<SEC-DOCUMENT>0001731122-24-001278.txt : 20241108
<SEC-HEADER>0001731122-24-001278.hdr.sgml : 20241108
<ACCEPTANCE-DATETIME>20240816160045
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001731122-24-001278
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENOVARO INC.
		CENTRAL INDEX KEY:			0001527728
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				452259340
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CENTURY CITY MEDICAL PLAZA
		STREET 2:		2080 CENTURY CITY EAST
		CITY:			SUITE 906 LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		45 39179840

	MAIL ADDRESS:	
		STREET 1:		CENTURY CITY MEDICAL PLAZA
		STREET 2:		2080 CENTURY CITY EAST
		CITY:			SUITE 906 LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENOVARO BIOSCIENCES INC.
		DATE OF NAME CHANGE:	20230807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Enochian Biosciences Inc.
		DATE OF NAME CHANGE:	20230804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Renovaro Biosciences Inc.
		DATE OF NAME CHANGE:	20230802
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 10pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>VIA EDGAR SUBMISSION</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">August 15, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Frank Wyman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ms. Angela Connell</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Re: Renovaro Biosciences <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 99.5pt 0 0; text-align: justify"><B>Form 10-K for the Fiscal Year Ended
June 30, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 99.5pt 0 0; text-align: justify"><B>Filed October 2, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>File No. 001-<FONT STYLE="letter-spacing: -0.1pt">38758</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Mr. Wyman and Ms. Connell:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Renovaro Inc., f/k/a Renovaro Biosciences Inc. (&ldquo;Renovaro&rdquo;
or the &ldquo;Company&rdquo;) submits this letter in response to your letter dated July 12, 2024, relating to the above-referenced filing
by the Company. Set forth below are the comments contained in the Staff&rsquo;s letter, followed by the Company&rsquo;s responses. Capitalized
terms not defined herein should be given the meaning provided in the above-referenced filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Form 10-K for the Fiscal Year Ended June 30, 2023</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Notes to the Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Note 4 - Intangible Assets and Goodwill, page F-14</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">We note your responses to prior comments one and two. We continue to have difficultly understanding why
additional impairments of your IPR&amp;D asset and goodwill have not been recorded. In this respect, it appears that your goodwill and
indefinite-lived intangible balances as of June 30, 2023 solely consist of amounts recorded in conjunction with the February 2018 acquisition
of Enochian Biopharma. Based on disclosures made in prior filings, particularly your Form 10-K for the fiscal year ended June 30, 2018,
the acquisition of Enochian Biopharma primarily consisted of a license agreement with Weird Science whereby you were granted exclusive
rights to use and commercialize intellectual property related to HIV. Your disclosures indicate that of the $166.5 million in total consideration
paid to acquire Enochian Biopharma, $154.8 million was recorded as an indefinite-lived intangible asset (IPR&amp;D asset) and $11.6 million
was recognized as goodwill. Given that the totality of intellectual property rights acquired in the Enochian Biopharma acquisition appear
to have been conveyed via the license agreement with Weird Science and such license agreement was terminated in March 2024, it is unclear
how you determined that the remaining goodwill and IPR&amp;D asset associated with the Enochian Biopharma acquisition continue to have
value. Please address the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After additional review, we have concluded that our
IPR&amp;D related to the Enochian Biopharma acquisition should be fully impaired as of March 31, 2024. Because the unit of account for
our IPR&amp;D related to the Enochian Biopharma acquisition is the license agreement with Weird Science (License Agreement), management
determined that all IPR&amp;D related to the License Agreement should be fully impaired as of March 31, 2024. Therefore, the Company will
restate its interim financial statements for the period ended March 31, 2024 to impair the IPR&amp;D in the amount of $42,611,000.</P>

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

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<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Your response to prior comment two indicates that your IPR&amp;D asset consists of rights to RENB-HV-01,
RENB-HV-12 and RENB-HV-21. Please provide us with a roll forward of your IPR&amp;D asset from the date of the Enochian Biopharma acquisition
through June 30, 2023 which illustrates the allocation of these product rights to each product candidate. Please also address the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 15, 2024</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company allocated all IPR&amp;D to the License
Agreement as the unit of account for the IPR&amp;D and therefore there is no allocation to specific product candidates. As noted earlier
in our response to question 1, we have concluded that the IPR&amp;D should be written off as of March 31, 2024</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Clarify whether your rights to RENB-HV-12 were acquired as part of the Enochian Biopharma acquisition
and if so, why its development was not impacted by the termination of the Weird Science license. If RENB-HV-12 was not subject to the
Weird Science license agreement, explain to us why a portion of the initial indefinite-lived intangible asset was allocated to this product
candidate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 117pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our acquisition of Enochian Biopharma, Inc. included the acquisition of rights
to RENB-HV-12 under the License Agreement. However, RENB-HV-12 was subsequently developed further and a patent application was filed on
June 17, 2019 by Serhat Gumrukcu. On November 20, 2019, Serhat Gumrukcu, the inventor on the patent application, fully assigned all rights,
title and interest in and to said inventions and improvements to Enochian BioPharma, Inc., the Company&rsquo;s wholly-owned subsidiary,
via an assignment agreement, and therefore RENB-HV-12 was no longer subject to any license including the License Agreement and related
termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As stated above, we will fully impair our remaining
IPR&amp;D asset as of March 31, 2024 as it solely relates to rights acquired under the License Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Clarify how a portion of your IPR&amp;D asset (which was originally recorded in February 2018) can be
attributed to RENB-HV-21 given your disclosure on page 8 that your rights to RENB-HV-21 were acquired from Seraph Research Institute via
a license agreement dated August 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 117pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We acquired rights to RENB-HV-21 through the License Agreement. A patent application
related to this product candidate was filed on June 15, 2020. On August 25, 2021, we entered into the ALC Patent License and Research
Funding Agreement in the HIV Field with Serhat Gumrukcu, the inventor on the patent application, and Seraph Research Institute (the &ldquo;ALC
Patent License&rdquo;) for an exclusive worldwide perpetual license to the RENB-HV-21 patent solely related to HIV to clarify our existing
rights under the License Agreement as the RENB-HV-21 patent application was not filed under Weird Science&rsquo;s name, but rather under
the inventor&rsquo;s name. The ALC Patent License has not been terminated as a result of the termination of the License Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As stated above, we will fully impair our remaining
IPR&amp;D asset as of March 31, 2024 as it solely relates to rights acquired under the License Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">As it relates to your goodwill impairment analysis, you disclose that you test for impairment at the reporting
unit level, which is one unit below the operating segment level. Please identify for us each of your operating segments and reporting
units and provide us with an allocation of your goodwill balance as of June 30, 2023 by reporting unit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2023, we have one operating segment
and one reporting unit comprised of our HIV, hepatitis B and oncology-related pipelines. Our goodwill of $ 11,640,000 as of June 30, 2023,
is allocated to our RENB reporting unit.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Please explain why the termination of the Weird Science license agreement resulted in an impairment of
your IPR&amp;D asset but not your goodwill balance, all of which appears to be attributable to the Enochian Biopharma acquisition of which
the Weird Science license was the primary component.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 15, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
3</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt; color: #0070C0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Presently, we have $11,640,000 of goodwill from the
acquisition of Enochian Biopharma, Inc. The Company determined that due to the impairment of its IPR&amp;D asset a triggering event had
occurred in relation to this goodwill as of March 31, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our RENB reporting unit, in addition to its HIV pipeline,
also has potential oncology and hepatitis B-related product candidates which are currently being explored. We continue to pursue the development
of the HIV candidates to which we have rights outside of the License Agreement. The Company continues to seek additional capital, management
has been prioritizing the development of treatment candidates which can be brought to market earlier, and potentially, generate additional
revenue for the Company. These additional non-HIV related product candidates are expected to add additional value in the future to the
reporting unit and are independent from the License Agreement and any HIV treatments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has internally prepared an update of its
June 30, 2023 goodwill impairment calculation and determined that the goodwill assigned to the RENB reporting unit was not impaired. While
the License Agreement was terminated, we continue to have access to RENB-HV-12 and RENB-HV-21 through an assignment of the patent and
a separate license agreement both of which are independent of the License Agreement. In the nine-month period since our previous annual
impairment assessment, there were no material changes to the inputs to our original forecast used in our impairment assessment. Our original
forecast began during fiscal year end 2024 and ended in fiscal year end 2043. Our revised forecast used the same number of years but began
in fiscal year end 2025 and ended in fiscal year end 2044 to more accurately reflect the passage of time as of March 31, 2024 (evaluation
date). All periods used a mid-year convention for purposes of determining the discount factor. The results of our impairment indicated
that the carrying value of the RENB reporting unit approximated ($10,944) million while the estimated fair value of the reporting unit
was approximately $43,428 million which provides an excess of fair value over the carrying value of approximately $54,421 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.55pt 0 0">Please contact me at (347) 268-4376 or at starsh@renovarobio.com,
if you have any questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.55pt 0 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Simon Tarsh</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simon Tarsh</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renovaro Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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