<SEC-DOCUMENT>0001206774-15-000400.txt : 20150316
<SEC-HEADER>0001206774-15-000400.hdr.sgml : 20150316
<ACCEPTANCE-DATETIME>20150205172953
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-15-000400
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV align=center><IMG src="photronics_correspx1x1.jpg" border=0></DIV>
<P align=left><FONT face="Times New Roman" size=2>February 5, 2015</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin
James<BR></FONT><FONT face="Times New Roman" size=2>Senior Assistant Chief
Accountant<BR>Division of Corporation Finance <BR>Securities and Exchange
Commission <BR>100 F. Street, N.E.<BR></FONT><FONT face="Times New Roman" size=2>Washington, DC 20549</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Photronics, Inc.</FONT></B></TD>
    <TD noWrap align=left width="73%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Form 10-K for the Fiscal Year Ended November 2,
      2014</FONT></B></TD>
    <TD noWrap align=left width="73%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Filed January 6, 2015</FONT></B></TD>
    <TD noWrap align=left width="73%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>File No.
      0-15451</FONT></B></TD>
    <TD noWrap align=left width="73%"></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Dear Mr. James:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are responding to the
comments received from the staff (the &#147;Staff&#148;) of the Securities and Exchange
Commission (the &#147;Commission&#148;) by email dated January 23, 2015 in connection
with the filing of the Photronics, Inc. (the &#147;Company&#148; or &#147;we&#148; or &#147;us&#148; or &#147;our&#148;)
Annual Report on Form 10-K for the fiscal year ended November 2, 2014, filed on
January 6, 2015 (the &#147;2014 Form 10-K&#148;).</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For your convenience, the
numbered responses of the Company and related captions contained in bold-type in
this letter correspond to the numbered paragraphs and related captions in the
Commission&#146;s letter of comment. The questions are followed by the Company&#146;s
response thereto.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><B>Form 10-K for the Fiscal
Year Ended November 2, 2014</B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><B><U>Item 8. Financial
Statements</U></B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><B>Note 2 &#150; Acquisition of DNP
Photomask Technology Taiwan Co., Ltd., page 43</B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><B>1. Please tell us, and
disclose in future filings, the acquisition date fair value of each major class
of consideration transferred, including the number of instruments issued or
issuable. Refer to paragraph 805-</B></FONT><FONT face="Times New Roman" size=2><B>30-50-1.b of the FASB Accounting Standards
Codification.</B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><I>Paragraph 805-30-50-1.b of
the FASB Accounting Standards Codification states the acquirer shall disclose
all of the following information for each business combination that occurs
during the reporting period:</I></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-left: 15pt"><FONT face="Times New Roman" size=2><I>&#147;The acquisition-date
fair value of the total consideration and the acquisition-date fair value of
each major class of consideration, such as the following:</I></FONT></DIV>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Cash</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Other
      tangible or intangible assets, including a business or subsidiary of the
      acquirer</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Liabilities incurred, for example, a liability for contingent
      consideration</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>4.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Equity
      interests of the acquirer, including the number of instruments or
      interests issued or issuable and the method of determining the fair value
      of those instruments or interests&#148;</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin </FONT><FONT face="Times New Roman" size=2>James <BR>February 5, 2015 <BR>Page 2 </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>We utilized the applicable
guidance per the FASB Accounting Standards Codification paragraph 805-30-55-15
to measure the acquisition gain as the difference between the fair value of
identifiable net assets acquired less the fair value of the consideration
transferred as follows: </FONT></I></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></EM></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Identifiable net assets acquired
      at fair value</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>$</FONT></I></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>114,719,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>Less: Fair value of the consideration
      transferred</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for
      the Company&#146;s 50.01% ownership in DPTT</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Fair value of noncontrolling interest in DPTT</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>57,348,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Fair value of PSMC</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><I><FONT face="Times New Roman" size=2>40,999,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Total fair value of consideration
      transferred</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>98,347,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>Gain on bargain purchase of 50.01%
      interest</FONT></I></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%" style="BORDER-BOTTOM: #000000 2pt double"><I><FONT face="Times New Roman" size=2>$</FONT></I></TD>
    <TD noWrap align=right width="1%" style="BORDER-BOTTOM: #000000 2pt double"><I><FONT face="Times New Roman" size=2>16,372,000</FONT></I></TD></TR></TABLE><BR>
<P align=left><I><FONT face="Times New Roman" size=2>The total fair value of the
consideration transferred was $98,347,000, which was comprised
of:&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of noncontrolling
interest in DPTT&#151;49.99% of $114,719,000, or
$57,348,000&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT face="Times New Roman" size=2>Fair value of PSMC&#151;49.99% of $82,015,000, or
$40,999,000 (112,941,214 shares, or 49.99% of the outstanding Common Stock of
PSMC) </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>We acknowledge that in the
Form 10-K for the year ended November 2, 2014 that the disclosure only included
the portion of the consideration related to the 49.99% of the fair value of PSMC
as we believed this was the more relevant variable of the total consideration
amount. Disclosure of the majority interest in DPTT of $57,371,000 (50.01% of
$114,719,000) calculates to the same gain amount on the transaction. In future
filings, commencing with the Form 10-Q for the quarter ended February 2, 2015,
the Company will disclose the acquisition date fair value of each major class of
consideration transferred, including the number of instruments issued or
issuable as follows: </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>&#147;The fair value of the
total consideration transferred as of the acquisition date was $98.3 million,
comprised of the 49.99% noncontrolling interest in DPTT of $57.3 million, and
49.99% of the fair value of PSMC of $41.0 million (112.9 million shares, or
49.99% of the outstanding Common Stock of PSMC).&#148; </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Please see Exhibit A to
this letter containing the full text of our proposed disclosure of the
acquisition of DNP Photomask Technology Taiwan Co., Ltd. to be included in
future filings. (Note that Exhibit A also includes proposed text addressing
items 2 and 4 below). </FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>2. Please describe how you
obtained control of PDMC and how DNP now owns 49.99% of PDMC. In this regard, we
note that it appears PSMC had about 219 million shares outstanding prior to the
merger based on your ownership changes in PSMC discussed in footnote 14. Refer
to paragraph 805-10-50-2.d of the FASB Accounting Standards Codification.
</FONT></B></P>
<DIV align=left><I><FONT face="Times New Roman" size=2>The Company obtained
control of PDMC as follows: </FONT></I></DIV>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>The
      Company had 100% control of PSMC prior to the acquisition as disclosed in
      Note 14 to the 2014 consolidated financial statements. PSMC distributed a
      49.99% noncontrolling interest to Dai Nippon Printing Co., Ltd., and
      changed its name from PSMC to form PDMC.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>The
      Company referred to guidance in ASC paragraph 810-10-15-14 as the primary
      basis for determining that PDMC did not meet any of the conditions in
      which it would be de deemed a variable interest entity.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>The
      total issued and outstanding shares of Common Stock of PDMC were
      225,927,614, of which 112,986,400 shares, or 50.01% were owned by the
      Company and 112,941,214 shares, or 49.99% were issued to the
      noncontrolling interests. There were no other noncontrolling interests.
      Since the Company owns the majority and control of the voting shares this
      is the basis for the Company evaluating consolidation under the voting
      interest model.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James <BR>February
5, 2015 <BR>Page 3 </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%" colSpan=4><I><FONT face="Times New Roman" size=2>We also reviewed all criteria of paragraphs
      810-10-15-10a.1.i-v of the FASB Accounting Standards Codification.
      Paragraphs 810-10-15-10a.1.i,ii,iii and v were not applicable. However we
      specifically considered paragraph 810-10-15-10a1.iv which states &#147;In some
      instances, the powers of a shareholder with a majority voting interest to
      control the operations or assets of the investee are restricted in certain
      respects by approval or veto rights granted to the noncontrolling
      shareholder (hereafter referred to as noncontrolling rights). In
      paragraphs 810-10-25-2 through 25-14, the term noncontrolling shareholder
      refers to one or more noncontrolling shareholders. Those noncontrolling
      rights may have little or no impact on the ability of a shareholder with a
      majority voting interest to control the investee&#146;s operations or assets,
      or, alternatively, those rights may be restrictive as to call into
      question whether control rests with the majority owner.&#148;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><I><FONT face="Times New Roman" size=2>Per the provisions of the operating
      agreement the Company has the ability, and the noncontrolling interests
      lack, the ability relating to PDMC to:</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>a.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Appoint
      and dismiss the majority of the directors, including the chairman of the
      board of directors</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>b.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Select,
      terminate, and set the compensation of management responsible for
      implementing the policies and procedures</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>c.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Establish operating and capital decisions, including budgets, in
      the ordinary course of business</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>d.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Increase, decrease, or otherwise change its
      capitalization</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>e.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Establish compensation levels of management and other
      employees</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>f.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Establish and change operating policies</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><I><FONT face="Times New Roman" size=2>The Company has concluded that its
      unilateral ability to make these decisions provides the Company with the
      ability to &#147;control the operations or assets of the investee&#148;. On the
      other hand, the provisions of the operating agreement specifically require
      the mutual consent of the Company and the noncontrolling interest holder
      over the following activities:</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>a.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Altering or
      amending the Articles of Incorporation of the entity other than in respect
      of an amendment to increase the authorized capital of PDMC to an amount
      specified in the Formation Agreements;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>b.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Effecting a
      change in the business scope of PDMC;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>c.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Selling,
      licensing, or otherwise disposing over 50% of PDMC or its
      assets;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>d.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Approving any
      actions by directors that compete with PDMC;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>e.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Making an
      annual cash investment greater than the higher of fifty percent (50%) of
      PDMC&#146;s net assets or $100 million dollars;</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>f.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Resolving to
      dissolve or liquidate PDMC</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James
<BR></FONT><FONT face="Times New Roman" size=2>February 5, 2015 <BR></FONT><FONT face="Times New Roman" size=2>Page 4 </FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 40pt"><I><FONT face="Times New Roman" size=2>The Company has concluded
that consistent with the provisions of ASC 810-10-25-2 through 25-14, these
noncontrolling rights, while shared between the Company and the noncontrolling
interest holder, have little or no impact on the ability of the Company to
control PDMC&#146;s operations. </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>The noncontrolling interest
owns 112,941,214 shares, or 49.99% of the 225,927,614 total issued and
outstanding shares of Common Stock of PDMC.</FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>In the Form 10-K for the
year ended November 2, 2014, we disclosed &#147;The Company owns 50.01 percent of
PDMC and includes its financial results in its consolidated financial
statements, while DNP owns the remaining 49.99 percent of PDMC.&#148; In future
filings, commencing with the Form 10-Q for the quarter ended February 2, 2015,
we will also disclose: </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>&#147;The Company also has the
ability to appoint the majority of the directors of PDMC, including the chairman
of its board of directors, select its management responsible for implementing
its policies and procedures, and establish its operating and capital decisions
and policies. Photronics determined it has control of PDMC by virtue of its
tie-breaking voting rights within PDMC&#146;s Board of Directors, thereby giving it
the power to direct the activities of PDMC that most significantly impact its
economic performance, including its decision making authority in the ordinary
course of business.&#148;</FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Please see Exhibit A to
this letter containing the full text of our proposed disclosure of the
acquisition of DNP Photomask Technology Taiwan Co., Ltd. to be included in
future filings. (Note that Exhibit A also includes proposed text addressing
items 1 above and 4 below). </FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>3. Please explain how you
determined the value of the consideration for your acquisition of DPTT. Discuss
the extent to which you relied upon recent prices paid to acquire outstanding
shares of PSMC. In this regard, please address the impact of the $35 million
onetime remittance of earnings paid by PSMC prior to the merger as described in
footnote 12 on page 56. </FONT></B></P>
<P align=left><I><FONT face="Times New Roman" size=2>The Company acquired
outstanding shares of Common Stock of PSMC in various arm&#146;s length transactions
up to the April 4, 2014 acquisition date of DPPT. As discussed in ASC 820 &#147;Fair
Value Measurement&#148;, the use of prices and other relevant information generated
by market transactions involving identical or comparable assets or liabilities
is consistent with generally accepted valuation practices. It is a generally
accepted valuation practice that a recent transaction in the asset being valued
is the best evidence of the fair value of that asset. Accordingly, Management&#146;s
methodology to estimate fair value based upon recent arm&#146;s length transactions
is consistent with generally accepted valuation practices and appropriate in the
circumstances. </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Further the $35 million
cash distribution was unrestricted and based on its nature, was held at fair
value at the time of distribution. Management, discussed this with its third
party valuation firm, and determined that the cash had a dollar for dollar
reduction in fair value due to the nature of this asset. </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>The fair value of PSMC was
determined as follows: </FONT></I></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></EM></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Total shares of PSMC common stock
      at recent purchase price per share</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>$</FONT></I></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>116,851,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>Cash distribution</FONT></I></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><I><FONT face="Times New Roman" size=2>34,836,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Total fair value of
    PSMC</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>82,015,000</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><I><FONT face="Times New Roman" size=2>Fair value of consideration transferred--49.99%
      of total shares</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><I><FONT face="Times New Roman" size=2>$</FONT></I></TD>
    <TD noWrap align=right width="1%"><I><FONT face="Times New Roman" size=2>40,999,000</FONT></I></TD></TR></TABLE><BR>
<P align=left><I><FONT face="Times New Roman" size=2>218,307,000 shares of PSMC
were outstanding with a fair value of NTD16.30 per share resulted in a total
fair value of PSMC of NTD 3,558,404,100 or U.S.$116,851,000. The fair value of
PSMC was reduced by the $34,836,000 cash dividend from $116,851,000 to
$82,015,000. Since the consideration given for the acquisition of
DPTT was 49.99% of the
outstanding shares of PSMC (PDMC), we determined that the value of the
consideration was $40,999,000 or 49.99% of the total $82,015,000 fair value of
PSMC.</FONT></I></P>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James <BR>February
5, 2015 <BR>Page 5 </FONT></P>

<P align=left><B><FONT face="Times New Roman" size=2>4. Please tell us, and
disclose in future filings, the valuation technique(s) and significant inputs
used to measure the fair value of the non-controlling interest of $57.3 million.
Refer to paragraph 805-20-50-1e.2 of the FASB Accounting Standards Codification.
</FONT></B></P>
<P align=left><I><FONT face="Times New Roman" size=2>Paragraph 805-20-50-1e.2 of
the FASB Accounting Standards Codification states that for each business
combination in which the acquirer holds less than 100 percent of the equity
interests in the acquiree at the acquisition date that the acquirer disclose
&#147;the valuation technique(s) and significant inputs used to measure the fair
value of the non-controlling interest.&#148;</FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Property, plant and
equipment was the most significant area in which valuation techniques were used.
For equipment, the cost approach was applied, adjusted for depreciation and its
condition, and for real property a cost approach was used based on available
published construction cost data, adjusted for depreciation and local market
costs. </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>In future filings,
commencing with the Form 10-Q for the quarter ended February 2, 2015, the
Company will disclose: </FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>&#147;We estimated the $114.7
million fair value of DPTT as of the acquisition date by applying an income
approach as our valuation technique. Our income approach followed a discounted
cash flow method, which applied our best estimates of future cash flows and an
estimated terminal value discounted to present value at a rate of return taking
into account the relative risk of the cash flows. To confirm the reasonableness
of the value derived from the income approach, we also analyzed the values of
comparable companies which are publicly traded.</FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Inputs utilized by the
Company to determine fair values of DPTT&#146;s property, plant and equipment
included a cost approach, which was adjusted for depreciation and condition for
equipment, and adjusted for depreciation and local market conditions for real
property. The non-controlling interest of DPTT was calculated using the 49.99%
of its total fair value of $114.7 million. </FONT></I><FONT face="Times New Roman" size=2></FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>The Company also used a
market approach to corroborate the enterprise value of DPTT.&#148;
<BR><BR></FONT></I><I><FONT face="Times New Roman" size=2>Please see Exhibit A to
this letter containing the full text of our proposed disclosure of the
acquisition of DNP Photomask Technology Taiwan Co., Ltd. to be included in
future filings. (Note that Exhibit A also includes proposed text addressing
items 1 and 2 above). </FONT></I></P>

<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James<BR>February
5, 2015 <BR>Page 6 </FONT></P>


<P align=left><B><FONT face="Times New Roman" size=2>5. Your pro forma
information suggests that the acquisition was accretive to earnings for the
periods presented. Please provide us with further explanation as to why this
transaction resulted in a gain. </FONT></B></P>
<div align=left><I><FONT face="Times New Roman" size=2>This transaction resulted
in a gain primarily due to the following: </FONT></I></div>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1.</FONT></I></TD>
    <TD vAlign=top noWrap><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>The
      fair value of the DPTT net assets acquired was significantly higher than
      the fair value of the consideration. This was primarily because the net
      assets acquired included a newer and larger, high-end manufacturing
      facility, and more valuable equipment than that owned by PSMC. The DPTT
      assets had a higher depreciable base prior to the
    acquisition.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>PSMC
      was more effectively able to monetize its asset base and operations than
      DPTT from the point of initial negotiations in 2013 between the Company
      and DNP, and was historically more profitable than DPTT, which also
      contributed to our reassessment below and the bargain purchase
      gain.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3.</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>In the
      Company&#146;s discussions with DNP in 2013, prior to due diligence procedures,
      both parties desired that the combined entity would be owned approximately
      50% by each, with Photronics having a controlling interest, or 50.01%
      ownership, and DNP a 49.99% ownership. As a result of the Company&#146;s due
      diligence procedures and the Company&#146;s final valuation analysis, it
      determined that the value of PSMC was significantly higher than the value
      of DPTT, and in order for Photronics to own just 50.01% of the combined
      entity, the value of PSMC was reduced by it paying a one-time remittance
      of earnings of $35 million prior to the
  acquisition.</FONT></I></TD></TR></TABLE>
<P align=left><I><FONT face="Times New Roman" size=2>Before recognizing the
gain, the Company followed the guidance of ASC 805-30-25-4 and performed a
reassessment as to whether it correctly identified all of the assets acquired
and all of the liabilities assumed before recognizing a gain on the bargain
purchase. The Company performed this reassessment and concluded with its
original conclusion in recording a bargain purchase gain. Also, please refer to
Note 2 of our Form 10-K for the year ended November 2, 2014 which states &#147;Prior
to recording the gain, the Company reassessed whether it had correctly
identified all of the assets acquired and all of the liabilities assumed.
Additionally, the Company also reviewed the procedures used to measure the
amounts of the identifiable assets acquired, liabilities assumed and
consideration transferred.&#148; </FONT></I></P>
<P align=left><FONT face="Times New Roman" size=2>We acknowledge that:
</FONT></P>
<DIV style="PADDING-LEFT: 30pt; TEXT-INDENT: -14.5pt"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9632;</FONT><FONT face="Times New Roman" size=2>the Company is responsible for the adequacy and
accuracy of the disclosure in the filing;<BR>&nbsp;</FONT></DIV>
<DIV style="PADDING-LEFT: 30pt; TEXT-INDENT: -14.5pt"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9632;</FONT><FONT face="Times New Roman" size=2>staff comments or changes to disclosure in
response to Staff comments do not foreclose the Commission from taking any
action with respect to the filing; and<BR>&nbsp;</FONT></DIV>
<DIV style="PADDING-LEFT: 30pt; TEXT-INDENT: -14.5pt"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9632;</FONT><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>the Company
may not assert Staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities law of the United
States.</FONT></FONT></DIV>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company appreciates the
efforts of the Staff in reviewing our response to your letter of comment. We are
fully committed to working with the Commission to respond to your comments and
to provide you with all the information you require. Accordingly, should you
have any questions regarding the Company&#146;s response to your comments, please
contact me at (203) 740-5671.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Sincerely, </FONT><BR><FONT face="Times New Roman" size=2>Photronics, Inc. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ Sean T. Smith </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Sean T. Smith<BR></FONT><FONT face="Times New Roman" size=2>Senior Vice President and Chief Financial Officer
</FONT></P>



<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Gary
      Newberry</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Division of Corporation Finance<BR>Securities and Exchange
      Commission</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Kate
      Tillen</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Assistant Chief Accountant</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Division of Corporation Finance<BR>Securities and Exchange
      Commission</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Richelle E. Burr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Vice
      President, General Counsel &amp; Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Photronics, Inc.</FONT></TD></TR></TABLE>

<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James <BR>February
5, 2015 <BR>Page 7 </FONT></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>EXHIBIT
A</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>NOTE 2 &#150; ACQUISITION OF DNP
PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On April 4, 2014, DPTT merged
into PSMC, the Company&#146;s IC manufacturing subsidiary located in Taiwan, to form
PDMC. Throughout this report the merger of DPTT into PSMC is referred to as the
&#147;DPTT Acquisition.&#148; In connection with the DPTT Acquisition, the Company
transferred consideration with a fair value of $98.3 million. The Company owns
50.01 percent of PDMC and includes its financial results in its consolidated
financial statements, while DNP owns the remaining 49.99 percent of PDMC. The
Company also has the ability to appoint the majority of the directors of PDMC,
including the chairman of its board of directors, select its management
responsible for implementing its policies and procedures, and establish its
operating and capital decisions and policies. Photronics determined it has
control of PDMC by virtue of its tie-breaking voting rights within PDMC&#146;s Board
of Directors, thereby giving it the power to direct the activities of PDMC that
most significantly impact its economic performance, including its decision
making authority in the ordinary course of business.</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><FONT face="Times New Roman" size=2>The DPTT Acquisition was the result of the Company&#146;s desire to combine
the strengths in logic and memory photomask technologies of PSMC and DPTT in
order to enhance its capability with customers in the region. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The DPTT Acquisition met the
conditions of a business combination as defined by Accounting Standards
Codification (&#147;ASC&#148;) 805 and, as such, is accounted for under ASC 805 using the
acquisition method of accounting. ASC 805 defines the three elements of a
business as Input, Process and Output. As a result of the DPTT Acquisition,
Photronics acquired the machinery and equipment utilized in the processes to
manufacture product, the building that houses the entire operation and the
processes needed to manufacture the product, all previously owned by DPTT. The
former DPTT employees hired by Photronics in connection with the acquisition
brought with them the skills, experience and know-how necessary to provide the
operational processes that, when applied to the acquired assets, represent
processes being applied to inputs to create outputs. Having met all three
elements of a business as defined in ASC 805, the Company determined that the
DPTT Acquisition should be accounted for as a business combination. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table summarizes
the provisional fair values of assets acquired and liabilities assumed of DPTT,
the fair value of the noncontrolling interests and consideration for DPTT at the
acquisition date. These provisional amounts could change as a result of the
ultimate realization of the acquired net working capital. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      and cash equivalents</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,508</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Accounts receivable (gross amount of $28,560, of which $500
      is estimated</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>to
      be uncollectable)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>28,060</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inventory</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,279</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Deferred tax asset</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,787</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,517</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Property, plant and equipment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>95,431</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Identifiable intangible assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,552</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Other long-term assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,328</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Accounts payable and accrued expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(32,410</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Deferred tax liability</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,042</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other long-term liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,291</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Total net assets acquired</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>114,719</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Noncontrolling interests retained by DNP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57,348</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>57,371</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consideration &#150; 49.99% of fair value of PSMC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40,999</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Gain
      on acquisition</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 3%"><FONT face="Times New Roman" size=2>16,372</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>Mr. Martin James <BR>February
5, 2015 <BR>Page 8 </FONT><BR></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition to recording the
fair values of the net assets acquired, the Company also recorded a gain on
acquisition of $16.4 million in the consolidated statement of income within
other income (expense) in accordance with ASC 805 using the acquisition method
of accounting. The gain on acquisition was primarily due to the difference
between the market values of the acquired real estate and personal property
exceeding the fair value of the consideration transferred. In addition, a
deferred tax liability of $3.0 million was recorded in the opening balance
sheet, which had the effect of reducing the gain on acquisition to $16.4
million. Prior to recording the gain, the Company reassessed whether it had
correctly identified all of the assets acquired and all of the liabilities
assumed. Additionally, the Company also reviewed the procedures used to measure
the amounts of the identifiable assets acquired, liabilities assumed and
consideration transferred.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The fair value of the first
component of consideration represents 49.99 percent of the fair value of PSMC,
and is based on recent prices paid by the Company to acquire outstanding shares
of PSMC (prior to the acquisition). As a result of the merger, the Company
acquired the net assets of DPTT having a fair value of $114.7 million, less
noncontrolling interests of $57.3 million retained by DNP, and transferred
consideration with a fair value of $41.0 million, resulting in a gain of $16.4
million. The fair value of the total consideration transferred as of the
acquisition date was $98.3 million, comprised of the 49.99% noncontrolling
interest in DPTT of $57.3 million, and 49.99% of the fair value of PSMC of $41.0
million (112.9 million shares, or 49.99% of the outstanding Common Stock of
PSMC). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We estimated the $114.7
million fair value of DPTT as of the acquisition date by applying an income
approach as our valuation technique. Our income approach followed a discounted
cash flow method, which applied our best estimates of future cash flows and an
estimated terminal value discounted to present value at a rate of return taking
into account the relative risk of the cash flows. To confirm the reasonableness
of the value derived from the income approach, we also analyzed the values of
comparable companies which are publicly traded. The acquisition date fair value
of the property, plant and equipment of DPTT was $95.4 million, which was
determined by utilizing the cost and, to a lesser extent, the market approach,
based on an in-use premise of value. Inputs utilized by the Company to determine
fair values of DPTT&#146;s property, plant and equipment included a cost approach,
which was adjusted for depreciation and condition for equipment, and adjusted
for depreciation and local market conditions for real property. The
non-controlling interest of DPTT was calculated using the 49.99% of its total
fair value of $114.7 million. The Company also used a market approach to
corroborate the enterprise value of DPTT. This fair value measurement is based
on significant inputs that are not observable in the market and thus represents
a fair value measurement categorized within Level 3 of the fair value hierarchy.
Key assumptions include local and current construction replacement cost
multipliers, amounts of ancillary replacement costs, physical deterioration, and
economic and functional obsolescence to adjust the current replacement costs by,
as well as the estimated economic lives of the assets.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Identifiable intangible assets
acquired were primarily customer relationships, which represent the fair value
of relationships and agreements DPTT had in place at the date of the merger. The
customer relationships had a fair value of $1.5 million at the acquisition date,
determined by using the multi-period excess earnings method, and are amortized
over a twelve year estimated useful life. The acquisition date fair value of the
remainder of the identifiable assets acquired and liabilities assumed were
equivalent to, or did not materially differ from, their carrying values.
</FONT></P>
<P align=center><FONT face="Times New Roman" color=#b2b2b2 size=1><B>Photronics,
Inc.</B> 15 Secor Road, Box 5226&nbsp;<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;Brookfield, Connecticut 06804
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-9000 <FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;(203) 775-5601 fax
<FONT style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 7.5pt">&#9679;</FONT>&nbsp;www.photronics.com</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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