<SEC-DOCUMENT>0001193125-22-147636.txt : 20230118
<SEC-HEADER>0001193125-22-147636.hdr.sgml : 20230118
<ACCEPTANCE-DATETIME>20220511171729
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ACCESSION NUMBER:		0001193125-22-147636
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIO-RAD LABORATORIES, INC.
		CENTRAL INDEX KEY:			0000012208
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				941381833
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1000 ALFRED NOBEL DRIVE
		CITY:			HERCULES
		STATE:			CA
		ZIP:			94547
		BUSINESS PHONE:		5107247000

	MAIL ADDRESS:	
		STREET 1:		1000 ALFRED NOBEL DRIVE
		CITY:			HERCULES
		STATE:			CA
		ZIP:			94547

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIO RAD LABORATORIES INC
		DATE OF NAME CHANGE:	19920703
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;11, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael
Fay and Brian Cascio </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 Life Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities&nbsp;&amp; Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Subject:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories, Inc.</B></TD></TR>
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<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021</B></TD></TR>
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<TD VALIGN="top"><B>Filed February&nbsp;11, 2022</B></TD></TR>
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<TD VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-07928</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Messrs. Fay and Cascio: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories, Inc. <FONT STYLE="white-space:nowrap">(&#147;Bio-Rad&#148;</FONT> or the &#147;Company&#148;) hereby submits for filing by direct electronic transmission the responses set forth below to the
comment letter dated April&nbsp;27, 2022 from the Staff of the Securities&nbsp;&amp; Exchange Commission (&#147;Staff&#148;) regarding the filing listed above. To assist your review, we have included the text of the Staff&#146;s comments below in
bold italicized type. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2021 </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Consolidated Financial Statements, page 38 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></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><I>We note from your disclosure that you determined that you do not have significant influence over
Sartorius AG. Please address the following: </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Given your investment in excess of 20% of the voting stock, explain how you
believe the presumption in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-15-8</FONT></FONT></FONT> that, in the absence of predominant evidence to the contrary, you have significant
influence has been overcome. In your response, please discuss whether any of the relevant indicators described in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-15-10</FONT></FONT></FONT> would apply. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a preliminary matter, we would like
to say that <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> does not participate &#150; at all &#150; in the management or operations of Sartorius AG. We do not have any representation on the Supervisory Board, we do not have the right to a seat on
the Supervisory Board, we do not advise or direct Sartorius AG on the operations or strategy of its business, and we do not have contractual or statutory rights to do so. While we are a large stockholder, we are not the largest stockholder. The
Sartorius Trust owns a controlling interest in Sartorius AG and hence has the sole ability to appoint all members of the Supervisory Board. <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> has no voting or other agreements or understandings with the
Sartorius Trust, and is not in regular communication with the Sartorius Trust. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company&#146;s conclusion that the presumption of significant influence has been overcome is largely
based on the fact that the Company has insufficient financial information to apply the equity method. The Company has reached out to Sartorius AG and they have repeatedly declined to provide the necessary operating and financial information (refer
to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-15-10(d)</FONT></FONT></FONT> further discussed below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The assessment of the other indicators as noted below are either not applicable or provide further evidence that significant influence does not exist. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s assessment of the applicability of ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-15-10</FONT></FONT></FONT> is as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>a.
Opposition by the investee, such as litigation or complaints to governmental regulatory authorities, challenges the investor&#146;s ability to exercise significant influence. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no instances of litigation or written opposition nor has <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> taken any actions to attempt to exercise
significant influence that would give rise to such a response from Sartorius. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>b. The investor and investee sign an agreement (such as a standstill
agreement) under which the investor surrenders significant rights as a shareholder. (Under a standstill agreement, the investor usually agrees not to increase its current holdings. Those agreements are commonly used to compromise disputes if an
investee is fighting against a takeover attempt or an increase in an investor&#146;s percentage ownership. Depending on their provisions, the agreements may modify an investor&#146;s rights or may increase certain rights and restrict others compared
with the situation of an investor without such an agreement.) </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no agreements in place between
<FONT STYLE="white-space:nowrap">Bio-Rad</FONT> and Sartorius in which the Company has surrendered significant rights as a shareholder. For instance, if we wanted to increase our shareholding, we could attempt to buy incremental shares on the open
market without interference of Sartorius. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>c. Majority ownership of the investee is concentrated among a small group of shareholders who operate the
investee without regard to the views of the investor. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sartorius Trust holds 50.1% of the ordinary shares of Sartorius. Sartorius is operated
without the input or views of <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> as <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> has no representation on the either the Supervisory Board or Executive Board of Sartorius. We note that based on the
ownership percentage of the Sartorius Trust, the Trust can prevent <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> from obtaining a Supervisory Board seat, even if we were to seek one (which we have not), since election to the Supervisory Board
requires the majority vote of the ordinary shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>d. The investor needs or wants more financial information to apply the equity method than is available to
the investee&#146;s other shareholders (for example, the investor wants quarterly financial information from an investee that publicly reports only annually), tries to obtain that information, and fails. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Sartorius AG is a publicly traded company in Germany and therefore is required to disclose its audited financial information on a half year and
annual basis, the publicly disclosed financial statements are inadequate as presented to enable the Company to apply the equity method as they are presented based on the application of IFRSs as adopted by the EU (which has certain differences as
IFRS as promulgated by the IASB), and therefore do not include any disclosures on reconciling the financial results to US&nbsp;GAAP. Furthermore, the basis for the audit opinions are not performed in accordance with International standards on
auditing. The principal reason why the information as disclosed, is insufficient is that Sartorius AG reports its financial information that has been determined based on the application of IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, if we were to apply the equity method of accounting, we will need to obtain more financial information than is available to other shareholders of
Sartorius (outside of the Trust) as we will need to recast the Sartorius financial statements in accordance with US&nbsp;GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve made multiple
attempts in the past few years to obtain this <FONT STYLE="white-space:nowrap">non-public</FONT> financial information from Sartorius, but were denied on the basis of confidentiality restrictions under German stock corporation law, which limits the
ability of a company to selectively disclose confidential, <FONT STYLE="white-space:nowrap">non-public</FONT> information to its shareholders. Sartorius indicated that the information requested was not even available from an accounting standpoint. <FONT
STYLE="white-space:nowrap">Bio-Rad</FONT> has no right to be provided with records or information that other shareholders would not be entitled to. In fact, German stock corporation law is designed to ensure that all shareholders have the same level
of information. For example, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">while <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> (as any shareholder holding at least 1% of the share
capital or nominally EUR 100,000 of shares) may apply to the court for the appointment of a special auditor investigating such issues as (i)&nbsp;the management of Sartorius; (ii)&nbsp;accounting irregularities or (iii)&nbsp;the relationship between
the Sartorius Trust and Sartorius, the results of such audit will always go to all shareholders and not only <FONT STYLE="white-space:nowrap">Bio-Rad.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> were to have received
<FONT STYLE="white-space:nowrap">non-public</FONT> records or information from Sartorius management outside of the general meeting, German stock corporation law would require that every other shareholder, upon request, be provided with the same
information. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The specific financial information requests we made were as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2018, when we needed to assess the implications of the 2017 Tax Act on the Company&#146;s income tax provision, we requested certain financial information
from Sartorius, but Sartorius rejected the request due to confidentiality restrictions under German stock corporation law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2021, due to the consistent increase in the Sartorius stock price and the resultant size and increased
value of the shareholders&#146; interests, we deemed it appropriate to perform an assessment to reaffirm our historical accounting conclusion regarding our inability to exercise significant influence over Sartorius. We requested certain financial
information from Sartorius that would enable the Company to reconcile Sartorius reported financial results from IFRS to US&nbsp;GAAP. The request included either a reconciliation of Sartorius reported financial results to US&nbsp;GAAP or financial
information necessary to enable <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> to perform such a reconciliation. Sartorius again rejected this request due to confidentiality restrictions under German stock corporation law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We then proceeded to perform an assessment to determine whether the publicly available information relating to Sartorius contains a sufficient level of detail
to allow <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> to perform a reconciliation to US&nbsp;GAAP. As part of this process, Bio-Rad identified the areas of difference between Sartorius&#146; reported financial information under IFRS and
US&nbsp;GAAP that could potentially result in a material difference if <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> had to record Sartorius under the equity method of accounting. We further identified the specific information that is needed to
reconcile and quantify such potential differences and submitted a <FONT STYLE="white-space:nowrap">follow-up</FONT> request to Sartorius for a more limited set of information specific to the items identified from our assessment of the publicly
available information. Sartorius again rejected this request due to confidentiality restrictions under German stock corporation law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have thus
concluded that Sartorius, in accordance with its legal obligations, will not selectively disclose confidential, <FONT STYLE="white-space:nowrap">non-public</FONT> information to <FONT STYLE="white-space:nowrap">Bio-Rad;</FONT> information that is
not generally provided to all shareholders in accordance with German Law </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe we have taken reasonable steps to obtain financial information that
will be necessary to apply the equity method of accounting and failed to obtain such information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>e. The investor tries and fails to obtain
representation on the investee&#146;s board of directors. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> has no representation on Sartorius&#146;
Supervisory Board and has not tried to obtain such representation. While <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> has been offered the opportunity to nominate representation for one or more board seats on Sartorius&#146; Supervisory Board, <FONT
STYLE="white-space:nowrap">Bio-Rad</FONT> has declined this opportunity. Even if we&nbsp;had not declined, <FONT STYLE="white-space:nowrap">Bio-Rad&#146;s</FONT> nomination would be subject to the vote of Sartorius shareholders at&nbsp;the annual
general meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other considerations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We assessed
whether the Company&#146;s rights under German corporation law based on its ownership interest indicates that the Company could have significant influence over the operating and financial policies of Sartorius. The size of <FONT
STYLE="white-space:nowrap">Bio-Rad&#146;s</FONT> ownership interest in Sartorius, provides <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> with certain statutory &#147;veto&#148; rights over company decisions requiring super-majority approval of
shareholders (as provided under German law). These veto rights are protective in nature and do not provide <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> with significant influence over the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operating and financial activities of Sartorius. The type of &#147;fundamental&#148; resolutions requiring super-majority approval include such decisions as: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amendment of the purpose clause in the Articles of Association; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sale of all or nearly all of the assets; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">capital increase without subscription rights; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">contingent capital increase and issue of comparable securities; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">liquidation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approval of a domination agreement and a profit and loss pooling agreement; </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">merger, change of corporate form , corporate <FONT STYLE="white-space:nowrap">split-up,</FONT> <FONT
STYLE="white-space:nowrap">spin-off</FONT> and hive-down ; </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">removal of supervisory board members from office; </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">authorization of defense measures under the German Takeover Act. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ability to exercise such supermajority rights/veto rights occurs very rarely, as they are protective in nature and again have no bearing on the ongoing
operating and financial policies of Sartorius. We are not aware of <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> ever having the opportunity to exercise these supermajority veto rights, and we are not aware that this situation will change in the
future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a general matter under German law, the Executive Board of a German stock corporation manages the corporation independently and in the best
interest of the corporation and its various stakeholders. In the absence of a formal domination agreement with a controlling shareholder, the Executive Board is not instructed by individual shareholders, the general meeting of shareholders or by the
Supervisory Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In conclusion we believe <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> does not have the ability to exercise significant influence
over Sartorius, within the meaning of ASC 323, and the presumption that the Company has the ability to exercise significant influence over Sartorius has been overcome. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Describe the governance structure of Sartorius AG, including the roles and responsibilities of the Supervisory Board and the Executive Board. Explain
how board members are appointed, and the current composition of each board. Describe to us any rights you have in the governance of Sartorius AG, including rights to nominate or appoint a member or members to Sartorius AG&#146;s boards or approve
certain transactions. Describe what rights shareholders have in the governance of Sartorius AG, including the right or obligation to approve certain transactions or other company matters, and how such items are determined (e.g., majority shareholder
vote, etc.). Describe to us the role the trust plays in the corporate governance of Sartorius AG (e.g., who votes the trust&#146;s shares and any guidelines the trust or trustee must adhere to). </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </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="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Governance Structure of Sartorius AG</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As a German stock corporation, Sartorius AG has a <FONT STYLE="white-space:nowrap">two-tier</FONT> board structure providing for an Executive
Board and a Supervisory Board while shareholders exercise their rights at the General Meeting. A description of these corporate bodies is provided below: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>a.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I><U>Executive Board</U></I> </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">The Executive Board is the management body of Sartorius AG, responsible for the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> management and operation of the company. </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">Its members are appointed by the Supervisory Board, which also determines the number of the Executive Board
members (at least two). The Supervisory Board also has the power to terminate members of the Executive Board. </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">The Executive Board manages the company independently and is not subject to instructions by the General Meeting,
individual shareholders or the Supervisory Board. </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">Current members of the Executive Board are: (i)&nbsp;Joachim Kreuzburg (CEO), (ii)&nbsp;Rainer Lehmann (CFO),
(iii) Ren&eacute; F&aacute;ber and (iv)&nbsp;Gerry Mackay. </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>b.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I><U>Supervisory Board</U></I> </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">The Supervisory Board is the supervisory body of Sartorius AG. It appoints and revokes the appointment of the
members of the Executive Board, determines their compensation and supervises and controls their management of the company. It is also responsible for the representation of the company
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> the Executive Board members, <I>e.g.</I>, in case of assertion of damage claims against them. While the Supervisory Board has no management duties, it
can make certain acts of the Executive Board subject to its prior approval. In the case of Sartorius, the Supervisory Board has set forth a catalogue of such reserved matters. </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">The Supervisory Board shall be composed of twelve members, six of which are elected by the General Meeting
(shareholders&#146; representatives) and six of which are elected by the employees (employees&#146; representatives) pursuant to statutory so-called <FONT STYLE="white-space:nowrap">co-determination</FONT> rules (which apply to Sartorius AG as the
German Sartorius group has more than 2,000 employees). Election of shareholders&#146; representatives by the General Meeting requires simple majority of votes cast for each member. Members of the Executive Board must not become members of the
Supervisory Board. </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">Current members of the Supervisory Board are (i)&nbsp;Dr.&nbsp;Lothar Kappich (Chairman), (ii) Manfred Zaffke
(Deputy Chairman), (iii) Annette Becker, (iv)&nbsp;Prof. David Raymond Ebsworth, (v)&nbsp;Dr.&nbsp;Daniela Favoccia, (vi)&nbsp;Petra Kirchhoff, (vii)&nbsp;Dietmar M&uuml;ller, (viii)&nbsp;Ilke Hildegard Panzer, (ix)&nbsp;Frank Riemensperger,
(x)&nbsp;Hermann Jens Ritzau, (xi)&nbsp;Prof. Dr.&nbsp;Klaus R&uuml;diger Tr&uuml;tzschler and (xii)&nbsp;Sabrina Wirth. </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">The Supervisory Board has established the following committees: Executive Task Committee, Audit Committee,
Conciliation Committee and Nomination Committee. </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>c.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I><U>General Meeting</U></I> </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">The General Meeting is the corporate body for the exercise of shareholders rights. The General Meeting has
limited rights which are provided for by statutory law and which may not be extended. These rights include: </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Election of the members of the Supervisory Board (shareholders&#146; representatives only);
</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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Granting of discharge (<I>Entlastung</I>) of the members of the Supervisory Board and the Executive Board;
</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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Election of the statutory auditors; </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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Appropriation of profits; </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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendments of the Articles of Association; </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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Capital increases or reductions; </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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sale of all or substantially all assets of the company; 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="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">viii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Structural measures, such as mergers, carve-outs, change of legal form, conclusion of enterprise agreements
such as domination and profit and loss transfer agreements. </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">While resolutions of the General Meeting are generally adopted with simple majority of the votes castes, the
matters under (v)&nbsp;to (viii) require a qualified majority of 75% of the represented share capital. </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">Generally, the General Meeting has no competency to resolve on management matters, unless the Executive Board
explicitly requests approval of the General Meeting for a specific matter. </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="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rights of <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories, Inc. in Sartorius AG&#146;s
Governance</U> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories and its subsidiaries do not have any
specific rights in Sartorius AG&#146;s corporate bodies beyond their ability to exercise their voting rights in the General Meeting of Sartorius AG (<I>see above</I> for competencies of the General Meeting) and certain statutory (minority)
shareholder rights (<I>see below</I>). In particular, we do not have any right to nominate or appoint board members and are not in a position to push through the appointment of a Supervisory Board member at the General Meeting against the voting
power of the Sartorius Trust. Based on our ownership of approximately 37% of the voting shares of Sartorius AG, <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> does, however, have a <FONT STYLE="white-space:nowrap">de-facto</FONT> veto right on
certain protective matters requiring a qualified majority of 75% in the General Meeting (<I>see above</I>). </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="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rights of Shareholders in the Governance of Sartorius AG </U> </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">All shareholders (holding Sartorius AG&#146;s common shares) have a voting right in the General Meeting on the
matters specified above. Each Sartorius AG common share carries one vote while preference shares do not carry a voting right (<I>see below</I>). </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">Each shareholder, no matter how large or small its holdings, can make resolution proposals for agenda items of
the General Meeting (including proposals for the election of the shareholders representatives on the Supervisory Board). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<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">Furthermore, large minority shareholders have certain additional minority rights prescribed for by statutory law:
</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">1% of the share capital (or nominally EUR 100,000): </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="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">Initiation of special investigations: Application for court appointment of a special investigator investigating,
<I>inter alia</I>, (i)&nbsp;irregularities in connection with the formation, a capital increase or the management of the corporation; (ii)&nbsp;accounting irregularities and (iii)&nbsp;the relationship between a controlling shareholder and a
dependent corporation, </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="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">Initiation of derivative suits: Court application to be granted the right to bring a claim for damages against a
member of the Executive or Supervisory Board on behalf of the company. </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">5% of the share capital (or nominally EUR 500,000): Right to request the Executive Board to convene a General
Meeting or include a specific item on the agenda of a General Meeting. </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">10% (or nominally EUR 1,000,000): Initiation of derivative suits: Application for court appointment of a special
representative to sue members of the Executive or Supervisory Board for damages. </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="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Role of the Trust</U> </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">The Sartorius Trust holds approx. 50.1% of the common shares and the voting rights of Sartorius AG (on a fully
diluted basis, counting in the treasury shares of Sartorius AG). </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">Until <FONT STYLE="white-space:nowrap">mid-2028,</FONT> the voting rights attached to the shares held by the
Sartorius Trust will be exercised by a trustee, currently Dr.&nbsp;Lothar Kappich (chairman of the Supervisory Board). The trustee is entitled to exercise the voting rights at his own discretion and is in particular not subject to any instructions
by the beneficiaries of the Sartorius Trust. The trustee and <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> have no agreement with respect to the exercise of their voting rights and do not act in concert with respect to the exercise of their voting
rights. </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">Based on historic voting patterns, the trustee typically exercises the voting rights of the Sartorius Trust in
the General Meeting in line with the resolution proposals by the Executive and Supervisory Boards. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Describe any rights and
privileges of the preference shares (e.g., dividend rights, liquidation preferences, approval or veto rights, notification rights, etc.). </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sartorius AG preference shares provide
for the following features (compared to common shares): </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">Preferred dividend rights: </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">Additional dividend amounting to EUR 0.01 per share. </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">Minimum dividend: EUR 0.02 per share. </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">No voting right: </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<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">Preference shares generally do not carry voting rights, unless in the event of payment default with respect to
the preferred dividend for more than one year. </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">A voting/approval right only exists with respect to the following limited matters: </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="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">Resolution on the termination or limitation of the preference rights. </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="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">Resolution on the issuance of new preference shares. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Describe any other agreements with Sartorius AG (e.g., management agreements, licenses, etc.). </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> does not have any agreements with Sartorius that provide <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> with
the ability to influence or direct the operations or financial policy of Sartorius, such as management agreements, restrictive licenses, voting agreements, or the like. However, <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> and its subsidiaries
purchase and sell products, components and materials from and to Sartorius AG and its subsidiaries during the regular course of business. These transactions are not material to <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> and are typically done
on a purchase order basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Provide us with additional background behind the 400&nbsp;million Euros loan to Sartorius-Herbst Beteiligungen II GmbH
in November 2021. Include a description of the purpose of the loan, how you came to be the issuer of the loan, how the loan is to be repaid, the circumstances that would result in receipt of ordinary shares of Sartorius AG, and the relationship
between Sartorius-Herbst Beteiligungen II GmbH (as creditor) and Sartorius AG and how the creditor will likely have no other assets from which to repay the loan. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Description and Purpose of the
Loan</U>. On November&nbsp;21, 2021, <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories, Inc. granted a &#128;400&nbsp;million collateralized loan (the &#147;<B>Loan</B>&#148;) to Sartorius-Herbst Beteiligungen II GmbH, a private limited
company incorporated under the laws of Germany (&#147;<B>SHB</B>&#148;). The Loan proceeds were used to partially finance the acquisition by Karen Sartorius-Herbst (&#148;<B>KSH</B>&#148;), the sole shareholder of SHB, of interests under the
Sartorius Trust from another beneficiary of the Trust who was planning to sell the Trust interests to a third party. The Loan is collateralized by the pledge of certain Sartorius Trust interests, which upon termination of the Trust in July 2028
represent the right to receive Sartorius AG ordinary shares.&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Loan is payable annually in arrears at 1.5% per annum, and the entire principal amount, plus certain value appreciation rights associated with the
Trust interests acquired with the proceeds from the Loan, is due at the latest on January&nbsp;31, 2029, subject to certain events which could trigger payment prior to maturity. Sartorius AG is not a party to the Loan transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>How <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> came to be the issuer of the Loan</U>. <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> came to be the
issuer of the Loan when we were approached by KSH who needed funding to exercise a right of first refusal to purchase Trust interests from another beneficiary of the Sartorius Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>How the Loan is to be Repaid</U>. The Loan is to be repaid by SHB in cash in full on the maturity date. By its terms the Sartorius Trust will have been
liquidated by the maturity date of the Loan, providing SHB a potential source of funds to repay the Loan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Circumstances that would result in receipt of ordinary shares of Sartorius AG</U>. The Loan is
collateralized by a pledge of Trust interests under the Sartorius Trust. Upon an event of default by SHB, <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> would be entitled to enforce the pledges of the Trust interests, which represent the right to
receive the underlying Sartorius AG shares upon the dissolution of the Sartorius Trust (which per the terms of the Sartorius Trust will occur in July 2028). Prior to a termination of the Trust, the Trust interests are not tradable on the capital
markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Relationship between SHB and Sartorius AG</U>. The sole shareholder of SHB is KSH, who is one of several beneficiaries under the Sartorius
Trust. The Sartorius Trust currently owns 50.1% of the ordinary shares of Sartorius AG. We are unsure as to the usage of the term &#147;Creditor&#148; in the question, but at this point we are not aware of other assets owned by SHB that can be used
to fund the repayment of the Loan to <FONT STYLE="white-space:nowrap">Bio-Rad.</FONT> As a result, a significant decline in the value of the Sartorius ordinary shares would reduce the value of the collateral for the Loan, and in such circumstances
the value of the Collateral may be insufficient to cover the repayment of the Loan. Again, Sartorius AG is not a party to, and has no involvement with, this Loan transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Explain to us why you do not have the ability to access the operating or financial information necessary to apply the equity method of accounting when
Sartorius AG&#146;s financial statements appear to be published elsewhere. Tell us whether there are any financial reporting requirements under any of Sartorius AG&#146;s equity or loan agreements. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sartorius AG is based in G&ouml;ttingen,
Germany and has voting shares listed on the Frankfurt Stock Exchange. Sartorius AG publicly discloses its financial statements on a half year and annual basis. The publicly disclosed financial statements are inadequate as presented to enable the
Company to apply the equity method of accounting as they are presented based on the application of IFRSs as adopted by the EU, and also do not include any disclosures on reconciling the financial results to US&nbsp;GAAP. The principal reason why the
information as disclosed, is insufficient is that Sartorius AG reports its financial information based on the application of IFRS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<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; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> management performed an assessment to determine whether the
<I>publicly</I> available information relating to Sartorius contains a sufficient level of detail to allow <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> management to perform a reconciliation to US&nbsp;GAAP (&#147;GAAP&#148;). We determined that
it did not. As noted above, the Company requested from Sartorius on multiple occasions the <FONT STYLE="white-space:nowrap">non-public</FONT> financial information necessary to enable the Company to reconcile the Sartorius financial results to
US&nbsp;GAAP, but Sartorius rejected these requests due to confidentiality restrictions under German stock corporation law. Sartorius has no obligation to provide us with any additional financial information that is not generally available to all
other stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reviewed the Sartorius AG 2020 Annual Report which included the 2019 and 2020 annual financial statements and identified the
following nine (9)&nbsp;key areas of IFRS/GAAP differences, noting that insufficient information is publicly available to perform an IFRS to GAAP reconciliation: </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Research and Development costs </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taxes </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Leases </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Defined benefit plans </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Impairments </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provisions </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Hedging and derivatives </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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consolidation (including special purpose entities) and investments in joint ventures and associates
</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="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Property Plant&nbsp;&amp; Equipment </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe these areas are where Sartorius accounting policies under IFRS could create material differences from US&nbsp;GAAP and without further information
from Sartorius, the Company could not quantify the impact of the differences to allow for a reconciliation to US&nbsp;GAAP in order to apply the equity method appropriately and/or make a materially accurate disclosure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our review of the Sartorius 2020 and 2019 financial statements and assessment of the potential magnitude of the identified differences noted, these
differences could result in a material misstatement in <FONT STYLE="white-space:nowrap">Bio-Rad&#146;s</FONT> disclosures that require GAAP financial statements and financial information of Sartorius based on the above disclosure requirements under
Rule <FONT STYLE="white-space:nowrap">3-09,</FONT> Rule <FONT STYLE="white-space:nowrap">4-08(g)</FONT> and Rule <FONT STYLE="white-space:nowrap">4-08(e)(2),</FONT> and in our judgement will result in the omission of information that is important to
the users understanding of the financial position and financial performance of the investee. As we are unable to quantify or reasonably estimate the impact of these differences to allow for a reconciliation to GAAP, disclosure of required financial
statement information for our investment in Sartorius may not be materially accurate in accordance with GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our analysis we have identified the type of information that would be required to further assess and
determine an adjustment to convert the IFRS reporting to US&nbsp;GAAP and note that such information is not publicly available and can only be obtained from Sartorius, and in certain circumstances would require significant effort and involvement of
third-party specialists to prepare information that we believe would not be even readily available to Sartorius. While the assessment and quantification of Sartorius balances and activity was limited to 2019 and 2020, we have no ability to
anticipate the magnitude and potential changes in application of IFRS in future periods that could result in additional differences or differences of an even greater magnitude. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted above, we requested the information necessary to perform the IFRS/US GAAP reconciliation from Sartorius but Sartorius rejected our request due to
confidentiality restrictions under German stock corporation law. Sartorius has no obligation to provide us with any additional financial information that is not generally available to all other stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, we believe that we are unable to apply the equity method of accounting appropriately or make materially accurate disclosure under US&nbsp;GAAP.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tell us whether there are any financial reporting requirements under any of Sartorius AG&#146;s equity or loan agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are not aware of whether Sartorius AG has any financial reporting requirements under any of its equity or loan agreements. Sartorius does not have any
financial reporting requirements to <FONT STYLE="white-space:nowrap">Bio-Rad.</FONT> We acquired our shares in the open market, and there is no written obligation from Sartorius to provide us with any financial information that is not generally
provided to all Sartorius stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted above, there is no loan between Sartorius AG and <FONT STYLE="white-space:nowrap">Bio-Rad.</FONT> The
loan receivable as disclosed in the Fair Value Measurements and Investments footnote in the <FONT STYLE="white-space:nowrap">Bio-Rad</FONT> 2021 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> is a loan between
<FONT STYLE="white-space:nowrap">Bio-Rad</FONT> and Sartorius-Herbst Beteiligungen II GmbH, which is not an affiliate of Sartorius. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We trust this
response addresses the Staff&#146;s comment. Should you wish to discuss this matter further or if the Staff has additional questions, please contact the undersigned or <FONT STYLE="white-space:nowrap">Bio-Rad&#146;s</FONT> General Counsel, Tim
Ernst, at <FONT STYLE="white-space:nowrap">tim_ernst@bio-rad.com.</FONT> Thank you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap">Bio-Rad</FONT> Laboratories, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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/ Ajit Ramalingam</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ajit Ramalingam</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SVP, Chief Accounting Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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