<SEC-DOCUMENT>0001144204-13-054805.txt : 20131202
<SEC-HEADER>0001144204-13-054805.hdr.sgml : 20131202
<ACCEPTANCE-DATETIME>20131010173336
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-054805
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Digital Group, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				222267658
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2811 CAHUENGA BOULEVARD WEST
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90068
		BUSINESS PHONE:		(323) 472-5461

	MAIL ADDRESS:	
		STREET 1:		2811 CAHUENGA BOULEVARD WEST
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90068

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NeuMedia, Inc.
		DATE OF NAME CHANGE:	20100514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mandalay Media, Inc.
		DATE OF NAME CHANGE:	20071109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mediavest, Inc.
		DATE OF NAME CHANGE:	20050809
</SEC-HEADER>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">manatt</P>

<P STYLE="margin: 0pt 0">manatt | phelps | phillips</P>



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

<P STYLE="margin: 0">October 10, 2013</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">VIA EDGAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark P. Shuman</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Mandalay Digital Group, Inc.</B><BR>
<B>Resale Registration Statement on Form S-3</B><BR>
<B>Filed August 30, 2013</B><BR>
<B>Registration No. 333-190943</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Mandalay Digital Group, Inc.,
a Delaware corporation (the &ldquo;Company&rdquo;), we are transmitting for filing pursuant to the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), Amendment No.&nbsp;1 (&ldquo;Amendment No.&nbsp;1&rdquo;) to the Registration Statement on
Form S-3 (File No.&nbsp;333-190943) (the &ldquo;Registration Statement&rdquo;), originally filed by the Company on August 30, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are providing in this letter the Company&rsquo;s
response to the comments of the Staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) contained in your letter to Mr. Peter Adderton of the Company, dated September 23, 2013
(the &ldquo;Commission&rsquo;s Letter&rdquo;). For convenience of reference, the Staff&rsquo;s comments contained in the Commission&rsquo;s
Letter are reprinted below in italics, and are followed by the corresponding response of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have supplementally provided to Ms. Wray
and Mr. Shuman a copy of Amendment No.&nbsp;1 filed by the Company marked to reflect changes made to the Registration Statement
as originally filed with the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Prospectus Cover Page</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><B><I>In the first paragraph on the cover page you refer to the shares of common stock being offered for resale, but you do
not indicate that any shares underlie warrants and will be sold by the selling shareholders following the exercise of the warrants.
Footnotes 4 and 5 to the selling stockholder table on pages 13 and 14, as well as the legal opinion filed as Exhibit 5.1, state
that you are registering for resale shares issuable pursuant to warrant exercises. Please expand the cover page disclosure to address
the shares issuable upon the exercise of warrants, or otherwise revise your filing as appropriate. In addition, please tell us
whether the warrants relating to shares being registered were outstanding as of the initial filing of the registration statement.<FONT STYLE="font-size: 10pt">
</FONT></I></B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">11355 W. Olympic Blvd., Los Angeles, California
90064-1614 Telephone: 310.312.4000 Fax: 310.312.4224&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Albany<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> | Los Angeles </FONT><FONT STYLE="font: 10pt Symbol">|</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
New York | Orange County </FONT><FONT STYLE="font: 10pt Symbol">|</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Palo Alto </FONT><FONT STYLE="font: 10pt Symbol">|</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Sacramento </FONT><FONT STYLE="font: 10pt Symbol">|</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
San Francisco | Washington, D.C.</FONT></P>



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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">manatt</P>

<P STYLE="margin: 0pt 0">manatt | phelps | phillips</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark P. Shuman</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 10, 2013</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In response to the Staff&rsquo;s comment, we have
revised the cover page disclosure to indicate such shares that underlie warrants and options that will be sold by the selling shareholders
following the exercise of the warrants and options. Please note that all of the warrants relating to shares being registered were
outstanding as of the initial filing of the Registration Statement, and all of the options relating to shares being registered
were issued between the date of the initial filing of the Registration Statement and the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selling Stockholders, page 13</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B><I>Please disclose the person or persons who have sole or shared voting and/or investment power over the securities owned
by each legal entity. See Item 507 of Regulation S-K and, for guidance, refer to Questions 140.01 and 140.02 of the Division of
Corporation Finance&rsquo;s Compliance and Disclosure Interpretations of Regulation S-K.<FONT STYLE="font-size: 10pt"> </FONT></I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">In response to the Staff&rsquo;s
comment, we have disclosed the person or persons who have sole or shared voting and/or investment power over the securities owned
by each legal entity in the Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><B><I>Footnote 5 to the table states that selling shareholder Merriman Capital, Inc. is a registered broker dealer and notes
further that &ldquo;Merriman was not involved with the previous sale of shares being registered on behalf of any selling stockholders
hereunder.&rdquo; Please tell us whether Merriman received its shares as compensation for underwriting activities in connection
with other offerings by the company. If not, Merriman must be identified as an underwriter in the prospectus. Please revise accordingly.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Merriman Capital, Inc. did not receive its shares
as compensation for underwriting activities in connection with other offerings by the Company. However, Merriman Capital, Inc.
declined to be identified as an underwriter in the prospectus and has therefore elected not to be included as a selling stockholder.</P>

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

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">manatt</P>

<P STYLE="margin: 0pt 0">manatt | phelps | phillips</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark P. Shuman</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 10, 2013</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B><I>Please expand the filing to describe the material transactions and relationships between the company and each of the
selling shareholders during the past three years. See Item 507 of Regulation S-K. The transactions whereby the shares to be resold
were issued and the warrants relating to shares to be resold were issued should be described in materially complete terms. Please
revise to disclose the basic terms of all such issuance transactions, including the dates the transactions took place, the material
terms of the transactions, the parties who participated in the transactions, and the number of shares or warrants received by them.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">In response to the Staff&rsquo;s
comment, we revised the Registration Statement to reflect (i) any material transactions and relationships between the Company and
each of the selling shareholders during the past three years and (ii) the transactions whereby the shares to be resold were issued
and the warrants or options relating to shares to be resold were issued, described in materially complete terms, including the
dates the transactions took place, the material terms of the transactions, the parties who participated in the transactions, and
the number of shares or shares underlying warrants or options received by them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Documents Incorporated by Reference, page
18</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B><I>Please revise this section to incorporate by reference the Form 8-K you filed on September 17, 2013. See Item 12(a) of
Form S-3. Please also consider including a statement to the effect that all Exchange Act filings required to be incorporated by
reference that you file after &ldquo;the date of the registration statement and prior to effectiveness of the registration statement&rdquo;
shall be deemed to be incorporated by reference into the prospectus. For guidance, refer to Question 123.05 of our Securities Act
Forms Compliance and Disclosure Interpretations.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD>We have revised the Documents Incorporated by Reference section to incorporate by reference the Form 8-K we filed on September
17, 2013, as well as the Forms 8-K we filed on September 24, 2013 and September 27, 2013. We have also included a statement that
all Exchange Act filings required to be incorporated by reference that we file after the date of the Registration Statement and
prior to effectiveness of the Registration Statement shall be deemed to be incorporated by reference into the prospectus.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Item 17. Undertakings</U></P>

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

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">manatt</P>

<P STYLE="margin: 0pt 0">manatt | phelps | phillips</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark P. Shuman</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 10, 2013</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></P>



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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B><I>Please revise this section to provide only those undertakings that are applicable to your offering. In this regard, we
note that you have included the undertakings set forth in paragraphs (a)(5)(i), (a)(6) and (i) of Item 512 of Regulation S-K, each
of which appear inapplicable to this offering. Please revise or advise.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have revised the Undertakings in Item
17 to exclude the undertakings set forth in paragraphs (a)(5)(i), (a)(6) and (i) of Item 512 and any other undertakings we found
to be inapplicable to this offering.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We thank the Staff for its attention to
the Company&rsquo;s filing and we look forward to hearing from you regarding Amendment No.&nbsp;1 to the Registration Statement.
If you have any questions or comments regarding the foregoing or have additional questions or comments, please contact the undersigned
at 310-312-4126.</P>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 53%; padding: 0; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">/s/ Ben D. Orlanski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Ben D. Orlanski</TD></TR>
</TABLE>


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

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

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

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

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