<SEC-DOCUMENT>0001171200-24-000163.txt : 20240523
<SEC-HEADER>0001171200-24-000163.hdr.sgml : 20240523
<ACCEPTANCE-DATETIME>20240410165856
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171200-24-000163
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001405513
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				260431733
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML STYLE="font: 10pt Times New Roman, Times, Serif">
<HEAD STYLE="font: 10pt Times New Roman, Times, Serif">
     <TITLE STYLE="font: 10pt Times New Roman, Times, Serif"></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 10%"><IMG SRC="i24172003.jpg" ALT=""><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 80%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 10%"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt"><B>Eversheds
                                            Sutherland (US) LLP</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">700 Sixth Street, NW, Suite 700</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">Washington, DC 20001-3980</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">D: 202.383.0262</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">F: 202.637.3593</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">Owenpinkerton@eversheds-sutherland.us</FONT></P></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Via
EDGAR&#9;</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Washington, DC 20549-4561</FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>United States 12 Month Natural Gas Fund, LP</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Effective
    Amendment No. 3 on Form S-1</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
    March 20, 2024</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>File No. 333-263572</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Dear Mr.
Lin:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On behalf of United
States 12 Month Natural Gas Fund, LP (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Fund</I></B></FONT>&rdquo;),
set forth below is the Fund&rsquo;s response to the comment provided by the staff of the Division of Corporation Finance (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Staff</I></B></FONT>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Commission</I></B></FONT>)
in that certain letter dated April 5, 2024, relating to the above referenced Registration Statement (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Registration
Statement</I></B></FONT>&rdquo;). The Staff&rsquo;s comment is set forth below in italics, followed by the Fund&rsquo;s response.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Post-Effective
Amendment No. 3 to Form S-1 Filed March 20, 2024</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Experts,
page 55</U></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><I>1.</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>We note on November 14, 2023, you dismissed Spicer Jeffries LLP as your independent accountant and retained Cohen &amp; Company, Ltd. as a replacement. Please revise this section to include the disclosures required by Item 304 of Regulation S-K, including:</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt"><I>&#183;</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Disclose whether for either
    of the past two fiscal years Spicer Jeffries LLP&rsquo;s audit reports contained any adverse opinion or disclaimer of opinion or were qualified
    or modified as to uncertainty, audit scope or accounting principles. If applicable, also describe the nature of each such adverse
    opinion, disclaimer of opinion, qualification or modification. Refer to Item 304(a)(1)(ii) of Regulation S-K.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><I><FONT STYLE="font: 10pt Symbol">&#183;</FONT></I></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Disclose whether there were any disagreements with Spicer Jeffries LLP as defined in Item 304(a)(1)(iv) of Regulation S-K and whether any reportable events occurred as defined in Item 304(a)(1)(v) of Regulation S-K during the two most recent fiscal years and any subsequent interim period preceding your dismissal of Spicer Jeffries LLP.</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response</B></FONT><FONT STYLE="font-size: 10pt">:
The Registration Statement has been revised accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 7pt">Eversheds Sutherland (US)
LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For
a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 10%"><IMG SRC="i24172003.jpg" ALT=""><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 80%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 10%"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt"><B>Eversheds
                                            Sutherland (US) LLP</B></FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">700 Sixth Street, NW, Suite 700</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">Washington, DC 20001-3980</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">D: 202.383.0262</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">F: 202.637.3593</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">Owenpinkerton@eversheds-sutherland.us</FONT></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Item
16. Exhibits and Financial Statement Schedules, page II-2</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><I>2.</I></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Please amend your filing to include a letter filed as an exhibit from Spicer Jeffries LLP stating whether it agrees with the statements disclosed in the section headed &ldquo;Experts&rdquo; in accordance with Items 304(a)(3) and 601(b)(16) of Regulation S-K.</I></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response</B></FONT><FONT STYLE="font-size: 10pt">:
The Registration Statement has been revised to incorporate the requested letter by reference to the Fund&rsquo;s Current Report on Form
8-K filed on November 16, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 349.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If you have
any questions about the foregoing, please do not hesitate to contact me at (202) 383-0262 or Eric Simanek at (202) 220-8412.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Owen J. Pinkerton</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Owen J. Pinkerton, a partner</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond
    A. Ramirez, Esq.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric
    D. Simanek, Esq.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Daphne G. Frydman, Esq.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 7pt">Eversheds Sutherland (US)
LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For
a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.</FONT></P>

<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"></DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>i24172003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 i24172003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ .P#K P$1  (1 0,1 ?_$ )@  0 !!0$!
M      <&  $$!0@# @$! 0                    $0  $# @0"! @'# 8$
M#P    $" P0%!@ 1$@<A,3(3-0A!46$B,Q0T-G%28F,5=3>!D<%"<K(C0U-S
ML[2AL8)4%A?"@T08X9*BTN*3TW2$E"5%958G$0$! 0
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M<@=2>OB#+,@Y<%'E@&D<L .UZH3$=Z&VX*7,HKM"<<6WDGBH*E\<R-7XH\.
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MP ZT7$A6AP D!2<\B,^> *.])1ZO5MNHL:E09%0DHJC#JF(K2WW A+3P*M"
M3EF1@/=.^U06UHC;>72X_EDA*X/5H)R\*]2LAY<L!A6W9^X5XW_!O:^8;=&I
MM&"E4"W@XEY:7'!Z5TIX!2>"N/',#S1E@&? 0C<.\;PM=^!,I5M/7#1E!T54
M0SG*:5YO5*;;&94.GJX>+B, 9WKN94]T;=DV;:-IU42:DIIJ;.J#*6(\4(=2
MXHK6%.#/S/"0?$">& 2O\MQ_>U>[G^'.B>C^VY_T?TX"< # 7R& H<!@*P%
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M[%S!Z1*U><,LAPT,JUY?&& ?[#N=JZ+.I%>; 3](16W7$IY)=RTNI'Y+@4,
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M ('+4CP#!#KX!@ KN]7I9]'LVH1*O7*?3Y9K$U8CRI3++FA11DK0XI)R.7/
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F2\GCP'%7XQ]Q>?X/!^'!716R/8J_=;HI]V.?@]H^5X\$)^ __]D!

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