-----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,
 SPkhK2SbnKTH4RByAly2FxpiRZNN0ChHQX3yGXimMe2swPmg92OUff6d0DdsaOe/
 PbTFkpeJDj+7vqlXgpw0Pg==

<SEC-DOCUMENT>0000000000-09-013531.txt : 20090430
<SEC-HEADER>0000000000-09-013531.hdr.sgml : 20090430
<ACCEPTANCE-DATETIME>20090317103332
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000000000-09-013531
CONFORMED SUBMISSION TYPE:	UPLOAD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090317

FILED FOR:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUDSON VALLEY HOLDING CORP
		CENTRAL INDEX KEY:			0000722256
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				133148745
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		UPLOAD

	BUSINESS ADDRESS:	
		STREET 1:		21 SCARSDALE ROAD
		CITY:			YONKERS
		STATE:			NY
		ZIP:			10707
		BUSINESS PHONE:		9149616100

	MAIL ADDRESS:	
		STREET 1:		21 SCARSDALE ROAD
		CITY:			YONKERS
		STATE:			NY
		ZIP:			10707
</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.#8S+T\@-3@O12`W,S$P+TX@,2]4(#$R-CDV+T@@6R`U.38@,3@T73X^#65N
M9&]B:@T@("`@("`@("`@("`@("`@("`@#0IX<F5F#0HU-B`Q-0T*,#`P,#`P
M,#`Q-B`P,#`P,"!N#0HP,#`P,#`P.30W(#`P,#`P(&X-"C`P,#`P,#$R,C`@
M,#`P,#`@;@T*,#`P,#`P,30W-"`P,#`P,"!N#0HP,#`P,#`Q.3(P(#`P,#`P
M(&X-"C`P,#`P,#$Y-34@,#`P,#`@;@T*,#`P,#`P,CDV,B`P,#`P,"!N#0HP
M,#`P,#`S,S8S(#`P,#`P(&X-"C`P,#`P,#,W.3(@,#`P,#`@;@T*,#`P,#`P
M-C0X-2`P,#`P,"!N#0HP,#`P,#`V-S(X(#`P,#`P(&X-"C`P,#`P,#8Y.#0@
M,#`P,#`@;@T*,#`P,#`P-S(S,R`P,#`P,"!N#0HP,#`P,#`P-S@P(#`P,#`P
M(&X-"C`P,#`P,#`U.38@,#`P,#`@;@T*=')A:6QE<@T*/#PO4VEZ92`W,2]0
M<F5V(#$R-C@U+UA29693=&T@-S@P+U)O;W0@-3<@,"!2+TEN9F\@-B`P(%(O
M241;/$%&035"0C%$-#!"-C$R,3`Q1$1#,C!&-D$T,C(W,S<Y/CPW0T)#1D0P
M-#`U1D8Y.#0R.3DY-#<R144W03,W,$4S,3Y=/CX-"G-T87)T>')E9@T*,`T*
M)25%3T8-"B`@#0HW,"`P(&]B:@T\/"],96YG=&@@.30O0R`Y."]&:6QT97(O
M1FQA=&5$96-O9&4O22`Q,C`O3"`X,B]3(#,Y/CYS=')E86T-"GC:8F!@X&9@
M8.%A``+Q4PRH@!F(61@X&AB$D`2YH9B!09F!AW?C;`;F,V(/NY8I7."]<(UI
M`5B"B8%!O@Y",U@!,2,#@_0U",V\`FX0&P.#_FV(*,,O@``#`!0W#?L-"F5N
M9'-T<F5A;0UE;F1O8FH--CD@,"!O8FH-/#PO3&5N9W1H(#(P+T9I;'1E<B]&
M;&%T941E8V]D92]76S$@,2`Q72]);F1E>%LW(#0Y72]$96-O9&5087)M<SP\
M+T-O;'5M;G,@,R]0<F5D:6-T;W(@,3(^/B]3:7IE(#4V+U1Y<&4O6%)E9CX^
M<W1R96%M#0IXVF)B8F1@8F!@',H8(,``.R0`E@T*96YD<W1R96%M#65N9&]B
M:@TU-R`P(&]B:@T\/"]-87)K26YF;SP\+TQE='1E<G-P86-E1FQA9W,@,"]-
M87)K960@=')U93X^+TUE=&%D871A(#4@,"!2+U!I96-E26YF;SP\+TUA<FME
M9%!$1CP\+TQA<W1-;V1I9FEE9"A$.C(P,#DP,S$W,3`S,30R*3X^/CXO4&%G
M97,@-"`P(%(O4&%G94QA>6]U="]/;F5#;VQU;6XO4W1R=6-T5')E95)O;W0@
M-R`P(%(O5'EP92]#871A;&]G+TQA;F<H_O\`10!.`"T`50!3*2],87-T36]D
M:69I960H1#HR,#`Y,#,Q-S$P,S$T,BDO4&%G94QA8F5L<R`R(#`@4CX^#65N
M9&]B:@TU."`P(&]B:@T\/"]#<F]P0F]X6S`@,"`V,3(@-SDR72]087)E;G0@
M-"`P(%(O4W1R=6-T4&%R96YT<R`P+T-O;G1E;G1S(#8Q(#`@4B]2;W1A=&4@
M,"]-961I84)O>%LP(#`@-C$R(#<Y,ETO4F5S;W5R8V5S/#PO0V]L;W)3<&%C
M93P\+T-3,"`V,"`P(%(^/B]&;VYT/#PO5%0P(#4Y(#`@4B]45#$@-C(@,"!2
M+U14,B`V,R`P(%(^/B]0<F]C4V5T6R]01$8O5&5X=%TO17AT1U-T871E/#PO
M1U,P(#8X(#`@4CX^/CXO5'EP92]086=E/CX-96YD;V)J#34Y(#`@;V)J#3P\
M+U-U8G1Y<&4O5')U951Y<&4O1F]N=$1E<V-R:7!T;W(@-C4@,"!2+TQA<W1#
M:&%R(#$R,2]7:61T:'-;,C4P(#`@,"`P(#`@,"`P(#`@,"`P(#`@,"`R-3`@
M,S,S(#(U,"`P(#4P,"`U,#`@-3`P(#`@-3`P(#4P,"`U,#`@-3`P(#`@-3`P
M(#(W."`P(#`@,"`P(#`@,"`W,C(@-C8W(#8V-R`W,C(@-C$Q(#4U-B`P(#<R
M,B`P(#,X.2`W,C(@-C$Q(#@X.2`W,C(@-S(R(#4U-B`W,C(@-C8W(#4U-B`P
M(#`@-S(R(#DT-"`P(#<R,B`P(#`@,"`P(#`@,"`P(#0T-"`P(#0T-"`U,#`@
M-#0T(#,S,R`U,#`@-3`P(#(W."`P(#4P,"`R-S@@-S<X(#4P,"`U,#`@-3`P
M(#`@,S,S(#,X.2`R-S@@-3`P(#4P,"`W,C(@-3`P(#4P,%TO0F%S949O;G0O
M5&EM97-.97=2;VUA;E!3350O1FER<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N
M<VE%;F-O9&EN9R]4>7!E+T9O;G0^/@UE;F1O8FH--C`@,"!O8FH-6R])0T-"
M87-E9"`V-"`P(%)=#65N9&]B:@TV,2`P(&]B:@T\/"],96YG=&@@.3,W+T9I
M;'1E<B]&;&%T941E8V]D93X^<W1R96%M#0I(B8Q677.;.!1]]Z^XCV(G8$E\
MF4ZG,QL[V6[2I!^F[732?6!!CMG:R"-P4O_[2@@,U")>9S)"<#FZ.N?<BR[C
MR?0#O'X]O9O_O0`,;]Y<+N8PF<Z7&-)2WE!_4*;%9/J7O/583J9QC(%`O)H0
M6C^50X0AQ#,G"B#>3A!8\7^3JSL%TT&3%AJ#31SB0[P8B:1M9/S'2(1[-L([
M&^'W(^Z2?`/+BN_`\P-BC`_:>.J$,OD4:F0PQH9MK(T=C",5K2[4II^!>BT!
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M*2_U\0EK4IJ:.#FVW!GUB`9Z^)T>Y,1/<BD:^@1=<[&5^[9O8<4%5&L&!Y98
M`1*6AX`5&<M@P5*V_5>:P"6J?.5#19(I`8J'I),CZ74";J^8KV5Y9="T!:]N
M"S-SER1C17(T6;N'C\<][)C(>=;DOV2[JMD`?FDA>M8Q.NE[_J3AR(MPKJ&?
M]1AH)<`UJ@1U`-LN]JD_PNWY5D]]0Q<:[RQ>W9D6+!%P)U1'D=WDE1DX.-W+
M^?9&PX%RI$LB&K7C5P;K1/:=E&]W&U9)MOE>@&!/N:Q1OH*#G-;TM`Y_EM7F
M!(&ODJI)56:0G5+YP;)#=*L[.A=JTC[X6-^L%RHX'/%(5Y^DKD^[P>Z)MI)U
ML;<($M)F0J5I14C]LZ(J(:FD^_)25@A4>7UWI%*IX6.GO[-&(B/#-_E!?93K
MW]*JJ<OEX,U08=6F2M5,)J`'H9^IF>^AC9X==.2%'LR)NGB0Z/A)A9P_S-"1
MDX7^&5\Q?,74%26_'S`>T*WT2`%?)>F.;)S[QW4QLB/O]S1.CQH=MW\J<FC+
M9C-PS=A>#PWAE29UJ,)CRZT<?'2IP1HQ$@TVU&O=>P&CN7ZAN9D/1%RIP1V3
MS?^?L@5FV:[BR2\!!@`+MXU'#0IE;F1S=')E86T-96YD;V)J#38R(#`@;V)J
M#3P\+U-U8G1Y<&4O5')U951Y<&4O1F]N=$1E<V-R:7!T;W(@-C8@,"!2+TQA
M<W1#:&%R(#$R,2]7:61T:'-;,C4P(#`@,"`P(#`@,"`P(#`@,S,S(#,S,R`P
M(#`@,"`S,S,@,C4P(#`@,"`U,#`@-3`P(#4P,"`U,#`@,"`U,#`@-3`P(#`@
M-3`P(#`@,"`P(#`@,"`P(#`@,"`V,3$@,"`P(#`@-C$Q(#`@,"`P(#`@,"`P
M(#@S,R`P(#`@,"`P(#`@-3`P(#`@-S(R(#`@,"`P(#`@,"`P(#`@,"`P(#`@
M,"`U,#`@,"`T-#0@-3`P(#0T-"`P(#`@,"`R-S@@,"`P(#(W."`W,C(@-3`P
M(#4P,"`P(#`@,"`S.#D@,C<X(#`@,"`P(#`@-#0T72]"87-E1F]N="]4:6UE
M<TYE=U)O;6%N4%,M271A;&EC350O1FER<W1#:&%R(#,R+T5N8V]D:6YG+U=I
M;D%N<VE%;F-O9&EN9R]4>7!E+T9O;G0^/@UE;F1O8FH--C,@,"!O8FH-/#PO
M4W5B='EP92]4<G5E5'EP92]&;VYT1&5S8W)I<'1O<B`V-R`P(%(O3&%S=$-H
M87(@,3(Q+U=I9'1H<ULR-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`S
M,S,@,C4P(#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@,"`U,#`@-3`P(#`@
M,S,S(#`@,"`P(#`@,"`P(#`@,"`W,C(@-S(R(#`@-C$Q(#`@-S<X(#`@,"`W
M-S@@,"`Y-#0@-S(R(#`@,"`W-S@@-S(R(#4U-B`P(#`@-S(R(#`@,"`P(#`@
M,"`P(#`@,"`P(#`@-3`P(#4U-B`T-#0@-34V(#0T-"`S,S,@-3`P(#4U-B`R
M-S@@,"`P(#(W."`X,S,@-34V(#4P,"`U-38@,"`T-#0@,S@Y(#,S,R`U-38@
M-3`P(#`@,"`U,#!=+T)A<V5&;VYT+U1I;65S3F5W4F]M86Y04RU";VQD350O
M1FER<W1#:&%R(#,R+T5N8V]D:6YG+U=I;D%N<VE%;F-O9&EN9R]4>7!E+T9O
M;G0^/@UE;F1O8FH--C0@,"!O8FH-/#PO3&5N9W1H(#(U.3@O1FEL=&5R+T9L
M871E1&5C;V1E+TX@,R]!;'1E<FYA=&4O1&5V:6-E4D="/CYS=')E86T-"FC>
MG)9W5%37%H?/O7=ZH<TPTAEZDRXP@/0N(!T$41AF!AC*`,,,36R(J$!$$1$!
M19"@@`&CH4BLB&(A**A@#T@04&(PBJBH9$;62GQY>>_EY??'O=_:9^]S]]E[
MG[4N`"1/'RXO!98"()DGX`=Z.--7A4?0L?T`!GB``:8`,%GIJ;Y![L%`)"\W
M%WJZR`G\B]X,`4C\OF7HZ4^G@_]/TJQ4O@``R%_$YFQ..DO$^2).RA2DBNTS
M(J;&)(H91HF9+TI0Q')BCEODI9]]%ME1S.QD'EO$XIQ3V<EL,?>(>'N&D"-B
MQ$?$!1E<3J:(;XM8,TF8S!7Q6W%L,H>9#@"*)+8+.*QX$9N(F,0/#G01\7(`
M<*2X+SCF"Q9PL@3B0[FDI&;SN7'Q`KHN2X]N:FW-H'MR,I,X`H&A/Y.5R.2S
MZ2XIR:E,7C8`BV?^+!EQ;>FB(EN:6EM:&IH9F7Y1J/^Z^#<E[NTBO0KXW#.(
MUO>'[:_\4NH`8,R*:K/K#UO,?@`ZM@(@=_\/F^8A`"1%?6N_\<5Y:.)YB1<(
M4FV,C3,S,XVX'):1N*"_ZW\Z_`U]\3TC\7:_EX?NRHEE"I,$=''=6"E)*4(^
M/3V5R>+0#?\\Q/\X\*_S6!K(B>7P.3Q11*AHRKB\.%&[>6RN@)O"HW-Y_ZF)
M_S#L3UJ<:Y$H]9\`-<H(2-V@`N3G/H"B$`$2>5#<]=_[YH,/!>*;%Z8ZL3CW
MGP7]^ZYPB?B1SHW['.<2&$QG"?D9BVOB:PG0@``D`17(`Q6@`72!(3`#5L`6
M.`(WL`+X@6`0#M8"%H@'R8`/,D$NV`P*0!'8!?:"2E`#ZD$C:`$G0`<X#2Z`
MR^`ZN`GN@`=@!(R#YV`&O`'S$`1A(3)$@>0A54@+,H#,(`9D#[E!/E`@%`Y%
M0W$0#Q)"N=`6J`@JA2JA6J@1^A8Z!5V`KD(#T#UH%)J"?H7>PPA,@JFP,JP-
M&\,,V`GVAH/A-7`<G`;GP/GP3K@"KH./P>WP!?@Z?`<>@9_#LPA`B`@-44,,
M$0;B@O@A$4@LPD<V((5(.5*'M"!=2"]R"QE!II%W*`R*@J*C#%&V*$]4"(J%
M2D-M0!6C*E%'4>VH'M0MU"AJ!O4)348KH0W0-F@O]"IT'#H378`N1S>@V]"7
MT'?0X^@W&`R&AM'!6&$\,>&8!,PZ3#'F`*85<QXS@!G#S&*Q6'FL`=8.ZX=E
M8@78`NQ^[#'L.>P@=AS[%D?$J>+,<.ZX"!P/EX<KQS7ASN(&<1.X>;P47@MO
M@_?#L_'9^!)\/;X+?P,_CI\G2!-T"':$8$("83.A@M!"N$1X2'A%)!+5B=;$
M`"*7N(E803Q.O$(<);XCR9#T22ZD2)*0M)-TA'2>=(_TBDPF:Y,=R1%D`7DG
MN9%\D?R8_%:"(F$DX27!EM@H4271+C$H\4(2+ZDEZ22Y5C)'LESRI.0-R6DI
MO)2VE(L44VJ#5)74*:EAJ5EIBK2IM)]TLG2Q=)/T5>E)&:R,MHR;#%LF7^:P
MS$69,0I"T:"X4%B4+91ZRB7*.!5#U:%Z41.H1=1OJ/W4&5D9V66RH;)9LE6R
M9V1':`A-F^9%2Z*5T$[0AFCOER@O<5K"6;)C2<N2P25S<HIRCG(<N4*Y5KD[
M<N_EZ?)N\HGRN^4[Y!\IH!3T%0(4,A4.*EQ2F%:D*MHJLA0+%4\HWE>"E?25
M`I76*1U6ZE.:5591]E!.5=ZO?%%Y6H6FXJB2H%*F<E9E2I6B:J_*52U3/:?Z
MC"Y+=Z(GT2OH/?09-24U3S6A6JU:O]J\NHYZB'J>>JOZ(PV"!D,C5J-,HUMC
M1E-5TU<S5[-9\[X67HNA%:^U3ZM7:TY;1SM,>YMVA_:DCIR.ETZ.3K/.0UVR
MKH-NFFZ=[FT]C!Y#+U'O@-Y-?5C?0C]>OTK_A@%L8&G`-3A@,+`4O=1Z*6]I
MW=)A0Y*ADV&&8;/AJ!'-R,<HSZC#Z(6QIG&$\6[C7N-/)A8F22;U)@],94Q7
MF.:9=IG^:J9OQC*K,KMM3C9W-]]HWFG^<IG!,LZR@\ON6E`L?"VV671;?+2T
MLN1;MEA.66E:15M56PTSJ`Q_1C'CBC7:VMEZH_5IZW<VEC8"FQ,VO]@:VB;:
M-ME.+M=9SEE>OWS,3MV.:5=K-V)/MX^V/V0_XJ#FP'2H<WCBJ.'(=FQPG'#2
M<TIP.N;TPMG$F>_<YCSG8N.RWN6\*^+JX5KHVN\FXQ;B5NGVV%W=/<Z]V7W&
MP\)CG<=Y3[2GM^=NSV$O92^65Z/7S`JK%>M7]'B3O(.\*[V?^.C[\'VZ?&'?
M%;Y[?!^NU%K)6]GA!_R\_/;X/?+7\4_S_SX`$^`?4!7P--`T,#>P-X@2%!74
M%/0FV#FX)/A!B&Z(,*0[5#(T,K0Q="[,-:PT;&25\:KUJZZ'*X1SPSLCL!&A
M$0T1LZO=5N]=/1YI$5D0.;1&9TW6FJMK%=8FK3T3)1G%C#H9C8X.BVZ*_L#T
M8]8Q9V.\8JIC9E@NK'VLYVQ'=AE[BF/'*>5,Q-K%EL9.QMG%[8F;BG>(+X^?
MYKIP*[DO$SP3:A+F$OT2CR0N)(4EM2;CDJ.33_%D>(F\GA25E*R4@52#U(+4
MD32;M+UI,WQO?D,ZE+XFO5-`%?U,]0EUA5N%HQGV&549;S-#,T]F26?QLOJR
M];-W9$_DN.=\O0ZUCK6N.U<M=W/NZ'JG];4;H`TQ&[HW:FS,WSB^R6/3T<V$
MS8F;?\@SR2O->[TE;$M7OG+^IORQK1Y;FPLD"O@%P]MLM]5L1VWG;N_?8;YC
M_XY/A>S":T4F1>5%'XI9Q=>^,OVJXJN%G;$[^TLL2P[NPNSB[1K:[;#[:*ET
M:4[IV![?/>UE]++"LM=[H_9>+5]67K./L$^X;Z3"IZ)SO^;^7?L_5,97WJER
MKFJM5JK>43UW@'U@\*#CP98:Y9JBFO>'N(?NUGK4MM=IUY4?QAS../RT/K2^
M]VO&UXT-"@U%#1^/\(Z,'`T\VM-HU=C8I-14T@PW"YNGCD4>N_F-ZS>=+88M
MM:VTUJ+CX+CP^+-OH[\=.N%]HOLDXV3+=UK?5;=1V@K;H?;L]IF.^(Z1SO#.
M@5,K3G5WV7:U?6_T_9'3:J>KSLB>*3E+.)M_=N%<SKG9\ZGGIR_$71CKCNI^
M<''5Q=L]`3W]E[PO7;GL?OEBKU/ON2MV5TY?M;EZZAKC6L=UR^OM?19];3]8
M_-#6;]G??L/J1N=-ZYM=`\L'S@XZ#%ZXY7KK\FVOV]?OK+PS,!0R='<X<GCD
M+OONY+VD>R_O9]R??[#I(?IAX2.I1^6/E1[7_:CW8^N(Y<B94=?1OB=!3QZ,
ML<:>_Y3^TX?Q_*?DI^43JA.-DV:3IZ?<IVX^6_UL_'GJ\_GI@I^E?ZY^H?OB
MNU\<?^F;634S_I+_<N'7XE?RKXZ\7O:Z>]9_]O&;Y#?S<X5OY=\>?<=XU_L^
M[/W$?.8'[(>*CWH?NSYY?WJXD+RP\)L``P#WA//["@T*96YD<W1R96%M#65N
M9&]B:@TV-2`P(&]B:@T\/"]3=&5M5B`X,B]&;VYT3F%M92]4:6UE<TYE=U)O
M;6%N4%--5"]&;VYT4W1R971C:"].;W)M86PO1F]N=%=E:6=H="`T,#`O1FQA
M9W,@,S0O1&5S8V5N="`M,C$V+T9O;G1"0F]X6RTU-C@@+3,P-R`R,#`P(#$P
M,#==+T%S8V5N="`X.3$O1F]N=$9A;6EL>2A4:6UE<R!.97<@4F]M86XI+T-A
M<$AE:6=H="`V-38O6$AE:6=H="`M-30V+U1Y<&4O1F]N=$1E<V-R:7!T;W(O
M271A;&EC06YG;&4@,#X^#65N9&]B:@TV-B`P(&]B:@T\/"]3=&5M5B`W,2XW
M-#(O1F]N=$YA;64O5&EM97-.97=2;VUA;E!3+4ET86QI8TU4+T9O;G13=')E
M=&-H+TYO<FUA;"]&;VYT5V5I9VAT(#0P,"]&;&%G<R`Y."]$97-C96YT("TR
M,38O1F]N=$)";WA;+30Y."`M,S`W(#$Q,C`@,3`R,UTO07-C96YT(#@Y,2]&
M;VYT1F%M:6QY*%1I;65S($YE=R!2;VUA;BDO0V%P2&5I9VAT(#8U-B]82&5I
M9VAT("TU-#8O5'EP92]&;VYT1&5S8W)I<'1O<B])=&%L:6-!;F=L92`M,34^
M/@UE;F1O8FH--C<@,"!O8FH-/#PO4W1E;58@,3,V+T9O;G1.86UE+U1I;65S
M3F5W4F]M86Y04RU";VQD350O1F]N=%-T<F5T8V@O3F]R;6%L+T9O;G1796EG
M:'0@-S`P+T9L86=S(#,T+T1E<V-E;G0@+3(Q-B]&;VYT0D)O>%LM-34X("TS
M,#<@,C`P,"`Q,#(V72]!<V-E;G0@.#DQ+T9O;G1&86UI;'DH5&EM97,@3F5W
M(%)O;6%N*2]#87!(96EG:'0@-C4V+UA(96EG:'0@+34T-B]4>7!E+T9O;G1$
M97-C<FEP=&]R+TET86QI8T%N9VQE(#`^/@UE;F1O8FH--C@@,"!O8FH-/#PO
M3U!-(#$O3U`@9F%L<V4O;W`@9F%L<V4O5'EP92]%>'1'4W1A=&4O4T$@9F%L
M<V4O4TT@,"XP,CX^#65N9&]B:@TQ(#`@;V)J#3P\+T9I<G-T(#,W.2],96YG
M=&@@.#0P+T9I;'1E<B]&;&%T941E8V]D92].(#0Y+U1Y<&4O3V)J4W1M/CYS
M=')E86T-"GC:[)5;3]LP%,?W4?RX/3#'/G;B2`BI%*IU906U17M`/(1BNF@E
MJ=)THM]^_^10;KO%+[M(DRBGQ_F?G\\E=A,1"2=4%(E44&KP31A%0BD1&RV4
M%@E6L.`(GA&IC86R4#FLXJN.H$T@T(#@SUC(4BPA4D.2Q%9HA4=1*C0>.4M"
M(\2EB=#8+35*:/!2!UV,$`T='D4.\0ZAA'4LJ03I14`@B!"B8_B0$&#4(&,G
MR`")5)L08^&#9Y$?@6<-?/!L"A^\&(X!+TZU:%)(($*].L&^!CR')`QX+H'?
MI(`B#7AI##]!*A%\("/4:YK44(^-D!H@5L$Z^!HI(DF4C/;$PB)UPJ;6PJ+>
M_7TY0N\C,9%G6>6+>E9YCS$\7QC[NWKDMT+)2;GT'[)5,Z)&,MNNO)S6U6;>
MZB9E6<O^,ENO6XUJ-`<'S1X7JF4V\VB-8J/9$!O#QK*)V21L'!NF$%.(*<04
M8@HQA9A"3"&F$%.(*88IABF&*88IABF&*88IABF&*88IEBF6*98IEBF6*;:E
M7,HST0+D5$[]O)8G6;%X?3S>.Y^^>M-V:;RY75]$S3O<R-NE8;',"S_]E*'/
M@WRQJ;P\JLI5/UOMW---W4CD=)45<KJY6L^K?%7OW)6OGB[,3GOX]/$9M!:C
MRS_[<K-[C#D?EG?R*/\BQV5UFRWEF3PNKHNR]EC`OP$F_.B=%]>^>MP=U&&#
M'<I!E=WZ%O/.9]``\ZP&Y,%*KKO=ZD)Q[Q3W3G'O%$]`\014PIUDJN"(EH$$
MYKYW4V,U>ANUE?26^0(]J+.JEJ?H]K:I\V.5UWFQ^%!>>WE2S:XX\-#?E)5_
MB!RBKJ)N753_Q&MAC_X?VED[]ZN]WV_6=7ZS_=?JIOAOW5I;_=OFO6?2[Q7^
M_PZ=7*+_O?MC+_N[.VHD(MRM[OYNW5U<"V'=P_7P$#3"CUAWK0[04H#6!&AM
M@#;NH*67S4LZ!)F70:YST$BD(=,)&F7W6?9WOT2(>CK5W>_3#[>@$+$)$=L0
M<1S2EB1$[$+$749I7[XK.NH<!;$*$8<<4!UR0G7($=4A9U2'C%*'C%*'C%*'
MG$H*.944<L-2EPG&+]\HZC+*Y)NHD)E2R$SIYS/]*L``E8+##@T*96YD<W1R
M96%M#65N9&]B:@TR(#`@;V)J#3P\+TYU;7-;,"`S(#`@4ET^/@UE;F1O8FH-
M,R`P(&]B:@T\/"]3+T0^/@UE;F1O8FH--"`P(&]B:@T\/"]#;W5N="`Q+U1Y
M<&4O4&%G97,O2VED<ULU."`P(%)=/CX-96YD;V)J#34@,"!O8FH-/#PO4W5B
M='EP92]834PO3&5N9W1H(#0P,#(O5'EP92]-971A9&%T83X^<W1R96%M#0H\
M/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z
M:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X
M.GAM<'1K/2)!9&]B92!835`@0V]R92`T+C`M8S,Q-B`T-"XR-3,Y,C$L(%-U
M;B!/8W0@,#$@,C`P-B`Q-SHQ-#HS.2(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D
M9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS
M(R(^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@
M("`@("`@('AM;&YS.G!D9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O,2XS
M+R(^"B`@("`@("`@(#QP9&8Z4')O9'5C97(^06-R;V)A="!$:7-T:6QL97(@
M."XQ+C`@*%=I;F1O=W,I/"]P9&8Z4')O9'5C97(^"B`@("`@(#PO<F1F.D1E
M<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB
M(@H@("`@("`@("`@("!X;6QN<SIP9&9X/2)H='1P.B\O;G,N861O8F4N8V]M
M+W!D9G@O,2XS+R(^"B`@("`@("`@(#QP9&9X.D-O;7!A;GD^4T5#/"]P9&9X
M.D-O;7!A;GD^"B`@("`@("`@(#QP9&9X.E-O=7)C94UO9&EF:65D/D0Z,C`P
M.3`S,38Q-#$Q-30\+W!D9G@Z4V]U<F-E36]D:69I960^"B`@("`@(#PO<F1F
M.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U
M=#TB(@H@("`@("`@("`@("!X;6QN<SIX87`](FAT='`Z+R]N<RYA9&]B92YC
M;VTO>&%P+S$N,"\B/@H@("`@("`@("`\>&%P.D-R96%T;W)4;V]L/D%C<F]B
M870@4$1&36%K97(@."XQ(&9O<B!7;W)D/"]X87`Z0W)E871O<E1O;VP^"B`@
M("`@("`@(#QX87`Z36]D:69Y1&%T93XR,#`Y+3`S+3$W5#$P.C,Q.C0R+3`T
M.C`P/"]X87`Z36]D:69Y1&%T93X*("`@("`@("`@/'AA<#I#<F5A=&5$871E
M/C(P,#DM,#,M,3=4,3`Z,S$Z,SDM,#0Z,#`\+WAA<#I#<F5A=&5$871E/@H@
M("`@("`@("`\>&%P.DUE=&%D871A1&%T93XR,#`Y+3`S+3$W5#$P.C,Q.C0R
M+3`T.C`P/"]X87`Z365T861A=&%$871E/@H@("`@("`\+W)D9CI$97-C<FEP
M=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@
M("`@("`@("`@>&UL;G,Z>&%P34T](FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P
M+S$N,"]M;2\B/@H@("`@("`@("`\>&%P34TZ1&]C=6UE;G1)1#YU=6ED.C8T
M935B,3AD+3DU9F(M-&4T."UB-C5C+3AB83!F9C!F.60S-SPO>&%P34TZ1&]C
M=6UE;G1)1#X*("`@("`@("`@/'AA<$U-.DEN<W1A;F-E240^=75I9#IC,C!A
M93,P,2TT8CDY+30P,3,M.&5D-RTR8C=E-&9A83$W8C(\+WAA<$U-.DEN<W1A
M;F-E240^"B`@("`@("`@(#QX87!-33IS=6)J96-T/@H@("`@("`@("`@("`\
M<F1F.E-E<3X*("`@("`@("`@("`@("`@/')D9CIL:3XW/"]R9&8Z;&D^"B`@
M("`@("`@("`@(#PO<F1F.E-E<3X*("`@("`@("`@/"]X87!-33IS=6)J96-T
M/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP
M=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z9&,](FAT='`Z
M+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O(CX*("`@("`@("`@/&1C.F9O
M<FUA=#YA<'!L:6-A=&EO;B]P9&8\+V1C.F9O<FUA=#X*("`@("`@("`@/&1C
M.F-R96%T;W(^"B`@("`@("`@("`@(#QR9&8Z4V5Q/@H@("`@("`@("`@("`@
M("`\<F1F.FQI/G!A<G)A='1S/"]R9&8Z;&D^"B`@("`@("`@("`@(#PO<F1F
M.E-E<3X*("`@("`@("`@/"]D8SIC<F5A=&]R/@H@("`@("`@("`\9&,Z=&ET
M;&4^"B`@("`@("`@("`@(#QR9&8Z06QT/@H@("`@("`@("`@("`@("`\<F1F
M.FQI('AM;#IL86YG/2)X+61E9F%U;'0B/E)E.CPO<F1F.FQI/@H@("`@("`@
M("`@("`\+W)D9CI!;'0^"B`@("`@("`@(#PO9&,Z=&ET;&4^"B`@("`@(#PO
M<F1F.D1E<V-R: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("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
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("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0](G<B/SX-"F5N
M9'-T<F5A;0UE;F1O8FH--B`P(&]B:@T\/"]#<F5A=&EO;D1A=&4H1#HR,#`Y
M,#,Q-S$P,S$S.2TP-"<P,"<I+T%U=&AO<BAP87)R871T<RDO0W)E871O<BA!
M8W)O8F%T(%!$1DUA:V5R(#@N,2!F;W(@5V]R9"DO4')O9'5C97(H06-R;V)A
M="!$:7-T:6QL97(@."XQ+C`@7"A7:6YD;W=S7"DI+TUO9$1A=&4H1#HR,#`Y
M,#,Q-S$P,S$T,BTP-"<P,"<I+T-O;7!A;GDH4T5#*2]3;W5R8V5-;V1I9FEE
M9"A$.C(P,#DP,S$V,30Q,34T*2]4:71L92A293HI/CX-96YD;V)J#7AR968-
M"C`@-38-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P-S,Q,"`P,#`P,"!N
M#0HP,#`P,#`X,C0V(#`P,#`P(&X-"C`P,#`P,#@R.#`@,#`P,#`@;@T*,#`P
M,#`P.#,P-"`P,#`P,"!N#0HP,#`P,#`X,S4V(#`P,#`P(&X-"C`P,#`P,3(T
M,S4@,#`P,#`@;@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P
M,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,#`P
M,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F#0HP,#`P,#`P,#`P(#8U
M-3,U(&8-"C`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`P,#`P,"`V-34S-2!F
M#0IT<F%I;&5R#0H\/"]3:7IE(#4V/CX-"G-T87)T>')E9@T*,3$V#0HE)45/
#1@T*
`
end
</PDF>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----