<SEC-DOCUMENT>0001571049-17-002444.txt : 20170509
<SEC-HEADER>0001571049-17-002444.hdr.sgml : 20170509
<ACCEPTANCE-DATETIME>20170315160647
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-17-002444
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		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>
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<TYPE>CORRESP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="t1700749_corresplogo.jpg" ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2017</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Jim B. Rosenberg</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Assistant Chief Accountant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Healthcare and Insurance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 4546</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><B>Phibro Animal Health Corporation</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Form 10-K for the Fiscal Year Ended June 30, 2016
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Filed August 29, 2016 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Form 8-K dated February 6, 2017 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Filed February 6, 2017 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>File No. 001-36410</B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are writing in response to the Securities
and Exchange Commission&rsquo;s (the &ldquo;<U>Staff</U>&rdquo;) letter of March 3, 2017, in which you had several questions regarding
our Form 10-K for the Fiscal Year Ended June 30, 2016, filed August 29, 2016 (the &ldquo;<U>10-K</U>&rdquo;) and our Form 8-K dated
February 6, 2017, filed February 6, 2017 (the &ldquo;<U>8-K</U>&rdquo;). Below we provide detailed responses to your questions.
For your convenience, we follow the topical organization set forth in your letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #010000">1.</FONT></TD><TD>For both your fiscal 2016 and 2015 acquisitions you indicate that you do not provide pro forma information because the results
are not material to your consolidated financial statements. Please tell us your consideration of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD>Disclosing
revenues and earnings of each acquiree since their respective acquisition dates included in your consolidated results as required
by ASC 805-10-50-2h.1. Quantify these amounts for each reporting period; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Response</U></B></FONT>:
The Company acknowledges the Staff&rsquo;s comment and respectfully submits that it considered the disclosure requirements of ASC
805-10-50-2h.1 to disclose the amounts of revenues and earnings of each acquired business since their respective acquisition dates.
The Company determined that the amounts of revenues and earnings from each acquisition (during the periods presented) since the</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #27318B"><B><I>HEALTHY ANIMALS. HEALTHY FOOD. HEALTHY WORLD.</I></B></FONT><I><FONT STYLE="color: #27318B"><SUP>&reg;</SUP></FONT></I></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: gray">Glenpointe Centre East / 3<SUP>rd</SUP>
Floor / 300 Frank W. Burr Blvd., Ste. 21 / Teaneck, NJ 07666-6712</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: gray">Direct: 201-329-7300 / Fax:
201-329-7399</P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: left"><IMG SRC="t1700749_corresplogo1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Mr. Jim B. Rosenberg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities and Exchange Commission</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 15, 2017</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 2</P></TD></TR>
</TABLE>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">acquisition date, for the fiscal
year in which each acquisition occurred, were immaterial. The revenues and earnings contributed subsequent to the acquisition date
by the MJB acquisition for the fiscal year ended June 30, 2015, and the revenues and earnings contributed subsequent to the acquisition
date by the MVP acquisition for the fiscal year ended June 30, 2016, constituted, in each case, less than 1% of the revenues and
earnings of the Company for the applicable periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD>Disclosing
the extent of increases in segment and/or product grouping revenues attributable to sales of newly acquired products in Management&#8217;s
Discussion and Analysis as required by Item 303(a)(3)(iii) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Response:</U></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and respectfully submits that the Company determined that the contribution of
the newly acquired products to the revenues of the segment and/or product grouping were immaterial. The revenues contributed subsequent
to the acquisition date by the MJB acquisition for the fiscal year ended June 30, 2015, and the revenues contributed subsequent
to the acquisition date by the MVP acquisition for the fiscal year ended June 30, 2016, constituted, in each case, less than 1%
of the applicable segment revenues and less than 8% of the applicable product grouping revenues. In addition, the Company notes
that the narrative disclosure of the Animal Health segment revenues in the Management Discussion and Analysis section of the Form
10-K indicated that the increased revenues &ldquo;includ[ed] sales of MJB products&rdquo; for the fiscal year ended June 30, 2015
and &ldquo;includ[ed] sales of MVP products&rdquo; for the fiscal year ended June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #010000">2.</FONT></TD><TD>Please represent to us that you will no longer present a full non-GAAP income statement depicting your Adjusted Net Income
in future earnings releases. See the first bullet of Question 102.10 of the Compliance and Disclosure Interpretations for Non-GAAP
Financial Measures revised on May 17, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Response:</U></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and hereby represents to the Staff that the Company will not present a full
non-GAAP income statement depicting our Adjusted Net Income in future earnings releases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #010000">3.</FONT></TD><TD>You provide guidance for fiscal 2017 non-GAAP adjusted net income but not for GAAP net income. Please represent to us that
you will provide guidance on a GAAP basis in future earnings releases or tell us why you cannot provide it without unreasonable
effort as stipulated in Item 10(e)(1)(i)(B) of Regulation S-K. If you cannot provide GAAP guidance represent to us that you will
provide the disclosure called for in the penultimate bullet of Question 102.10 of the Compliance and Disclosure Interpretations
for Non-GAAP Financial Measures revised on May 17, 2016.</TD></TR></TABLE>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: left"><IMG SRC="t1700749_corresplogo1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Mr. Jim B. Rosenberg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities and Exchange Commission</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 15, 2017</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 3</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Response:</U></B></FONT>
The Company acknowledges the Staff&rsquo;s comment and hereby represents to the Staff that, when the Company includes guidance
in future earnings releases, the Company will include guidance on a GAAP basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; color: #010000">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #010000">4.</FONT></TD><TD>Please tell us why the $24 million provision for income taxes in your fiscal 2016 non-GAAP adjusted net income is not the same
as the $16.8 million amount presented on page 14 of your fourth quarter of fiscal 2016 earnings release.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Response</U></B></FONT>:
The Company acknowledges the Staff&rsquo;s comment and respectfully submits that, as disclosed in the fiscal 2016 earnings release,
starting with fiscal 2017, the Company revised its reporting methodology to present the GAAP provision for income taxes, adjusted
for the tax effect of pre-tax income adjustments and to remove non-recurring or discrete items. The revision to the reporting methodology
was due in part to the Compliance and Disclosure Interpretations for Non-GAAP Financial Measures revised on May 17, 2016. In the
guidance the Company presented for fiscal 2017, the Company revised the provision for income taxes for fiscal 2016, to give effect
to the fiscal 2017 methodology and to present a comparable measure.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hope that the foregoing has been responsive
to the Staff&rsquo;s comments. Should you have any questions relating to any of the foregoing, please feel free to contact me at
201-329-7333 or via email at richard.johnson@pahc.com.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/ Richard G. Johnson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Richard G. Johnson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Chief Financial Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Phibro Animal Health Corporation</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">cc:</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Thomas Dagger, Senior Vice President, General Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><I>Phibro Animal Health Corporation</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">cc:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Joshua Korff, P.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">David Curtiss, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><I>Kirkland &amp; Ellis LLP</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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