<SEC-DOCUMENT>0001104659-23-087467.txt : 20240503
<SEC-HEADER>0001104659-23-087467.hdr.sgml : 20240503
<ACCEPTANCE-DATETIME>20230804060146
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-087467
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NetEase, Inc.
		CENTRAL INDEX KEY:			0001110646
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310052
		BUSINESS PHONE:		86 571 8985-2070

	MAIL ADDRESS:	
		STREET 1:		NETEASE BUILDING, NO. 599 WANGSHANG RD
		STREET 2:		BINJIANG DISTRICT
		CITY:			HANGZHOU
		STATE:			F4
		ZIP:			310052

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE.COM, INC.
		DATE OF NAME CHANGE:	20040719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETEASE COM INC
		DATE OF NAME CHANGE:	20000330
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIS CORRESPONDENCE HAS BEEN REDACTED AND IS THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;4, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10.5pt">Attn: </FONT></TD>
    <TD STYLE="width: 96%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Megan Akst</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Christine Dietz</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10.5pt"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 96%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NetEase,&nbsp;Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2022
    Filed April&nbsp;27, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Correspondences from the SEC on July&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>File No.&nbsp;000-30666</B></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Ms.&nbsp;Akst and Ms.&nbsp;Dietz,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter sets forth the responses of NetEase,&nbsp;Inc. (the &ldquo;Company&rdquo;)
to the comments (the &ldquo;Comments&rdquo;) that the Company received from the staff (the &ldquo;Staff&rdquo;) of the Securities and
Exchange Commission in a letter dated July&nbsp;21, 2023 in relation to the Company&rsquo;s response letter dated June&nbsp;30, 2023
(the &ldquo;Prior Response&rdquo;) to the Commission&rsquo;s comment letter dated June&nbsp;5, 2023 regarding the Company&rsquo;s annual
report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2022 (the &ldquo;2022 Annual Report&rdquo;). We have included the
Comments in bold, and the Company&rsquo;s responses are set forth immediately below the Comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2022</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 5. Operating and Financial Review and Prospects<BR>
Factors Affecting our Results of Operations, page&nbsp;123</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: left"><B>We note your response to prior comment 1. Please revise future
filings to quantify and discuss monthly active users for your Cloud Music business for each period presented.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company notes the Staff&rsquo;s comment and will include
information on the number of monthly active users for Cloud Music for each period presented in future annual reports on Form&nbsp;20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIS CORRESPONDENCE HAS BEEN REDACTED AND IS THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <U>General</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: left"><B>We note your response to prior comment 6. You state that
the company believes that it satisfies the exception from the definition of investment company provided in Section&nbsp;3(b)(1)&nbsp;of
the Investment Company Act (the &ldquo;Company Act&rdquo;), which provides that an issuer is not an &ldquo;investment company&rdquo;
within the meaning of the Company Act if it is <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>primarily engaged,
directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting,
owning, holding, or trading in securities.&rdquo; Please explain the basis for this conclusion, including a detailed discussion of the
factors outlined in <I>Tonapah Mining Company of Nevada</I>, 26 SEC 426 (1947) and the application of those factors to the company. In
your response, please also explain how the company&rsquo;s variable interest entities qualify as wholly-owned subsidiaries as defined
in Section&nbsp;2(a)(43) of the Company Act.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">[Redacted &ndash; Confidential Treatment Requested]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Your response to prior comment 6, further states that the
company qualifies for the exception from Section&nbsp;3(a)(1)(C)&rsquo;s definition of investment company found in Rule&nbsp;3a-1 under
the Company Act. We note the following in connection with your assertions and supplemental worksheet:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Please provide a detailed legal analysis regarding your proposed
                                            treatment of certain deposit arrangements &ldquo;with original maturities of twelve months
                                            or fewer&rdquo; as &ldquo;cash&rdquo; for purposes of Rule&nbsp;3a-1, discussing any applicable
                                            Commission or staff statements bearing on this issue.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">[Redacted &ndash; Confidential Treatment Requested]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your 45% test worksheet (&ldquo;Worksheet&rdquo;) notes that certain
                                            assets are valued at &ldquo;equity value.&rdquo; Please confirm whether the assets on the
                                            Worksheet are valued in accordance with Section&nbsp;2(a)(41) of the Company Act. If not,
                                            please update your analysis to reflect assets valued consistent with Section&nbsp;2(a)(41)
                                            of the Company Act.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The calculations contained in the Prior Response were calculated
in accordance with Section&nbsp;2(a)(41) of the Company Act. Where market quotations were readily available for an entity&rsquo;s securities,
market quotations were used in the calculations. Where market quotations for an entity&rsquo;s securities were not readily available,
the securities were fair valued in good faith and the fair value was used in the calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Please provide additional support on your Worksheet for the income
                                            test calculation at the company-level to substantiate your assertion that the company&rsquo;s
                                            securities represented below 45% of the company&rsquo;s income as of December&nbsp;31, 2022.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In response to this section of Comment 3, the Company has
added an additional page&nbsp;to the worksheet titled &ldquo;Group level 45% income test.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIS CORRESPONDENCE HAS BEEN REDACTED AND IS THE
SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>We note that your Worksheet lists twelve subsidiaries under the
                                            &ldquo;income test,&rdquo; but only lists eleven subsidiaries under the &ldquo;asset test.&rdquo;
                                            Please explain this discrepancy.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The worksheets for the income test and the asset test list
the same eleven groups of subsidiaries. The reason that the list for the income test has twelve lines while the list for the asset test
has eleven lines is that the asset test for NetEase,&nbsp;Inc. on a semi-consolidated basis in accordance with Rule&nbsp;3a-1 was contained
on its own page&nbsp;in the worksheet in the Prior Response<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>and followed by a page&nbsp;that displayed the asset testing results for eleven groups of the Company&rsquo;s subsidiaries,
also tested in compliance with Rule&nbsp;3a-1. On the other hand, the income test page&nbsp;of the worksheet contained <I>both</I> the
testing result for NetEase,&nbsp;Inc. on a semi-consolidated basis in accordance with Rule&nbsp;3a-1 (<I>See</I> line 1) and the testing
results for the same eleven groups of the Company&rsquo;s subsidiaries, also tested in compliance with Rule&nbsp;3a-1. Please refer to
the updated worksheet included in this response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Please update your Worksheet and investment company
status analysis to reflect the above comments. Please confirm whether you still believe that the company is eligible to rely on Rule&nbsp;3a-1
under the Company Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As stated herein, the Company has updated its Worksheet
in response to the above comments. The Company continues to believe that it satisfies the exception from the definition of investment
company provided in Section&nbsp;3(b)(1)&nbsp;of the Company Act and, additionally, that it qualifies for the exception from Section&nbsp;3(a)(1)(C)&rsquo;s
definition of investment company found in Rule&nbsp;3a-1 under the Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Should any member of the Staff have any questions or additional
comments regarding the Company&rsquo;s responses to the Staff&rsquo;s Comments set forth above, please do not hesitate to contact me
at +852 9279-2755 or paulboltz@oc.netease.com or our outside legal counsel, George B. Raine of Ropes&nbsp;&amp; Gray LLP, at +1 617 951
7556 or george.raine@ropesgray.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">/s/ Paul W. Boltz,&nbsp;Jr.</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Paul W. Boltz,&nbsp;Jr.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">International General Counsel</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">cc:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%">Charles Yang, Chief Financial Officer of NetEase,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">George B. Raine, Ropes&nbsp;&amp; Gray LLP</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>The page titled &ldquo;group level 45% asset test&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
