<SEC-DOCUMENT>0001144204-12-034978.txt : 20120803
<SEC-HEADER>0001144204-12-034978.hdr.sgml : 20120803
<ACCEPTANCE-DATETIME>20120615095250
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-034978
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NeoStem, Inc.
		CENTRAL INDEX KEY:			0000320017
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
		IRS NUMBER:				222343568
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		420 LEXINGTON AVENUE
		STREET 2:		SUITE 450
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10170
		BUSINESS PHONE:		212-584-4171

	MAIL ADDRESS:	
		STREET 1:		420 LEXINGTON AVENUE
		STREET 2:		SUITE 450
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10170

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHASE III MEDICAL INC/DE
		DATE OF NAME CHANGE:	20030819

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNICHE GROUP INC /DE
		DATE OF NAME CHANGE:	19951117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIDELITY MEDICAL INC
		DATE OF NAME CHANGE:	19951025
</SEC-HEADER>
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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-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo1.jpg" ALT="">&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">VIA EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 15, 2012</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">Ms. Tia Jenkins</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Beverages, Apparel and Mining</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><B>Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NeoStem, Inc. (the &ldquo;Company&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>Response to </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>Form 10-K for the Fiscal Year
Ended December 31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>Filed March 20, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>Form 10-Q for the Fiscal Quarter
Ended March 31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>Filed May 11, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>File No. 001-33650</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Jenkins:</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; text-align: justify">We are sending this letter to respond to
the comments contained in the letter, dated June 11, 2012 (the &quot;Comment Letter&quot;) from the staff (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) to NeoStem, Inc. (&ldquo;NeoStem&rdquo; or the &ldquo;Company&rdquo;)
regarding the Company's Annual Report on Form 10-K for the Year Ended December 31, 2011 filed March 20, 2012 (the &ldquo;Form 10-K&rdquo;)
and Form 10-Q for the Fiscal Quarter Ended March 31, 2012 filed May 11, 2012 (the &ldquo;Form 10-Q&rdquo;).</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; text-align: justify">For ease of reference, set forth in bold
below are the comments as reflected in the Comment Letter. The Company&rsquo;s response is set forth below the comment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-K for the fiscal year ended December 31, 2011</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 1, The Company, page 111</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>We note your disclosure that as part of your plan to focus on capturing the paradigm shift to cell therapies following your
January 2011 acquisition of Progenitor Cell Therapy, LLC, you are pursuing strategic alternatives with respect to your 51% interest
in Suzhou Eyre Pharmaceutical Company Ltd. (&ldquo;Eyre&rdquo;) and anticipate you will have monetized your interest in Eyre by
the close of 2012. Additionally, due to changes in the regulatory environment in the People Republic of China (&ldquo;PRC&rdquo;),
you plan to close your Regenerative Medicine business in PRC in 2012. With regard to these businesses, please tell us the following</B>:<B>
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Although in your Form 10-Q filed on May 11, 2012 you present your Regenerative Medicine-China segment as discontinued operations,
tell us why you did not present these operations as a discontinued operation at December 31, 2011 in your Form 10-K. Specifically
tell us what factors changed during your first quarter 2012 that would enable you to present these operations as discontinued operations
at March 31, 2012 but not December 31, 2011; </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>RESPONSE:</U></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">As set forth below in greater detail, key events
occurred in the first quarter, particularly on March 31, 2012, that we believe put us into discontinued operations. On March
31, 2012 we were advised by our consultants retained to negotiate the extension of our lease for our  laboratory facility
located in Beijing, (the &ldquo;Beijing facility&rdquo;) that the landlord was unwilling to renew our lease. The retention of
this facility was critical for the continued operation of this segment.</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">To give you our status before that date, at a December 8, 2011
meeting of the Board of Directors of the Company, the Board addressed the Company&rsquo;s Regenerative Medicine - China segment:</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: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Board discussed the status of the Company&rsquo;s AOT activities, whereby a network of local People&rsquo;s Republic
                                                              of China (&ldquo;PRC&rdquo;) hospitals was delivering NeoStem&rsquo;s Asia licensed adult stem cell technology for
                                                              orthopedics. The Board discussed the lower than expected performance to date, and determined that the scope of operations
                                                              should promptly begin to be reduced, and that a review of options, including possible sale or exit, should be
                                                              undertaken.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The Board discussed the greater scrutiny being given the &ldquo;VIE Structure&rdquo; (the structure utilized by the Company
for its operations in China) by the local Chinese business community and how this might impact the Company&rsquo;s continued operations
in China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The Board discussed potential alternative opportunities for the Company&rsquo;s Beijing facility, including
                                                              comprehensive cell                                                               manufacturing, collection, processing and
                                                              storage activiites. It was discussed that there was a great deal of interest in the
                                                              manufacturing capabilities of the Beijing facility, by both current and potential clients of the Company&rsquo;s contract
                                                              manufacturing subsidiary, PCT, and an agreement with a Chinese regulatory consultant to explore options for its use should
                                                              be                                                               pursued. It was noted, however, that the Beijing facility
                                                              lease was expiring in May 2012, so that a plan for going forward
                                                              needed to be developed in time for us to renew the lease.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Based on the discussions noted above at the December 8, 2011
meeting, the Company had begun the process of reducing the AOT activities of this segment, but had not made an exit decision. On
the other hand, it was still actively pursuing the longer term opportunities centered around the segment&rsquo;s Beijing facility.
As a result, the Company<B> </B>concluded that it had not met the requirements for reporting the Regenerative Medicine &ndash;
China segment in discontinued operations as of December 31, 2011. </I></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-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #999999"><FONT STYLE="color: Black"><B>420
Lexington Avenue &#9474; Suite 450 &#9474; NYC&#9474; 10170 &#9474; Phone: (212) 584-4180 &#9474; Fax: (646) 514-7787</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #999999"><FONT STYLE="color: Black"><B>www.neostem.com</B></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo1.jpg" ALT=""></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">At the January 26, 2012 meeting of the M&amp;A and Finance Committees
of the Board of Directors, the Committee continued discussions relating to the status of the Regenerative Medicine &ndash; China
segment:</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: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Committee discussed the China Ministry of Health&rsquo;s announcement in early January 2012 of its intention to more tightly
regulate stem cell clinical trials and stem cell therapeutic treatments in the PRC. The greater scrutiny of the VIE structure was
again discussed.</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The Committee discussed exit options for the AOT activities, which included shutting down the operation, pursuing a local management
buy-out, and/or out-licensing to another PRC based company in the regenerative medicine space.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The Committee continued to explore opportunities for capitalizing on the Beijing facility. An update on the activities of
                                                              the Chinese regulatory consultant was given. It was also noted that the Company consultant had been charged with pursuing
                                                              negotiations for the extension of the lease for the Beijing facility. The Board discussed strategies with respect to the
                                                              Beijing facility, including establishing a joint venture and manufacturing for the clients of PCT.</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"><I>Although a reduction of the AOT activities was in process,
future opportunities focused around the segment&rsquo;s Beijing facility and affirmative activity with regard to extending the
lease continued to be discussed, considered and pursued. As a result, the Company<B> </B>concluded that it still had not met the
requirements for reporting the segment in discontinued operations. Based on these developments, the Company included the following
disclosure on page 3 of the Form 10-K (emphasis added) that was filed on March 20, 2012: </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Regenerative Medicine &mdash; China</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In 2009, we began certain adult
stem cell initiatives in the People&rsquo;s Republic of China (&ldquo;China&rdquo; or &ldquo;PRC&rdquo;) including: (i) constructing
a stem cell research and development laboratory and processing and manufacturing facility in Beijing (the &ldquo;Beijing facility&rdquo;),
(ii) establishing relationships with hospitals to provide stem cell-based therapies, and (iii) obtaining product licenses covering
certain adult stem cell therapeutics focused on regenerative medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In December 2011, China&rsquo;s
Ministry of Health announced its intention to more tightly regulate stem cell clinical trials and stem cell therapeutic treatments
in the PRC. Additionally, we operate our regenerative medicine business in China through a wholly foreign owned entity (&ldquo;WFOE&rdquo;)
and variable interest entities (&ldquo;VIEs&rdquo;). While often foreign companies use structures similar to the ones pursuant
to which we have operated our regenerative medicine business in the PRC, and while such arrangements are not uncommon in connection
with business operations of foreign companies in China in industry sectors in which foreign direct investments are limited or prohibited,
recently there has been greater scrutiny by the business community of the VIE structure. <I>Accordingly, the Company has determined
to take steps to restrict, and expects to ultimately eliminate, its regenerative medicine business in the PRC.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Our Beijing facility is located
at the Life Science Innovation Center, Life Science Park, Zhongguancum, Beijing. It has been designed for comprehensive cell manufacturing,
collection, processing and storage that can enable the PCT business model to launch in the PRC should the opportunity be presented.
<I>With the upcoming expiration of this lease in May 2012, the Company is considering its options with respect to extending the
lease to allow for manufacturing of cell therapies, which will depend in part upon guidance from the PRC Ministry of Health with
respect to regulations applicable to stem cell clinical research and applications.<B> </B></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 31, 2012 we were advised by our consultants retained
to negotiate the extension of our lease for our Beijing Facility that the landlord was unwilling to renew our lease which was expiring
in May 2012. The retention of this facility was critical for the continued operation of this segment which was already facing growing
regulatory challenges. Since the AOT activities were already in the process of being exited, and the future opportunities for continued
operations in the Beijing facility were now eliminated, we concluded all interests in the Regenerative Medicine Business - China
Business would be discontinued, and accordingly, the segment was appropriately classified in discontinued operations of March 31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>You state throughout your Form 10-K for the year ended December 31, 2011 and Form 10-Q for the quarter ended March 31, 2012
that you anticipate exiting the Pharmaceutical Manufacturing-China segment by the close of 2012. Please explain to us in sufficient
detail why you believe the results of operations associated with this business segment should not be presented as discontinued
operations at either balance sheet date; and </B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Tell us how your accounting for and presentation of these two business segments complies with ASC 205-20-45-1 and how you
have considered ASC 360-10-45-9. </B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Please contact me if you have any questions
relating to the matters discussed in this letter. I may be reached at (212) 584-4171 or the address set forth at the top of this
letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Catherine M. Vaczy</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President and General Counsel</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">Cc: Alan Wovsaniker, Esq., Lowenstein Sandler</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #999999"><FONT STYLE="color: Black"><B>20
Lexington Avenue &#9474; Suite 450 &#9474; NYC&#9474; 10170 &#9474; Phone: (212) 584-4180 &#9474; Fax: (646) 514-7787</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #999999"><FONT STYLE="color: Black"><B>www.neostem.com</B></FONT></P>

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

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

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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">APPENDIX A</P>

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



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="background-color: #B8CCE4">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; font-weight: bold; text-align: center">Regenerative Medicine &ndash; China Segment</TD></TR>
<TR>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; font-weight: bold; text-align: center">Accounting Standards Codification</TD>
    <TD STYLE="width: 30%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>December 31, 2011</I></B></P></TD>
    <TD STYLE="width: 30%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>March 31, 2012</I></B></P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>ASC 205-20-45-1&nbsp;&nbsp;</B>The results of operations of a<FONT STYLE="text-underline-style: none"> component of an entity </FONT>that either has been disposed of or is classified as held for sale under the requirements of paragraph 360-10-45-9, shall be reported in discontinued operations in accordance with paragraph 205-20-45-3: if <U>both</U> of the following conditions are met:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Segment was not disposed of or classified as held for sale, per ASC 360-10-45-9 guidance (see below) as of the reporting date.&nbsp; The Company continued to operate the segment during the first quarter of 2012.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">Segment was discontinued. On January
        26, 2012, the Company&rsquo;s Board of Directors determined to exit the AOT activities of the segment but actively continue to
        pursue alternatives for the Beijing facility. </FONT> On March 31, 2012 we were advised by our consultants retained to negotiate
        the extension of our lease for our Beijing facility that the landlord was unwilling to renew our lease. The retention of this facility
        was critical for the continued operation of this segment. <FONT STYLE="color: black">Based on the above, it was determined that
        all activities within the segment would be eliminated.</FONT></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">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">a. The operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the first quarter of 2012, the Company discontinued its AOT
        activities. The Company will not provide any future funding or receive any future benefit from AOT operations.</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">Effective with the March 31, 2012 notice from the Beijing Facility
        landlord that our lease would not be renewed at the lease termination in May 2012, the Company&rsquo;s operations and cash flows
        from the segment will be eliminated.</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">b. The entity will not have any significant continuing involvement in the operations of the component after the disposal transaction.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">The Company will not maintain any future presence in China in this segment, and all operations effectively ceased at the end of the first quarter of 2012.</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ASC 360-10-45-9&nbsp;&nbsp;</B>A long-lived asset (disposal
        group) to be sold shall be classified as held for sale in the period in which <U>all</U> of the following criteria are met:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and the Board of Directors was not pursuing any plan
        to sell the assets of the Regenerative Medicine &ndash; China segment as of reporting date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">a. Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">b. The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">c. An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt"><FONT STYLE="color: black">d. The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year. The term<FONT STYLE="text-underline-style: none"> probable</FONT></FONT><FONT STYLE="color: blue"><B> </B></FONT><FONT STYLE="color: black">refers to a future sale that is likely to occur.</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">e. The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value. The price at which a long-lived asset (disposal group) is being marketed is indicative of whether the entity currently has the intent and ability to sell the asset (disposal group). A market price that is reasonable in relation to fair value indicates that the asset (disposal group) is available for immediate sale, whereas a market price in excess of fair value indicates that the asset (disposal group) is not available for immediate sale.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Held for Sale Classification Met?</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">n/a</TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="background-color: #B8CCE4">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; font-weight: bold; text-align: center">Pharmaceutical Manufacturing &ndash; China Segment (Erye)</TD></TR>
<TR>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; font-weight: bold; text-align: center">Accounting Standards Codification</TD>
    <TD STYLE="width: 30%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>December 31, 2011</I></B></P></TD>
    <TD STYLE="width: 30%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>March 31, 2012</I></B></P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ASC 205-20-45-1&nbsp;&nbsp;</B>The results of operations
        of a<FONT STYLE="text-underline-style: none"> component of an entity </FONT>that either has been disposed of or is classified as
        held for sale under the requirements of paragraph 360-10-45-9, shall be reported in discontinued operations in accordance with
        paragraph 205-20-45-3: if <U>both</U> of the following conditions are met:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Segment was not disposed of or classified as held for sale, per ASC 360-10-45-9 guidance (see below)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Segment was not disposed of or classified as held for sale, per ASC 360-10-45-9 guidance (see below)</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">a. The operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">b. The entity will not have any significant continuing involvement in the operations of the component after the disposal transaction.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">n/a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>ASC 360-10-45-9&nbsp;&nbsp;</B>A long-lived asset (disposal group) to be sold shall be classified as held for sale in the period in which <U>all</U> of the following criteria are met:</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">a. Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and the Board of Directors approved a plan to consider
        a possible divestiture; a financial advisor was engaged in 2011</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">Criteria met? Yes</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and the Board of Directors approved a plan to consider
        a possible divestiture; a financial advisor was engaged in 2011</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">Criteria met &ndash; Yes</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">b. The asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups).</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per the disclosure contained in our SEC filings, the Company
        did not obtain all Chinese regulatory approvals (and associated registrations) required to reflect the legal title of its interest
        in Erye. The Company&rsquo;s management believes these regulatory deficiencies can be remediated and should not delay a possible
        divestiture of the Company&rsquo;s interests in Erye that is currently under evaluation. However, the Company requires the cooperation
        of the officers of Erye, as to which no assurance can be given. In addition, even if the filings are made, no assurance can be
        given that any unremediated regulatory deficiencies would not impede or delay efforts to divest the Company&rsquo;s interest in
        Erye.</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">Criteria met? NO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per our disclosure contained in our SEC filings, the Company
        did not obtain all Chinese regulatory approvals (and associated registrations) required to reflect the legal title of its interest
        in Erye. The Company&rsquo;s management believes these regulatory deficiencies can be remediated and should not delay a possible
        divestiture of the Company&rsquo;s interests in Erye that is currently under evaluation. However, the Company requires the cooperation
        of the officers of Erye, as to which no assurance can be given. In addition, even if the filings are made, no assurance can be
        given that any unremediated regulatory deficiencies would not impede or delay efforts to divest the Company&rsquo;s interest in
        Erye.</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">Criteria met? NO</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">c. An active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A financial advisor was engaged in 2011 plan to pursue a possible
        divestiture.</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">Criteria met? Yes</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A financial advisor was engaged in 2011 plan to pursue a possible
        divestiture.</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">Criteria met? Yes</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt"><FONT STYLE="color: black">d. The sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year. The term<FONT STYLE="text-underline-style: none"> probable</FONT></FONT><FONT STYLE="color: blue"><B> </B></FONT><FONT STYLE="color: black">refers to a future sale that is likely to occur.</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have stated in our SEC filings, no assurance can be given
        that any unremediated regulatory deficiencies would not impede or delay efforts to divest the Company&rsquo;s interest in Erye.
        No assurances can be given to complete a sale within one 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">Criteria met? NO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have stated in our SEC filings, no assurance can be given
        that any unremediated regulatory deficiencies would not impede or delay efforts to divest the Company&rsquo;s interest in Erye.
        No assurances can be given to complete a sale within one 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">Criteria met? NO</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">e. The asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value. The price at which a long-lived asset (disposal group) is being marketed is indicative of whether the entity currently has the intent and ability to sell the asset (disposal group). A market price that is reasonable in relation to fair value indicates that the asset (disposal group) is available for immediate sale, whereas a market price in excess of fair value indicates that the asset (disposal group) is not available for immediate sale.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company actively marketed the divestiture of Erye, but did
        not establish a selling price. Offers received would be evaluated based on a number of factors, including: (i) whether the consideration
        is fair, or if it contains any contingencies, (ii) whether the prospective buyer is a Chinese company, (iii) whether the regulatory
        issues would need resolution prior to closing (iv) the financial health of the prospective buyer.</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">Criteria met? NO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company actively marketed the divestiture of Erye, but did
        not establish a selling price. Offers received would be evaluated based on a number of factors, including: (i) whether the consideration
        is fair, or if it contains any contingencies, (ii) whether the prospective buyer is a Chinese company, (iii) whether the regulatory
        issues would need resolution prior to closing (iv) the financial health of the prospective buyer.</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">Criteria met? NO</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; font-size: 10pt">f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and the Board of Directors approved a plan to pursue
        a possible divestiture; however, if fair offers are not received, or if regulatory issues cannot be remediated to the satisfaction
        of a potential buyer, the Company may decide to delay or withdraw any divestiture activities.</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">Criteria met? No</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and the Board of Directors approved a plan to pursue
        a possible divestiture; however, if fair offers are not received, or if regulatory issues cannot be remediated to the satisfaction
        of a potential buyer, the Company may decide to delay or withdraw any divestiture activities.</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">Criteria met? No</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Held for Sale Classification Met?</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">NO</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">NO</TD></TR>
</TABLE>


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

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

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

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