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<SEC-DOCUMENT>0001144204-08-069391.txt : 20091211
<SEC-HEADER>0001144204-08-069391.hdr.sgml : 20091211
<ACCEPTANCE-DATETIME>20081215165552
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-08-069391
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOCUMENT SECURITY SYSTEMS INC
		CENTRAL INDEX KEY:			0000771999
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				161229730
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		36 WEST MAIN ST
		STREET 2:		SUITE 710
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14614
		BUSINESS PHONE:		585 232 1500

	MAIL ADDRESS:	
		STREET 1:		36 W MAIN ST
		STREET 2:		SUITE 710
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW SKY COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THOROUGHBREDS USA INC
		DATE OF NAME CHANGE:	19861118
</SEC-HEADER>
<DOCUMENT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
15, 2008</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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EDGAR</font></div>
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and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, NE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
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                <tr>
                  <td align="left" valign="top" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Attention:</font></div>
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                  </td>
                  <td align="left" valign="top" width="69%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kari
      Jin</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kathleen
      Collins</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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                <tr>
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                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <tr>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
                  </td>
                  <td align="left" valign="top" width="69%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Document
      Security Systems, Inc. (the &#8220;Company&#8221;)</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      10-K for Fiscal Year Ended December&#160;31, 2007 Filed March&#160;17,
      2008</font></div>
                    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                  </td>
                </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
Staff:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On behalf
of Document Security Systems, Inc., this letter responds to the comments of the
staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;)
to the filing of the above-referenced annual report (the &#8220;Filing&#8221;), which were
included in the Staff&#8217;s letter dated November 14, 2008 (the &#8220;Staff
Letter&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In this
letter, we have reproduced your comments and have followed each comment with our
response. The numbered paragraphs of this letter set forth below correspond to
the numbered paragraphs of the Staff Letter. References in the responses to
&#8220;we,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; or &#8220;us&#8221; mean Document Security Systems, Inc.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 5. Intangible Assets,
page F-11</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">With
      regard to the capitalization of patent legal defense costs and the
      subsequent impairment analyses, the Staff acknowledges that management is
      in possession of all of the relevant technical information, facts, and
      data (including that which you claim is subject to client-attorney
      privilege) upon which you assert you have formed a conclusion that patent
      legal defense costs meet the requirement for capitalization and, moreover,
      those capitalized costs are not impaired. Based on this limited
      information you have provided to us to date, we are not in a position to
      make a judgment on the company&#8217;s accounting conclusions with respect to
      these matters and, accordingly, we do not agree or disagree with your
      conclusions. Please ensure, however, that your disclosures fully explain
      your accounting for these capitalized defense costs. In this regard, you
      should include a comprehensive discussion of the accounting models you
      applied in determining that such costs qualified for capitalization as
      well as the models you applied in assessing impairment. The disclosure
      should include a discussion of the judgments you made in applying those
      accounting models as pertaining to the infringement case and each validity
      case, including how you assessed probability of success and future
      discounted cash flows. We suggest a discussion that chronologically
      follows the progression of the various actions and that indicates amounts
      capitalized each accounting period. Further, your discussion should
      include, but not be limited to, the following
  matters:</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Both the positive and negative
      evidence supporting your decision to capitalize such costs (i.e.
      relationship of the patent&#8217;s inventor to members of the European
      anti-counterfeiting industry and the due diligence performed by counsel)
      and how the Company weighted the negative evidence against the positive
      evidence to conclude that capitalization of such costs was
      appropriate;</font></font></div>
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    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">The impact an adverse ruling
      in the validity trial has on the Company&#8217;s infringement case, the
      potential proceeds to be received, and ultimately on your impairment
      analysis;</font></font></div>
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          </tr>
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    </div>
    <div>
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Alternatively, the impact a
      positive ruling in the validity trial has on the Company&#8217;s infringement
      case and on your cash flow analysis;
and</font></font></div>
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    </div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">The factors considered and
      assumptions used in your impairment analysis (i.e. volume of Euro
      banknotes; royalty rates used and appropriateness of such rates;
      circulation rates of the Euro banknote; and error factors used and
      appropriateness of such rates,
etc.)</font></font></div>
            </td>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">We acknowledge your comments and the
Company will incorporate </font><font style="DISPLAY: inline; COLOR: #000000">them, subject to confidentiality
requests </font><font style="DISPLAY: inline; COLOR: #000000">that </font><font style="DISPLAY: inline; COLOR: #000000">the Company has requested </font><font style="DISPLAY: inline; COLOR: #000000">or will request of </font><font style="DISPLAY: inline; COLOR: #000000">the Staff regarding certain information
concerning the litigation, into</font><font style="DISPLAY: inline; COLOR: #000000"> a more comprehensive disclosure of the
Company&#8217;s capitalized patent defense costs in our Annual Report on Form
10&#8722;</font><font style="DISPLAY: inline; COLOR: #000000">K</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">for the year ended December 31,
2008</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 8-K Filed August 26,
2008</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
      note that on August 20, 2008 the Company entered into an agreement with
      Trebuchet Capital Partners whereby Trebuchet has agreed to pay
      substantially all of the litigation costs associated with the pending
      validity proceedings in the ECB as well as future validity challenges in
      exchange for a 49% interest in the Company&#8217;s Patent and to share equally
      in all proceeds generated from litigation relating to the Patent
      (including judgments and licenses). With regards to this Agreement, please
      explain further the following:</font></div>
            </td>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us how you are accounting
      for the various terms of this Agreement such as, but not limited to, the
      $500,000 payment by Trebuchet of the Company&#8217;s debt obligations;
      Trebuchet&#8217;s purchase of 100,000 shares of the Company&#8217;s common stock; the
      assignment of a 49% interest in the Patent; and Trebuchet&#8217;s right to
      receive 50% of any settlement. Tell us the basis for that accounting
      treatment.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us whether there were any
      other funds received as part of this Agreement besides the $500,000 for
      the debt payment, and $400,000 from the common stock issuance and if so,
      tell us how you accounted for such
funds.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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transactions as follows.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In the Company&#8217;s Quarterly Report on
Form 10-Q</font><font style="DISPLAY: inline; COLOR: #000000"> filed with the
Securities and Exchange Commission on</font><font style="DISPLAY: inline; COLOR: #000000"> November 1</font><font style="DISPLAY: inline; COLOR: #000000">0</font><font style="DISPLAY: inline; COLOR: #000000">, 2008, the Company disclosed the
following </font><font style="DISPLAY: inline; COLOR: #000000">information in
Footnote 4 </font><font style="DISPLAY: inline; COLOR: #000000">related to the
Trebuchet Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000">On August 20, 2008, the
Company entered into an agreement with Trebuchet Capital Partners, LLC
(&#8220;Trebuchet&#8221;) under which Trebuchet has agreed to pay substantially all of the
litigation costs associated with pending validity proceedings initiated by the
European Central Bank (&#8220;ECB&#8221;) in eight European countries relating to the
Company&#8217;s European Patent 0 455 750B1 that the Company has claimed the ECB
infringed in printing of the Euro currency (the &#8220;Patent&#8221;). Trebuchet also agreed
to pay substantially all of the litigation costs associated with future validity
challenges filed by the ECB or other parties, provided that Trebuchet elects to
assume the defense of any such challenges, in its sole discretion, and patent
infringement suits filed against the ECB and certain other alleged infringers of
the Patent, all of which suits may be brought at the sole discretion of
Trebuchet and may be in the name of the Company, Trebuchet or both. The Company
provided Trebuchet with the sole and exclusive right to manage infringement
litigation relating to the Patent in Europe, including the right to initiate
litigation in the name of the Company, Trebuchet or both and to choose whom and
where to sue, subject to certain limitations set forth in the agreement. Under
the terms of the Agreement, the Company and Trebuchet have agreed to equally
share all proceeds generated from litigation relating to the Patent, including
judgments and licenses or other arrangements entered into in settlement of any
such litigation. Trebuchet is also entitled to recoup any litigation expenses
specifically awarded to the Company in such actions</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Under the terms of the Agreement, and in
consideration for Trebuchet&#8217;s funding agreement, the Company assigned and
transferred a 49% interest of all of the Company&#8217;s right, title and interest in
the Patent to Trebuchet which allows Trebuchet to have a separate and exclusive
interest including a separate and distinct right to exploit the Patent. Pursuant
to this transaction, the Company recognized a loss on the sale of patent assets
for its assignment and transfer of 49% of its ownership rights in the patent,
which </font><font style="DISPLAY: inline; COLOR: #000000">had a</font><font style="DISPLAY: inline; COLOR: #000000"> net book value of approximately
$1,670,000, for proceeds of $500,000.&#160;&#160;&#160;As a result, the Company
recognized a loss on sale of patent assets of approximately
$1,170,000.&#160;&#160;The Company considered this a triggering event and
reviewed its remaining capitalized patent costs for impairment as of September
30, 2008.&#160;&#160;With the assistance of Trebuchet, the Company determined
that the expected eventual outcome of the legal action and recoverability of
proceeds or added economic value of the patent was still in excess of the
current carrying.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The </font><font style="DISPLAY: inline; COLOR: #000000">$500,000 proceeds </font><font style="DISPLAY: inline; COLOR: #000000">were</font><font style="DISPLAY: inline; COLOR: #000000"> used to pay the Company&#8217;s existing
</font><font style="DISPLAY: inline; COLOR: #000000">obligation owed to Taiko
III Corp.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In the Company&#8217;s Quarterly Report on
Form 10-Q </font><font style="DISPLAY: inline; COLOR: #000000">filed with the
Securities and Exchange Commission on</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">November </font><font style="DISPLAY: inline; COLOR: #000000">10</font><font style="DISPLAY: inline; COLOR: #000000">, 2008, the Company disclosed
</font><font style="DISPLAY: inline; COLOR: #000000">in Footnote 6 the
</font><font style="DISPLAY: inline; COLOR: #000000">following related to the
Trebuchet Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Stock Issued in
Private Placement -</font><font style="DISPLAY: inline; COLOR: #000000">On
August 20, 2008, the Company entered into an agreement with Trebuchet Capital
Partners, LLC who agreed to pay substantially all of the litigation costs
associated with pending validity proceedings initiated by the ECB in eight
European countries relating to the Company&#8217;s European Patent 0 455 750B1 that
the Company has claimed the ECB infringed in printing of the Euro
currency.&#160;&#160;&#160;Trebuchet also purchased 100,000 shares of the
Company&#8217;s common stoc</font><font style="DISPLAY: inline; COLOR: #000000">k</font><font style="DISPLAY: inline; COLOR: #000000"> for an aggregate purchase price of
$400,000, the proceeds of which were used by the Company to pay existing
litigation cost.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The </font><font style="DISPLAY: inline; COLOR: #000000">p</font><font style="DISPLAY: inline; COLOR: #000000">roceeds </font><font style="DISPLAY: inline; COLOR: #000000">from the sale of shares were</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">accounted for as an issuance of common
stock in the equity section.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;There were no other funds
received as a result of the agreement.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">There was no accounting entry recorded
by the Company as a result of the Trebuchet&#8217;s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt"> right to receive 50% of any
settlement.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
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            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">If a settlement is ultimately
      received from this litigation, tell us whether the total settlement will
      be paid first to Trebuchet and then a portion remitted to the Company, or
      vice versa.</font></font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In accordance with Section 4 of
the</font><font style="DISPLAY: inline; COLOR: #000000"> Company&#8217;s </font><font style="DISPLAY: inline; COLOR: #000000">A</font><font style="DISPLAY: inline; COLOR: #000000">greement with Trebuchet, the Company and
Trebuchet have </font><font style="DISPLAY: inline; COLOR: #000000">agreed
that</font><font style="DISPLAY: inline; COLOR: #000000"> any funds received as
a result of the covered litigation will be put into a Trust Account </font><font style="DISPLAY: inline; COLOR: #000000">of Trebuchet managed by a managing
lawyer selected by Trebuchet </font><font style="DISPLAY: inline; COLOR: #000000">to be distributed to each party in
accordance with the Agreement.&#160;&#160;&#160;&#160;It is not known at this
time which party will be the party that will</font><font style="DISPLAY: inline; COLOR: #000000"> first</font><font style="DISPLAY: inline; COLOR: #000000"> receive the settlement
payments</font><font style="DISPLAY: inline; COLOR: #000000"> from the Trust
Account</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us whether this Agreement
      creates a derivative instrument and tell us the specific accounting
      guidance you considered in making such
    determination.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The Company does not believe that the
agreement with Trebuchet creates a derivative instrument due to the fact that,
among other things, the Agreement does not have either an underlying nor a
notional amount, as defined by FASB 133 Paragraph 6, (and as amended by FASB
161), associated with the agreement.&#160;&#160;&#160;Specifically, the Company
does not consider the potential settlement payments that would come from a
successful outcome of its litigation with the ECB or other entities as an
underlying or notional amount that could be the basis of a derivative or hedge
instrument.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us the risks associated
      with this Agreement.</font></font></div>
            </td>
          </tr>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In the Company&#8217;s Quarterly Report on
Form 10-Q d</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">filed with the Securities and Exchange
Commission on</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">November 1</font><font style="DISPLAY: inline; COLOR: #000000">0</font><font style="DISPLAY: inline; COLOR: #000000">, 2008, the Company disclosed the
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Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">If
we lose our current litigation, we may lose certain of our technology rights,
which may affect our business plan.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
are subject to litigation and alleged litigation, including without limitation
our litigation with the European Central Bank, in which parties allege, among
other things, that certain of our patents are invalid.&#160;&#160;For more
information regarding this litigation, see Part II Item 1- Legal
Proceedings.&#160;&#160;If the ECB or other parties are successful in
invalidating any or all of our patents, it may materially affect us, our
financial condition, and our ability to market and sell certain of our products
based on any patent that is invalidated.&#160;&#160;&#160;Furthermore, we have
granted nearly all control over our ECB Litigation a third party, Trebuchet
Capital Partners, LLC., who may or may not have the resources or capabilities to
successfully defend our patent rights.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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and the related patent litigation involving the Company&#8217;s
patents.</font></font></div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
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            </td>
            <td>
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      party transaction. In this regard, we note that Trebuchet is owned by the
      Ergonomic Group, a private company that has a long-standing strategic
      relationship with, and substantial interest in, the
      Company.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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relationship with both The Ergonomics Group and Trebuchet for determination as
to whether each entity is a related party.&#160;&#160;The Company has concluded
that both parties are not related parties under the guidance of FAS 57 as
follows:</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">FAS 57 provides guidance on disclosures
of transactions between related parties. Examples of related party transactions
include transactions between (a) a parent company and its subsidiaries; (b)
subsidiaries of a common parent; (c) an enterprise and trusts for the benefit of
employees, such as pension and profit-sharing trusts that are managed by or
under the trusteeship of the enterprise&#8217;s management; (d) an enterprise and its
principal owners, management, or members of their immediate families; and (e)
affiliates.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In accordance with FAS57, the Company
reviews its relationships with The Ergonomics Group and Trebuchet in the context
of the definitions provided in Appendix B</font><font style="DISPLAY: inline; COLOR: #000000"> of FAS 57</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;&#160;As of December 11,
2008, The Ergonomics Group owns 618,300 (or 4.27%) and Trebuchet owns 100,000
(or 0.69%)</font><font style="DISPLAY: inline; COLOR: #000000">, respectively,
</font><font style="DISPLAY: inline; COLOR: #000000">of the common shares of
</font><font style="DISPLAY: inline; COLOR: #000000">the Company</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Collectively, The Ergonomics Group and
Trebuchet own less tha 5% of the common shares of the
Company.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Document Security Systems, Inc. does not
have any ownership </font><font style="DISPLAY: inline; COLOR: #000000">interest
</font><font style="DISPLAY: inline; COLOR: #000000">in either The Ergonomics
Group or Trebuchet.&#160;&#160;Accordingly, there are no levels of direct
control or ownership that cross related party
thresholds.&#160;&#160;&#160;Furthermore, the Company considers </font><font style="DISPLAY: inline; COLOR: #000000">if</font><font style="DISPLAY: inline; COLOR: #000000">, due to the multiple business relations
that the Company has with The Ergonomic&#8217;s Group, and its Executive Vice
President, Robert Girards, who is also the Chief Executive Office of Trebuchet,
these entities can be considered affiliates under common control as defined in
FAS 57.&#160;&#160;&#160;The Company has an Agreement with The Ergonomics Group
that provides for, among other things, the distribution of </font><font style="DISPLAY: inline; COLOR: #000000">the Company&#8217;s</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">technology through EGI&#8217;s existing sales
channels and to equally divide with each other the gross margin on digital sales
of </font><font style="DISPLAY: inline; COLOR: #000000">the Company&#8217;s
</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">technology completed by either
party.&#160;&#160;.&#160;&#160;&#160;To date, there has been no revenue
generated by either party under this Agreement, and as a result, the Company
does not believe that this relationship provides either party a
significant&#160;&#160;influence over the management or policies of either
</font><font style="DISPLAY: inline; COLOR: #000000">entity</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;&#160;In addition, the
Company considered its agreement with Trebuchet, and as described below in the
FIN 46 discussion, does not believe that Trebuchet </font><font style="DISPLAY: inline; COLOR: #000000">or the Ergonomics Group i</font><font style="DISPLAY: inline; COLOR: #000000">s </font><font style="DISPLAY: inline; COLOR: #000000">a related party to the
Company.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us what impact this
      Agreement had on the Company&#8217;s impairment analysis of your capitalized
      patent costs and update the calculations provided in your July 25, 2008
      response letter to support your
  conclusions.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">As a re</font><font style="DISPLAY: inline; COLOR: #000000">sult of the Trebuchet Agreement, the
Company </font><font style="DISPLAY: inline; COLOR: #000000">recognized a loss
on the sale of patent assets for its assignment and transfer of 49% of its
ownership rights in the patent, which amount to a net book value of
approximately $1,670,000, for proceeds of $500,000.&#160;&#160;&#160;As a
result, the Company recognized a loss on sale of patent assets of approximately
$1,170,000.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">In
addition, the Company reviewed its remaining capitalized defense costs, valued
at approximately $2,271,000 at September 30, 2008, for
impairment.&#160;&#160;&#160;As previously discussed with the Staff, the Company
uses an estimate of the potential proceeds of a successful outcome of its
infringement litigation against the ECB as the basis for its calculation of
asset recoverability.&#160;&#160;Below is the table updated for the impact of
the Trebuchet Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <div align="left">
          <div align="left">
            <div align="left">
              <div align="left">
                <div align="left">
                  <div align="left">
                    <div align="left">
                      <div align="left">
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left">
                                    <div align="left">
                                      <div align="left">
                                        <div align="left">
                                          <div align="left">
                                            <table cellpadding="0" cellspacing="0" width="100%">
                                                <tr>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="left" colspan="5" valign="bottom" width="22%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Projected
      Cash Floww</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Total
      Estimated Potential Proceeds</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Wicker
      Share</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Trebuchet
      Share</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Revised
      Estimated Potential Proceeds</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Percent
      of Euro Circulation</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">2009</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">2010</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">2011</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Error
      Discount Factor</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Discounted
      Cash Projection</font></font></font></div>
                                                  </td>
                                                  <td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td colspan="3" nowrap valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Undiscounted
      Total</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">NPV</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">(d)</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">(e)</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">19%</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px; BORDER-LEFT: #000000 0.75pt solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td align="left" colspan="2" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
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                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td align="left" colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Confirmed
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                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Germany-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,000,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">50%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,500,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">27.08%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,466,600</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">15%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,619,990</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,466,600</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14,677,815</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Netherlands</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,000,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">50%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,500,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">5.13%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;3,308,850</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">15%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;496,328</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,308,850</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">2,780,546</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td align="left" colspan="2" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Pending
      Confirmation Valid</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Spain</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,000,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">50%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,500,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">9.97%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;6,430,650</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">10%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;643,065</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,430,650</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">5,403,908</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Italy</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,000,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">50%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,500,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">16.40%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,578,000</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">10%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,057,800</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,578,000</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">8,889,076</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Belgium</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,000,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">14%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">50%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,500,000</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">3.20%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;2,064,000</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">10%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;206,400</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,064,000</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">1,734,454</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;Invalid</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td align="left" valign="bottom" width="7%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;England</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="6%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">0.00%</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">0%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">$</font></td>
                                                  <td align="right" valign="top" width="10%">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">0</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
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                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td align="left" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;France</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="6%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">18.99%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font size="1">$</font></font></td>
                                                  <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">0%</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="white">
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                                <tr bgcolor="#ccffcc">
                                                  <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center">
                                                    <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">Potential
      Cash Flow</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="5%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;-</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;39,848,100</font></font></font></div>
                                                  </td>
                                                  <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;5,023,583</font></font></font></div>
                                                  </td>
                                                  <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                                                  <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">39,848,100</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td valign="top" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                  <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: times new roman">19,871,002</font></font></font></div>
                                                  </td>
                                                  <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                                </tr>
                                            </table>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Tell us whether this Agreement
      created a variable interest entity and tell us specifically how you
      considered accounting for this Agreement pursuant to the guidance in FIN
      46R.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Response:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company does not believe that its Agreement with Trebuchet created a variable
interest entity.&#160;&#160;&#160;The Company was not involved in the formation
or financing of Trebuchet and has not been provided any of its Articles of
Incorporation, Operating Agreements, or any other relevant corporate governance
agreements for Trebuchet.&#160;&#160;&#160;Specifically, the Company considered
the guidance in FIN 46R, paragraph 5 (a) and (b) reached this conclusion through
the following analysis that considers guidance in FIN 46R, specifically
paragraph 5, conditions (a) and (b), and paragraph 14.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First,
the Company considered whether the equity investment at risk in Trebuchet, was
not sufficient for the entity to finance its activities with additional
subordinated financial support by any of the parties.&#160;&#160;&#160;The
Company understands that Trebuchet&#8217;s investors initially invested $2.5 million
into Trebuchet,&#160;&#160;The Company believes that that amount of funds is
sufficient to allow Trebuchet to pursue its litigation efforts for the
foreseeable&#160;&#160;future.&#160;&#160;The Company did not contribute any of
the equity investment in Trebuchet, nor does the Company have any voting rights
in Trebuchet, and as a result, the Company does not have sufficient information
available to it to determine whether Trebuchet meets the conditions set forth in
paragraph 5(a) of FIN 46R.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Second,
the Company considered the controlling interest conditions set forth in
paragraph 5(b) of FIN 46R.&#160;&#160;&#160;&#160;The Company notes that
Trebuchet has the right to unilaterally make all significant decisions regarding
its litigation strategies, with only procedural input from the
Company.&#160;&#160;In addition, Trebuchet&#8217;s investors will absorb all expense
and losses associated with its litigation efforts.&#160;&#160;Furthermore,
Trebuchet&#8217;s right to a return from its litigation efforts, while required to be
shared with the Company is not limited.&#160;&#160;&#160;&#160;As a result, the
Company concluded that the conditions set forth in paragraph 5(b) are not
met.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Finally,
even if Trebuchet could be considered a variable interest entity, the Company
considered the guidance in FIN 46R, paragraph 14 and notes that the Company
could not be considered the primary beneficiary of Trebuchet for the reasons
discussed above.&#160;&#160;Based on the above discussion, the Company has
concluded that Trebuchet should not be considered for consolidation as a
variable interest entity for which the Company is the primary
beneficiary.</font></div>
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for your assistance in this matter.&#160;&#160;Please feel free to call me at
(585) 325-3610 if you have any questions about this matter.</font></div>
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                      <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Respectfully
      submitted,</font></td>
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                      <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DOCUMENT
      SECURITY SYSTEMS, INC.</font></td>
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                      <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
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                      <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Patrick
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                      <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">      </font>
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                          <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                          <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
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                          <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;Philip
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                          <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                          <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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