<SEC-DOCUMENT>0001104659-21-035013.txt : 20210805
<SEC-HEADER>0001104659-21-035013.hdr.sgml : 20210805
<ACCEPTANCE-DATETIME>20210311162217
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-035013
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transcode Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001829635
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				811065054
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6 LIBERTY SQUARE
		STREET 2:		#2382
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		857-301-6857

	MAIL ADDRESS:	
		STREET 1:		6 LIBERTY SQUARE
		STREET 2:		#2382
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="5" STYLE="text-align: left; width: 70%; font-size: 10pt; vertical-align: top"><IMG SRC="tm2038085d8_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwin Procter LLP</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100 Northern Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston, MA 02210</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">goodwinlaw.com</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1 617 570 1000</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>FOIA CONFIDENTIAL TREATMENT REQUEST</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The entity requesting confidential
treatment is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">TransCode Therapeutics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">6 Liberty Square, #2382</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Boston, Massachusetts 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Telephone: (857) 837-3099</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding: 6pt 12.25pt 6pt 5.75pt; font-size: 10pt; text-align: left"><B>CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION.&nbsp;&nbsp;CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.&nbsp;&nbsp;OMITTED INFORMATION HAS BEEN REPLACED IN THIS LETTER AS FILED VIA EDGAR WITH A PLACEHOLDER IDENTIFIED BY THE MARK &ldquo;[***].&rdquo;</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">March 11, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><I><U>VIA EDGAR AND OVERNIGHT
DELIVERY</U></I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Office of Healthcare and Insurance</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Attention: Jason L. Drory and
Mary Beth Breslin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>TransCode Therapeutics, Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0; background-color: Transparent"><B>Registration
Statement on Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0; background-color: Transparent"><B>File
No. 333- 253599</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0; background-color: Transparent"><B>CIK
No. 0001808865 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -27pt; background-color: transparent"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B><U>Rule 83 Confidential Treatment
Request by TransCode Therapeutics, Inc.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Ladies and Gentlemen:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">On behalf of TransCode
Therapeutics, Inc. (the &ldquo;<U>Company</U>&rdquo;), in response to comments from the staff (the
 &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) received by
letter dated January 14, 2021 (the &ldquo;<U>Original Comment Letter</U>&rdquo;) relating to the Company&rsquo;s Registration
Statement on Form S-1, originally confidentially submitted to the Commission on December 18, 2020, amended January 27, 2021,
and subsequently publicly filed by the Company with the Commission on February 26, 2021 (File No. 333-253599) (the
 &ldquo;<U>Registration Statement</U>&rdquo;), we submit this supplemental letter to further address comment 6 of the Original
Comment Letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Because of the commercially sensitive
nature of information contained herein, this submission is accompanied by the Company&rsquo;s request for confidential treatment
for selected portions of this letter. The Company has concurrently filed a separate letter with the Office of Freedom of Information
and Privacy Act Operations in connection with the confidential treatment request, pursuant to Rule 83 of the Commission&rsquo;s
Rules on Information and Requests, 17 C.F.R. &sect; 200.83. For the Staff&rsquo;s reference, we have enclosed a copy of the Company&rsquo;s
letter to the Office of Freedom of Information and Privacy Act Operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We confirm on behalf of the Company
that, prior to circulating copies of the preliminary prospectus in connection with the offering, the Company will file a pre-effective
amendment to the Registration Statement that will include all information other than information that may be excluded in reliance
upon Rule 430A of Regulation C, and the actual price range to be included in such amendment which will comply with the Staff&rsquo;s
interpretation regarding the parameters of a <I>bona fide </I>price range.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company expects to reflect a reverse
stock split that the Company plans to implement prior to effectiveness of the Registration Statement (the &ldquo;<U>Stock Split</U>&rdquo;)
in a pre-effective amendment to the Registration Statement that includes the estimated Preliminary Price Range (as defined below);
as such, all dollar amounts and per share amounts in this letter reflect the anticipated effects of the Stock Split.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The Company respectfully requests
that the bracketed information contained in this letter be treated as confidential information pursuant to Rule 83 promulgated
by the Commission, 17 C.F.R. &sect;200.8, and that the Commission provide timely notice to R. Michael Dudley, Chief Executive Officer,
TransCode Therapeutics, Inc., 6 Liberty Square, #2382, Boston, Massachusetts 02109 before it permits any disclosure of the bracketed
information in this letter.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">For the
convenience of the Staff, we have recited the prior comment from the Staff in the Original Comment Letter in italicized type and
have followed the comment with the Company&rsquo;s response.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6<I>.</I></TD><TD STYLE="text-align: left"><I>Once you have an estimated offering price range, please
explain to us the reasons for any differences between recent valuations of your common shares leading up to the planned offering
and the midpoint of your estimated offering price range. This information will facilitate our review of your accounting for stock
compensation. Please discuss with the staff how to submit your response.</I></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>CONFIDENTIAL
TREATMENT REQUESTED By </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>TransCode
THERAPEUTICS, Inc.</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company respectfully submits
the below additional information to assist the Staff in its review of the Company&rsquo;s position with respect to its determination
of the fair value of its common stock underlying its outstanding equity awards and the reasons for the differences between the
recent valuation of its common stock and the estimated offering price for its initial public offering (&ldquo;<U>IPO</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>Preliminary
IPO Price Range </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company advises the Staff
that it estimates a preliminary price range of approximately $[***] to $[***] per share (the &ldquo;<U>Preliminary Price Range</U>&rdquo;)
for its IPO, after giving effect to a reverse stock split that the Company plans to implement prior to effectiveness of the Registration
Statement (the &ldquo;<U>Stock Split</U>&rdquo;) resulting in a midpoint of the Preliminary Price Range of $[***] per share (the
 &ldquo;<U>Midpoint Price</U>&rdquo;). The actual price range to be included in a subsequent amendment to the Registration Statement
(which will comply with the Staff&rsquo;s interpretation regarding the parameters of a <I>bona fide</I> price range) has not yet
been determined and remains subject to adjustment based on factors outside of the Company&rsquo;s control. However, the Company
believes that the foregoing indicative price range will not be subject to significant change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B>Determining the Fair Value
of Common Stock Prior to the IPO</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="background-color: white">As
there has been no public market for the Company&rsquo;s common stock to date, the estimated fair value of its common stock historically
has been determined by the Company&rsquo;s board of directors (the &ldquo;<U>Board</U>&rdquo;) as of the date of each option or
other equity award grant, with input from management, considering the Company&rsquo;s then most recent third-party valuations of
its common stock and the Board&rsquo;s assessment of additional objective and subjective factors that it believed were relevant
and which may </FONT>have changed from the date of the most recent third-party valuation through the date of the grant. The Company&rsquo;s
most recent third-party valuations of its common stock were prepared for December 31, 2019 and October 1, 2020. These third-party
valuations were performed in accordance with the guidance outlined in the National Association of Certified Valuators and Analysts
Professional Standards, and were prepared using the income approach, while utilizing elements of <FONT STYLE="background-color: white">the
asset-based approach and the market approach. Professional judgment must be used to select the approach(es) and the method(s) that
best indicate the value of the business interest.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The asset
approach is a general way of determining a value indication of a business, business ownership interest, or security using one
or more methods based on the value of the assets net of liabilities, as such necessarily involving an analysis of the
economic worth of a company&rsquo;s tangible and intangible, recorded and unrecorded assets in excess of outstanding
liabilities. There are two main methods within the asset approach: (i) the adjusted net asset value method, and (ii) the
excess earnings method. The asset approach is relevant for holding companies and for operating companies that are
contemplating liquidation or are unprofitable for the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>CONFIDENTIAL
TREATMENT REQUESTED By </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>TransCode
THERAPEUTICS, Inc.</B></FONT></P>


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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The income approach
is the most customary way to measure the value of a business or an interest in a business; the value of a company is the value
of all of its future benefits to its owners typically measured in net cash flows discounted back to a present value at a discount
rate which is the cost of capital that reflects the time value of money and the degree of risk of realizing the projected benefits.
The income approach utilizes two basic methods: (i) discounting, where all expected future benefits are projected and discounted
back to a present value, and (ii) capitalizing, where a single benefit is divided by a capitalization rate to get a present value.
The approach requires two categories of estimates: (i) forecasts of future results, such as net cash flow or earnings, and (ii)
estimation of an appropriate discount rate in the form of cost of capital or cost of equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Finally, the theory
of the market approach is the economic principle of substitution; one would not pay more than one would have to pay for an equally
desirable alternative. Therefore, analysts seek valuation guidance from the prices of other similar companies, or interests in
companies, that have sold. While no company is exactly comparable to another, a thorough appraisal requires seeking out the best
of the extensive guidance that the market can provide. The Market Approach is particularly relevant when the estimation of value
is performed through the lens of a fair market value standard.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>December 31,
2019 Valuation</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company&rsquo;s
third-party valuation as of December 31, 2019 (the &ldquo;<U>December 2019 Valuation</U>&rdquo;), which was used, in part, by
the Company&rsquo;s Board to determine the fair value of the Company&rsquo;s common stock as of the grant date of option
awards granted in June 2020, (which had been anticipated to have been issued in January 2020) determined the enterprise value
of the Company using an integration of asset and market-based approaches into the income approach. The third-party valuation
specialist determined the income approach was the most valid way to measure the value of a business in this case. Because
there are significant unknowns of regulatory action, pricing, and reimbursement of a curative therapy in the Company&rsquo;s
industry, and the significant uncertainty of obtaining the capital needed to develop the therapeutic candidate, the
third-party valuation specialist determined that the most relevant and reliable indication of value in this case derives from
the present value of a comparison of the future sale of an asset, which type of event is highly regular in the
Company&rsquo;s industry. At the time of this valuation, the IPO was not a consideration nor had any discussions about an IPO
occurred. In fact, the Company sought private institutional capital but was unsuccessful, a factor considered in the
appraisal. The third-party valuation analyst then integrated asset and market approaches into the income approach to generate
a present value of the benefits of the transaction measured as free cash flow using discount rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>October 1,
2020 Valuation</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company&rsquo;s third-party
valuation as of October 1, 2020 (the &ldquo;<U>October 2020 Valuation</U>&rdquo;), which was used, in part, by the Company&rsquo;s
Board to determine the fair value of the Company&rsquo;s stock as of the grant date of each of the three option awards made since
that date, determined the enterprise value of the Company using an integration of asset and market-based approaches into the income
approach. This valuation was commissioned by the Company because it had signed an engagement letter with respect to the IPO and
while the outcome of the effort was not a certainty, a possible IPO was explicitly considered in the valuation analysis. The third-party
valuation specialist determined the income approach was the most valid way to measure the value of a business in this case. The
third-party valuation specialist also formalized the inaccuracy of measurements of present value of future benefit streams using
contingent claims (real options) approaches, measuring both internal and external risks to the benefit stream. The third-party
valuation analyst then integrated asset and market approaches into the income approach to generate a present value of the benefits
of the transaction measured as free cash flow using discount rates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Valuation Date</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Estimated Value&nbsp;of <BR>
Common&nbsp;Stock&nbsp;(post-<BR>
Reverse Split)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>Estimated&nbsp;Value&nbsp;of <BR>
Common Stock </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>(pre-Reverse&nbsp;Split)</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>Primary </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>Valuation Method</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; font-size: 10pt; text-align: center">12/31/2019</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.0824</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.05</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; font-size: 10pt; text-align: center">Income approach</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">10/1/2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.9073</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.37</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Income approach</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The principal factors contributing
to the increase in the fair value of common stock from the December 2019 Valuation to the October 2020 Valuation were the timing
of, and cost-effective changes to, the Company&rsquo;s clinical development plan, the strategy now underway to fund said research,
and the potential to attain a significant exit in earlier stages of development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Board relied, in part,
on the results of (i) the December 2019 Valuation in its determination of the fair value of common stock of $0.0824 per share
as of December 31, 2019 and (ii) the October 2020 Valuation in its determination of the fair value of common stock of $3.9073
per share as of December 17, 2020 and January 7, 2021, when it granted a total of 109,180 options to purchase shares of
common stock to non-employee directors upon adoption by the Company of a compensation plan for non-employee directors in
connection with their respective appointments to the Company&rsquo;s board of directors. The Board determined that the fair
value of common stock as of December 17, 2020 remained at $3.9073 per share because the Company had not yet held valuation
discussions with the underwriters regarding its common stock and no events had occurred which would have had a material
effect on the October 2020 Valuation result. Subsequent to January 7, 2021, the Company made no other equity awards and
would, if any new awards are made, obtain an updated appraisal of the fair value of the common stock. See, e.g., the section
entitled &ldquo;Executive Compensation - Proposed Compensation Arrangements Following Completion of this Offering&rdquo;
appearing in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>


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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Comparison of Most Recent Valuation
and the Preliminary Price Range</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">As is typical in initial public
offerings, the Preliminary Price Range was not derived using a formal determination of fair value, but was determined based on
discussions between the Company and the underwriters. Prior to February 19, 2021, the Company and the underwriters had not had
discussions regarding the Preliminary Price Range. Among the factors that the underwriters described as their considerations in
setting the Preliminary Price Range were the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general conditions of the securities market and the recent market prices of, and the demand for, publicly traded common stock
of comparable companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company&rsquo;s financial condition and prospects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>estimates of business potential and earnings prospects for the Company and the industry in which it operates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>valuation metrics for and recent performance of initial public offerings by companies in the biotechnology sector; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>progress and stage of development of the Company&rsquo;s development programs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company believes that
the difference between the fair value of its common stock as of December 31, 2019 and October 1, 2020 of $0.0824 per share
and $3.907 per share, respectively, both amounts reflecting the anticipated Stock Split, and the Preliminary Price Range of
$[***] to $[***] per share is the result of the factors above and the following factors and positive developments with
respect to the Company&rsquo;s business that occurred subsequent to December 1, 2020, the date of the Company&rsquo;s most
recent determination of the fair value of its common stock in reliance on, among other things, the October 2020
Valuation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>


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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 7</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The Preliminary Price Range is based only upon a scenario in which the Company completes the IPO and is not probability weighted,
in contrast to the Company&rsquo;s prior valuations of its common stock, which considered multiple potential outcomes including
outcomes which would result in a lower valuation of the Company&rsquo;s common stock than its IPO.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Preliminary Price Range necessarily assumes that the IPO has occurred and that a public market for the Company&rsquo;s
common stock has been created, and, therefore, excludes any discount for lack of marketability of the Company&rsquo;s common stock
or impact of the time value of money, which were appropriately taken into account in the December 2019 Valuation or the October
2020 Valuation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The
                                         Preliminary Price Range represents a future price for shares of the Company&rsquo;s common
                                         stock that, if issued in the IPO, will be immediately freely tradable in a public market,
                                         whereas the estimated fair value of the Company&rsquo;s common stock in the December
                                         2019 Valuation and the October 2020 Valuation, represents a contemporaneous estimate
                                         of the fair value of shares that were then illiquid, might never become liquid and, even
                                         if an IPO were successfully completed, would remain illiquid at least until the expiration
                                         of the 180-day lockup period following the IPO (12 months for officers and directors).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Since January 7, 2021, the Company has taken several steps towards the completion of an IPO, including (i) receiving an initial
comment letter from the SEC which presented no significant disclosure, accounting or other issues, increasing the probability of
executing an IPO in the second quarter of 2021; (ii) drafting and confidentially submitting an amendment to the Registration Statement
to the Commission on January 27, 2021; and (iii) on advice of outside advisors and after full deliberation by the Company&rsquo;s
board of directors, publicly filing the Registration Statement with the Commission on February 26, 2020.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: Transparent"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Since January 7, 2021, the Company made further progress
in the advancement of its lead development programs and the execution of its business strategies, including continuing to progress
its product candidates. Specifically, (i) the Company expects to receive the key component of its therapeutic candidate during
March 2021 with which it can have manufactured the drug substance needed for final pre-clinical testing and (ii) the Company placed
a second order of this key component needed for a Phase I clinical trial of the therapeutic candidate. In February 2021, the Company
also signed an option to negotiate an exclusive license for additional technology that could be instrumental in the Company&rsquo;s
future.</TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>


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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 8</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The proceeds of a successful IPO would substantially strengthen the Company&rsquo;s balance sheet by increasing its cash resources.
In addition, the completion of the IPO would provide the Company with ready access to the public equity and debt markets.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Other biotechnology companies at a similar stage of development and of a similar size have consummated initial public offerings
on favorable terms and with successful aftermarket performance. In addition, other biotechnology companies at a similar stage of
development and of a similar size have consummated other equity offerings on favorable terms.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">The Company respectfully submits
that the deemed per share fair values used as the basis for determining stock-based compensation expense in connection with its
grants of equity awards are reasonable and appropriate at the times awarded for the reasons described herein and in the Registration
Statement. <FONT STYLE="background-color: white">The Company also refers the Staff to the discussion of its general approach of
determining fair value of equity awards set forth in the Registration Statement under the heading &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations &ndash; Critical Accounting Policies and Significant Judgments and
Estimates &ndash; Stock-Based Compensation&rdquo; for additional background regarding its equity grant valuation methodologies
to date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">We <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">hereby
further request, pursuant to Rule 418(b) under the Securities Act of 1933, as amended, the return of the unredacted version of
this letter. The Company believes that the return of the supplemental information contained in this letter will protect the interests
of investors and is consistent with the provisions of the Freedom of Information Act by maintaining in confidence the potential
valuation of the Company that may, if disseminated, negatively impact the trading in the common stock of the Company following
the IPO. The Company advises the Staff that it has not filed the supplemental information subject to this request in electronic
format. Please return this letter to the Company, in care of the undersigned, a responsible representative of the Company, at 100
Northern Avenue, Boston, Massachusetts 02210</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">* * * * *</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">If you have any questions or
comments with regard to this matter, please do not hesitate to contact the undersigned at (617) 570-1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>


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




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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><IMG SRC="tm2038085d8_correspimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 11, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 9</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent">Respectfully submitted,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">GOODWIN PROCTER LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Michael Bison</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">cc: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-size: 10pt">R. Michael Dudley, <I>TransCode
    Therapeutics,</I> Inc.</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Thomas A. Fitzgerald, <I>TransCode Therapeutics,
    </I>Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Benjamin Bertan, Goodwin Procter LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>&nbsp;</I><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>CONFIDENTIAL
TREATMENT REQUESTED <FONT STYLE="text-transform: uppercase">By </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="text-transform: uppercase"><B>transcode
THERAPEUTICS, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I></I></P>

<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2038085d8_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2038085d8_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  Z /$# 2(  A$! Q$!_\0
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MT\3:'>VUFDESIW]KV=[9WJ_8%%DD^BSM,ZZRL-G\'_\ !/7_ (*D_M4?$?\
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MAGT:?6[ :IIT3>,?B?X#\/:H)+)I(A(3I'B;4[3.[YA)OPF0J_GW_P $9/\
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M[1"W>+PQX;TC0C-;@ !;B73+6VN)Y1EB)FF4Y*G:=O)R2[?BB#\[_P#@F_\
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MO1=*T6QMU\N*TTRRBLX4B'\"I"JX&.>&!R<XP2*Z=P-IXZ=/;GM4Z 8Z=_\
M"OUWA+@GA/A:G5PV29)AL+5PL:,*F*J3JXFI7E'VD8SM7<XT6G&3M14$W/WN
M;EC;\3XS\1.-./,2J_%'$N<9G"I*I.AA*F,JQP>#]HXRJQP^'A-0BI\M-.\9
M.U**312:WS%LW;3G/&<#GL.WOTY]>VA00#U /UHK[F,ZD[N<HM7?+&,;<O?7
MK>RMVL?&1]V$*=VXP5HW=WKW>[>F[N%%%%4 4444 %%%% !1110 4444 %%%
<% !1110 4444 %%%% !1110 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm2038085d8_correspimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2038085d8_correspimg002.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  \ /$# 2(  A$! Q$!_\0
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M;>^U#X9^+-/T[QA_8JW-Y9O=:Y#>O;0P"640NJD'])/^"/W[&OP9_9X_8Q^
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MY@O+AX76^^'6IO.88FN&,A'B#X1ZY:^+OM,DSR-!X56,2>7YH>).[; _1?\
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ML4)U*VEXT)1E356;=-?VM3.5,3$8$,OG.,G(3,JB7@_,)"02GW5/4= /Q_\
M^"@7[*'Q8^/WQ2^%-WX%TV"ZTNV\.W&@ZQJ][<)#I^C(NI1W:M=VZ;;JX>?[
M5-+!]E8-&(7$F5,07P/X*_\ !2SX@>"K*ST+XDZ,/'VEV4GV=-9AE2WUV*T:
M0M/]J@B2".Z*'RS"RJ7&QP6 9<_5'C?_ (*H?!?3/#9O/"&B^(O$/B&6.0V^
MGZA!_9]O:7KK$NVYGPD@0@%8Q;E01&[29)4G]DS'Q.\'O%'A-X3->)J.">$E
M.O6PN)E'"8A>RG94X.I-4,5-Q@VXX6M7:D^2252\8_RED'A;X]^#?'62Y_D/
M"6+Q.<X2>/P^7XS*XO'X>%/,L#+"JMC84X*O@ESUW44L31IQ]@J=6,I19\R_
M$[_@F#\-OA'^S?\ %;QQXF\3ZUXH^('A7P/XB\5Z9J%HTUAH=K>Z/IMS?1Z?
M;6BRQK=K=R1I"&NUG;,8VC);=^ \]NS%#(!EG5B@)Q$4'DE#SDEGA>X().!.
MJC$84#]%/VE?VT_C-^T)]HT?5M5/AKP<]M<VY\,:+<S06=Q#<B%;F+4KJ,1W
M%TNR&-4CFGDC027 5 )7#?&?A3P!XI^)/B&R\+>"]%U+7=;UR]C@B_LVV:\6
MUD98;<WDABC\N&"**&/S!/E&V%T7?YK-_-?$6;\(9_GV1Y7X<9=B<9@<+CL+
M#ZYB\%/#<ZHSI1Q$I12J5E'V\:JIRE32J04*D6X3C)_Z ^#&2\>\"<&\49[X
MU\5QAFV8XN.?X3#5,RIXC"QHPX?S+ U,+3FYP@\0ZV*II4J<7"$8U(U)PJP=
M,_N"^'I_XHSPJH &/"WALDCN6TBV!R?8*OT^M=F?3UR1]1C'U]?PKE_!]D^E
MZ#I>E2E3-IFEZ=92^7N,(:WM_)149RS,R11QI(=YY4$@,S%NIP,@^G3\:_T;
MRU)9=E\5"$.7!82#A"_)&4,/1A-1ND[*<9;I/N?XS8ZI"KCL?4@X2C+'XYJ5
M-MTY7QN+ESP;46XSYU)-I-W=T?AM_P %Y/V'O&/[97[(MG=?#/2+OQ!\5O@G
MXRM_'/A70+# O?$VBZA83Z'XM\.VPSEY;RTET_4%CB GD.D@1NISG\RO^"9O
M_!<+X9?"/X&:7^R?^W5IWB;X>>*O@OH=G\/="\12>'M3F&N^$=/T^>RTRUU_
M1'MO.L+_ ,.Z:;/00^Q4U06[W,_VF[CFN&_KZDC208<<X8*0S(ZED9"T;J5>
M-]CLHD1E=0S;6&37QQ\=?^"?G['G[2&J_P!O_&#X!?#KQ;KYW&37[K0+>VU>
M?,GFYN]0L#9W5R?,+%FFE=I-V)"P50O3*#;;T,(R25FGH?PM?MTW7_!//XA_
M%'X"?#__ ()J?"[QO/XEA\8S:AXT\1VVE>)[NSUS3)KK29-&L[+3;N[N]1N%
MTO4)=5N;V_D=IX%G@2:<PS-&W]=G_!9G]AB[_;E_8_U/PWX,2Z/Q8^%FL-\2
M_A/;QM;+;Z[K=AIDMG?>$;OS )8!KWAJ[N[6VF*%8+VPMFD(FECG;[.^!_[#
M_P"RO^SK>"_^#OP'^''@;58_+,?B#2?#>FKKF$\S"QZM*EQJ4*#S&+1I<JDF
MX;E;8NWZO:V@8@F-<@NV1D$M(C1R,V" S.CD.6!W$*6RR(57(^Z_'_(;FM-&
M?QU_\$N?^"XGA3]FCX9Z!^Q_^V]X<\1_#ZX^!VBR>"O"_CJZ\/WT.I1:=X='
MV/3/"/C70[N6SDM];T2RCL;*"_T^(6>K6"VMPI:=;F::K_P5._X+?>&OVD_A
ML_[*'["MEXP\=7WQ<A&A^/\ QKI'AF]DU:;PWJ"K'>>#O ^G6;7C1ZYK<[K8
M7.HZBHMK;1SJ,%Q(]O>7"/\ TS_'#]A/]E#]HR\;4/C%\"OA]XSU:3RS-K^I
M:#:C7)V@CBBADO-8MOLVIWLJ10QH)+FZEDVH S'BI/@9^PQ^RK^S?=RWWP:^
M!OP_\%:G*AC?6M-T*U;5BK,68Q:E=?:KZ!OF(WQ3H^UG16"/(&.1]U^/^1$G
M=M]SX'_X)6_\$^9/V=_^":&H?L^?&&Q&F>*/V@/#?CCQ1\8]$25Y1X?E^)/A
M.T\(MX>BNH)?,E.D>$M+L+2]EM7MQ'.SPVQB$"2#^=']CWX\?&C_ ((+_M7?
M$?X,_M)_#[Q#>_ CXJ:I8:=JOBC3+<):WMOX>74H?"GQ!\,W<UNUG)-;Z?K#
M6GBK39KB.WD$6CM% +AYI6_O:\B+9Y>P>6008\D1E3&8BAC!">64)S%M\O=^
M\V[_ )J\E^+WP(^$7QUT$^%_BU\//"OC_19/,_T3Q/I-EJAAW2K,5MIKN-[F
MW1I "T=M-$A"QHRE$15.1]U^/^0C\./V@/\ @XM_8O\ !_PDU[7O@MK'B#XI
M_$ZXT5SX5\+0>&YK*P@U*Y;R+*YUG5!>L81:S;)ITM[2<7'E*D,4*!_-^)?^
M" 7[(/QM\;_M+?%__@I#^T-X;UGPY<^,#XLNO CZM8O:2^*_%?Q.U.>;QEXD
ML[*6*WNTL+'2?*LK:86D5G,-9FDCA+V\<D'[X^"/^"5/[ WP]\4)XR\+_LQ_
M"RV\0Q7_ /:=M?WOAZ/4C979&&:S@OI;NUAB?"%K80_9D:*-XHD<$G[^L],L
M=.M8+2UM8+2VM+2*QMTM4$ @LX%*P6T'D[6AA@5F6*.,JL8.$ P,'(^Z_'_(
M#^'C_@HQ\4_!GP._X.%?A_\ %OXB:JMAX,^'7B#]F_Q#XJU*W5[U['2=*\">
M'I[RY%G:QO+"T5Q#*P2=B)LLJ<12*/V6^,W_  <2?L'>!_ &M:Y\,-?\4?%3
MQO#8%O#/A*Q\-7>G0ZC=!+8V=QJVJWKPQV.F+<-+]K>UM;FX8*HB^S\"3])_
MC+_P3P_8[_:$^(%]\3_C%\"? OQ"\::I:Z?97^O^(-,-W?SVNE6B6.GP2LUP
MD92WM(XX%VPJSK&IF,C*K#D_"?\ P2P_8$\%:Y#X@\/?LL?"&TU2S=6L;N?P
MO:W;VGSB1UMH[EYX8XY'2-I(_+\M_+C!4A<4<C[K\?\ (#^?#_@C+\(/CC^V
MI^W[\4O^"I/Q^\)ZAX=T".TU&S^'K:E87EGI^K^)-7T.U\":=;Z!/=I;27MM
MX3\%V!TE+EH!'(-7CO&,VH)!>0?>7_!R3\!W^)?["EI\7=,MKI]7_9W^(6B^
M+;G5+1#)/IOA'Q9J=MX1\5-^[F@86VGZI/X8U&=D223R;&=S(D0F\S^A#2]#
MT?1+"WTO1]+T[2=-M!&+73M,L[?3]/M1"5,:VME:1PVUNJ%%VK#$@^4#&.*Y
M?XD_#;P7\6?!7B3X<^/_  ]8^)O!GC#2;O1/$FBZC%'/8ZCIEXRO<6MQ&Y#[
M)I LOF0M',DT44R2)+%$ZG(^Z_'_ " _C]_X(4:UX_\ VZ_^"A7QY_;B^+$$
M%YJOPI^!O@3X?Z6VFR.NG6/BS7O#&B^$]%33G\[RTNCX3\$^+M4NDB146[U9
MII$:XG64>1_\%W8/&?[%?_!3CP3^UE\+ECTK4_BY\%]5,.NW;V\=A;^++7P7
MXG^"7BF&227Y)=0F\"ZMX:U")"C@-?&X5([M5N*_L/\ V??V4_@)^RYINO:/
M\"OAQH'P]TWQ1?V>J:]%H4#PC5+_ $^S%A97%S))--+(UK:#R(4+B.-9+AHT
M#W5V\U+X]_LE?L_?M/VVA:?\=/A=X5^(]GX1FNKCPS%XBTX7;Z9+?PVUO>M;
M7,<D-RHN(;&S656F9'\B%F4O&C Y'W7X_P"0'Y'_ /!NE^R@OP%_8BL_BUK:
MWL7C']IK4K;QO+%=6XM7M_ OA?\ M#PS\/8XY8YFDNK?5-&:Y\6QO<9E63Q+
M@2.D%LL'YG_\'4Q!^(_[#V\28/ASXUK,J1P')FO?AV^09+JW;&Z+YC&DNW #
M>6" _P#8;X(\%^'/A]X4\/\ @OPGI%GH7AKPMHND^'= T?3X4M[+3-%T.R@T
M[2K"VB7)$-G9VT,"-(SRR! \KR.S.?"?VA?V-OV;/VI+OPK?_'?X3^&/B1>>
M"[+6=.\,7/B"SFN[C1;37C9'5HM-GCN(9;!KTV%H9Y[9XKB0V\!,I,$)0Y'W
M7X_Y ?G%_P %T)$7_@CW\;9'?+P:=^SK.&Q#L#O\:OA7;ERTK+!B.%YIF5Q*
MFV')08W-Y7_P1.^$W@GXY?\ !&#P#\)?B-IL&O>!_B#/\;O"OB"RN=LLMS9W
MWQ-\506LPO8;E9FU""4P:AI.IQW,.HV6IKI!M+E4MX43]LOBO\#OAM\</AKJ
MGPC^*GA'2?&7P_UK^R?[1\,ZG;HVE7']A:E9:MI2O:QM"(DM-0T^RN8XK8Q1
MLT CF5XF='=\&/@7\+_@#\/K'X6_";PAIW@?P-IEQJ%Y8>']$\VUL;2ZU6X>
M[OY[0+,\UN\URQN/W<JB*;;)!Y;(I4Y'W7X_Y ?YH?[?/[-GQH_8:^+/Q)_9
M/\4WVM2_"0?$E/B/\-M0O)DM?"OCC2+33-7T'PUXKLIKEE@B\2Q^%_&.J:?X
MKTV)_L-MJ$,4:VD?V&Q:W_N-_P"" H'_  Z7_91*@HI3XX[8R48H/^&E/C*3
M^\B=X9!(3YRE #LE4DE2BI]\_'W]DC]GO]I^VT*T^.WPG\(_$J+PQ/>7.@-X
MCTR&ZETR34(&M[WR+@-%<>5<QDF6W:1K=IMMRT7VF.*5/2?A!\(OAW\"?A]H
M7PL^%'A73O!/@'PP=3.A>&=(C,6FZ:=:UC4-?U/[*C/+*!=ZOJE_>R+)(P22
MX:.$1PK'&FD59) >F4444P*EW;07<9AN(DFC9)%:.0!E*NH5\J<@_+D9QT)'
M1B#\:?&[]BOX/_%O3KHG0K7PUXEDC5+3Q+HUO%;31>7]S[9&C)'=;?X&EBD9
M=TF3\U?:I )!/49QR1UZ]/I3&BC< ,NX*20"6QDXZC.#T'7..U?/9WPIP]Q'
M"5+.LJPN-A4I3ISJ5*4'62E%Q7+-P;NDU9\R:LEJD>OD_$7$'#F(6,R'-,5E
MN*A5IU:<Z%>M3@^1IM5(0FHR3L])0EY6;NOYHOC?^P-\8?A0FI:WHZ6?C3PU
MID,]Y<:G9-';7]EI\(C:ZN[A)KF O($9/)2RCD1BDOG+_JL_$GA[P9XC^(?B
M73O"?A72;S6=;U68&PLY4O8%*PDCS;FZDTNXM;<REB%5IHU?RVV;BIQ_9R8D
M((*Y4C:5).TC!&"N=I&"1R.G'2H19VRD%8@F  NQG0*!P H5@%&./EQQ@= *
M_FC,OHD\,U,RCBLES[$97@I8B5:ME^+RZAFM"G"=1SG#+U5J4?J4IMRE*:=3
M][*4^5+W3^K.&_IF<>Y)@*M#,LGP6>YA/#QH1S1YCB<KQ525.E[*E/'.A0Q"
MQJIJ,*<8/V/[F$8.5]3\"O@/_P $IM<U2Z@U[XZ:P^EZ9AYF\*:/())7DE((
M2YNT96D7"((Q;K /FE#A_DV_L7\,_@3\+?A1I=GIG@3P/HF@K8V\<*ZC#91'
M5KEADO)=7Y#W<C,?F :=@NYPH +9]L2V@C9F5/F8@L2S,21T.69NE/,4;$$K
MR#GJ1SVR <'&3@'(':OW3@_POX1X'HTUE. ^N8N$;2Q^9NG6Q4Y.3FY<RI.,
M>5ODI1C&U.E&$$WRIGX-QYXO^(/B1BZ=?B'.ZN%P5*4Y4\DRF=6AE=*,G+W(
MTG43J*JGSUY5.9U*TZDW%<SO7M(C%Y@)Z[>,L3QNY.2>3GD_>8\L2>:N4Q8T
M0LR@@OC<=S'.,XP"2!U/0"GU^B)MI7C&#LO=A\*MI9:1T^2/S6[=VU&+<I.T
M=M9-I^K6LO[S>XA .,]NE! /4 _4 _SI:*   #IP/0=/RHHHH 0@'J ?J,T
M = !]!BEHH *:RJV-RJV,XW '&>N,CC/>G44 (% Z#'T) X]LXH*@D$]LXY.
M.?49P>G<&EHH 3:O]T?D*38O'&,>F1_+&?QIU% !1110 FT 8  'MQ_*EZ44
M4 &._K[G^70?AU[T444 )@?7Z\_SI< =.*** $*JW4 XZ9H  Z "EHH ****
# /_9

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