<SEC-DOCUMENT>0001193125-23-204018.txt : 20231019
<SEC-HEADER>0001193125-23-204018.hdr.sgml : 20231019
<ACCEPTANCE-DATETIME>20230804172655
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-204018
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHECK POINT SOFTWARE TECHNOLOGIES LTD
		CENTRAL INDEX KEY:			0001015922
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				943229135
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5 HA' SOLELIM STREET
		CITY:			TEL AVIV, ISRAEL
		STATE:			L3
		ZIP:			67897
		BUSINESS PHONE:		650-628-2000

	MAIL ADDRESS:	
		STREET 1:		959 SKYWAY ROAD
		STREET 2:		SUITE 300
		CITY:			SAN CARLOS
		STATE:			CA
		ZIP:			94070
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g398091dsp0001.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilson Sonsini Goodrich&nbsp;&amp; Rosati <BR>Professional Corporation</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1700 K Street NW <BR>Fifth Floor <BR>Washington, D.C. 20006-3817</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><SMALL>O</SMALL>: 202.973.8800 <BR><SMALL>F</SMALL>: 866.974.7329</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">August&nbsp;4, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>via electronic filing </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office
of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laura Veator, Senior Staff Accountant </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Stephen Krikorian, Accounting Branch Chief </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Check Point Software Technologies Ltd. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;27, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-28584</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Veator and Mr.&nbsp;Krikorian: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
behalf of our client, Check Point Software Technologies Ltd. (&#147;<B>Check Point</B>&#148; or the &#147;<B>Company</B>&#148;), we submit this letter in response to comments from the staff (the &#147;<B>Staff</B>&#148;) of the Securities and
Exchange Commission (the &#147;<B>SEC</B>&#148;) contained in its letter dated July&nbsp;12, 2023, relating to the above-referenced Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Company&#146;s fiscal year ended December&nbsp;31, 2022
filed April&nbsp;27, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have set out the comment from the Staff below in italicized, bold type and have followed the comment with
the Company&#146;s response. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Please provide a legal analysis of whether the Company meets the definition of &#147;investment
company&#148; under Section&nbsp;3(a) of the Investment Company Act of 1940 (the &#147;1940 Act&#148;). Please include in your analysis all relevant calculations under Section&nbsp;3(a)(1)(C) on an unconsolidated basis, identifying each constituent
part of the numerator(s) and denominator(s). Please also describe and discuss any other substantive determinations and/or characterizations of assets that are material to your calculations. Additionally, if the Company meets the definition of
&#147;investment company&#148; under Section&nbsp;3(a) of the 1940 Act but relies or intends to rely on an exclusion therefrom or a relevant exemption, please provide a legal analysis supporting such reliance. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;BOULDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRUSSELS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS
ANGELES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PALO ALTO </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SALT LAKE
CITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN DIEGO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN
FRANCISCO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEATTLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON, DE </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it is not an investment company under
Section&nbsp;3(a) of the Investment Company Act of 1940 (the &#147;<B>1940 Act</B>&#148;) because it is in compliance with the requirements of Rule <FONT STYLE="white-space:nowrap">3a-8</FONT> under the 1940 Act, which excepts research and
development companies that meet its terms from the definitions of an investment company in Section&nbsp;3(a)(1)(A) and Section&nbsp;3(a)(1)(C).<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> Below, we discuss the Company&#146;s compliance
with the requirements of Rule <FONT STYLE="white-space:nowrap">3a-8.</FONT> Because the company can rely on Rule <FONT STYLE="white-space:nowrap">3a-8,</FONT> we are not providing calculations under Section&nbsp;3(a)(1)(C), from which definition the
company is excepted based on its compliance with Rule <FONT STYLE="white-space:nowrap">3a-8.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Substantial Research and
Development Expenses</I>. Rule <FONT STYLE="white-space:nowrap">3a-8(a)(1)</FONT> requires that a company&#146;s research and development (&#147;<B>R&amp;D</B>&#148;) expenses for the last four fiscal quarters combined be a &#147;substantial&#148;
percentage of its total expenses (including cost of revenue/cost of goods sold) for the same period. The Staff<B> </B>has indicated that 20% generally will be considered &#147;substantial&#148; for these purposes.<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> The Company&#146;s R&amp;D expenses for the last four fiscal quarters combined (as of the fiscal year ended December&nbsp;31, 2022) were approximately $349.9&nbsp;million and total expenses
(including cost of revenue) for the same period were approximately $1.577&nbsp;billion.<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> This means that R&amp;D expenses were approximately 22.2% of total expenses, which is more than 20%.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Net Income from Investments in Securities</I>. Rule <FONT STYLE="white-space:nowrap">3a-8(a)(2)</FONT> requires that a company&#146;s net
income derived from investments in securities, for the last four fiscal quarters combined, not exceed twice the amount of its R&amp;D expenses for the same period.<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> The Company&#146;s R&amp;D
expenses were approximately $349.9&nbsp;million during the last four fiscal quarters combined (as of the fiscal year ended December&nbsp;31, 2022), and its income from investments in securities was less than $50&nbsp;million. Thus, the
Company&#146;s income from investments was less than 14.3% of R&amp;D expenses, significantly less than twice the amount of R&amp;D expenses (which would be approximately $699.8 million).</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As discussed in more detail below, the Company is also not a face-amount certificate company for purposes of
Section&nbsp;3(a)(1)(B). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cooley Godward&nbsp;&amp; Kronish, SEC Staff <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (July 12,
2007); Applied Materials, Inc., Investment Company Act Rel. No.&nbsp;27064 (Sept. 13, 2005) (application for exemptive order). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All financial figures provided here were calculated on a consolidated basis with the Company&#146;s
subsidiaries, all of which are wholly-owned, as required by Rule <FONT STYLE="white-space:nowrap">3a-8(b)(2),</FONT> and all values are calculated in accordance with Section&nbsp;2(a)(41)(A) of the 1940 Act, as required by Rule <FONT
STYLE="white-space:nowrap">3a-8(b)(1).</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rule <FONT STYLE="white-space:nowrap">3a-8(b)(7)</FONT> defines &#147;investments in securities&#148; as all
securities other than securities issued by majority-owned subsidiaries and companies controlled primarily by the issuer that conduct similar types of businesses, through which the issuer is engaged primarily in a business other than that of
investing, reinvesting, owning, or trading in securities. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Expenses for Investment Advisory Activities</I>. Rule
<FONT STYLE="white-space:nowrap">3a-8(a)(3)</FONT> requires that a company&#146;s expenses for investment advisory and management activities, investment research, and custody, for the last four fiscal quarters combined, not exceed 5% of its total
expenses for the same period. This includes any investment advisory fees paid by a company to an outside adviser.&nbsp;The Company&#146;s expenses for these activities for the last four fiscal quarters combined (as of the fiscal year ended
December&nbsp;31, 2022) were approximately $1.6&nbsp;million, or 0.10% of total expenses, which is less than 5% (which would be approximately $78.9 million). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Capital Preservation Investments</I>. Rule <FONT STYLE="white-space:nowrap">3a-8(a)(4)</FONT> requires that a company&#146;s investments in
securities be capital preservation investments, except that no more than 10% of a company&#146;s total assets may consist of &#147;other investments.&#148; Under Rule <FONT STYLE="white-space:nowrap">3a-8(b)(4),</FONT> &#147;capital preservation
investments&#148; are investments made to conserve capital and liquidity until funds are used in a company&#146;s primary business or businesses. In adopting Rule <FONT STYLE="white-space:nowrap">3a-8,</FONT> the SEC intentionally declined to
identify particular investments as capital preservation investments or specific investment characteristics that would cause an investment to be a capital preservation investment, but in general stated that these investments must (A)&nbsp;be
&#147;liquid so that they can be readily sold to support the R&amp;D company&#146;s research and development activities as necessary&#148;; (B) present limited credit risk; and (C)&nbsp;not be speculative.<SUP
STYLE="font-size:75%; vertical-align:top">5</SUP> Although the SEC and the Staff have not provided exhaustive guidance on the instruments that meet these criteria, under an exemptive order to ICOS Corporation &#150; on which Rule <FONT
STYLE="white-space:nowrap">3a-8</FONT> is partially modelled<SUP STYLE="font-size:75%; vertical-align:top">6</SUP> &#150; the SEC has stated that &#147;a company generally would meet [the requirement that a company invests in securities in a manner
consistent with capital preservation] only if substantially all of its securities...present limited credit risk. Significant investments in equity or speculative debt would indicate that the company is acting as an investment company rather than
preserving its capital for research and development.&#148;<SUP STYLE="font-size:75%; vertical-align:top">7</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">See SEC, Certain Research and Development Companies, Investment Company Act Release No.&nbsp;26077, 68 Fed.
Reg. 37046, 37048 (June 20, 2003). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">SEC, Certain Research and Development Companies, Investment Company Act Release No.&nbsp;19566, 58 Fed. Reg.
38095, 38095 (July 8, 1993) (&#147;Rule <FONT STYLE="white-space:nowrap">3a-8</FONT> is intended to codify the terms of a Commission order under section 3(b)(2) for ICOS Corporation, a biotechnology company.&#148;). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ICOS Corporation, SEC Release No. <FONT STYLE="white-space:nowrap">IC-19334</FONT> (Mar. 16, 1993) (exemptive
order). Separately, but consistent with this analysis, the SEC and the Staff have described certain types of instruments, including money market funds, bank demand and time deposits, government securities, commercial paper and other high-quality
debt obligations, as &#147;high-quality fixed-income instruments with liquidity and maturity profiles&#148; &#150; that is, capital preservation-type instruments &#150; where those instruments supported a company&#146;s ability to meet its
commercial obligations. Accor Services, SEC Staff <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (June 7, 2010); see also Exact Sciences Corporation, Investment Company Act Release No.&nbsp;33228 (Sept. 14, 2018) (notice of application for
an exemptive order that describes &#147;short-term investment grade and liquid fixed income and money market instruments that earn competitive market returns and provide a low level of credit risk&#148; as capital preservation instruments).
</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2022, the vast majority of the Company&#146;s investments were
capital preservation investments consistent with these guidelines, as follows: <SUP STYLE="font-size:75%; vertical-align:top">8</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">55.3% in corporate debt securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">23.4% in U.S. government and agency debt </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">13.3% in bank time deposits </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">3.4% in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> government debt securities </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2.5% in money market funds that are not <FONT STYLE="white-space:nowrap">SEC-registered</FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1.9% in cash </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">0.2% in <FONT STYLE="white-space:nowrap">SEC-registered</FONT> money market funds </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This portfolio is highly liquid, presents little credit risk, and is not speculative. On liquidity, the weighted average maturity and the
weighted average duration of the portfolio were both approximately 1.3 years, and the maximum permissible maturity for each security is 60 months, consistent with the Company&#146;s investment policy (discussed further below). The Company has
concluded that this liquidity is sufficient to cover its current R&amp;D and other operational activities. The Company&#146;s portfolio is entirely made up of instruments that entail limited credit risk and are not speculative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Holding Self Out to Public</I><FONT STYLE="white-space:nowrap">.&nbsp;Section&nbsp;3a-8(b)(5)</FONT> requires that a company not hold
itself out as being engaged primarily in the business of investing, reinvesting, or trading in securities, and that it is not a &#147;special situation investment company.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Holding Out.</B> The Company holds itself out as being engaged primarily in the business of providing software and combined hardware and
software products for information technology (&#147;<B>IT</B>&#148;) security, including network security, endpoint security, cloud security, mobile security, data security, and security management The Company does not hold itself out as being
engaged primarily in the business of investing, reinvesting, or trading in securities in its foreign issuer annual or other reports and Commission filings, marketing materials, or on its web site (checkpoint.com). </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We understand that certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> government debt securities and
money market funds that are not <FONT STYLE="white-space:nowrap">SEC-registered</FONT> (both of which are held in the Company&#146;s portfolio) may not be &#147;capital preservation investments.&#148; Under Rule
<FONT STYLE="white-space:nowrap">3a-8(a)(4)(i),</FONT> a company may hold up to 10% of its total assets in securities that are not &#147;capital preservation investments.&#148; Because the Company holds far less than 10% of its total assets in
government debt that is not U.S. government debt investments and in money market funds that are not <FONT STYLE="white-space:nowrap">SEC-registered,</FONT> the Company is not addressing whether or not those investments are &#147;capital preservation
instruments.&#148; </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Special Situation Investment Company.</B> The SEC has stated that &#147;[s]pecial
situation investment companies are companies that secure control of other companies primarily for the purpose of making a profit in the sale of the controlled company&#146;s securities.&#148;<SUP STYLE="font-size:75%; vertical-align:top">9</SUP><I>
</I>The Company does not acquire and has not acquired or otherwise secured control of any other company to profit on the future sale of that company&#146;s securities. For example, the Company has acquired other companies in the past for the purpose
of increasing sales and earnings and not for speculative investment, including the following acquisitions in the most recent past: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On September&nbsp;17, 2020, the Company completed the acquisition of all outstanding shares of Odo Security Ltd.,
a privately held Israeli-based company, and a developer of a cloud-based, clientless Secure Access Service Edge (SASE) technology that delivers secure remote access. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On&nbsp;September 1, 2021, the Company completed the acquisition of all outstanding shares of Avanan Inc., a
privately-held&nbsp;U.S.-based&nbsp;company providing cloud email security, and the developer of a patented application-programming interface (API) solution to stop email threats before arriving to the inbox (inline), for both internal and external
emails using AI based engines. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On&nbsp;February 3, 2022, the Company completed the acquisition of all outstanding shares of Spectral Cyber
Technologies Ltd. (&#147;<B>Spectral</B>&#148;), a privately-held Israeli-based company, a key innovator in developer security with a thriving open-source community. Spectral&#146;s developer-first approach to security focuses on code safety and
trust, fast code scanning and simple and cool developer experience. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Such acquisitions, however, are consistent with the Company&#146;s
operating business and with maximizing its competitiveness and its opportunities to increase market share and do not cause the Company to be a special situation investment company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Primarily Engaged in Business Other than Investing</I>. <FONT STYLE="white-space:nowrap">Section&nbsp;3a-8(b)(6)</FONT> requires that a
company hold itself out as being primarily engaged, directly, through majority-owned subsidiaries, or through companies that it controls primarily, in a business or businesses other than that of investing, reinvesting, owning, holding or trading in
securities, as evidenced by the following:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">SEC, Certain Prima Facie Investment Companies, 44 Fed. Reg. 66608, 66610 at n. 20 (Nov. 20, 1979).
</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. The activities of the Company&#146;s officers and directors.</B> All of the members of
the Company&#146;s board of directors (&#147;<B>Board</B>&#148;)<B> </B>and officers devote the vast majority of their Check Point time to managing the Company&#146;s business as an IT security company. Only approximately <FONT
STYLE="white-space:nowrap">3-5</FONT> individuals of the Company&#146;s over 6,000 employees (as of the fiscal year ended December&nbsp;31, 2022) devote any of their time (along with spending time on their other Check Point responsibilities) to the
oversight of the Company&#146;s investment portfolio and to ensuring compliance with the investment policy adopted by the Company&#146;s Board. The Company&#146;s officers and directors have appointed seven external money managers who handle <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Company&#146;s fixed-income investment portfolio, consistent with the Company&#146;s investment policy (described below). The external money
managers have discretion, within the bounds of the investment policy, to make investment decisions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. </B><B>Public representations of
policies.</B> In its foreign issuer annual and other reports and Commission filings, marketing materials, and on its web site (checkpoint.com), the Company&#146;s public presentations consistently state its business as an IT security company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Historical development.</B> The Company&#146;s historical development is that of an IT security company. Since its inception, the Company
has developed and grown its current operating business as a provider of IT security that protects against cyber security threats. The Company&#146;s activities have involved developing the technology underlying its IT security business; building an
IT security architecture; pursuing and obtaining related patents, trademarks and copyrights; and marketing its IT technology products and services to increase its customer base. At no time has the Company presented itself as having engaged in any
other business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D.</B> <B>Resolution. </B>The Company&#146;s Board has adopted the following resolution: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED: That the Company is primarily engaged, directly, through <FONT STYLE="white-space:nowrap">majority-owned</FONT> subsidiaries, or
through companies which it controls primarily, in a business or businesses, other than that of investing, reinvesting, owning, holding, or trading in securities. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Written Investment Policy</I>.&nbsp;Rule <FONT STYLE="white-space:nowrap">3a-8(a)(7)</FONT> requires that a company&#146;s board of
directors adopt a written investment policy with respect to the company&#146;s capital preservation investments. The SEC has stated that the purpose of the policy is to ensure that the company&#146;s funds are invested consistent with the goals of
capital preservation and liquidity, and to enhance the company&#146;s ability to monitor its compliance with Rule <FONT STYLE="white-space:nowrap">3a-8.</FONT><SUP STYLE="font-size:75%; vertical-align:top">10</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Certain Research and Development Companies, 68 Fed. Reg. at 37048, n.3 and surrounding text.
</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Board has adopted a written investment policy with respect to the
Company&#146;s capital preservation investments. That policy is designed to ensure that the Company&#146;s funds are invested consistent with the goals of capital preservation and liquidity as required by Rule
<FONT STYLE="white-space:nowrap">3a-8.</FONT> The investment policy provides that the Company invest in the following types of instruments and corresponding minimum credit ratings (Standard&nbsp;&amp; Poor&#146;s/Moody&#146;s): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sovereign debt and U.S. federal government and agency notes and bonds (AA/Aa3); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">corporate bonds, Eurobonds, floating rate notes, and certificates of deposit
<FONT STYLE="white-space:nowrap">(A-/A3);</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgage- and other asset-backed securities (AAA/Aaa) (in all cases with approval of the Company&#146;s
Investment Committee, which may include members of the Board and/or management); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">commercial paper up to 30 days maturity (and only through direct issuers) <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(A-1+/P-1);</FONT></FONT> and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">money market funds (AAA/Aaa). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All relevant instruments must be highly rated according to at least one of the rating standards specified above, and the investment portfolio is expected to
maintain a minimum weighted average rating of <FONT STYLE="white-space:nowrap">AA-</FONT> by Standard&nbsp;&amp; Poor&#146;s and/or Aa3 by Moody&#146;s. All investments are required to be in senior debt of an issuer. The maturity of each security
within the portfolio may not exceed 60 months, and the maximum modified duration of the portfolio may not exceed 24 months. The investment policy limits investments to 40% of the portfolio in U.S. federal agency securities (and to 12.5% per any
single issuer); to 20% in U.S. Government and Treasury securities; to 20% in bank deposits; to 10% in money market funds; and to no more than 3% in any other single issuer. Pursuant to the investment policy, the investment portfolio should be
structured in a manner that, upon notice, the portfolio could be liquidated within a maximum of five business days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s
Corporate Treasurer (&#147;<B>Treasurer</B>&#148;) is required to measure and evaluate the performance of the investment portfolio and to report to the Company&#146;s Investment Committee and to the Board on a quarterly basis. The Treasurer&#146;s
report to the Investment Committee includes, among other things, a market review, data on the portfolio&#146;s asset allocation, and reports on yield and duration of assets held in the portfolio. The Treasurer&#146;s report to the Board includes,
among other things, information regarding the portfolio&#146;s balances, reports on yield and duration of assets held in the portfolio, total cash and marketable securities, marketable securities sector allocations, maturity distribution, rating
allocations, and geographic distribution by country of issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that it is currently fully compliant with the terms
of the investment policy based on its review of its investment portfolio as of December&nbsp;31, 2022. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g398091dsp0001a.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 4, 2023
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Face-Amount Certificates. </I>Finally, a company that relies on Rule <FONT
STYLE="white-space:nowrap">3a-8</FONT> cannot be engaged, or propose to engage, in the business of issuing face-amount certificates of the installment type under Section&nbsp;3(a)(1)(B) of the 1940 Act. A &#147;face-amount certificate of the
installment type&#148; means any certificate, investment contract or other security that represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than 24 months
after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount. The Company is not engaged and does not propose to engage in the business of issuing face-amount certificates of the installment
type. The Company has never been engaged in such a business and does not have any such certificates outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Conclusion. </I>For
the reasons set out above, the Company respectfully advises the Staff that the Company is not an investment company under Section&nbsp;3(a) of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any
questions regarding the Company&#146;s responses to me at (202) <FONT STYLE="white-space:nowrap">973-8887</FONT> or at acaiazza@wsgr.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">WILSON SONSINI GOODRICH&nbsp;&amp; ROSATI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Professional Corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amy Caiazza</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Amy Caiazza</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Roei Golan, CFO, Check Point Software Technologies Ltd. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shira Yashar, General Counsel, Check Point Software Technologies Ltd. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Rezwan Pavri, Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g398091dsp0001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g398091dsp0001.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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0 % !0 4 % !0 4 % '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g398091dsp0001a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g398091dsp0001a.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MB>739$2=DVV_F#< S[0<X],&CD][E#VMH<]C4OO$"6/B?2=$-NSOJ"2L)0V
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EN;GQ-X8U-9HA%I*3K*ISE]\84;?Q'>H4K)HU<&Y1?8Z2H-3_V0$!

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