<SEC-DOCUMENT>0001571049-14-001079.txt : 20140508
<SEC-HEADER>0001571049-14-001079.hdr.sgml : 20140508
<ACCEPTANCE-DATETIME>20140408074830
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-14-001079
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				131840497
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		201-329-7300

	MAIL ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPP BROTHERS CHEMICALS INC
		DATE OF NAME CHANGE:	19980908
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<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="3" STYLE="padding: 10pt 5.4pt 7pt; font-size: 10pt; text-align: center"><IMG SRC="image_002.gif" ALT="" STYLE="height: 33px; width: 238px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 32pt 0 0; text-align: center">Christopher Kitchen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">To Call Writer Directly:<BR>
        (212) 446-4988</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">christopher.kitchen@kirkland.com</P></TD>
    <TD STYLE="width: 23%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">601 Lexington Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center">(212) 446-4800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">www.kirkland.com</P></TD>
    <TD STYLE="width: 38%; padding-top: 42pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile:</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">(212) 446-4900</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">April 8, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Via EDGAR and Hand Delivery</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Anne Nguyen Parker<BR>
Branch Chief<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Phibro Animal Health Corporation<BR>
Amendment No. 1 to Registration Statement on Form S-1<BR>
Filed March 31, 2014<BR>
Amendment No. 2 to Registration Statement on Form S-1<BR>
Filed April 4, 2014<BR>
File No. 333-194467</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Ms. Parker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On behalf of our client Phibro Animal
Health Corporation, a Delaware corporation (the &#8220;<B><I>Company</I></B>&#8221;), this letter sets forth the Company&#8217;s
responses to the comments of the staff of the Division of Corporation Finance (the &#8220;<B><I>Staff</I></B>&#8221;) of the U.S.
Securities and Exchange Commission (the &#8220;<B><I>Commission</I></B>&#8221;) set forth in your letter dated April 7, 2014, to
Jack C. Bendheim, President of the Company, with respect to the above-referenced Amendment No. 1 and Amendment No. 2 to Registration
Statement on Form S-1 (the &#8220;<B><I>Registration Statement</I></B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The text of the Staff&#8217;s comments
has been included in this letter for your convenience and we have numbered the paragraphs below to correspond to the numbers in
the Staff&#8217;s letter. For your convenience, we have also set forth the Company&#8217;s response to each of the numbered comments
immediately below each numbered comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, the Company has revised
the Registration Statement in response to the Staff&#8217;s comments and is filing concurrently with this letter Amendment No.
3 to the Registration Statement (the &#8220;<B><I>Amendment No. 3</I></B>&#8221;), which reflects these revisions and updates and
clarifies certain other information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company is also separately transmitting
in paper copy, pursuant to Rule 418(b) of Regulation C under the Securities Act of 1933, supplemental information requested by
the Staff. The supplemental information is not to be filed with or deemed a part of the Registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.0
in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></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 STYLE="width: 100%; padding: 3pt 0; text-align: center; font-size: 10pt">Beijing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Munich&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 2</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.0in">Statement, and the Company has requested
that the supplemental information be promptly returned to the undersigned or discarded following completion of the Staff&#8217;s
review of the supplemental information. Rule 418(b) requires that supplemental information that is requested to be returned not
be filed in electronic format.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Form S-1 Amendment No. 1 Filed March 31, 2014</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Risk Factors, page 17</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Risks Related to this Offering and Ownership of Our Class
A Common Stock, page 35</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Future sales of our Class A common stock, or the perception
in the public markets that these sales may occur, may depress our stock price, page 37</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">1.</FONT></TD><TD><B><I>Staff&#8217;s Comment</I></B>: In the fourth paragraph, please verify the mathematical accuracy of the 21.7 million shares
of Class B common stock that will have the right to require you to register such shares under the Securities Act. Please provide
details of how you determined the amount of such shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that the stated approximate amount of 21.7 million shares of Class B common stock subject
to registration rights is correct. This amount includes 21,348,600 shares of Class B common stock that will be outstanding upon
completion of the offering, together with 386,750 shares that will be issuable upon exercise of the BFI Warrant. The Company has
revised the referenced disclosure to clarify that shares issuable upon exercise of the BFI Warrant are included in this amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Use of Proceeds, page 45</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">2.</FONT></TD><TD><B><I>Staff&#8217;s Comment</I></B>: Based on estimated gross proceeds of $125 million (assuming an offering price of $17.00
per share), costs and expenses of the offering of approximately $3.7 million (per page II-1), and approximate net proceeds of $114.6
million, it appears your estimated underwriting discounts are approximately $6.7 million. Please confirm whether this is correct,
what the estimated discount per share is, and whether such underwriting discount pertains to only shares offered by the Company,
or also to those offered by the selling shareholder. Provide corresponding disclosure that fully reconciles estimated gross proceeds
to estimated net proceeds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that the $114.6 million amount of net proceeds reflected on page 45 of the Registration
Statement gives effect to the reimbursement of a portion of the Company&#8217;s offering expenses by the underwriters, in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 3</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">an assumed
amount of $1.7 million. The estimated underwriting discount is based on a rate of 6.75%, equivalent to a per share amount of $1.1475,
and only pertains to shares offered by the Company (for an aggregate amount of approximately $8.4 million). The Company has revised
the referenced disclosure to disclose the aggregate estimated amount of the underwriters&#8217; discount and that the expense amounts
assume reimbursement of certain amounts by the underwriters.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">3.</FONT></TD><TD><B><I>Staff&#8217;s Comment:</I></B> In the third paragraph, you indicate the total to be available under your New Credit Facilities,
$390 million. Please also state the respective amounts available under each of the 2014 Revolving Credit Facility and the 2014
Senior Secured Term Loan Facility. Additionally, if true, indicate only the 2014 Senior Secured Term Loan Facility will be utilized
concurrent with the offering, to correspond with the related &#8220;Sources&#8221; amount presented in the table below on this
page.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company has revised the referenced disclosure on pages 45 and 46 to state the respective
amounts available under each of the 2014 Revolving Credit Facility and the 2014 Senior Secured Term Loan Facility and to indicate
in the &#8220;Sources and Uses&#8221; table that the amounts drawn at closing under the New Credit Facilities will be borrowed
under the 2014 Senior Secured Term Loan Facility.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">4.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>In the &#8220;Uses&#8221; section of your tabular disclosure, you indicate &#8220;Fees
and expenses&#8221; will amount to $15.4 million. However, the difference between your estimated gross proceeds of $125.0 million
and estimated net proceeds of $114.6 million (disclosed in the first paragraph on this page) amounts to only $10.4 million. Please
provide a detailed reconciliation of these amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that approximately $5.0 million of fees and expenses are expected to be incurred in
connection with the the Company&#8217;s entry into the New Credit Facilities. This amount is not an expense related to the offering
itself and therefore is not deducted in the calculation of net proceeds of the offering. The Company has revised the Registration
Statement to include a footnote to the &#8220;Sources and Uses&#8221; table on page 46 of the Registration Statement to clarify
this point.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">5.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>In the &#8220;Uses&#8221; section of your tabular disclosure, you indicate &#8220;Cash
on Balance Sheet&#8221; will amount to $13.9 million. Please provide a detailed reconciliation of this amount from the beginning
&#8220;Cash and cash equivalents&#8221; amount of $30.5 million presented on your unaudited balance sheet, as of December 31, 2013
(page F-35).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that the $13.9 million reflected as a use of proceeds under &#8220;Cash on the Balance
Sheet&#8221; represents cash that will remain following the other stated uses of proceeds and, as a result, will be added to the
Cash line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 4</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">item on the Company&#8217;s balance sheet at that time. The Company has revised the referenced disclosure to clarify
that this amount will be &#8220;Cash added to the Balance Sheet&#8221; to clarify this point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Capitalization, page 47</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">6.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>In your tabular presentation, under &#8220;Debt,&#8221; the amount presented for your
&#8220;9.25% senior notes,&#8221; $297,796, does not mathematically agree with the corresponding amount per your unaudited balance
sheet, page F-35, of $297,827. Please reconcile such amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that the amount set forth on page F-35 of the Registration Statement under &#8220;Long-term
debt&#8221; includes $31,000 of long-term capital leases. This amount is included in the amounts shown under the line item &#8220;Capital
leases&#8221; in the capitalization table on page 47 of the Registration Statement, which line item also includes $62,000 of short-term
capital leases.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">7.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>In your tabular presentation, the adjusted &#8220;Cash and cash equivalents&#8221; amount
of $15.9 million does not mathematically agree with the corresponding amount of $13.9 million on page 45. Please reconcile such
amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company advises the Staff that in arriving at the approximately $15.9 million amount
reflected under &#8220;Cash and cash equivalents&#8221; in the capitalization table on page 48 of the Registration Statement, the
Company adjusted the approximately $30.5 million reflected under the &#8220;Actual&#8221; column by (i) adding the $13.9 million
of &#8220;Cash added to the Balance Sheet&#8221; shown on page 46 of the Registration Statement and (ii) subtracting the $25.0
million paid as a dividend and $3.4 million paid in respect of taxes incurred as a result of repatriation of funds used to pay
the dividend. The Company has added a footnote to the capitalization table on page 49 of the Registration Statement to separately
disclose this tax payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Dilution, page 49</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">8.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>Please provide us with the details of your calculation to determine your net tangible
book deficit of $(115.7) million, as of December 31, 2013. Please also provide us with cross referencing for each reconciling amount
to where each is presented in your corresponding unaudited financial statements, included elsewhere in your filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company is confidentially providing the Staff with the requested materials, supplementally
herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 5</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">9.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>As in the prior comment, please also provide us with the details of each of your calculations
to determine your pro forma net tangible book deficits, for each additional scenario you disclose in this section. Please also
provide the underlying details and calculations, if necessary, for the items impacting each of your pro forma determinations. For
ease of reading and understanding, you may wish to consider providing a comparative tabular disclosure of the actual and pro forma
scenarios, with sufficient underlying footnote explanations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company is confidentially providing the Staff with the requested materials, supplementally
herewith.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">10.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>Please explain to us how you determined the total consideration amount of shares purchased
by existing shareholders, $50,123,161, you presented in the table at the bottom of this page.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that it calculated the total amount of consideration paid by existing stockholders to
purchase shares of the Company&#8217;s Class A common stock by multiplying the purchase price paid by the selling stockholder (the
only existing stockholder that will own shares of Class A common stock upon completion of this offering) to purchase shares of
our common stock by the total number of shares it purchased, and divided that amount by the total consideration paid, to arrive
at a price per share prior to the 0.442-for-1 stock split that will occur prior to completion of this offering. The stock split
was then applied to the number of shares held and the price per share to arrive at the figures presented in the table, which reflect
the number of shares held by the selling stockholder upon completion of the offering, and the consideration (both per share and
in the aggregate) paid by the selling stockholder. The Company is confidentially providing a detailed calculation of these amounts,
supplementally herewith.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">11.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>On page 50, in the second paragraph of this section, you state: <I>&#8220;If the underwriters&#8217;
option to purchase additional shares is exercised in full, our existing stockholders would own approximately 17.8% and our new
investors would own approximately 82.2% of the total number of shares of our Class A common stock outstanding after this offering.&#8221;</I>
Please verify the accuracy of these percentages and provide us with your corresponding detailed calculation thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company confirms the accuracy of the referenced percentages and advises the Staff
that it is confidentially providing the Staff with the corresponding calculation thereof, supplementally herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 6</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">12.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>On page 50, in the second paragraph, you state: <I>&#8220;If the underwriters exercise
their option to purchase additional shares in full, the pro forma net tangible book value per share after this offering would be
$(1.21) per share, and the dilution in the pro forma net tangible book value per share to new investors in this offering would
be $18.21 per share.&#8221;</I> Please tell us why the pro forma amounts for this scenario are the same as those you determined
for the scenario when the underwriters do not exercise their option to purchase additional shares, as you presented on page 49.
Additionally, please tell us whether any additional underwriters&#8217; discounts should be factored into the calculation, assuming
additional shares are deemed to be sold if the underwriters exercise their option to purchase additional shares, and what such
additional discount amount would be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
The Company respectfully advises the Staff that because any shares sold pursuant to the underwriters&#8217; option to purchase
additional shares would be sold by the selling stockholder, there is no effect on the pro forma amounts referenced and any additional
underwriters&#8217; discounts do not need to be reflected.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">13.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>Your disclosure in the third paragraph on page 50 appears to contradict the statement
made in the second paragraph, pertaining to whether the calculation &#8220;above&#8221; assumes no exercise of the underwriters&#8217;
additional purchase option. Please revise or expand your disclosure, as appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company has revised the Registration Statement to move the third paragraph on page
50 such that it is now the first paragraph on page 50, which the Company believes clarifies the issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations, page 55</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Significant Accounting Policies and Application of Critical
Accounting Estimates, page 80</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Share-Based Compensation, page 81</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">14.</FONT></TD><TD><B><I>Staff&#8217;s Comment: </I></B>Please expand your disclosure to also address the extent to which the estimates to determine
the fair value of the Company&#8217;s shares are considered highly complex and subjective, and to state such estimates will not
be necessary to determine the fair value of new awards, once the underlying shares begin trading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Response</I></B></FONT>:
In response to the Staff&#8217;s comment, the Company has revised the referenced disclosure to explain that the estimates involved
in the valuation of the Company&#8217;s common stock are highly subjective and complex, and that such estimates will not be necessary
once our underlying shares begin trading publicly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&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: 10pt 5.4pt 20pt; text-align: center; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 16px; width: 193px"></td></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">April 8, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Page 7</P></td>
    <td style="width: 50%; padding-right: 1in; padding-left: 5.75pt; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;In addition, the Company hereby acknowledges
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: 0in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>should the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose
the Commission from taking any action with respect to the filing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: 0in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the filing effective, does
not relieve the Company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: 0in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company may not assert Staff comments and the declaration of effectiveness as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We hope that the foregoing has been responsive
to the Staff&#8217;s comments. If you have any questions related to this letter, please contact me at (212) 446-4988 or my colleague
Joshua Korff at (212) 446-4943.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 48pt 3.5in">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 48pt 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
Christopher Kitchen&#9;</U></FONT><BR>
Christopher Kitchen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">cc:&#9;Jack C. Bendheim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.gif
M1TE&.#=A[@`A`'<``"'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"P`
M````[@`A`(<````+"PL"`@(4%!0'!P<1$1$%!045%14>'AX9&1D/#P\<'!P;
M&QL*"@H.#@X?'Q\#`P,2$A(("`@7%Q<-#0T)"0D='1T,#`P0$!`3$Q,&!@86
M%A8$!`0!`0$8&!@:&AHT-#0Y.3DS,S,N+BXK*RLM+2T_/S\@("`L+"PC(R,V
M-C8E)24]/3TG)R<\/#PW-S<O+R\Q,3$A(2$[.SL^/CXI*2DZ.CHD)"0P,#`J
M*BHF)B8R,C(U-34X.#@B(B(H*"A86%A<7%Q:6EI?7U](2$A%14545%1.3DY5
M555"0D)*2DI+2TM#0T-=75U-34U34U-04%!!04%>7EY75U=,3$Q&1D9`0$!;
M6UM'1T=965E145%)24E65E9$1$124E)/3T][>WMQ<7%@8&!M;6UO;V]T='1J
M:FI^?GYF9F9A86%Z>GIX>'AE965W=W=Y>7E_?W]U=75D9&1P<'!S<W-H:&A]
M?7UC8V-B8F)G9V=N;FYV=G9I:6E\?'QL;&QR<G)K:VN*BHJ&AH:(B(B$A(2'
MAX>)B8F-C8V/CX^:FIJ3DY.+BXN.CHZ5E96;FYN>GIZ#@X.=G9V6EI:`@("!
M@8&"@H*%A86<G)R?GY^4E)29F9F7EY>,C(R8F)B1D9&2DI*0D)"KJZNMK:VF
MIJ:\O+R_O[^PL+"IJ:FSL[.TM+2GIZ>BHJ*RLK*EI:6NKJZ[N[NYN;FAH:&Z
MNKJOKZ^CHZ.DI*2UM;6]O;VWM[>@H*"HJ*BLK*RXN+BVMK:JJJJQL;&^OK[.
MSL[6UM;&QL;!P<'8V-C#P\/>WM["PL+5U=7*RLK+R\O?W]_1T=')R<G4U-3<
MW-S=W=W2TM+-S<W9V=G0T-#(R,C3T]/$Q,3'Q\?`P,#%Q<7,S,S7U]?/S\_:
MVMK;V]OHZ.CL[.SO[^_V]O;W]_?EY>7BXN+IZ>G[^_OM[>WP\/#Q\?'^_O[S
M\_/X^/CZ^OK]_?WY^?GDY.3FYN;KZ^O\_/SJZNKT]/3U]?7AX>'N[N[@X.#G
MY^?CX^/R\O+___\(_P#_"1Q(L*#!@P@3*ES(L*'#AQ`C2IQ(L:+%BQ@S:MS(
ML:/'CR!#BAQ)LN1#4(``!0(F,)@@0(.$_1M&"%"A4/_`%4J94M2H<`5)U2Q4
M2J`X0X`$F?HG;B>@0^,4GDJ)R""Y1(`4E3N(:F>J?Z)X`EI4ZA2QB.,2`0FR
MU*&Y0&)YGA,(#"X@50=7[214S"`Z1BD#&1MX#$P0(4/"-$J74)VBE(;6&41F
MEQ4[@Z&<`C+4BE2[A*````BP]=^Z```$G$4F&H"K?^Y`M&X]H!#!8*U?"PPA
MNM6_=T1$BX&GL%3K9`7AC1$-(I[!5Z)A_8,U>[8(1P[EC0!`0#09A^U(5/\7
MK4S@O`*BL1N,)=K`,H/L'HDN(9E>D?$`^B)$9T3TD7H&V7.`:)`<!-UX""BR
M7P(`(#&0,0H`@,I`)@"PP&7_1"*:)++,<A\`91"4!``G#!0/"@!,,A`MHNF6
M4"JMF6$0,ZT-85`]##1PCVD.`$#"&8$$8D8*HBGQV4)H`#`$/OD\`$`S#E$"
M``1H,")+)2I`*5`:H^F#T`H`+(&0,Z*I\1L+`$1@R3[I"+-&`*,H5(MHJR#$
MQFB,&00/`@`P4$D@;9P@FAL(M="@0.BH`$`8!+D`P`L87B+:,P.-"``T`PT!
MP`/O"+2<"P11!P!+"KD@@1(`3(!/0=',%HE!,%#_0,X_Z41X!D'Q+`(!`"9$
M52H`F`AT'RT.20)`!;X*E.P;H_&#$`QA(B2-:'#\8XMHC1043#X*W2):+`C%
M`8`%SAW$&Q,#B1.#:-/`!Z81`LD!@`CE"N0H"P-9(IHT`\$(`"D#-;%IIZ$`
M4(`Y!.%"GD*L.9&/:#@11`T`,@PPI4P$E7#!JN%$6&U!F8@VQT)T4.R..1@`
M4%Y#S$H@#T)U-(M0"0`H(2VU_VA"8$1S`G`+0G;T.>M!,P!``T$L`I"+NP`\
M\<^<$IS5*`"@"J0O`/P*M(EHP00,``+_H*QT00JKK%`8`.CR#V]$%#0Q%+N(
MQ@`X&6_\3\<`?%Q0%`!<_Y`G0N9$\&@-`$CQ4,OJP"SS033;?-"T>?\CC&@+
M5`-1SS\?%#0#0QMD@]$$C2(:*$P/H<X$`'!BD*-5_W,UJ=!8`,`4!`E\PSMH
MWF%0V2L?=$\&&:S:"7?<#C0QOF>(9@*&_VC,L<<'-2*:+`NUTMH2Z!P.@`:\
M**.,-<S_$W,`SC)>\\V1_T.%:`+8@8Q#F`,M-$*?'SU0DA(@7!`[8"+A!``@
M.`CK\I6::T@##!&2PHZ\5@)Q%6"!"5L80G(!`$HH*T*`D!@`\/6/_X%H(,Z[
M&_0,@@W1>$(AX@!":ZK@#NW-9@/A&U_Y#-(X]'VL'5QJ3QRZMI#X:6Y^!_D<
M!_]S)II7,>T)5@!``W:Q.JH1D`.U8)`!,E<[`)3@"@#H0"5V)\&#)#$3MK!%
M-G``@!P01R#'$X@ZP`0`40@DA'C3&T&F(9I@[0<+!BN9T6:X$&9!0`IB,`$+
M6C@0&<[L?(_#V4!*04;1:$!%<A(-%0NRN<X5Y'-,`(<EHB"`%Y#N(/P#0!K*
MT0``>(`>!1F@U42S#&\)0!`&$9@.VD$S`%@N@F8[2#`$@!\`:,-X&QQ(-"IP
MK&C\`P5VB^-!KI6ZA$QB2KSX1\@`<(/B]?%8OKI'O<2W.!HBTB"0D^,_X`&+
M[8@F1`GQH4$J23\`1$$?R<B&_A`22J==#0JI=.(J1_7_#SR()II5!!LS.@"`
M%B3K'[Q#"!@6!8N&PL(1&P``&H`YQ'_X:P7W>$$`GI>^@L@':P@1A^".,!!.
MB&8%\TQ(RUYV$$.:SW'@5&1!ZM&)[@#@?0A1)R6!Z+E@-B24\.K@S@:B2M?M
MZQ_D0-$!2B,0@7'J'Y40S40'DE"#O.,#"@C?/_(`@`,D[A]I)`@<1",$$2B`
MH^*$C9-*<,:8-G,@JT"-#JR)D)4JCGR'A&E!PID08P&`%>F4I/PXUT[[,02H
M`A'0:"AE+]#M,VO4T```DD`0*0Q,(!4"@&\$4C92$00=<_I.0;8A&KR`U:<$
MJ4)K/L!1/1A$CZ](2*L^2)""__5)2W4%@`3H5I`6)B\`]K!J\Z(UTW_PM:T$
MZ85HBI+3;PEW<]DKB',<95B&&(IV`NE9"`:")A"<45(`H,9`,"&:6PDD"R2*
M[C)0,X#RJ4(T&!-(-,RPC_Y8`S[;H>P_K.%8@MCC`Z)A+:U29J:!<$,(HK%@
M0L@A*`]@2B#IT$)K&J">@TA)`OL82#V.$8=^<#,`\QC(.'9!!\E`JVT#44<D
M;@4,T;3A'W>81:=,A*H->`DA<0-`G0:"C#U@XQ]W^@`$W6$+,X@#'CO@E4/N
M(;@M$$0/HI&#0!2U@>@N0C2W%$A_QO8/'@`@`0`2B"E$,X-576T#+PA!"'(`
M`!1`H_\#*$`(($0#)6WHLR#"Z`X#5J6/4B;`"6(0`V^V9PB&V'8"DM#%&2)*
MB5<(#@!7X.-`QFHA-8?@!@!`US^F(!H96'H!D/X'.@"L@1JHN0<6*PJ-(L=5
M'>3!$J4X@W@,,*&$6`\`&5"!FE&4@19JBF*6=A(7?C.@'CB$$:)I0+L&H@;!
M30(9-J6>/M8%`#LPSQUTD(`&;,$-F_J"()``=1?`P3?\>(+3#^`M0>JAQQS,
M8P]]N^]S*B"`'2&[.ATHP1R<X1!86*PU![B$0(PQA`@E@!71-8H/>EF490P(
M/^6A('X6X`YVK$$T)%A'-2)4G1Y<0R'HV$(O"=4/U.'GQ[;_E8!X&8*,:$2C
M&^H6"#V8L0UC=",:S/#&/]2A#)=3`[G_Z(<TO%&.FS/C&P5IAS6$<0YJN/SI
M3Z=',J(!#*`4!!W`<'DRRN'R;GA8EYYH83"@'@UKH#(B_)C%(`9A"G\4Q![1
M:`8V9BP0?TB#[$\'$#CNCG><!H,9>(]&AMGA]&AL0S+G>`4ATH`&11R#(>C@
M.]X_0P_)0QVGTP"\UTW"^<Y[_O.@#[WH1T_ZTIO^]*A/O>I7S_K6N_[UL(^]
M[&=/^]K;/O7$`-<_@O$+",>B'<?H!2QZ-Q!AK*P9I5`%-[PA"U4T8QF[B$<L
MC/D/8_`B*M!@XCA8T8KF/X,4N5#%_SVFL0I8^")\VVB%*I#^#VW\^!_**,4L
MG!4*4R0?&</(,%BW08]:L()TP-`*L\!;J<`'GH`.VH`QV'`,[H`*Y9`/O@`+
M6E*`GW!0M_=Y9@``_/9>2_$-,>`.**`"9C`"?5`0-T`!`'(%"R`)J*`(%D`)
MCG`(#%`/(Q`(V04!B4,&EV(,<7`"%L`&VY``0``'_&`(`6`&4``"\^0$.A`'
M$S`,_S`"'?`95_`#;W`#QS`')K`!:%`,1)`!B4,)?<`/`#`':P`/4"`"?(``
M\Z`&/8`);(`/2(!B0)`$]>``V+`*&&`&#]`(?&`"B3`$[W&!H+<.31`$>_`/
MH``#"A`,]__@9#&0+>$@`=0C$,<P!%;0"_^P!U3P&8<`!6[W"3'00>HA#`<0
M#_AP!5?`!@+!!C;R#PN0"\11"-OU#T<@)@)Q!'[P#S%`"?DP!$60+6(0!_^@
M`#@!"DX@$'T0`>B""W70#@K`;_\`!6OP#P20#$M@`F%&!TJ0#_F0!5GP#R!`
M#+?0!?_@ADM0!(0X>KE0!8:``0A%")LP`<^`3SOP"5IV!0,A!7X`!.8(!Q\0
M!?$`"PQ`!.B@"3CP#TI@"0)Q#0?P#[U``Y_0:_\@!4`@$"N``U(&"#P@$,,0
M`6?D!7O0"T5P#GZ`!W&P769@`ELP"9?A""B6!K5P`X'@"WQP#PW_\`+!(@15
MP`2;\`_Y$`478!MZ0`$_\`,8@`>\&`R[T`79P`3#``XA$`&%MHZ?-P59@`<;
MD`VM$")=T`).$P-&E`.'H$8@@`=L<`#ND`=($`_PL`A9``_P\`D)J02S(!#:
ML`'_D`5"@`<34!06^0_LL`!Q\@^%\`("00@X@"%:$`=G40\]@`=H@`'Z0`97
M@`1_(!"7X&3_<`7-L`\4H`2`L`X1,!?_8`1HH`1\,!"A4`&FL`9?L`[K(`7#
M)@),R03?<"3_(`L:P`A6V7G5$`4"00E1,`L3=0\'8`'_\`-TH`U_$`.K8I@C
M\P\V(`AY@`4"`095(!""(`/_P`)^H`V@_^`+`^`*FE8).?`/3Y",[.``A"`,
MKS`("Z`-M'```",07=`$`H$)2OD/6Z`&?>`%[G`!G?`/F("8ZC,AO@``E:`.
M`%`*I*`-2\`&X]``F9`+N2D#N/`'CA,$;?,!S%`**Z`LE[`/[7`#^/B;)C$+
MOOD/W$`'F&!$W/`'Y/`&=Y`&AD!(["`)^G$*?E`3+UD'EW$*<N`.@W"C@M`,
M8=`)N-`2=F`/GY!!ZI`'=R`&N/`*<9`&<\!#`J$(A<8.DV`+`K$*>K`)6Q0,
M>^`/O@`'Q%$'&/,)F2`/;'`'4O`+F9!!VZ`'DA`"3*`ZAE"5G4`(Y$`'UI`-
1>]!"[%`)+)`$!03">@$!`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``0`,$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#K/'WB@^%?
MB-I>H3SWC6$.E7$TEI#(^R5U.$RHXZMU(XZ]JDO+34].^#^OZQ=:Q<3:I?V[
MZAYMO=.8[?/S(D)S\J*".G7GMBMW6?"MYJOQ$TO6'CM)=)@L)[2YBD<[W\P$
M$;<8(Z=3W-8J^!/$&G^$/$/A*RNK6ZTBZB==+>XE826P<\QO\IRHR2"#GVYX
M`,76;P#4_A^NI:SJ=KIL^C2SW[PWLT9?9"KAF*').23GK5O2;K6V^%WC"]DO
M]0?31%/-H=W<RD7)A"%E<M][&0"">?TK;7P;JK>(/!=Y*EDUKHNG26MVAD)+
ML\0C.T;<$<=\9S4*^!];TK1?$GAS2[BUFT+4;:4:?%/(RO922`@IT.8\DD=Q
MZ'.:`,GP3JESXUO-$LEU*ZBM=!L+>>_/VAUFO;F2,'#<Y,8Y))X8GTK=\*W5
MU-\6/'-K+=W$EO;"S\B%YF9(M\9+;5)P,D9XJJG@'5]/MO#.K:1/:0>(=)LX
MK*[5W;R+V%5"E&8#/;*G'''H,/30/&FE>.?$6NZ3;:)-!JX@`2[NI5:/RH]O
M\*$<DG]*`-#XF:RMCHUEI2:FNFW&KW:6PO#.(C;Q`[I9`Q(P0HP.>K"L/PKX
MEGU3X2^(()=2-UJ6BPW=J]Y%/N:38K&.4.#SD8^;/4&M[3_#.J:EXF.K^+(-
M-N1%8+;6\,.9(T=FW2MM=>,D(H.2<+VS6=J?@?4H/$>N7.@0V$.F:SI#6=Q`
M7,>+C:RI(%52,`$`_4F@#.^'7BG5=+DTWPWXLNGG?4;5+O2=1E8G[0KJ&,3,
M?XUS@9Z_EGG[.6^U7_A`[*?6-62.^U#5(KEH;^5'D6-VV`L&R<;0![5Z->>!
MX=;^'VF^']3817ME;0K#=6Y)-O/&@`D0\'J/;(KD;/P!XNTRR\(/`VEW-]H=
MQ>S3FXN'59C,YP00A/0Y.>]`&GJ9U#X>>)-!>VU;4-0T75[U=/GM-0G,[0R/
M]QXW;Y@.#D$G_#T6[D$5G/(9T@"1LQF?&V/`^\<]AUKC8O"VNZ]XBT[5_%EQ
M8)#ICF6STZPWLGFD<22.P!8CL``/UST7BC1/^$C\+ZEHWGF`WD#1"4#.TGH<
M=QZCTH`\G^$^MWFH^+%AGO[E'2RD:X-U=RR+JCF0A9X4?@*`IY7'7&*]NKRJ
M;P1XKU[3='TK4TTC2SHX46^KV,CO<`HN%\M<*$!P-V21Z#ICNO#8\21V;0>)
M/L$MQ&<)=6;,!,/5D*C:WK@D?2@#S)9;>_\`BCXITK5-5\3I&+JVBLET^YN1
M%"9$^;<4^5!N(^]QU]ZZ;5KJZB^-WARR2[N1:2:;,\D`F81NR[L,5S@GWQ4<
M.@^-=&\9^)=8TFWT.>WU>2)E6ZN959!&FT$[4(YSG%-U;PWXSF\7Z%XEM1HL
M]Y96#07,<LLD<;2.3NV85CM&<`GD^E`%GXI75U:IX4^RW=S;^?X@MK>7R)FC
M\R-MVY3@C(.!5SXL7-Q9?#+6KJTN9[:XB1&CF@D,;J?,4<$'/0FLOQ+X=\:^
M)-)TI[A-#34K#6([](DFE$(CC!PI;;N+$DY.!@4_Q'HGCCQ7X2UC2+^+0K8W
M,4:6ZV\\K#=O#,SL5&``O``.2>O%`&!XIN[C3_$=A<^)SK3>#CIT2QRZ?/*J
M13X&YIS&0Y]B2>W7FO2/":Z8/#L!T?4YM2L&+-%<37!G;!).W<>>.F#R,8K*
MNF\;V3K;V6EZ+?V)@C55ENGB>-@@#AOD(=<Y(/'!I_P_\(R^$-&NX;B6!KF^
MO)+R:.V4K!"SX^2,'G:`!UH`S]<N;F/XR^%K5+JX2VFLKII8%F81N5'REE!P
M2,GJ*3XK7%S:Z5H,EK=W-LSZW:PN8)FC+QL6#*=I&0?2I/%7A_Q)<^.=&\0Z
M%'ID@T^VEB:.]G=-YDX.-JGH*I>)O#WC;Q/H%G'<+H<>H6NK17L<4<LOE".,
M'`+%=Q8L?0`"@#?^(\\]K\.M>N+:>6">*T9XY8G*,K#D$$<BN%LH]0L-6\'?
M\(_K.M7U[="%]7MKFYDN8%@9`7=BV0C<_+@C.:Z75M+\;^)/#6M:7J46AVPN
MK,PVZVT\KYD8C+.S*,`#/`!SFNMT&TGT_P`/:;97007%O:QPR>6Q*[E4`X)`
*XXH`T****`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
