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<SEC-DOCUMENT>0001144204-06-035859.txt : 20070313
<SEC-HEADER>0001144204-06-035859.hdr.sgml : 20070313
<ACCEPTANCE-DATETIME>20060825165209
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-06-035859
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACIES CORP
		CENTRAL INDEX KEY:			0001138462
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				912079553
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		14 WALL STREET
		STREET 2:		SUITE 1620
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		(800) 361-5540

	MAIL ADDRESS:	
		STREET 1:		14 WALL STREET
		STREET 2:		SUITE 1620
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTIC SYNERGY INC
		DATE OF NAME CHANGE:	20031008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERENCENET INC
		DATE OF NAME CHANGE:	20010416
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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            <td width="75%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="25%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Acies&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="75%">&#160;</td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">14
                wall street, suite
                1620</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="75%">&#160;</td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">new
                york, ny 10005</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="75%">&#160;</td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">tel.
                800.361.5540</font>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">August
        25, 2006</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United
        States Securities and Exchange Commission</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division
        of Corporate Finance</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">450
        Fifth
        Street, N.W.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="6%"><font size="2">Attn:</font>&#160;</td>
              <td width="94%"><font size="2">Kathleen Collins, Accounting Branch
                Chief</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="6%">&#160;</td>
              <td width="94%"><font size="2">David Edgar, Staff
                Accountant</font>&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
        Ms.
        Collins and Mr. Edgar:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        our
        conference call of Wednesday, August 9, the Commission requested that Acies
        provide a clarification of Section 4, &#8220;Credit Risk&#8221; of our Marketing Agreement
        with Chase, which had previously been submitted as an exhibit to our second
        response in this matter dated December 5, 2005. This clarification is presented
        in Section I below. In addition, in a follow-up call initiated by Mr. Edgar
        and
        you, you requested that we provide further clarification relating to two
        examples, for which we present a response in Sections II and III below. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        your
        review of this document, please consider this in combination with the content
        of
        our three previous written responses and our two conference
        calls.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>I,
        Credit Risk</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        of
        paragraphs (a) through (e) correspond to Section 4, Paragraphs (a) through
        (e)
        of the Marketing Agreement between Acies and Chase:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">As Per Chase
                  Agreement:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><em><font size="2">(a)</font></em></td>
                <td width="94%"><em><font size="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>The
                  Service Providers shall be under no obligation to enter into a
                  Merchant
                  Agreement with any Merchant solicited by ISO. The decision as to
                  whether
                  to enter into a Merchant Agreement shall be at the sole discretion
                  of the
                  Service Providers. Furthermore, in the event the Service Providers
                  do
                  enter into a Merchant Agreement with a prospective Merchant, the
                  Service
                  Providers may terminate such Merchant Agreement(s) in accordance
                  with the
                  terms thereof.</em></font></font></em>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">Acies
                  Clarification:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><font size="2">(a)</font></td>
                <td width="94%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chase
                    is not required to accept new merchant accounts submitted by
                    Acies which
                    do not conform to underwriting guidelines. If Chase decides not
                    to accept
                    a new account submitted for placement in our portfolio, Acies
                    may choose
                    to place the account elsewhere (e.g., Paymentech). This is why
                    Acies has
                    multiple processing partners.</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">As Per Chase
                  Agreement:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><em><font size="2">(b)</font></em></td>
                <td width="94%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>The
                    Service Providers will perform credit reviews on prospective
                    Merchants and
                    ISO understands that the Service Providers will not accept those
                    Merchants
                    who do not meet the Program Standards or other credit criteria
                    set forth
                    by the Service Providers. The Service Providers may refuse to
                    execute a
                    Merchant Agreement with any prospective Merchant for any reason.
                    The
                    Service Providers will assume the risks associated with the Bankcard
                    processing relationship for those Merchants with a valid Merchant
                    Agreement signed by the Service Providers, except as otherwise
                    provided
                    herein.</em></font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">Acies
                  Clarification:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><font size="2">(b)</font></td>
                <td width="94%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acies
                      compiles merchant information, performs preliminary underwriting
                      of new
                      accounts, and submits a package which is underwritten for Chase.
                      As per
                      this agreement, Chase may perform its own review and may decline
                      acceptance of a merchant on that basis. If we disagree with
                      the results of
                      the Chase review, we may choose to place the account with a
                      different
                      partner.</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font>
          <div align="center">
            <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                <tr bgcolor="white">
                  <td width="3%">&#160;</td>
                  <td valign="top" width="3%">&#160;</td>
                  <td width="94%"><font size="2">Chase assumes the risks related
                    to the base
                    transaction amounts for merchants who are not in compliance with
                    the
                    merchant agreement or who &#8220;disappear&#8221; to the point of there being a loss.
                    Acies assumes the risks relating to transaction, processing and
                    other fees
                    chargeable to the merchant and the related expenses paid to third
                    parties
                    (as per schedule A to the Chase Agreement) including, but not
                    limited to,
                    interchange fees. In other words, Acies assumes the risks relating
                    to all
                    of the items which we currently report as our revenues and our
                    costs of
                    revenues.</font>&#160;</td>
                </tr>
                <tr bgcolor="white">
                  <td width="3%">&#160;</td>
                  <td width="3%">&#160;</td>
                  <td width="94%">&#160;</td>
                </tr>

            </table><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">As Per Chase
                  Agreement:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><em><font size="2">(c)</font></em></td>
                <td width="94%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>ISO
                    shall be liable to the Service Providers for all losses associated
                    with
                    Merchant relationships with the Service Providers, where the
                    application
                    submitted by ISO contains significant inaccuracies or omissions
                    the
                    absence or disclosure of which could have permitted the Service
                    Providers
                    to avoid the loss, in the sole good faith judgment of the Service
                    Providers.</em></font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td colspan="2" width="97%"><font size="2">Acies
                  Clarification:</font>&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td valign="top" width="3%"><font size="2">(c)</font></td>
                <td width="94%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                      the cases referred to in Section 4, Paragraph (c), Acies bears
                      risk for
                      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>all
                      losses</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                      if
                      Chase determines that such loss could have been avoided if
                      the merchant
                      application/agreement had been completed in the proper fashion.
                      This
                      indicates that Acies is at risk for all losses (including base
                      transaction
                      amounts as well as fees) should the merchant supply fraudulent,
                      inaccurate
                      or incomplete information on the
                      application/agreement.</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="3%">&#160;</td>
                <td width="3%">&#160;</td>
                <td width="94%">&#160;</td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td colspan="2" width="97%"><font size="2">As Per Chase
                Agreement:</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td valign="top" width="3%"><em><font size="2">(d)</font></em></td>
              <td width="94%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>ISO
                  shall be responsible for all losses and expenses associated with
                  Merchant
                  relationships when the application or Merchant Agreement was not
                  signed by
                  an individual with proper authority to sign such Agreement, or
                  the
                  signature on either the application or Merchant Agreement is alleged
                  to be
                  a forgery.</em></font></div>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td width="3%">&#160;</td>
              <td width="94%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td colspan="2" width="97%"><font size="2">Acies
                Clarification:</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td valign="top" width="3%"><font size="2">(d)</font></td>
              <td width="94%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Same
                    ramifications as Paragraph (c), except this relates to the signatory&#8217;s
                    propriety and authority. This means that if the signer of the
                    application/agreement holds him or her self out to be of proper
                    authority
                    to enter such agreement on the merchant&#8217;s behalf, or forges the signature
                    of someone who does have proper authority to do so, and it turns
                    out that
                    he or she is not, then Acies bears the risks for all losses and
                    expenses,
                    including any transaction amounts.</font></div>
                </div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td width="3%">&#160;</td>
              <td width="94%">&#160;</td>
            </tr>

        </table><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td colspan="2" width="97%"><font size="2">As Per Chase
                Agreement:</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td valign="top" width="3%"><em><font size="2">(e)</font></em></td>
              <td width="94%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>No
                  assignee for the benefit of creditors, successor in interest, custodian,
                  receiver, trustee in bankruptcy, debtor in possession, sheriff
                  or any
                  other officer of a court, or other person charged with taking custody
                  of a
                  party&#8217;s assets or business, shall have any right to continue or to assume
                  or to assign this Agreement.</em></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td width="3%">&#160;</td>
              <td width="94%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td colspan="2" width="97%"><font size="2">Acies
                Clarification:</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td valign="top" width="3%"><font size="2">(e)</font></td>
              <td width="94%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restricts
                  the assignment of the Chase Agreement by Acies to another
                  party.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="3%">&#160;</td>
              <td width="3%">&#160;</td>
              <td width="94%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>II.
      Example of a &#8220;Negative&#8221; Transaction</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      a
      merchant transaction for a negative amount, e.g., if merchandise which had
      been
      sold to a consumer for $100.00 was returned to the merchant for a refund, the
      following would take place:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transaction
                and processing fees, including those related to interchange, are
                charged
                to a merchant for every transaction, including sales and returns/refunds.
                The fees are typically based on the absolute amount of a transaction,
                whether positive or negative.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                merchant&#8217;s bank account would be debited for the refunded amount ($100.00)
                and for transaction and processing fees, including those related
                to
                interchange (assume $2.50 aggregate). The merchant would have paid
                $2.50
                on the original sale (and credited $97.50 upon settlement) and $2.50
                on
                the return transaction (and debited
                $102.50).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If,
                upon processing the negative transaction, the merchant no longer
                exists,
                its bank account has been closed or there are insufficient funds
                against
                which the $102.50 is to be debited, then Acies is informed via e-mail
                that
                there has been an &#8220;ACH Reject&#8221;.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
                is Acies&#8217; responsibility to assist in the recovery effort, including but
                not limited to locating the merchant&#8217;s principals. If we cannot, the item
                is turned over to First Data&#8217;s collections group. If First Data cannot
                recover, then the item is written off by the bank in the amount of
                $100.00, and the merchant (and principals thereof) are &#8220;TMF&#8217;d&#8221;, which is
                an acronym for Terminated Merchant File, which along with other ensuing
                protocols ensures that the merchant cannot receive credit/debit card
                processing services in the future.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                our current business model whereby we pay an up-front fee upon setting
                up
                the merchant to &#8220;lay off&#8221; the risk, we are not liable for the $100.00 in
                this example. Acies is, however, liable for the $2.50, the amount
                that
                 equates to our revenue derived from the transaction. We are responsible
                for paying all of the transaction and processing fees, including
                interchange, which need to be paid to Chase, First Data, the card
                association and the card-issuing bank. Acies is at risk for all of
                its
                gross revenues and expenses resulting from the
                transaction.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>III.
      Example of a Chargeback Transaction</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      chargeback transaction may occur for a variety of reasons, but for purposes
      of
      this example, we assume that upon receiving a monthly bank card statement,
      a
      consumer disputes the validity of a particular transaction with one of our
      merchants. The following takes place:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                consumer contacts the issuing bank to dispute the charge. The issuing
                bank
                in turn contacts First Data to give notification of the
                dispute.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                Data generates, on Acies&#8217; behalf and letterhead, a Retrieval Request
                Letter which is issued to the merchant. This letter requests that
                the
                merchant supply supporting documentation for the item under dispute,
                and
                generally has approximately 14 days to comply with the
                request.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                the merchant complies with the request and supplies the appropriate
                information, an investigation is performed by the issuing bank which
                renders a decision regarding the validity of the disputed
                item.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                the merchant does not comply with the request in the allotted time
                period,
                then the merchant&#8217;s bank account is debited for the original transaction
                amount as well as chargeback fees, retrieval fees, and collection
                fees.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                the merchant no longer exists, has &#8220;disappeared&#8221;, or its bank account
                either no longer exists or has insufficient funds, then there is
                a
                scenario similar to that outlined above in Paragraph I, wherein the
                issuing bank is responsible for the disputed base transaction amount,
                and
                Acies is responsible for, and at risk for, all transaction and processing
                fees associated with the
                transaction.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acies
      would also like to take this opportunity to articulate in writing a point which
      we raised in our conference call with the Commission, but which has not been
      included in our previous written communications. We feel that it is extremely
      important for the readers of our financial statements to be able to view our
      revenues, costs of revenues and gross margins as we currently report them in
      order to assess the impact on Acies of industry trends and management
      decision-making. Perhaps the most critical element in the determination of
      Acies&#8217; degree of profitability is our pricing. To the extent that pricing is a
      reflection of the level of competition in our industry, which varies from time
      to time, reporting gross revenues and explaining fluctuations in those revenues
      is of great significance in analyzing our business. In addition, given that
      we
      have control over merchant pricing, reporting revenues at gross as we have
      been
      informs the reader of the financial statements how profitability is impacted
      by
      the policies regarding pricing which have been set by management. We have not
      formally raised this in the past as it may be outside the literal scope of
      EITF
      99-19, but it is nevertheless part of an overarching principle related to giving
      shareholders and other readers of our financial statements the appropriate
      level
      of information.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      always, if you have any further questions or require further information, please
      do not hesitate to contact us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sincerely,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>/s/
      Oleg Firer</u></em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oleg
      Firer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
      and Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>/s/
      Jeffrey A. Tischler</u></em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
      A. Tischler</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      Vice President and Chief Financial Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
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