<SEC-DOCUMENT>0001104659-23-083116.txt : 20231013
<SEC-HEADER>0001104659-23-083116.hdr.sgml : 20231013
<ACCEPTANCE-DATETIME>20230721172843
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-083116
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zura Bio Ltd
		CENTRAL INDEX KEY:			0001855644
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4225 EXECUTIVE SQUARE
		STREET 2:		SUITE 600
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		858-247-0520

	MAIL ADDRESS:	
		STREET 1:		4225 EXECUTIVE SQUARE
		STREET 2:		SUITE 600
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JATT Acquisition Corp
		DATE OF NAME CHANGE:	20210407
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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    <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Giovanni
    Caruso</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Partner</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">345 Park Avenue<BR>
    New York, NY 10154</P></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: justify"><BR>

                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Direct</B>&nbsp;&nbsp;&nbsp;212.407.4866<BR> <B>Main</B>&#9;&nbsp;&nbsp;&nbsp;212.407.4000<BR> <B>Fax</B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212.937.3943<BR> gcaruso@loeb.com</FONT></P></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Via Edgar</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">July&nbsp;21, 2023</P>

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

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    <TD STYLE="padding-left: 2pt; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dillon Hagius</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">Office of Life Sciences<BR>
    U.S. Securities and Exchange Commission<BR>
    100 F Street, N.E.<BR>
    Washington, D.C. 20549&nbsp;</P></TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Zura Bio Limited</B></TD></TR></TABLE>

<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 0pt 0.5in"><B>Registration Statement on Form&nbsp;S-1</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Filed June&nbsp;14, 2023</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>File No.&nbsp;333-272628</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">Dear Mr.&nbsp;Hagius:</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 our client, Zura Bio Limited, a
Cayman Islands company (the &ldquo;<B>Company</B>&rdquo;), we submit to the staff (the &ldquo;<B>Staff</B>&rdquo;) of the U.S. Securities
and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) this letter setting forth the Company&rsquo;s response to the comment contained
in the Staff&rsquo;s letter dated June&nbsp;23, 2023 (the <B>&ldquo;Comment Letter&rdquo;</B>) regarding the Company&rsquo;s Registration
Statement on Form&nbsp;S-1.</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 ease of reference, the comments contained
in the Comment Letter are reproduced below and are followed by the Company&rsquo;s response. All page&nbsp;references in the response
set forth below refer to the page&nbsp;numbers in the Amendment No.1 to the registration statement (&ldquo;<B>Amendment No.1</B>&rdquo;)
filed in response to the Staff&rsquo;s comments below.</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>Registration Statement on Form&nbsp;S-1</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"><B><U>Cover Page</U></B></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"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
                                            each of the shares and warrants&nbsp;being registered for resale, disclose the price that
                                            the selling securityholders paid for such shares and warrants.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has revised
the cover page, and also added the disclosure to pages&nbsp;16 through 18, 57 and 125 of Amendment No.&nbsp;1 in response to
the Staff&rsquo;s comment.</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>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Los
                            Angeles New York Chicago Nashville Washington, DC Beijing Hong Kong www.loeb.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">A limited liability
    partnership including professional corporations</FONT></P></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>

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

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    <TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dillon Hagius</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July&nbsp;21, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page&nbsp;2</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></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">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclose
                                            the exercise prices&nbsp;of the warrants compared to the market prices of the underlying
                                            securities.&nbsp; If the warrants are out of the money, please disclose the likelihood that
                                            warrant holders will not exercise their warrants.&nbsp; Provide similar disclosure in the
                                            prospectus summary, risk factors, MD&amp;A and use of proceeds section and disclose that
                                            cash proceeds associated with the exercises of the warrants are dependent on the stock price.
                                            As applicable, describe the impact on your liquidity and update the discussion on the ability
                                            of your company to fund your operations on a prospective basis with your current cash on
                                            hand.</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response:</B> The Company
revised the cover page&nbsp;and also added the disclosure to pages&nbsp;16 through 18, 56 through 57, 63, 64, and 80 through 81 of
Amendment No.&nbsp;1 in response to the Staff&rsquo;s comment.</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"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
                                            note the significant number of redemptions of your Class&nbsp;A Ordinary Shares&nbsp;in connection
                                            with your business combination and that the shares being registered for resale will constitute
                                            a considerable percentage of your public float.&nbsp; If any of the shares being registered
                                            for resale were purchased by the selling securityholders for prices considerably below the
                                            current market price of the Class&nbsp;A Ordinary Shares, highlight the significant negative
                                            impact sales of shares on this registration statement could have on the public trading price
                                            of the Class&nbsp;A Ordinary Shares.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has revised
the cover page&nbsp;and also added the disclosure appearing on pages&nbsp;56 through 57 of Amendment No.&nbsp;1 in response to the
Staff&rsquo;s comment.</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>Risk Factors, page&nbsp;18</U></B></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"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Include
                                            an additional risk factor highlighting the negative pressure potential sales of shares pursuant
                                            to this registration statement could have on the public trading price of the Class&nbsp;A
                                            Ordinary Shares.&nbsp;To illustrate this risk, disclose the purchase price of the securities
                                            being registered for resale and the percentage that these shares currently represent of the
                                            total number of shares outstanding.&nbsp; If appropriate, also disclose that, even if the
                                            current trading price returns to or drops below the SPAC IPO price, the private investors
                                            have an incentive to sell because they will still profit on sales because of the lower price
                                            that they purchased their shares than the public investors.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has added
the disclosure appearing on pages&nbsp;56 through 57 of Amendment No.&nbsp;1 in response to the Staff&rsquo;s comment.</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"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Your
                                            cover page&nbsp;references a risk factor entitled &quot;Future resales, or the perception
                                            of future resales, of Class&nbsp;A Ordinary Shares, including the Registrable Shares offered
                                            for resale hereunder, may cause the market price of the Class&nbsp;A Ordinary Shares to decline
                                            significantly, even if our business is doing well.&rdquo;&nbsp; Please revise to include&nbsp;this
                                            risk factor.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has revised
the cover page, and also revised the disclosure appearing on page&nbsp;56 of Amendment No.&nbsp;1 in response to the Staff&rsquo;s
comment.</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>

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

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    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="tm235378d5_correspimg002.jpg" ALT="" STYLE="height: 46.5pt; width: 46.5pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dillon Hagius</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July 21, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page&nbsp;3</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Overview, page&nbsp;78</U></B></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"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In
                                            light of the significant number of redemptions, expand your discussion of capital resources
                                            to address any changes in the company&rsquo;s liquidity position since the business combination.&nbsp;
                                            If the company is likely to have to seek additional capital, discuss the effect of this offering
                                            on the company&rsquo;s ability to raise additional capital.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company notes
that it raised approximately $80.0 million in a private placement in May&nbsp;and June&nbsp;2023, which was disclosed in the liquidity
and capital resources section of Amendment No.&nbsp;1. In addition, the Company has revised page&nbsp;80 of Amendment No.&nbsp;1 in
response to the Staff&rsquo;s comment.</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"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            expand your discussion here to reflect the fact that this offering involves the potential
                                            sale of a substantial portion of shares for resale and discuss how such sales could impact
                                            the market price of the company&rsquo;s common stock. Your discussion should highlight the
                                            fact that many of the beneficial owners of your outstanding shares&nbsp;will be able to sell
                                            all of their shares for so long as the registration statement of which this prospectus forms
                                            a part is available for use.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has
added the disclosure appearing on pages&nbsp;56 through 57, 62 through 63, and 81 of Amendment No.&nbsp;1 in response to the
Staff&rsquo;s comment.</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>General</U></B></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"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revise
                                            your prospectus to disclose the price that each selling securityholder paid for the shares
                                            and warrants being registered for resale.&nbsp; Highlight any differences in the current
                                            trading price, the prices that the Sponsor, private placement investors, PIPE investors,
                                            or other selling securityholders&nbsp;acquired their shares and warrants, and the price that
                                            the public securityholders acquired their shares and warrants.&nbsp;Disclose that while the
                                            sponsor,&nbsp;private placement investors, PIPE investors, or&nbsp;other selling securityholders
                                            may experience a positive rate of return based on the current trading price, the public securityholders
                                            may not experience a similar rate of return on the securities they purchased due to differences
                                            in the purchase prices and the current trading price.&nbsp; Please also disclose the potential
                                            profit the selling securityholders will earn based on the current trading price. Lastly,
                                            please include appropriate risk factor disclosure.</B></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 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has
added the disclosure appearing on pages&nbsp;16 through 18, 56 through 57, 62 through 63, 64, 80 through 81, and 125 of Amendment
No.&nbsp;1 in response to the Staff&rsquo;s comment.</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>

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<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>

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    <TD STYLE="vertical-align: bottom; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dillon Hagius</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July&nbsp;21, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page&nbsp;4</P></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">Please call me at (212) 407-4866 if you would
like additional information with respect to any of the foregoing. Thank you.</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">Sincerely,</P>

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

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

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