<SEC-DOCUMENT>0001104659-25-098745.txt : 20251201
<SEC-HEADER>0001104659-25-098745.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251010164329
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-098745
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001362481
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20060511
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d5_corresp.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-5/tm2523786-5_correspseq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;10, 2025</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: justify"><B><U>VIA EDGAR</U></B></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: justify">Mr.&nbsp;David Orlic</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms.&nbsp;Christina DiAngelo Fettig</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Investment Management</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%">Re:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%">abrdn Global Dynamic Dividend Fund</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Registration Statement filed on Form&nbsp;N-2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">File Nos. 333-289796 and 811-21901</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; text-align: justify">Mr.&nbsp;Orlic and Ms.&nbsp;DiAngelo Fettig:</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: justify">On behalf of abrdn Global Dynamic Dividend Fund
(the &ldquo;Fund&rdquo;), we are writing to respond to the comments of the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) provided by Ms.&nbsp;DiAngelo Fettig in a telephone conversation with me and Kimberley Church of Dechert
LLP on September&nbsp;22, 2025, and provided by Mr.&nbsp;Orlic in a telephone conversation with me and Ms.&nbsp;Church on September&nbsp;24,
2025, relating to the Fund&rsquo;s registration statement on Form&nbsp;N-2 (the &ldquo;Registration Statement&rdquo;) filed on August&nbsp;22,
2025.</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: justify">For your convenience, the substance of those comments
has been restated below. The Fund&rsquo;s response to each comment is set out immediately under the comment. Capitalized terms used in
this letter and not otherwise defined herein shall have the meanings specified in the Registration Statement.</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: justify"><B><U>Accounting Comments</U></B></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; text-align: justify"><B><U>Comment 1</U>: </B>For future filings, please
include in the transmittal letter the reason for the filing.</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; text-align: justify"><B><U>Response</U>:</B> The Fund will include
the reason for the filing in future transmittal letters.</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; text-align: justify"><B><U>Comment 2</U>: </B>Given that the Registration
Statement is being filed pursuant to General Instruction A.2 of Form&nbsp;N-2, please supplementally confirm that the Fund&rsquo;s future
N-CSR filings will include an auditor&rsquo;s consent and will include the disclosures required by Instruction 4.h. to Item 24 of Form&nbsp;N-2.</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; text-align: justify"><B><U>Response</U>:</B> The Fund so confirms.</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; text-align: justify"><B><U>Comment 3</U>: </B>Footnote 5 to the fee
table indicates that the &ldquo;Interest expenses on bank borrowings&rdquo; line item is based on average total borrowings of $4,899,941.
However, the amount drawn on the Fund&rsquo;s line of credit had increased to $18,356,064 as of the most recent semi-annual period. Please
supplementally explain whether an estimate based on $4,899,941 is reasonable considering the recent increase in the line of credit outstanding.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U>:</B> The amount of borrowing
by the Fund fluctuates up and down throughout the year. For example, during the semi-annual period ended April&nbsp;30, 2025, the amount
drawn on the line of credit fluctuated between $0 and $20,762,876 with an average amount outstanding of $4,899,941, and more recently,
during the fiscal year-to-date period from November&nbsp;1, 2024 through September&nbsp;30, 2025 has fluctuated between $0 to $20,762,876
with an average amount outstanding of $5,994,831. In addition, while the amount drawn on the Fund&rsquo;s line of credit had increased
to $18,356,064 as of the end of most recent semi-annual period, the Fund does not anticipate its estimated average borrowings to approach
that amount for the upcoming fiscal year. Although the Fund&rsquo;s estimated average total borrowings may be subject to change based
on market conditions, we believe that basing the estimated &ldquo;Interest expenses on bank borrowings&rdquo; line item on average total
borrowings of $4,899,941 during the semi-annual period ended April&nbsp;30, 2025 is reasonable and more line with the Fund&rsquo;s anticipated
interest expense for the upcoming fiscal year.</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>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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; text-align: justify"><B><U>Comment 4</U>: </B>The Staff notes that
the expense example does not include sales load or estimated offering costs. Accordingly, please supplementally confirm that the prospectus
supplement will include the effect of any applicable sales loads and offering costs.</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; text-align: justify"><B><U>Response</U>:</B> The Fund so confirms.</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; text-align: justify"><B><U>Comment 5</U>: </B>Please explain how the
disclosure requirements of Item 4.3 of Form&nbsp;N-2, with respect to the audit requirement for senior securities, have been met.</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; text-align: justify"><B><U>Response</U>:</B> The Fund confirms that
it has incorporated the audited senior securities information by reference to its audited financial highlights consistent with the &ldquo;Dear
Chief Financial Officer&rdquo; letter from the Chief Accountant of the Division of Investment Management Annual Industry Comment Letter
dated February&nbsp;14, 2001 (the &ldquo; Dear CFO Letter&rdquo;). To meet the audit requirement of Item 4.3 of Form&nbsp;N-2, the Dear
CFO Letter states that the independent accountant must express an opinion on the senior securities table itself or financial highlights
that include the senior securities table, and registrants must include, or incorporate by reference, this opinion in the registration
statement. The Dear CFO Letter notes that one way to meet the audit requirement of Item 4.3 of Form&nbsp;N-2 is for registrants to include
the senior securities table information with the per share and ratio information in the financial highlights. Since the financial highlights
are specifically covered by the audit opinion, the senior securities table information also would be covered. In line with the Dear CFO
Letter, the Fund has incorporated the audited senior securities information by reference to its audited financial statements on Form&nbsp;N-CSR,
which includes the financial highlights containing the audited senior securities information and the opinion of its independent registered
public accounting firm thereon. Accordingly, the Fund believes that it has satisfied the requirement to include audited senior securities
information in the Registration Statement.</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; text-align: justify"><B><U>Comment 6</U>: </B>Footnote 2 to the senior
securities table indicates that the Fund is disclosing an asset coverage ratio that is calculated by dividing net assets plus the amount
of any borrowings for investment purposes by the amount of the line of credit. Please supplementally confirm that the asset coverage calculations
were performed in accordance with Section&nbsp;18 of the Investment Company Act of 1940. In addition, if the Fund is using an asset coverage
ratio rather than asset coverage per unit, please revise the column heading titled &ldquo;Asset Coverage Per Unit&rdquo; accordingly.</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; text-align: justify"><B><U>Response</U>:</B> The Fund confirms that
the asset coverage ratio was calculated by dividing total assets (less all liabilities and indebtedness not represented by senior securities)
by the aggregate amount of senior securities representing indebtedness, in accordance with Section&nbsp;18 of the Investment Company Act
of 1940.</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; text-align: justify">The Fund has revised the disclosure in footnote
2 as follows (added text bold and underlined; deleted text struck through):</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 1in; text-align: justify">Asset coverage ratio is calculated by
dividing <STRIKE>net assets plus the amount of any borrowings for investment purposes</STRIKE><U>total assets (less all liabilities and
indebtedness not represented by senior securities)</U> by the amount of the line of credit.</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; text-align: justify">The Fund has also revised the column heading titled
 &ldquo;Asset Coverage Per Unit&rdquo; accordingly.</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; text-align: justify"><B><U>Comment 7</U>: </B>Footnote 3 to the senior
securities table indicates that the column titled &ldquo;Asset Coverage Per $1000&rdquo; represents the &ldquo;average managed asset coverage&rdquo;
per every $1,000 of the total loan amount outstanding. The Staff notes that asset coverage should be disclosed as of a specific point
in time rather than as an average, and that the term &ldquo;managed asset&rdquo; is not defined or used elsewhere. Please revise or define
this term.</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; text-align: justify"><B><U>Response</U>:</B> The Fund has revised the
footnote as follows (deleted text struck through):</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 1in; text-align: justify">Represents the <STRIKE>average managed</STRIKE>
asset coverage per every $1,000 of the total loan amount outstanding.</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: justify"><B><U>Disclosure Comments</U></B></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; text-align: justify"><B><U>Comment 8</U>: </B>Please remove disclosure
referring to the SEC&rsquo;s public reference facilities, which have all closed.</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; text-align: justify"><B><U>Response</U>:</B> The Fund has revised the
disclosure accordingly.</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>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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; text-align: justify"><B><U>Comment 9</U>: </B>The Staff notes that
the Fund has entered into a line of credit with BNP Paribas Prime Brokerage International Ltd. (&ldquo;BNPP PB&rdquo;) that was not filed
with the Registration Statement. Please file the agreement or explain why the agreement is not required to be filed pursuant to Item 25(2)(k)&nbsp;to
Form&nbsp;N-2.</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; text-align: justify"><B><U>Response</U>:</B> The Fund has
a US PB Agreement with BNPP PB which provides a secured, uncommitted line of credit for the Fund where selected Fund assets are pledged
against advances made to the Fund, as described in the Registration Statement. The agreement was entered into when the Fund was named
 &ldquo;Alpine Global Dynamic Dividend Fund.&rdquo; A copy of this agreement was referenced in Part&nbsp;C,&nbsp;Item 2(k)(4)&nbsp;as
 &ldquo;Facility Agreement&rdquo; and filed as exhibit 2(k)(4)&nbsp;to the Registration Statement at <A HREF="https://www.sec.gov/Archives/edgar/data/1362481/000110465925081881/tm2523786d1_ex99-2xkx4.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1362481/000110465925081881/tm2523786d1_ex99-2xkx4.htm</A>.</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; text-align: justify"><B><U>Comment 10</U>: </B>Please revise the undertaking
in Item 34(7)&nbsp;of Part&nbsp;C to comply with the requirements of Form&nbsp;N-2.</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; text-align: justify"><B><U>Response</U>:</B> The Fund has revised the
disclosure as follows (added text bold and underlined):</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 1in; text-align: justify">The Registrant undertakes to send by
first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request,
any <B><U>prospectus or </U></B>Statement of Additional Information.</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; text-align: justify"><B><U>Comment 11</U>: </B>With respect to the
control share acquisition statute (the &ldquo;Control Share Statute&rdquo;) contained in Subchapter III of the Delaware Statutory Trust
Act (the &ldquo;DSTA&rdquo;), please disclose: (i)&nbsp;the rationale for not broadly exempting application of the Control Share Statute;
and (ii)&nbsp;whether the Board has considered the provisions and determined that they are in the best interest of the Fund and its shareholders.</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 0in 0.5in; text-align: justify"><B><U>Response</U>:</B> The Fund has revised the
disclosure as follows (deleted text struck through and added text bolded and underlined):</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 1in; text-align: justify">Once a shareholder reaches a threshold,
such shareholder has no voting rights under the DSTA with respect to shares acquired in excess of that threshold (i.e., the &ldquo;control
shares&rdquo;) unless approved by a vote of the non-acquiring shareholders, or otherwise exempted by the fund&rsquo;s board of trustees.
Approval by non-acquiring shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding
shares held by the acquiring shareholder and its associates as well as shares held by certain insiders of a Fund. Alternatively, the Board
is permitted, but not obligated, to exempt acquisitions specifically, generally, or generally by type of control shares, either in advance
or retroactively. <B><U>As of the date hereof, the Board has not received notice of the occurrence of a control share acquisition or been
requested to exempt any acquisition.</U></B> <STRIKE>As of the date hereof, </STRIKE><B><U>Accordingly,</U></B> the Board has not <B><U>had
occasion to consider or determine whether the application of the Control Share Statute to a specific acquisition of Fund shares is in
the best interest of the Fund and its shareholders or should be</U></B> exempted <STRIKE>any acquisition of control shares nor made any
determination with respect to the provisions of the Control Share Statute</STRIKE>. <B><U>The Board has also not had any reason to address
these issues in the abstract, as opposed to in a specific context.</U></B></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;&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;&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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please contact the undersigned at 202-261-3386
should you have any questions regarding this matter.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><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="vertical-align: bottom">
    <TD><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/ William J. Bielefeld</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">William J. Bielefeld</FONT></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"></P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
