<SEC-DOCUMENT>0001144204-13-062806.txt : 20131226
<SEC-HEADER>0001144204-13-062806.hdr.sgml : 20131225
<ACCEPTANCE-DATETIME>20131118164938
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-062806
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTER PARFUMS INC
		CENTRAL INDEX KEY:			0000822663
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				133275609
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		551 FIFTH AVE
		STREET 2:		STE 1500
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176
		BUSINESS PHONE:		2129832640

	MAIL ADDRESS:	
		STREET 1:		551 FIFTH AVENUE
		STREET 2:		STE 1500
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JEAN PHILIPPE FRAGRANCES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">551 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10176</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 18, 2013</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-7010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Att.: Mr. John Cash, Accounting Branch Chief</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">Re:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Inter Parfums, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Form 10-K for the Year Ended December 31, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Filed March 12, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Form 10-Q for the Period Ended September 30, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Filed November 6, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Response dated October 31, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><U>File No. 0-16469</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter is written
in response to the letter dated November 8, 2013 of Mr. John Cash, Accounting Branch Chief, addressed to Mr. Russell Greenberg,
the Chief Financial Officer of Inter Parfums, Inc. (the &ldquo;Company&rdquo;). We have reproduced the comments from such letter,
and our responses follow each of such comments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Comment from letter dated November 8,
2013 of Mr. John Cash, Accounting Branch Chief:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><I>Form 10-K for the Year Ended
December 31, 2012 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><I>Regulation G, page iv </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify">1. We note your response to
comment one from our letter dated October 4, 2013. In the absence of a tabular reconciliation between your GAAP and non-GAAP financial
information, please enhance your textual reconciliation disclosures to more clearly identify how you calculated the non-GAAP amounts.
For example, you disclose on page 35 that, excluding the gain, net income attributable to Inter Parfums, Inc. common shareholders
is calculated by adjusting the allocation to noncontrolling interest by 26.77%. Your revised disclosure should make it clear that
the amount allocated to noncontrolling interest was adjusted by 26.77% of the after-tax gain on the termination of the license,
as opposed to 26.77% of the pre-tax gain or some other figure. Please supplementally show us what your revisions will look like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company response</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The revised disclosure would be in substantially
the following form (with revised text in <U>underlined</U> font):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At page 35: Operating income includes a
gain on termination of license aggregating $198,838. After taxes (tax rate of Interparfums SA is 36.1%) and after allocation to
the noncontrolling interest <U>at </U>26.77% <U>of the after tax gain</U>, the <U>net</U> gain attributable to Inter Parfums, Inc.
common shareholders&rsquo; aggregated $93,044. Therefore, excluding the <U>net</U> gain, net income attributable to Inter Parfums,
Inc. common shareholders&rsquo; would have been $38,092 or $1.24 per diluted share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At page 38:<FONT STYLE="font-size: 10pt">
</FONT>On an after tax basis (tax rate of Interparfums SA is 36.1%) and after allocation to the noncontrolling interest <U>at</U>
26.77% <U>of the after tax gain</U>, the <U>net</U> gain on termination of license attributable to Inter Parfums, Inc. common shareholders&rsquo;
aggregated $93.0 million. Therefore, had this transaction not occurred, net income attributable to Inter Parfums, Inc. common shareholders&rsquo;
for the year ended December 31, 2012, would have been $38.1 million or $1.24 per diluted share as compared to the amounts reported
in U.S. GAAP of $131.1 million or $4.26 per diluted share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At page 48: As previously discussed, as
a result of the termination of the Burberry license, the Company recognized a gain of $198.8 million as of December 31, 2012. On
an after tax basis, and after allocation to the noncontrolling interests <U>on an after tax basis</U>, the <U>net</U> gain on termination
of license attributable to Inter Parfums, Inc. common shareholders&rsquo; aggregated $93.0 million. . . .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At page 50: Excluding the gain on termination
of license, <U>and after allocation to the noncontrolling interests on an after tax basis,</U> net income increased 16% to $49.8
million in 2012, as compared to $42.9 million in 2011. . . .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At page 55: Net income in the fourth quarter
of 2012 includes an after tax gain (Interparfums SA tax rate is 36.1%) on termination of license aggregating $127,057. After allocation
to the noncontrolling interest <U>at</U> 26.77% <U>of the after tax gain,</U> the <U>net</U> gain attributable to Inter Parfums,
Inc. common shareholders&rsquo; aggregated $93,044. Therefore, excluding the <U>net</U> gain, net income attributable to Inter
Parfums, Inc. common shareholders&rsquo; in the fourth quarter of 2012 would have been $6,569 or $0.21 per diluted share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comment from letter dated November 8, 2013 of Mr. John Cash,
Accounting Branch Chief:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Executive Compensation, page 65 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Base Salary, page
67</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">2. We note your response to comment
six in our letter dated October 4, 2013 in which you state that based on a commission rate of 0.8% and total sales projections
of $30 million, Mr. Clarke&rsquo;s commission would have been $240,000. Since this amount differs from the $248,224 amount disclosed
in the third paragraph on page 68, please confirm, if true, that Mr. Clarke&rsquo;s actual commission was calculated at a rate
of 0.8% on actual rather than projected sales, which sales also included the new secondary market distribution sales. We note that
your proxy disclosure refers only to sales of Anna Sui.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company response</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For 2012, in determining
the projected amount of the commission portion of Mr. Clarke&rsquo;s estimated compensation, the initial assumption was based upon
internal net sales projections of $30 million, which at 0.8% of net sales would yield $240,000. However, net sales exceeded the
internal projections and his commission rate of 0.8% was based upon actual sales of $31,028,000, which yielded a total commission
of $248,224. We acknowledge that a more accurate disclosure in the proxy statement should have referred to net sales of the Anna
Sui brand as well as new secondary market distribution sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comment from letter dated November 8, 2013 of Mr. John Cash,
Accounting Branch Chief:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><I>Base Salary, page 67</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify">3. We note your response to
comment seven in our letter dated October 4, 2013. In future filings and to the extent applicable, please ensure to discuss how
the factors enumerated in your response influenced the compensation committee&rsquo;s decision in increasing a named executive
officer&rsquo;s salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company response</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 0.5in">In the company&rsquo;s future
filings to the extent applicable, the company will discuss how the factors enumerated in our response of October 31, 2013 influenced
the compensation committee&rsquo;s decision in increasing a named executive officer&rsquo;s salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Comment from letter dated November 8,
2013 of Mr. John Cash, Accounting Branch Chief:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><I>Form 10-Q for the Period Ended September 30, 2013</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 0.5in"><I>Management&rsquo;s Discussion
and Analysis&hellip;, page 15 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 0.5in"><I>Results of Operations, page
22</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">4. We note your response to comment
two from our letter dated October 4, 2013 and your disclosures regarding segment net income on page 27. It appears that your disclosures
do not sufficiently address the specific reasons for each segment&rsquo;s fluctuations in net income. For example, net income for
your United States segment more than doubled during the three months ended September 30, 2013 compared to September 30, 2012 while
the net income for your Europe segment declined by nearly 38% over the same period. In both cases, it is unclear which specific
factors led to fluctuations. Please show us how you will revise your MD&amp;A in future filings accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company response</B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The staff is directed to the discussion
on pages 22-27 specific reasons for each segment&rsquo;s fluctuations in net income. We believe such discussion adequately discusses
such reasons. However, we will revise our discussion of net income to summarize the previously discussed information, with the
new proposed text in <U>underlined </U>font.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At page 27: (Net income)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net income decreased to $9.9 million for
the three months ended September 30, 2013, as compared to $13.2 million for the corresponding period of the prior year. Net income
increased to $57.4 million for the nine months ended September 30, 2013, as compared to $40.9 million for the corresponding period
of the prior year. <U>The fluctuations in net income for both European operations and U.S. operations for the three months ended
September 30, 2013, as compared to the corresponding period of the prior year are directly related to the previous discussions
relating to changes in sales, gross margin and selling, general and administrative expenses. For European operations, the absence
of Burberry brand sales and related decline in gross margin as a percentage of sales was partially mitigated by the decline in
Burberry related selling, general and administrative expenses. For U.S. operations, the 62% increase in sales without a substantial
increase in selling, general and administrative expense is the primary contributor to the increase in net income.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I trust that this adequately
addresses your questions. However, if further information is required, please feel free to contact the undersigned.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 44%; padding: 0; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><U>/s/ Russell Greenberg</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Russell Greenberg,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Executive Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">and Chief financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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