<SEC-DOCUMENT>0001104659-17-009695.txt : 20170317
<SEC-HEADER>0001104659-17-009695.hdr.sgml : 20170317
<ACCEPTANCE-DATETIME>20170215191341
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-17-009695
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GSI TECHNOLOGY INC
		CENTRAL INDEX KEY:			0001126741
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				770398779

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1213 ELKO DRIVE
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
		BUSINESS PHONE:		483319802

	MAIL ADDRESS:	
		STREET 1:		1213 ELKO DRIVE
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="192" height="89" src="g45741bgi001.jpg"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1213 Elko Drive </font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sunnyvale, CA 94089</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">408.331.8800</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax 408.331.9795</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">VIA   EDGAR and Overnight Delivery</font></u></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;15, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&#160; 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Cecilia Blye, Chief, Office of Global Security Risk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>GSI Technology,&nbsp;Inc.</b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended March&nbsp;31, 2016</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed June&nbsp;10, 2016</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;1-33387</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Blye:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter will respond to your letter dated February&nbsp;2, 2017 conveying comments of the Commission&#146;s Staff regarding the above-referenced filing by GSI Technology,&nbsp;Inc. (the &#147;Company&#148;).&#160; For ease of reference, we have repeated the Staff&#146;s comments in this letter followed by the Company&#146;s responses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">General</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>On page&nbsp;20 you identify Alcatel-Lucent and Cisco Systems, respectively, as your current and historical largest customers. We are aware of publicly available information indicating that each of these companies may sell its products into Sudan and/or Syria. Sudan and Syria are designated by the State Department as state sponsors of terrorism, and are subject to U.S. economic sanctions and export controls. You do not include disclosure in the Form&nbsp;10-K about contacts with Sudan and Syria. Please describe to us the nature and extent of any past, current and anticipated contacts with Sudan and Syria, whether through subsidiaries, distributors, customers or other direct or indirect arrangements. You should describe any goods, technology or services you have provided into Sudan and Syria, directly or indirectly, and any agreements, arrangements or other contacts you have had with the governments of those countries or entities they control.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company confirms that it has no known past, current or anticipated contacts with Sudan or Syria, whether through subsidiaries, distributors, or other direct or indirect arrangements.&#160; The Company does not provide directly, or to its knowledge indirectly, any goods, technology or services into Sudan or Syria and has had no agreements, arrangements or other contacts with the government of either of those countries or entities they control.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109431\17-4574-1\task8281059\4574-1-bg.htm',USER='109431',CD='Feb 16 04:46 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in the Form&nbsp;10-K, the Company sells its semiconductor memory products, directly and indirectly, to original equipment manufacturers, or OEMs, who incorporate our products into a wide range of end products, including networking and telecommunications equipment, industrial, test and measurement equipment, medical equipment and defense systems.&#160; Our OEM customers do not inform us of their specific customers or the end use destination of their end products.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is aware of applicable export control laws and regulations and conducts its business in compliance with such laws and regulations.&#160; The Company does not sell any of its products directly to customers in either Sudan or Syria.&#160; Our standard terms and conditions of sale require that our customers comply with applicable export control laws with regard to the exportation or re-exportation of our products, or our customers&#146; products containing or incorporating our products or technology.&#160; With respect to our sales to Alcatel-Lucent and Cisco Systems, we rely on specific contractual commitments or published policies by those companies that acknowledge their obligations to comply with all applicable U.S. export control laws.&#160; We have no reason to believe that either of these companies is in violation of such obligations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Please discuss the materiality of any contacts with Sudan and Syria you describe in response to the comment above, and whether the contacts constitute a material investment risk for your security holders.&#160; You should address materiality in quantitative terms, including the approximate dollar amounts of any revenues, assets and liabilities associated with Sudan and Syria for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&#146;s reputation and share value.&#160; Various state and municipal governments, universities and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism.&#160; You should address the potential impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Sudan and Syria.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted in our response to Comment No.&nbsp;1, the Company has no known past, current or anticipated contacts, direct or indirect, with Sudan or Syria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>You state on page&nbsp;13 that Huawei and ZTE are among your largest OEM customers. We are aware of news articles reporting that Huawei is effectively banned from selling its telecommunications network equipment in the United States and that the Commerce Department is investigating Huawei for its alleged export or re-export of U.S. technology to Iran, Sudan and Syria in violation of U.S. export control laws.&#160; Also, information published by the Commerce Department and reported by various news organizations indicates that ZTE has re-exported controlled items to sanctioned countries contrary to U.S. law, and that it planned and organized a scheme to establish, control and use a series of shell companies to re-export controlled items to Iran in violation of U.S. export control laws.&#160; Please address for us the possibility that this information will have adverse reputational and other effects upon you because of your significant business with Huawei and ZTE.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109431\17-4574-1\task8281059\4574-1-bg.htm',USER='109431',CD='Feb 16 04:46 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is aware that Huawei and ZTE have been subject to scrutiny by the U.S. Commerce Department with respect to their compliance with U.S. export control laws.&#160; As noted in our response to Comment No.&nbsp;1, the Company conducts its business in compliance with applicable export control laws and regulations, and its conditions of sale prohibit the exportation or re-exportation of our products, or our customers&#146; products containing our products or technology, in violation of those laws or regulations.&#160; The Company has received no information from Huawei or ZTE, the U.S. government or any other source indicating that any Company products have been diverted or re-exported to Sudan, Syria or Iran, whether by Huawei, ZTE, any of their customers or through any other channel.&#160; The Company is not aware of any concerns from its investors, customers or suppliers regarding its business dealings with Huawei or ZTE and, accordingly, the Company does not anticipate any material adverse reputational or other effects as a result of doing business with these customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should you have any further questions or comments regarding this response to the Comment Letter, please do not hesitate to contact me at (408)&nbsp;331-9802.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Douglas M. Schirle</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas   M. Schirle</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amanda   Ravitz, Assistant Director, Division of Corporation Finance</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pradip   Bhaumik, Special Counsel, Division of Corporation Finance</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lee   Lean Shu, President and Chief Executive Officer, GSI Technology,&nbsp;Inc.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dennis   C. Sullivan, DLA Piper LLP (US)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109431\17-4574-1\task8281059\4574-1-bg.htm',USER='109431',CD='Feb 16 04:46 2017' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g45741bgi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g45741bgi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !9 , # 2(  A$! Q$!_\0
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M%E\1:#JTE[!J-RNFS\H4DVB-L?<QU[9S[UJ_!#_D0/\ M[D_I2_&3_D5X/\
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>BBLR@HHHH **** "BBB@ HHHH **** "BBB@#__9

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