-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 U1tr7OK0Oawt5vFdItOW9BcK6O6qSCt8BjGvs8tzIfp7tgp/ZfJGr1j4LdEtCYed
 5pTb/ezeGmdlQWOxpjh0Ww==

<SEC-DOCUMENT>0001181431-04-022008.txt : 20040423
<SEC-HEADER>0001181431-04-022008.hdr.sgml : 20040423
<ACCEPTANCE-DATETIME>20040423162743
ACCESSION NUMBER:		0001181431-04-022008
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040421
FILED AS OF DATE:		20040423

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN CAPITAL PROFESSIONALS FUND LP
		CENTRAL INDEX KEY:			0001098152

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751425

	BUSINESS ADDRESS:	
		STREET 1:		20 HORSENECK LN
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MMC CAPITAL INC
		CENTRAL INDEX KEY:			0001280277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751421

	MAIL ADDRESS:	
		STREET 1:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIS CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001214816
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		106 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		4412962600

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN RISK CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026605
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751422

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036-2774
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN EMPLOYEES SECURITIES CO LP
		CENTRAL INDEX KEY:			0001096727

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751424

	BUSINESS ADDRESS:	
		STREET 1:		MMC CAPITAL INC
		STREET 2:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2038622900

	MAIL ADDRESS:	
		STREET 1:		1166 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN GP I INC
		CENTRAL INDEX KEY:			0001249874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751423

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			100362774
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			100362774

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN COMPANIES INC
		CENTRAL INDEX KEY:			0000062709
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751426

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER NAME:	
		FORMER CONFORMED NAME:	MARLENNAN CORP
		DATE OF NAME CHANGE:	19760505
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd39540.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-04-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001214816</issuerCik>
        <issuerName>AXIS CAPITAL HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>AXS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000062709</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN COMPANIES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS.</rptOwnerStreet1>
            <rptOwnerStreet2>.</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK.</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001098152</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN CAPITAL PROFESSIONALS FUND LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAPLES &amp; CALDER, UGLAND HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 309, SOUTH CHURCH STREET</rptOwnerStreet2>
            <rptOwnerCity>GEORGETOWN, GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001096727</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN EMPLOYEES SECURITIES CO LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAPLES &amp; CALDER, UGLAND HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 309, SOUTH CHURCH STREET</rptOwnerStreet2>
            <rptOwnerCity>GEORGETOWN, GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001249874</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN GP I INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001026605</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN RISK CAPITAL HOLDINGS LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001280277</rptOwnerCik>
            <rptOwnerName>MMC CAPITAL INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>20 HORSENECK LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>54336</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>232206</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1019107</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4355145</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>16907</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>72252</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7404827</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F6"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11792</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Common Shares (&quot;Common Shares&quot;) sold in connection with an underwritten public offering of 20,000,000 Common Shares (excluding up to 3,000,000 Common Shares subject to the Underwriters'

overallotment option) at a price of $27.91 per Common Share, less $0.91 for underwriting discounts and commissions.</footnote>
        <footnote id="F2">Marsh &amp; McLennan Capital Professionals Fund, L.P. (&quot;CPF&quot;) disposed of 93,061 Common Shares and Marsh &amp; McLennan Employees' Securities Company, L.P. (&quot;ESC&quot;) disposed of 93,575

Common Shares.  By virtue of holding indirect partnership interests in ESC and CPF, Marsh &amp;

McLennan Companies, Inc. (&quot;MMC&quot;) has a pecuniary interest in approximately 1.09% of the

Common Shares beneficially owned by ESC and approximately 57.29% of the Common Shares

beneficially owned by CPF.  As a result of the foregoing dispositions, MMC's pecuniary interest

in the Common Shares held by CPF and ESC has decreased by 54,336 Common Shares.</footnote>
        <footnote id="F3">As a result of these dispositions, ESC beneficially owns 399,894 Common Shares and CPF beneficially owns 397,695 Common Shares.  By virtue of holding indirect

partnership interests in ESC and CPF, MMC has a pecuniary interest in approximately 1.09% of

the Common Shares beneficially owned by ESC (4,350 Common Shares) and approximtely 57.29%

of the Common Shares beneficially owned by CPF (227,856 Common Shares).</footnote>
        <footnote id="F4">Trident II, L.P. (&quot;Trident&quot;) disposed of 3,324,048 Common Shares.  MMC, by virtue of holding interests, including through Marsh &amp; McLennan Risk Capital Holdings, Ltd. (&quot;MMRCH&quot;), an indirect wholly owned subsidiary of MMC, and Marsh &amp; McLennan GP I, Inc. (&quot;MMGPI&quot;) in Trident, may be deemed to have a pecuniary interest in approximately 30.66% of the Common Shares beneficially owned by Trident.  As a result of the foregoing dispositions, MMC may be deemed to have had a pecuniary interest in 1,019,107 of the Common Shares sold by Trident.  MMC and its subsidiaries each disclaim beneficial ownership of Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed to be an admission that any such person is the beneficial owner of such shares.</footnote>
        <footnote id="F5">As a result of the dispositions, Trident beneficially owns 14,205,283 Common Shares.  MMC, by virtue of holding interests (including through MMRCH and MMGPI) in Trident, may be deemed to have a pecuniary interest in approximately 30.66% of the Common Shares beneficially owned by Trident (i.e., 4,355,145 Common Shares).  MMC and its subsidiaries each disclaim beneficial ownership of Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed to be an admission that any such person is the beneficial owner of such shares.</footnote>
        <footnote id="F6">MMRCH has agreed that it will coordinate the timing of the sale of Common Shares held by it with the sale of Common Shares held by Trident.

As a result of such agreement, MMC and MMRCH may be deemed to beneficially own Common Shares that are held by Trident.  See Footnotes 4, 5 and 7.

MMC and MMRCH disclaim any beneficial ownership of any Common Shares held by Trident.</footnote>
        <footnote id="F7">Trident has made separate filing on its behalf and on behalf of Trident Capital II, L.P. (&quot;Trident GP&quot;).  The general partners of Trident GP

are MMGPI and two single member limited liability companies that are owned by individuals who are senior executive officers of MMC.  In the Trident filings, the two single member limited liability companies that act as general partners of Trident GP each disclaimed beneficial ownership of Common Shares that are, or may be deemed to be beneficially owned by Trident.  MMC, MMRCH and MMGPI each disclaim beneficial ownership of Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed to be an admission that any such person is the beneficial owner of such shares.</footnote>
        <footnote id="F8">Common Shares owned of record by Putnam Investments Holdings, LLC (&quot;Putnam&quot;), an indirect subsidiary of MMC.</footnote>
        <footnote id="F9">Common Shares owned of record by MMRCH.</footnote>
        <footnote id="F10">Common Shares owned of record by MMC Capital, Inc.</footnote>
    </footnotes>

    <remarks>Marsh &amp; McLennan Companies, Inc. is making this joint filing on Form 4 on its own behalf and on behalf of Marsh &amp; McLennan Risk Capital Holdings, Ltd.,

Marsh &amp; McLennan GP I, Inc., Marsh &amp; McLennan Capital Professionals Fund, L.P., Marsh &amp; McLennan Employees' Securities Company, L.P. and MMC

Capital Inc.</remarks>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Companies, Inc. By: /s/ Leon Lichter, Vice President and Counsel</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Capital Professionals Fund, L.P. By: Marsh &amp; McLennan GP I, Inc., its sole general partner By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLeannan Employees' Securities Company, L.P. By: Marsh &amp; McLennan GPI, Inc., its sole general partner By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan GP I, Inc. By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Risk Capital Holdings, Ltd. By: /s/ David Wermuth, Secretary</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>MMC Capital, Inc. By:/s/ David Wermuth, Principal and Legal Director</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----