M/<4?GX!+/,.S(#PH*FCAO\IR(V%::'J!)J!3@]H0+@8DV44R_'U`PFQHAB&M
MN=2HUC"J]6;]]JA^YUIB$XD$@C([@FD[M%?>O<CKQ""$,`AC8(9KR]5/0)!'
M%<ZO^U/R#!K#9ZHW.2\8(1YH_X3W+X"]UBB$)&>T:]+!,4H;<;\1ES1L>:9B
M1-W+R:\B@E7T"WZ#OXW``&E;@[4,%8RS[3$99TJ(X7B`7Y!S9:?<A3>Z*.D+
MTH5EFSK4KX!LSS)<YY7T:?)']PS3O\1P.R3.!DQE]&+J)I?VI2>>P$<#ED69
M1]NH'\SL@'D-F%R>XS??"[[3+!56(HW26$0)_"7_RX_0=*K&/.^/(;4ZZ*R-
M2IL=:/V?65[NX2$J$2?0'+74=*;FG)<3"$ZBY$`]AN'I5V%W5%BM`5:C8I,]
MB81/8)9$3]%!\]0(3,=!.OV(SFCF70F[5ZEP[AV]1,PJK(X,ZZ/ZA;\#=!S#
M`EBG:'4:E2)+-5=%UP9[<=QGR5:DWV&>Y<<LKQX.</6ZY>>UJNQ:U2K+#YBP
M^B?893F4>P[//-)L-9<!Y>F6;V'!8WYX0M^;=`*,X$/B0)1N<4W<`;U^OX]6
MZ.<MIEX>[\&?U``2J=ZA9K7EP<VKMU,V-:9W[$&_58U#:L+$,0"32:?$L]DM
M:!]O1OM0!WHUZZGROM!>]>='=<&C'&3]+0MT9%5X[P:XF"]].$ZJ6U%^=1)7
MIBF/UT;9I`9XX+"/?G"(L\,QX24&)COEV-)^"/X3LAT\R[]5?DA-%9YSP;,J
MRRCV(U<RDYZODD@&,^=))-%V(L$D+>0>%FVM*\U@=\)JYKFFXUYE^$WMUY-!
MK[$EW1H>61YX6B)<B6DJ"BB%+%4N&XPQX$'[I0?/P7AM!CMO']=NQ]MF-=SH
M58P"D6+SX\GSI/_\[1`;Y>:_F9M)QN\2=*PWJO=9P8][F!F8"*7H1V$#3;P9
M\6K`4X'=9584HBBCM(1J9,`LCK-36FWT`O^?`C";`M"Q%L:$[8X[J\(8]&<W
M+5Z3=,<][XV+^-W63=OA:+](Y*_K&:QF\V"]6?^QA&\JL^DW#>^ECDY<V^F_
M%)).V)SVFL!:>+MN6K)??<*^D,*#YJLB*7#>])><17M87U9U,EQ-M-?&V=75
MZS\!!@"YX*V?#0IE;F1S=')E86T-96YD;V)J#3<R(#`@;V)J#3P\+TQE;F=T
M:"`R-3DX+T9I;'1E<B]&;&%T941E8V]D92].(#,O06QT97)N871E+T1E=FEC
M95)'0CX^<W1R96%M#0IHWIR6=U14UQ:'S[UW>J'-,-(9>I,N,(#T+B`=!%$8
M9@88R@###$ULB*A`1!$1`460H(`!HZ%(K(AB(2BH8`]($%!B,(JHJ&1&UDI\
M>7GOY>7WQ[W?VF?O<_?9>Y^U+@`D3Q\N+P66`B"9)^`'>CC35X5'T+']``9X
M@`&F`#!9Z:F^0>[!0"0O-Q=ZNL@)_(O>#`%(_+YEZ.E/IX/_3]*L5+X``,A?
MQ.9L3CI+Q/DB3LH4I(KM,R*FQB2*&4:)F2]*4,1R8HY;Y*6??1;94<SL9!Y;
MQ.*<4]G);#'WB'A[AI`C8L1'Q`497$ZFB&^+6#-)F,P5\5MQ;#*'F0X`BB2V
M"SBL>!&;B)C$#PYT$?%R`'"DN"\XY@L6<+($XD.YI*1F\[EQ\0*Z+DN/;FIM
MS:![<C*3.`*!H3^3E<CDL^DN*<FI3%XV`(MG_BP9<6WIHB);FEI;6AJ:&9E^
M4:C_NO@W)>[M(KT*^-PSB-;WA^VO_%+J`&#,BFJSZP];S'X`.K8"('?_#YOF
M(0`D17UKO_'%>6CB>8D7"%)MC(TS,S.-N!R6D;B@O^M_.OP-??$](_%VOY>'
M[LJ)90J3!'1QW5@I22E"/CT]E<GBT`W_/,3_./"O\U@:R(GE\#D\442H:,JX
MO#A1NWELKH";PJ-S>?^IB?\P[$]:G&N1*/6?`#7*"$C=H`+DYSZ`HA`!$GE0
MW/7?^^:##P7BFQ>F.K$X]Y\%_?NN<(GXD<Z-^QSG$AA,9PGY&8MKXFL)T(``
M)`$5R`,5H`%T@2$P`U;`%C@"-[`"^(%@$`[6`A:(!\F`#S)!+M@,"D`1V`7V
M@DI0`^I!(V@!)T`'.`TN@,O@.K@)[H`'8`2,@^=@!KP!\Q`$82$R1('D(55(
M"S*`S"`&9`^Y03Y0(!0.14-Q$`\20KG0%J@(*H4JH5JH$?H6.@5=@*Y"`]`]
M:!2:@GZ%WL,(3(*IL#*L#1O##-@)]H:#X35P')P&Y\#Y\$ZX`JZ#C\'M\`7X
M.GP''H&?P[,(0(@(#5%##!$&XH+X(1%(+,)'-B"%2#E2A[0@74@O<@L90::1
M=R@,BH*BHPQ1MBA/5`B*A4I#;4`5HRI11U'MJ![4+=0H:@;U"4U&*Z$-T#9H
M+_0J=!PZ$UV`+D<WH-O0E]!WT./H-Q@,AH;1P5AA/#'AF`3,.DPQY@"F%7,>
M,X`9P\QBL5AYK`'6#NN'96(%V`+L?NPQ[#GL('8<^Q9'Q*GBS'#NN`@<#Y>'
M*\<UX<[B!G$3N'F\%%X+;X/WP[/QV?@2?#V^"W\#/XZ?)T@3=`AVA&!"`F$S
MH8+00KA$>$AX1202U8G6Q``BE[B)6$$\3KQ"'"6^(\F0]$DNI$B2D+23=(1T
MGG2/](I,)FN3'<D19`%Y)[F1?)'\F/Q6@B)A).$EP9;8*%$ET2XQ*/%"$B^I
M)>DDN58R1[)<\J3D#<EI*;R4MI2+%%-J@U25U"FI8:E9:8JTJ;2?=+)TL723
M]%7I21FLC+:,FPQ;)E_FL,Q%F3$*0M&@N%!8E"V4>LHERC@50]6A>E$3J$74
M;ZC]U!E9&=EELJ&R6;)5LF=D1V@(39OF14NBE=!.T(9H[Y<H+W%:PEFR8TG+
MDL$E<W**<HYR'+E"N5:Y.W+OY>GR;O*)\KOE.^0?*:`4]!4"%#(5#BI<4IA6
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M:>MW-I8V`IL3-K_8&MHFVC;93B[76<Y97K]\S$[=CFE7:S=B3[>/MC]D/^*@
MYL!TJ'-XXJCAR'9L<)QPTG-*<#KF],+9Q)GOW.8\YV+CLM[EO"OBZN%:Z-KO
M)N,6XE;I]MA=W3W.O=E]QL/"8YW'>4^TI[?G;L]A+V4OEE>CU\P*JQ7K5_1X
MD[R#O"N]G_CH^_!]NGQAWQ6^>WP?KM1:R5O9X0?\O/SV^#WRU_%/\_\^`!/@
M'U`5\#30-#`WL#>($A05U!3T)M@YN"3X08ANB#"D.U0R-#*T,70NS#6L-&QD
ME?&J]:NNARN$<\,[([`1H1$-$;.KW5;O73T>:1%9$#FT1F=-UIJK:Q76)JT]
M$R49Q8PZ&8V.#HMNBO[`]&/6,6=CO&*J8V98+JQ]K.=L1W89>XICQRGE3,3:
MQ9;&3L;9Q>V)FXIWB"^/G^:Z<"NY+Q,\$VH2YA+]$H\D+B2%);4FXY*CDT_Q
M9'B)O)X4E92LE(%4@]2"U)$TF[2]:3-\;WY#.I2^)KU30!7]3/4)=85;A:,9
M]AE5&6\S0S-/9DEG\;+ZLO6S=V1/Y+CG?+T.M8ZUKCM7+7=S[NAZI_6U&Z`-
M,1NZ-VILS-\XOLECT]'-A,V)FW_(,\DKS7N])6Q+5[YR_J;\L:T>6YL+)`KX
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MK]O7[ZR\,S`4,G1W.')XY"[[[N2]I'LO[V?<GW^PZ2'Z8>$CJ4?ECY4>U_VH
M]V/KB.7(F5'7T;XG04\>C+'&GO^4_M.'\?RGY*?E$ZH3C9-FDZ>GW*=N/EO]
M;/QYZO/YZ8*?I7^N?J'[XKM?''_IFUDU,_Z2_W+AU^)7\J^.O%[VNGO6?_;Q
MF^0W\W.%;^7?'GW'>-?[/NS]Q'SF!^R'BH]Z'[L^>7]ZN)"\L/";``,`]X3S
M^PH-"F5N9'-T<F5A;0UE;F1O8FH--S,@,"!O8FH-/#PO4W1E;58@,3,V+T9O
M;G1.86UE+U1I;65S3F5W4F]M86Y04RU";VQD350O1F]N=%-T<F5T8V@O3F]R
M;6%L+T9O;G1796EG:'0@-S`P+T9L86=S(#,T+T1E<V-E;G0@+3(Q-B]&;VYT
M0D)O>%LM-34X("TS,#<@,C`P,"`Q,#(V72]!<V-E;G0@.#DQ+T9O;G1&86UI
M;'DH5&EM97,@3F5W(%)O;6%N*2]#87!(96EG:'0@-C4V+UA(96EG:'0@+34T
M-B]4>7!E+T9O;G1$97-C<FEP=&]R+TET86QI8T%N9VQE(#`^/@UE;F1O8FH-
M-S0@,"!O8FH-/#PO4W1E;58@.#(O1F]N=$YA;64O5&EM97-.97=2;VUA;E!3
M350O1F]N=%-T<F5T8V@O3F]R;6%L+T9O;G1796EG:'0@-#`P+T9L86=S(#,T
M+T1E<V-E;G0@+3(Q-B]&;VYT0D)O>%LM-38X("TS,#<@,C`P,"`Q,#`W72]!
M<V-E;G0@.#DQ+T9O;G1&86UI;'DH5&EM97,@3F5W(%)O;6%N*2]#87!(96EG
M:'0@-C4V+UA(96EG:'0@+34T-B]4>7!E+T9O;G1$97-C<FEP=&]R+TET86QI
M8T%N9VQE(#`^/@UE;F1O8FH--S4@,"!O8FH-/#PO3U!-(#$O3U`@9F%L<V4O
M;W`@9F%L<V4O5'EP92]%>'1'4W1A=&4O4T$@9F%L<V4O4TT@,"XP,CX^#65N
M9&]B:@TQ(#`@;V)J#3P\+T9I<G-T(#0U,2],96YG=&@@.3<U+T9I;'1E<B]&
M;&%T941E8V]D92].(#4X+U1Y<&4O3V)J4W1M/CYS=')E86T-"GC:W%A=;]LV
M%-U/X>/VL/'[0T`1('4:($N;!'&*/1A]4!W&$^9(!BT/S;_?H:X=UPF&B!@&
M`P4B75_R\-R/(YET/!,L,"D$JYA1"I^8,9))R9R#4<QKQZ1FP0)E6!4P:#$M
M#).84`K#'@"+\8SPF*P`J2JF!*:482I/&?@*'PU\#5MYEJ<48BD+&W!SF%+`
M84I[@`(@(,]#!LEH`:BP3.<EX-/@<P+C@#KCF`:?J^"#*F>-/^61KP9%`+D&
M7_#PP5<AJ`%?Y5%VI@:)4;`^,*,1`DDB52T=?(142#Z'4-XQXQ$219D`Z^`C
M%8-BK8!UEMF<`OIHP6<M?/`Y43$+/H<;AK07@5GP>4Q:\/D*/O@"@EOPA1"8
M`U^%O'+I%?)R2$$@+X?4!/)R!JD#_^X=OX2&@MWRFSK%MK]+,4+.PX&K^*V_
MC$],\MMN&3_5JRQUAMP]K2*?]FDS'W"W7=?SR;)>KP>,S)B3DQQCAA[`R?H-
MQI"Q9!P93R:0&9+(PF7C:($F%DTL>CM(+)I8-+%H8M'$8HC%2#+$8HC%$(LA
M%D,LAE@,L1ABL<1BB<42BR462RR66"RQ6&*QQ&*)Q6TK(A8WL'SA-VS`\BF?
MQGG//];MXN</5[]^GO[TR]#!J\WC>B;R^Y#AP]!%NVS:./VSA@;GS6*3(C]+
MW6I2KW;N]:;/$#Y=U2V?;KZNYZE9]3MW%=/W`W?7I[@FN,X'"UF;OV*WV4WC
M&7C??>-GS=_\JDN/]9+?\`_M?=OU$0.XG4/]O?>YO8]I'QVL%YGV@I^G^C$.
M-`>I(SP!J-PAPDQ2CR7U6%*/)?584H\E]5A2CR7U6(E]FQ!^'D\?^IB8^$T,
M=9PNFP4ZT->IY]?H]5.N\H_4]$V[^-3=1_XQW7VEA>_C0Y?B\\H+5-7V@XO:
MO_,&LKU_I,C:'2VT5_]CZ%S7L<I^(_:;8O^^6??-P]./]:`I>T2YE3RBWMO*
M_^N&IN6!^5'W-6ATRNA;G$]V^\8E$]COPG:_VVTF"^;\\X'A>=$E#AWCL:H`
MJPNPI@!K"["N`.L+L.%MK-.$G>'$+?+Y@XY86+#?N?]=DQ)19(DJLD066:*+
M+!%&CE%&OWRLY1B-S*M5(]2B,\_!JFITAG@O2EXX5?3&C1'7O4Q>C5'9OUI5
M(K<JD5N-D3N\RL>/7@5P*`%7!6`]1MSJ9?):EH08H3*=N0]"E+S+VHQ^)`"V
M)6!7`O8EX%`"K@K`1I2`WY0R'V_.XKQ+==]T[?"K??\M_WQ*.D1-NF679CC^
ML.WUY95DDOY/\"+VR<D_`@P`0`NKA`T*96YD<W1R96%M#65N9&]B:@TR(#`@
M;V)J#3P\+TYU;7-;,"`S(#`@4ET^/@UE;F1O8FH-,R`P(&]B:@T\/"]3+T0^
M/@UE;F1O8FH--"`P(&]B:@T\/"]#;W5N="`Q+U1Y<&4O4&%G97,O2VED<ULV
M-R`P(%)=/CX-96YD;V)J#34@,"!O8FH-/#PO4W5B='EP92]834PO3&5N9W1H
M(#0P,#@O5'EP92]-971A9&%T83X^<W1R96%M#0H\/WAP86-K970@8F5G:6X]
M(N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M
M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!8
M35`@0V]R92`T+C`M8S,Q-B`T-"XR-3,Y,C$L(%-U;B!/8W0@,#$@,C`P-B`Q
M-SHQ-#HS.2(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW
M,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^"B`@("`@(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.G!D
M9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R(^"B`@("`@("`@(#QP
M9&8Z4')O9'5C97(^06-R;V)A="!$:7-T:6QL97(@."XQ+C`@*%=I;F1O=W,I
M/"]P9&8Z4')O9'5C97(^"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@
M("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X
M;6QN<SIP9&9X/2)H='1P.B\O;G,N861O8F4N8V]M+W!D9G@O,2XS+R(^"B`@
M("`@("`@(#QP9&9X.D-O;7!A;GD^4T5#/"]P9&9X.D-O;7!A;GD^"B`@("`@
M("`@(#QP9&9X.E-O=7)C94UO9&EF:65D/D0Z,C`P.#`W,#@Q,S(Q,30\+W!D
M9G@Z4V]U<F-E36]D:69I960^"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@
M("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@
M("!X;6QN<SIX87`](FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\B/@H@
M("`@("`@("`\>&%P.D-R96%T;W)4;V]L/D%C<F]B870@4$1&36%K97(@."XQ
M(&9O<B!7;W)D/"]X87`Z0W)E871O<E1O;VP^"B`@("`@("`@(#QX87`Z36]D
M:69Y1&%T93XR,#`X+3`W+3`X5#`Y.C0P.C4T+3`T.C`P/"]X87`Z36]D:69Y
M1&%T93X*("`@("`@("`@/'AA<#I#<F5A=&5$871E/C(P,#@M,#<M,#A4,#DZ
M-#`Z-#<M,#0Z,#`\+WAA<#I#<F5A=&5$871E/@H@("`@("`@("`\>&%P.DUE
M=&%D871A1&%T93XR,#`X+3`W+3`X5#`Y.C0P.C4T+3`T.C`P/"]X87`Z365T
M861A=&%$871E/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z
M>&%P34T](FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]M;2\B/@H@("`@
M("`@("`\>&%P34TZ1&]C=6UE;G1)1#YU=6ED.C$V9C@Y-6$S+64V-S@M-#!E
M-RUA930S+3%D.68S865E-V(S9#PO>&%P34TZ1&]C=6UE;G1)1#X*("`@("`@
M("`@/'AA<$U-.DEN<W1A;F-E240^=75I9#HV,C)D,&1A9BTY93(W+31F8C(M
M.31C,RUF96(T.35B8S!E86$\+WAA<$U-.DEN<W1A;F-E240^"B`@("`@("`@
M(#QX87!-33IS=6)J96-T/@H@("`@("`@("`@("`\<F1F.E-E<3X*("`@("`@
M("`@("`@("`@/')D9CIL:3XU/"]R9&8Z;&D^"B`@("`@("`@("`@(#PO<F1F
M.E-E<3X*("`@("`@("`@/"]X87!-33IS=6)J96-T/@H@("`@("`\+W)D9CI$
M97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M(B(*("`@("`@("`@("`@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E
M;&5M96YT<R\Q+C$O(CX*("`@("`@("`@/&1C.F9O<FUA=#YA<'!L:6-A=&EO
M;B]P9&8\+V1C.F9O<FUA=#X*("`@("`@("`@/&1C.F-R96%T;W(^"B`@("`@
M("`@("`@(#QR9&8Z4V5Q/@H@("`@("`@("`@("`@("`\<F1F.FQI/G-C:&]L
M;&@\+W)D9CIL:3X*("`@("`@("`@("`@/"]R9&8Z4V5Q/@H@("`@("`@("`\
M+V1C.F-R96%T;W(^"B`@("`@("`@(#QD8SIT:71L93X*("`@("`@("`@("`@
M/')D9CI!;'0^"B`@("`@("`@("`@("`@(#QR9&8Z;&D@>&UL.FQA;F<](G@M
M9&5F875L="(^07!P96YD:7@@03PO<F1F.FQI/@H@("`@("`@("`@("`\+W)D
M9CI!;'0^"B`@("`@("`@(#PO9&,Z=&ET;&4^"B`@("`@(#PO<F1F.D1E<V-R
M:7!T:6]N/@H@("`\+W)D9CI21$8^"CPO>#IX;7!M971A/@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("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"CP_>'!A8VME="!E;F0](G<B/SX-"F5N9'-T<F5A;0UE
M;F1O8FH--B`P(&]B:@T\/"]#<F5A=&EO;D1A=&4H1#HR,#`X,#<P.#`Y-#`T
M-RTP-"<P,"<I+T%U=&AO<BAS8VAO;&QH*2]#<F5A=&]R*$%C<F]B870@4$1&
M36%K97(@."XQ(&9O<B!7;W)D*2]0<F]D=6-E<BA!8W)O8F%T($1I<W1I;&QE
M<B`X+C$N,"!<*%=I;F1O=W-<*2DO36]D1&%T92A$.C(P,#@P-S`X,#DT,#4T
M+3`T)S`P)RDO0V]M<&%N>2A314,I+U-O=7)C94UO9&EF:65D*$0Z,C`P.#`W
M,#@Q,S(Q,30I+U1I=&QE*$%P<&5N9&EX($$I/CX-96YD;V)J#7AR968-"C`@
M-C4-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P-C8R,"`P,#`P,"!N#0HP
M,#`P,#`W-CDQ(#`P,#`P(&X-"C`P,#`P,#<W,C4@,#`P,#`@;@T*,#`P,#`P
M-S<T.2`P,#`P,"!N#0HP,#`P,#`W.#`Q(#`P,#`P(&X-"C`P,#`P,3$X.#8@
M,#`P,#`@;@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP
M,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P
M,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@
M-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U
M(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0IT
M<F%I;&5R#0H\/"]3:7IE(#8U/CX-"G-T87)T>')E9@T*,3$V#0HE)45/1@T*
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----