<SEC-DOCUMENT>0001104659-21-029356.txt : 20210429
<SEC-HEADER>0001104659-21-029356.hdr.sgml : 20210429
<ACCEPTANCE-DATETIME>20210226170855
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-029356
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Karooooo Ltd.
		CENTRAL INDEX KEY:			0001828102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		363 SMITH STREET
		STREET 2:		#05-303
		CITY:			NEW BRIDGE CENTRE
		STATE:			U0
		ZIP:			050336
		BUSINESS PHONE:		65 6255 4151

	MAIL ADDRESS:	
		STREET 1:		363 SMITH STREET
		STREET 2:		#05-303
		CITY:			NEW BRIDGE CENTRE
		STATE:			U0
		ZIP:			050336

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Karooooo Pte. Ltd.
		DATE OF NAME CHANGE:	20201116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Karoo Pte. Ltd.
		DATE OF NAME CHANGE:	20201013
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&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: 69%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; font-weight: bold">New York<BR>
Northern California<BR>
Washington DC<BR>
S&atilde;o Paulo<BR>
London</TD>
    <TD STYLE="width: 11%; font-size: 10pt; font-weight: bold">Paris<BR>
Madrid<BR>
Tokyo<BR>
Beijing<BR>
Hong Kong</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"><IMG SRC="tm2034233d7_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&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: 20%; padding-top: 1.45pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-size: 10pt">LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">450 Lexington Avenue<BR>
        New York, NY 10017</P></TD>
    <TD STYLE="width: 80%; padding-top: 1.45pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212 450 4000 tel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212 701 5800 fax</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 0.25in; font-size: 10pt">February 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-bottom: 13pt; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 93%; padding-bottom: 6pt; font-size: 10pt">Karooooo Pte. Ltd. <BR>
Amendment No. 1 to Draft Registration Statement on Form F-1<BR>
Submitted February 1, 2021<BR>
CIK No. 0001828102</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">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance<BR>
Office of Technology<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>&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: 7%"><FONT STYLE="font-size: 10pt">Attn:</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Christine Dietz, Senior Staff Accountant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David Edgar, Staff Accountant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Larry Spirgel, Office Chief</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Jeff Kauten, Staff Attorney</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</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">On behalf of our client, Karooooo Ltd. (formerly known as Karooooo
Pte. Ltd.) (the &ldquo;Company&rdquo;), this letter sets forth the Company&rsquo;s responses to the comments provided by the staff
(the &ldquo;Staff&rdquo;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
in your letter dated February 16, 2021 (the &ldquo;Comment Letter&rdquo;). On February 1, 2021, the Company confidentially submitted
Amendment No. 1 to the draft registration statement on Form F-1 (the &ldquo;Draft Registration Statement&rdquo;) relating to a
proposed initial public offering (&ldquo;IPO&rdquo;) of the Company&rsquo;s ordinary shares via the Commission&rsquo;s Electronic
Data Gathering, Analysis and Retrieval system (&ldquo;EDGAR&rdquo;) to the Commission for confidential review pursuant to the Jumpstart
Our Business Startups Act (the &ldquo;JOBS Act&rdquo;). The Company has revised the Draft Registration Statement in response to
the Staff&rsquo;s comments and is filing concurrently with this letter a revised Registration Statement on Form F-1 (the &ldquo;Revised
Registration Statement&rdquo;), which reflects these revisions and updates and clarifies certain other information.</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">For the convenience of the Staff, each comment from the Comment
Letter is restated in italics prior to the response to such comment. All references to page numbers and captions (other than those
in the Staff&rsquo;s comments) correspond to pages and captions in the Revised Registration Statement.</P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">February 26, 2021</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 1 to Draft Registration Statement on Form F-1
Submitted February 1, 2021</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Summary Financial and Other Information, page 11</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><I>We refer you to prior comment 6. Please revise pages 13 and 60 to disclose the comparable IFRS measure for free cash flow
margin. Refer to Item 10(e)(1)(i)(A) of Regulation S-K.</I></TD></TR></TABLE>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff&rsquo;s comment
and has revised its disclosure on pages 13, 15, 60 and 61 of the Revised Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Change in Accountants, page 158</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><I>Revise to also disclose whether there were any disagreements with Deloitte &amp; Touche in any subsequent interim period.
Refer to Item 304(a)(1)(iv) of Regulation S-K.</I></TD></TR></TABLE>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff&rsquo;s comment
and has revised its disclosure on page 162 of the Revised Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to the Consolidated Financial Statements<BR>
2.2 Accounting policies<BR>
q) Revenue</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Dealership installations, page F-20</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><I>We note your response to prior comment 10. Please tell us about your accounting for these units if a subscription contract
is signed including whether they are transferred to PP&amp;E at signing and depreciated.</I></TD></TR></TABLE>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff&rsquo;s comment
and advises the Staff that at the point in time when a customer signs a subscription contract, the unit is considered to&nbsp;benefit
multiple periods.&nbsp;The unit is accordingly reclassified from inventory to property, plant &amp; equipment and is amortized
over the expected customer life of 60 months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>17. Amounts received in advance, page F-33</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><I>We note the revisions made in response to prior comment 11. It appears that you have limited this disclosure to amounts
that have been received in advance. Please tell us how your disclosure complies with paragraph 120 of IFRS 15. In this regard,
paragraph 120 requires disclosure of the aggregate amount of the transaction price allocated to the performance obligations that
are unsatisfied as of the end of the reporting period. Please revise accordingly or advise why revision is not required.</I></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">February 26, 2021</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff&rsquo;s comment
and advises the Staff that IFRS 15:121 allows for a practical expedient that precludes an entity from disclosing the information
required in IFRS 15:120 if an entity recognises revenue from the satisfaction of the performance obligations in accordance with
IFRS 15:B16. The Company recognizes subscription revenue in the amount in which it has a right to invoice in accordance with IFRS
15:B16. The Company does collect certain upfront fees from its customers, which are deferred and recognized over the expected contract
term. However, any such fees represent an insignificant amount of the total transaction price and therefore, the Company believes
that it still qualifies for the practical expedient in IFRS 15:B16.&nbsp;We have updated the revenue recognition accounting policy
on page F-20 to disclose the fact that the Company has applied this practical expedient.</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">* * *</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">Please do not hesitate to contact me at 212-450-4077 or john.meade@davispolk.com
or Roshni Banker Cariello at 212-450-4421 or roshni.cariello@davispolk.com if you have any questions regarding the foregoing or
if I can provide any additional information.</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">Very truly yours,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 50%">/s/ John B. Meade</TD>
<TD STYLE="text-align: justify; width: 50%">&nbsp;</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">John B. Meade</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">cc:</TD><TD STYLE="width: 96%">Zak Calisto, Chief Executive Officer, Karooooo Pte. Ltd.</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Brendan Horan, Chief Strategy
Officer, Karooooo Pte. Ltd.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Roshni Banker Cariello, Davis
Polk &amp; Wardwell LLP</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Joshua Wechsler, Fried, Frank,
Harris, Shriver &amp; Jacobson LLP</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2034233d7_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2034233d7_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0 B17AI9@  34T *@    @  0$2  ,
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MU]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0
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M&FQ\7='_ .PY;_\ HY:_I[_;U_Y,=^,7_8DZU_Z0SU_,+X9_Y*]HW_8=M_\
MT<M?HW!?^[8C^NA^5<?_ .^X;^NJ/ZQ=(&-+A_ZYKV]J\V_;4\!V/Q)_9)^)
M&B:A;0W4%]X:U% LJ!@C_9Y"C#/0JP!![$"O2-+.-'M_^N:?R%>5_MT?%C2?
M@U^R)\1=>UJ\M[.UM?#]ZB-,VT33/"R11*.[.[*H'JPKX.E&3Q,>3^8_1JTH
MK!/G_E?Y'\T_[+7C:X\"?M+?#?Q!;-)#=6/B"PN@(3AB3<#<H]\''XU]J_\
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M*Z&VL:CH.N:>4U#2M1TJYD2UU&(-]\#*B1<#YU8<$]*_3W_@HK^TK:?M<_\
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M&XD5ZD<^R>A)U</0M/HSR)\.9_B8^SQ5=<G9'RG_ ,$"/^"76N?""YF^-7Q
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M!\,-0^!'Q;\5>#KYI+6^\-ZC=:2Y1N, F-@?K'C\Z_J/_9U^ FA_LP?!;0?
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<:XF5,\*78Y(%=OYE?)U+<SY=C[BBY."<]S__V0$!

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