<SEC-DOCUMENT>0001558370-20-010861.txt : 20201021
<SEC-HEADER>0001558370-20-010861.hdr.sgml : 20201021
<ACCEPTANCE-DATETIME>20200827110349
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-20-010861
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BENTLEY SYSTEMS INC
		CENTRAL INDEX KEY:			0001031308
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				953936623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		690 PENNSYLVANIA DR
		CITY:			EXTON
		STATE:			PA
		ZIP:			19341
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 8/27/2020 03:03:42 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-variant:small-caps;letter-spacing:1.15pt;text-align:center;margin:0pt 0pt 6pt 0pt;">Simpson Thacher &amp; Bartlett llp</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt 0pt 2pt 0pt;">425 Lexington Avenue</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt 0pt 2pt 0pt;">New York, NY 10017-3954</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt;">(212) 455-2000</p><div style="font-family:'Times New Roman','Times','serif';font-size:8.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt;"><font style="margin-bottom:3pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt;">Facsimile (212) 455-2502</p></td></tr><tr><td style="vertical-align:bottom;width:26.18%;margin:0pt;padding:0pt 5.75pt 8.64pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;margin:0pt;">Direct Dial Number</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(212) 455-2812</p></td><td style="vertical-align:bottom;width:42.13%;margin:0pt;padding:0pt 5.75pt 8.64pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;letter-spacing:1.3pt;text-align:center;margin:0pt;"><font style="margin-bottom:3pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.67%;margin:0pt;padding:0pt 5.75pt 8.64pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-variant:small-caps;text-align:right;margin:0pt;">E-Mail Address<br>RFenyes@STBLAW.COM</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Confidential Treatment Requested by Bentley Systems, Incorporated</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Under 17 C.F.R. &#167; 200.83</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE OMITTED PORTIONS, WHICH HAVE BEEN REPLACED WITH THE FOLLOWING PLACEHOLDER &#8220;[***]&#8221;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">August&#160;27, 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><u style="font-weight:normal;text-decoration:underline;text-decoration-color:#000000;">VIA EDGAR</u></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:90pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:40.3pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">Re:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">Bentley Systems, Incorporated <br>Registration Statement on Form&#160;S-1</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 10pt 130.3pt;"><u style="text-decoration:underline;">File No.&#160;333-248246</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Kathleen Collins</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Securities and Exchange Commission</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Division of Corporation Finance</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">100 F Street, N.E.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">Washington, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">Ladies and Gentlemen:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">On behalf of Bentley Systems, Incorporated (the &#8220;Company&#8221;) we hereby submit to the Staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) the following supplemental information in order to facilitate the Staff&#8217;s review of the above-referenced registration statement on Form&#160;S-1 filed on August&#160;21, 2020 (the &#8220;S-1&#8221;), relating to the initial public offering of common stock (the &#8220;Offering&#8221; or &#8220;IPO&#8221;) by the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">We advise the Staff that the Company currently believes that the low end of the price range for shares of common stock will not be lower than $[***] per share and that the high end of the range will not be higher than $[***] per share. The Company expects to include a bona fide estimated price range, as required by item 501(b)(3)&#160;of Regulation S-K, in an amendment to the S-1 to be filed prior to the commencement of the roadshow. The Company and the underwriters are currently preparing to begin the IPO road show on or about September&#160;9, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company advises the Staff that it is contemplating a pre-IPO dividend to existing stockholders of up to $1.50 per share. The decision as to whether to pay such dividend has not yet been made by the Board of Directors, but if the Company does determine to proceed with such dividend, it expects that it will reduce the expected price range on a dollar-for-dollar basis.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 27, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On behalf of the Company, we are also providing the following supplemental information with respect to differences in the valuations used at the time of grants of certain equity awards granted over the past 12&#160;months and the assumed mid-point of the price range per share in the Offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As an initial matter, we note that the price range does not take into account any discount for the current lack of liquidity for the Company&#8217;s common stock and assumes a successful IPO with no weighting attributed to any other outcome for the Company&#8217;s business, such as remaining a privately held company or being sold in an acquisition transaction. As is typical for initial public offerings, the price range was not derived using a formal determination of fair value, but was determined as a result of discussions among representatives of the Company and its lead underwriters, including considerations of quantitative factors and non-quantitative factors, such as the valuations of recently completed public offerings and the trading multiples and valuations of other public peer companies, and recent market conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Valuation Procedures</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Given the absence of a public trading market for the Company&#8217;s shares and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) has exercised reasonable judgment and considered numerous objective and subjective factors, as described in the S-1, to determine the best estimate of the fair value of the Company&#8217;s shares at each grant date, including the history and nature of the business, the Company&#8217;s operating and financial performance and forecast, the general economic outlook (such as economic growth, inflation, unemployment, the interest rate environment and global economic trends), the likelihood of achieving a liquidity event, such as an IPO, listing, or sale of the Company, and any adjustment necessary to recognize a lack of marketability for the Company&#8217;s common stock. The Company utilized both the income approach, which relies on a discounted cash flow analysis, and the market approach, which measures the value of a company through correlation to comparable companies and transactions, to determine the business enterprise value. The Company engages an independent third-party valuation expert for contemporaneous independent valuations. These estimates of fair value were used for financial reporting purposes in compliance with Accounting Standards Codification Topic 718&#160;- Stock Compensation (&#8220;ASC 718&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Stock Purchase Transaction, June&#160;2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In accordance with the Company&#8217;s Class&#160;B Common Stock Purchase Agreement, as disclosed in Note&#160;13 (Common Stock) on page&#160;F-68 of the S-1, a strategic investor acquired 4,574,567 shares of Class&#160;B Common Stock from selling shareholders in an arm&#8217;s-length transaction and at the prevailing fair market value of $15.48, which was adopted by the Company&#8217;s board effective April&#160;20, 2020 under consideration of the foregoing inputs. The transaction closed on June&#160;18, 2020.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">2</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 27, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Stock-based Awards</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">During the twelve&#160;months ended June&#160;30, 2020, the Company granted the following equity awards:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">17,411 shares of Class&#160;B Common Stock (comprised of 10,951 shares granted in March&#160;2020 and 6,460 shares granted in May&#160;2020, fully vested),</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">12,454 shares of restricted stock (comprised of 9,224 shares granted in March&#160;2020 and 3,230 shares granted in May&#160;2020, time-based vesting), and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">10,000 stock options (granted in May&#160;2020, time-based vesting).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Grant details, including vesting conditions are described in Note&#160;15 (Equity Awards and Instruments) on page&#160;F-70 and F-71 of the S-1.&#160;The Board determined that the fair values of the underlying shares of common stock of the March&#160;2020 and May&#160;2020 awards were $10.84 and $15.48, respectively. With respect to the March&#160;2020 grants, the Board considered all relevant information available to it, including the Company&#8217;s 2019 financial results, the latest Company forecasts and market conditions. With respect to the May&#160;2020 grants, the Board considered all relevant information available to it, including the most recent valuation report from its third-party independent valuation firm as of April&#160;20, 2020. These awards have no significant impact on the Company&#8217;s consolidated results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">After June&#160;30, 2020, the Company granted stock-based awards on three separate dates: July&#160;10, July&#160;13 and July&#160;21, 2020. The stock-based award activity is described in the table below:</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:17.27%;border-bottom:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Grant Date</p></td><td style="vertical-align:bottom;width:57.52%;border-bottom:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Award Type</p></td><td style="vertical-align:bottom;width:10.82%;border-bottom:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shares Awarded</p></td><td style="vertical-align:bottom;width:14.38%;border-bottom:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Fair Value</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">at Grant</p></td></tr><tr><td style="vertical-align:top;width:17.27%;border-top:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;10, 2020</p></td><td style="vertical-align:top;width:57.52%;border-top:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock and restricted stock units, performance-based</p></td><td style="vertical-align:top;width:10.82%;border-top:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">179,188</p></td><td style="vertical-align:top;width:14.38%;border-top:3px double #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr><tr><td style="vertical-align:top;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;10, 2020</p></td><td style="vertical-align:top;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock and restricted stock units, time-based</p></td><td style="vertical-align:top;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">179,188</p></td><td style="vertical-align:top;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr><tr><td style="vertical-align:top;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;10, 2020</p></td><td style="vertical-align:top;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock and restricted stock units, IPO and time-based </p></td><td style="vertical-align:top;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">994,912</p></td><td style="vertical-align:top;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr><tr><td style="vertical-align:top;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;13, 2020</p></td><td style="vertical-align:top;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock, time-based</p></td><td style="vertical-align:top;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">10,000</p></td><td style="vertical-align:top;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr><tr><td style="vertical-align:top;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;21, 2020</p></td><td style="vertical-align:top;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock, performance-based</p></td><td style="vertical-align:top;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6,136</p></td><td style="vertical-align:top;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr><tr><td style="vertical-align:top;width:17.27%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">July&#160;21, 2020</p></td><td style="vertical-align:top;width:57.52%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Restricted stock and restricted stock units, time-based</p></td><td style="vertical-align:top;width:10.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">1,020,472</p></td><td style="vertical-align:top;width:14.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$15.48</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Grant details including vesting conditions as well as the Company&#8217;s estimated stock-based compensation expense associated with these awards are described in Note&#160;23 (Subsequent Events) on page&#160;F-79 and F-80 of the S-1. The Board determined that the fair value of the underlying shares of common stock of the July&#160;2020 awards was $15.48. The Board considered all relevant information available to it, including the most recent valuation report from its third-party independent valuation firm as of April&#160;20, 2020 as well as the Stock Purchase Transaction for 4,574,567 shares of Class&#160;B Common Stock, which closed on June&#160;18, 2020.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">3</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:49.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 27, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Summary</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The increase from the grant-date fair value of the stock-based awards granted in July&#160;2020 to the estimated IPO price range was driven primarily by the improvement in the performance and prospects of the Company&#8217;s industry, which has resulted in higher share prices of the Company&#8217;s public company peers&#160;&#8211; the share prices of Ansys&#160;Inc. (NASDAQ: ANSS), Nemetschek (XTRA:NEM), Aspen Technologies,&#160;Inc. (NASDAQ: AZPN), Dassault Systems SE (EPA: DSY), PTC&#160;Inc. (NASDAQ: PTC), AVEVA Group plc (LSE: AVV), Autodesk (NASDAQ: ADSK) increased by 7.4% on average from July&#160;10, 2020 through August&#160;21, 2020, and a higher valuation of the Company, which has experienced improved results since the valuations upon which the Company&#8217;s most recent equity-based grants were made. The Company also believes that the elimination of the illiquidity discount, which was estimated at 12.5% in the April&#160;20, 2020 valuation, positively impact the value of the Company&#8217;s common stock. We note that applying the increased share prices of the Company&#8217;s peers and the illiquidity discount to the $15.48 share price would suggest a valuation of $[***], consistent with the $[***] mid-point of the price range described above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Given the considerations outlined above, the Company believes that the difference between the estimated fair value of its ordinary shares, as used for the purpose of calculating stock-based compensation in accordance with the requirements of ASC 718 for stock awards granted over the past twelve&#160;months, and the midpoint of the Preliminary Price Range is reasonable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-align:center;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;*</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Please do not hesitate to call me at (212) 455-2812 with any questions or further comments you may have regarding this filing or if you wish to discuss the foregoing.</p><div align="right"><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;padding-left:0.5pt;padding-right:0.5pt;width:50%;"><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Very truly yours,</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">/s/ Richard Fenyes</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Richard Fenyes</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0.5pt;padding-right:0.5pt;width:50%;"><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">cc:</font></p></td><td colspan="2" style="vertical-align:top;width:85.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">David Edgar</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Jan Woo</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Jeffrey Kauten</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:85.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Bentley Systems, Incorporated</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Gregory S. Bentley</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">David J. Hollister</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">David R. Shaman</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:85.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:85.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Goodwin Procter LLP</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Richard A. Kline</font></p></td></tr><tr><td style="vertical-align:top;width:14.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.72%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Sarah B. Axtell</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">4</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
