<SEC-DOCUMENT>0001104659-23-004936.txt : 20230731
<SEC-HEADER>0001104659-23-004936.hdr.sgml : 20230731
<ACCEPTANCE-DATETIME>20230119135045
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-004936
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECARX Holdings Inc.
		CENTRAL INDEX KEY:			0001861974
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		16/F, TOWER 2
		STREET 2:		CHINA EASTERN AIRLINES BINJIANG CENTER
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200030
		BUSINESS PHONE:		0571 85306757

	MAIL ADDRESS:	
		STREET 1:		16/F, TOWER 2
		STREET 2:		CHINA EASTERN AIRLINES BINJIANG CENTER
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200030
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Skadden,
Arps, Slate, Meagher &amp; Flom </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 33%"><P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><U>Partners</U></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Geoffrey
                       Chan <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Shu
                       Du <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Andrew
                       L. Foster <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Chi
                       T. Steve Kwok <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Edward
                       H.P. Lam <FONT STYLE="font-family: Symbol">&uml;*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Haiping
                       Li <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Rory
                       McAlpine <FONT STYLE="font-family: Symbol">&uml;</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Jonathan
                       B. Stone <FONT STYLE="font-family: Symbol">*</FONT></FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Kai
                       Sun</FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Paloma P. Wang</FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-variant: small-caps">&uml;
                       </FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">(Also Admitted in England &amp;</FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Wales)</FONT></P>
                       <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-variant: small-caps">*
                       </FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">(Also Admitted in New York)</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD><TD STYLE="font-size: 10pt; width: 34%; text-align: center"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&#19990;&#36948;&#22283;&#38555;&#24459;&#24107;&#20107;&#21209;&#25152;</FONT></P>
                                                                                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">42/F,
                                            EDINBURGH TOWER, THE LANDMARK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">15
QUEEN&rsquo;S ROAD CENTRAL, HONG KONG</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">________</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">TEL:
(852) 3740-4700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">FAX:
(852) 3740-4727</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">www.skadden.com</FONT></P>
</TD><TD STYLE="font-size: 10pt; text-align: center; width: 33%"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">AFFILIATE
                                            OFFICES</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">-----------</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">BOSTON</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">CHICAGO</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">HOUSTON</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">LOS
                                            ANGELES</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">NEW
                                            YORK</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">PALO
                                            ALTO</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">WASHINGTON,
                                            D.C.</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">WILMINGTON</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">-----------</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">BEIJING</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">BRUSSELS</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">FRANKFURT</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">LONDON</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">MUNICH</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">PARIS</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">S&Atilde;O
                                            PAULO</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">SEOUL</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">SHANGHAI</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">SINGAPORE</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">TOKYO</FONT></P>
                                                 <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">TORONTO</FONT></P></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">January
19, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Securities and
Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">100 F Street,
N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Washington, D.C.
20549</FONT></P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ECARX
                                            Holdings Inc. (CIK No. 0001861974)<BR>
                                            <U>Confidential Submission of the Draft Registration Statement on Form F-1</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dear Sir/Madam,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On behalf of our
client, ECARX Holdings Inc., a foreign private issuer organized under the laws of the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;),
we are hereby submitting a draft registration statement on Form F-1 (the &ldquo;<B>Draft Registration Statement</B>&rdquo;) relating
to proposed sales of the Company&rsquo;s Class A ordinary shares, par value US$0.000005 per share (&ldquo;<B>Shares</B>&rdquo;), by certain
selling shareholders and issuance of Shares pursuant to certain warrants, via EDGAR to the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
for confidential review in accordance with the procedures of the Commission. The Company confirms that it will publicly file its registration
statement and nonpublic draft submission such that it is publicly available on the EDGAR system at least 48 hours prior to any requested
effective time and date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>Financial Statements
</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company has
included in this submission (i) the audited consolidated financial statements of the Company as of and for the years ended December 31,
2020 and 2021, (ii) the unaudited financial statements of the Company as of and for the six months ended June 30, 2022 and 2021, (iii)
the audited financial statements of COVA as of December 31, 2021 and 2020 and for the year ended December 31, 2021 and the period from
December 11, 2020 (inception) through December 31, 2020, (iv) the unaudited financial statements of COVA as of September 30, 2022 and
for the three and nine months ended September 30, 2022 and 2021, and (v) the unaudited pro forma condensed combined financial statements
presenting the combination of the financial information of COVA and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 86.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">January 19, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Page
2</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you have any
questions regarding the Draft Registration Statement, please contact the undersigned by phone at +852 3740 4858 or via email at shu.du@skadden.com.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Shu Du</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Shu Du</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">cc:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Ziyu
                                            Shen, Chairman of the Board of Directors and Chief Executive Officer, ECARX Holdings Inc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Ramesh Narasimhan, Chief Financial
Officer, ECARX Holdings Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Peter X. Huang, Partner, Skadden,
Arps, Slate, Meagher &amp; Flom LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Oliver Xu, Partner, KPMG Huazhen
LLP</FONT></P>

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

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

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

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