<SEC-DOCUMENT>0000950103-19-008298.txt : 20190815
<SEC-HEADER>0000950103-19-008298.hdr.sgml : 20190815
<ACCEPTANCE-DATETIME>20190624165205
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-19-008298
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Afya Ltd
		CENTRAL INDEX KEY:			0001771007
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55 (31) 3515 7500

	MAIL ADDRESS:	
		STREET 1:		ALAMEDA OSCAR NIEMEYER, NO 119
		STREET 2:		SALA 504 VILA DA SERRA
		CITY:			NOVA LIMA, MINAS GERAIS
		STATE:			D5
		ZIP:			00000
</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">New York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 9pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 9pt"><IMG SRC="image_001.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px"></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
                           <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Manuel Garciadiaz</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 28%; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
        LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
        New York, NY 10017</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 47%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 6095 tel</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 6858 fax</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">manuel.garciadiaz@davispolk.com</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P></TD>
    <TD STYLE="width: 28%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">June 24, 2019</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">Re:</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Afya Limited</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amendment No. 2 to</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Draft Registration Statement on Form F-1</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Submitted June 10, 2019</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CIK No. 0001771007</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Division of Corporation
Finance<BR>
Office of Telecommunications<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in">Attn:&#9;</TD>
    <TD>Lisa Etheredge, Staff Accountant</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Robert S. Littlepage, Accounting Branch Chief</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Joshua Shainess, Attorney-Adviser</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Kathleen Krebs, Special Counsel</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, Afya Limited (the
&ldquo;Company&rdquo;), we are writing to inform the staff (the &ldquo;Staff&rdquo;) of the Division of Corporation Finance
of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) that the Company is publicly filing today the
revised registration statement on Form F-1 in relation to Amendment No. 2 to the draft registration statement the Company
confidentially submitted on June 10, 2019 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 Class A common shares via the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval system (&ldquo;EDGAR&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This letter also sets forth the Company&rsquo;s responses to
the comments provided by the Staff in your letter dated June 20, 2019 (the &ldquo;Comment Letter&rdquo;). The Company has revised
the Draft Registration Statement in response to the Staff&rsquo;s comments and is submitting concurrently with this letter Amendment
No.&nbsp;3 to the Draft Registration Statement (&ldquo;Amendment No. 3&rdquo;), which reflects these revisions and updates and
clarifies certain other information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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 Amendment No.&nbsp;3. The Company is also sending, under separate
cover, a marked copy of Amendment No.&nbsp;3 showing changes to the Draft Registration Statement.</P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">June 24, 2019</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Amendment No. 2 to Draft Registration Statement on Form F-1</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Prospectus Summary, Overview, page 5</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-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 STYLE="padding-right: 4.45pt"><I>We note that you currently disclose the percentages your acquisitions represent in terms of
combined tuition fee growth as compared to organic growth. With a view toward providing balanced disclosure of your business strategy,
recent growth, and cash generation, also disclose the respective percentages of your net revenue growth resulting from your recent
acquisitions</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Response:</B></TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff's comment and
has revised its disclosure on pages 2 and 150 of Amendment No. 3 to disclose the respective percentages of its net revenue growth
resulting from its recent acquisitions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Selected Financial and Other Information - Combined Tuition
Fees, page 85</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-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 STYLE="padding-right: 4.45pt"><I>We note your response to comment 10 and your disclosures on page 27 that the tuition fee data
for CCSI was obtained from the internal management records of CCSI. In your initial draft registration statement, you indicated
that tuition fee data was not available from CCSI for the year ended December 31, 2017 and for the period from January 1, 2018
to May 30, 2018 (the period prior to your acquisition of CCSI), and to calculate the CCSI data presented for those periods, you
multiplied the number of students enrolled at CCSI by the monthly tuition fee amounts charged for those periods. Please reconcile
your most recent response to your initial disclosures indicating that tuition fee data was not available. Further, tell us what
procedures you performed to assess the reliability of the underlying data used to calculate CCSI tuition fees for purposes of this
metric. Additionally, to the extent that you continue to include CCSI in this metric, please revise to disclose how you calculated
combined tuition fees for CCSI and how you assessed the reliability of the underlying data.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Response:</B></TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company respectfully acknowledges the Staff's comment and
has revised its disclosure on pages 26, 62, 86 and 99 of Amendment No. 3 to clarify that combined tuition fee data was not available
from CCSI for the year ended December 31, 2017 and for the period from January 1, 2018 to May 30, 2018 (the period prior to the
Company&rsquo;s acquisition of CCSI), but that the disaggregated data for number of students and monthly tuition fees amounts from
CCSI for those periods was available because CCSI reported such data to the MEC. To calculate the CCSI data presented in the combined
tuition fees table for those periods, the Company multiplied the disaggregated data for number of students enrolled at CCSI by
the monthly tuition fee amounts charged for those periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the Company has revised its disclosure on pages
26, 62, 86 and 99 of Amendment No. 3 to clarify what procedures it performed to assess the reliability of the underlying data used
to calculate CCSI tuition fees for purposes of this metric.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">June 24, 2019</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please do not hesitate to contact me at 212-450-6095 or manuel.garciadiaz@davispolk.com
or Konstantinos Papadopoulos at 55-11-4871-8408 or konstantinos.papadopoulos@davispolk.com if you have any questions regarding
the foregoing or if I can provide any additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Manuel Garciadiaz, Esq.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 27.85pt">cc:</TD><TD>Virgilio Deloy Capobianco Gibbon, Chief Executive Officer, Afya Limited</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">Luciano Toledo de Campos, Chief
Financial Officer, Afya Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">Fl&aacute;vio A. Machado, Ernst&nbsp;&amp;&nbsp;Young Auditores Independentes S.S.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">&nbsp;</P>



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1"  > )L# 2(  A$! Q$!_\0
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=I/%M<D0[%*[#U0GTKLZYJO(Y7CL=E'G4;3W/_]D!

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