<SEC-DOCUMENT>0001193125-17-312730.txt : 20171130
<SEC-HEADER>0001193125-17-312730.hdr.sgml : 20171130
<ACCEPTANCE-DATETIME>20171018170302
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-312730
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADTRAN INC
		CENTRAL INDEX KEY:			0000926282
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				630918200
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		901 EXPLORER BLVD
		CITY:			HUNTSVILLE
		STATE:			AL
		ZIP:			35806
		BUSINESS PHONE:		2569638220

	MAIL ADDRESS:	
		STREET 1:		901 EXPLORER BLVD
		CITY:			HUNTSVILLE
		STATE:			AL
		ZIP:			35806
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:1pt; margin-left:1.00em">


<IMG SRC="g469631img02.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Thomas Wardell</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">thomas.wardell@dentons.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404.527.4990</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Dentons&nbsp;US LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">303 Peachtree Street, NE &#149; Suite 5300</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Atlanta, GA 30308-3265</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">United
States</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>


<IMG SRC="g469631img01.jpg" ALT="LOGO">
 Salans FMC SNR Denton McKenna Long</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">dentons.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;18, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Mr.&nbsp;Larry Spirgel
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">ADTRAN, Inc. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2016 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed February&nbsp;24, 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for Fiscal Quarter Ended June&nbsp;30, 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed August&nbsp;4, 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">SEC Comment Letter Dated September&nbsp;12, 2017 </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File <FONT STYLE="white-space:nowrap">No.&nbsp;000-24612</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, ADTRAN, Inc. (&#147;ADTRAN&#148; or the &#147;Company&#148; or, in appropriate context, &#147;we&#148;), we are
responding to the letter dated September&nbsp;12, 2017 (the &#147;Comment Letter&#148;) from Larry Spirgel, Assistant Director, Division of Corporation Finance of the Securities and Exchange Commission (the &#147;Commission&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the responses to the comments of the Commission staff (the &#147;Staff&#148;) provided to us by ADTRAN. For ease of
reference, each comment contained in the Comment Letter appears directly above the corresponding response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for the Year Ended
December&nbsp;31, 2016 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, 2016
Compared to 2015 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Sales, pages 31 and 32 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Comment&nbsp;1.</TD>
<TD ALIGN="left" VALIGN="top">Please discuss in future filings how you expect the continuing trends, risks, and uncertainties associated with international sales will impact your future revenues, income from continuing operations, and financial
condition. In your discussion, please address in greater detail how completion and resumption of network upgrade projects by your larger European and Latin American customers will impact your future financial results. Please refer to
Item&nbsp;303(a)(3)(ii) of Regulation S-K. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company undertakes in future filings, beginning with the Form 10-Q for the quarter ended September&nbsp;30, 2017, dependent on timing of
the resolution of these matters, to expand its Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) as set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
international revenues are largely focused on broadband infrastructure and are impacted by the decisions of our customers as to timing for installation of new technologies, expansion of their networks and/or network upgrades. Our international
customers must make these decisions in the regulatory and political environment in which they operate &#150; both nationally and in some instances, regionally &#150; whether of a multi-country region or a more local region within a country. For
example, the European Commission launched a Gigabit Society initiative, and before that, the Digital Agenda, which has provided a favorable market environment for the deployment of ultra-broadband and Gigabit network solutions. Although the overall
environment and market demand for broadband service deployment in the European Union has improved, some new broadband technologies are still being reviewed for regulatory and standards completion which may affect the timing of those technologies. In
Mexico, regulatory changes have created uncertainty for customers, which has resulted in slowdowns in network buying patterns. The competitive landscape in certain international markets is also impacted by the increased presence of Asian
manufacturers that seek to compete aggressively on price. A strengthening U.S. dollar can also negatively impact our revenues in regions such as Latin America where our products are traditionally priced in U.S. dollars, while in regions where our
products are sold in local currency, such as Europe, a stronger U.S. dollar can negatively impact operating income. Consequently, while we expect the global trend towards deployment of more robust broadband speeds and access to continue to create
expanded market opportunities for us, the factors described above may result in pressure on revenues and operating income. However, we do not presently foresee a significant negative impact to our financial condition based on our strong liquidity
and the generally positive environment described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We recognized a positive impact to our revenues in the first half of 2017 due to
our being awarded a network expansion program by a large European tier-1 customer. We anticipate that as our European and Latin American customers resume their network upgrade projects, we will experience further enhancement to our revenues. We have
recently announced receipt of a new nationwide award in the Pacific region, as well as additional awards based on new ADTRAN technologies in the EMEA region that we believe will also result in a positive impact to our revenues. Further, we expect
that a resolution of the regulatory changes in Mexico will result in business with our major customer in that region returning to a more normal level. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-Q for the Fiscal Quarter Ended June&nbsp;30, 2017 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations - Three and Six Months Ended June&nbsp;30,
2017 Compared to the Three and Six Months Ended June&nbsp;30, 2016 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Sales and Cost of Sales, pages 26 and 27 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Comment&nbsp;2.</TD>
<TD ALIGN="left" VALIGN="top">Please disclose in future filings how you expect the trend in increased sales from your Services and Support segment to impact your gross margins based on changes in price, volume, and product and service mix. Please
refer to Item&nbsp;303(a)(3)(ii) of Regulation S-K. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company undertakes in future filings, beginning with the Form 10-Q for the quarter ended September&nbsp;30, 2017, dependent on timing of
the resolution of these matters, to expand its Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ADTRAN&#146;s Services business has experienced significant growth since 2015 as competitive pressures to expand broadband access and speeds
have strained carriers&#146; ability to respond to customer demand.&nbsp;ADTRAN&#146;s Services&nbsp;&amp; Support revenues are comprised of network planning and implementation, maintenance, support and cloud-based management services, with network
planning and implementation being the largest and fastest growing component.&nbsp;Compared to our other services such as maintenance, support and cloud-based management services, our network planning and implementation services typically utilize a
higher percentage of internal and subcontracted engineers, professionals and contractors to perform the work for customers. The additional costs incurred to perform these infrastructure and labor intensive services inherently result in lower average
gross margins as compared to maintenance and support services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As our network planning and implementation revenues have grown and are now
the largest component of our Services&nbsp;&amp; Support business, our Services&nbsp;&amp; Support segment gross margins have decreased versus those reported when maintenance and support comprised the majority of the business. Further, because the
growth in our network planning and implementation services has resulted in our Services&nbsp;&amp; Support revenues comprising a larger percentage of our overall revenues, and because our Services&nbsp;&amp; Support gross margins are below those of
the Network Solutions segment, our overall corporate gross margins have declined as that business has continued to grow. Within the Services&nbsp;&amp; Support segment, we do expect variability in gross margins from quarter-to-quarter based on the
mix of the services recognized. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Comment&nbsp;3.</TD>
<TD ALIGN="left" VALIGN="top">The Export Requirements section of your website states that United States law prohibits the export or re-export of your equipment to Syria and Sudan unless otherwise authorized by the United States government. Your
website also includes Syria in a drop down menu for having someone contact the user about your connectivity solutions for VoIP. Syria and Sudan are designated by the State Department as state sponsors of terrorism and are subject to U.S. economic
sanctions and export controls. Your Form 10-K does not include disclosure about these countries. Please describe to us the nature and extent of any past, current, and anticipated contacts with Syria and Sudan, whether through subsidiaries,
affiliates, customers, or other direct or indirect arrangements, including customer Deutsche Telekom which has reported telecommunications contacts with Syria and Sudan. You should describe any products, components, technology or services you have
provided to Syria or Sudan, directly or indirectly, and any agreements, commercial arrangements or other contacts with the governments of those countries or entities they control. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the best of our knowledge, we are not conducting and do not anticipate conducting business with Syria or Sudan, or entities in Syria or
Sudan, through subsidiaries, affiliates, customers or other direct or indirect arrangements. In addition, to the best of our knowledge, we did not conduct business with Syria or Sudan, or entities in Syria or Sudan, through subsidiaries, affiliates,
customers or other direct or indirect arrangements in the past: for example, in the five-year look-back period utilized by U.S. export control authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the website has included Syria and other embargoed countries in a drop-down menu, the portal has been constructed in such a way that if
the name of an embargoed country is entered, the account is immediately locked and the person on the website is unable to proceed further. This drop-down menu was a generic country list and we have now deleted Syria, Sudan and other embargoed
countries from the drop-down menu.&nbsp;In addition, it is necessary for any customer or representative entering the website to agree to our end-user agreement which includes agreement to comply with export requirements. We have no agreements,
commercial arrangements or other contacts with the governments of either Syria or Sudan, or, to the best of our knowledge, entities they control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deutsche Telekom is a customer of ours.&nbsp;To the best of our knowledge, the product we provide is for their network in Germany. That
knowledge is based on the lab testing and field trials for the products that we supply. We have no indication that Deutsche Telekom is redirecting product to embargoed countries. Our contract with them includes the language like that referenced
above: that they &#147;shall adhere to all applicable export restrictions of the EU and USA.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Comment&nbsp;4.</TD>
<TD ALIGN="left" VALIGN="top">Please discuss the materiality of any contacts with Syria or Sudan you describe in response to the comment above, and whether those contacts constitute a material investment risk for your security holders. You should
address materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of
qualitative factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&#146;s reputation and share value. Various state and municipal governments,
universities, and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. You should address the potential impact of the investor
sentiment evidenced by such actions directed toward companies that have operations associated with Syria and Sudan. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As indicated above, to the best of our knowledge, we have no contacts with either Syria or Sudan. Consequently, there are no revenues, assets
or liabilities related to any business of ours in those countries for the last three fiscal years and the nine months ended September&nbsp;30, 2017. We do know that our product is from time to time in use by parties who obtained our product through
sources other than through our regular distribution channels, such as used equipment dealers. Consequently, some of our product, although not supplied by us, may in fact be located in either Syria or Sudan. Furthermore, we have no indication that we
are supplying support, training or other typical post- sale services to any party in those countries, including any agency of government. As a result we do not believe there would be any impact on investor sentiment related to the substance of
Comment 4. Were the topic to become a subject of discussion, we anticipate that our efforts to assure that our product is not directed into or otherwise available in those countries would be reassuring to those investors who are concerned about such
matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you have any questions or need further information, please contact either the undersigned at the above-referenced telephone number or at
<U>thomas.wardell@dentons.com</U> or Douglas Eingurt at 404-527-4056 or <U>doug.eingurt@dentons.com</U>. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Wardell</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Thomas Wardell</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Thomas Stanton </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Roger Shannon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Douglas Eingurt </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g469631img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g469631img01.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ "0 3 P$1  (1 0,1 ?_$ )$   (#
M      8'" D* 0$! 0                 $!@40   $! ,$"04
M  0%!@<! @,6 !,7%!4(&!$2(R2T=29&-W>WQSB)$0 ! @0" @P/
M   " 0,1$A,$  4A(C$R0B,SLQ0D-'05-4%187&QP7)#PT3$A08VAO_:  P#
M 0 "$0,1 #\ U>.JKE8G>)1,*<0[M33UHF\7*0>%S:202D21H3EZ%&W@I$AS
MN>:B(+HT@TC=3U#NN(C"*>!#P(P7"D"%U:L+O+[:W>R-QA+?GER\V;+4YS/"
MR+B&H["Z:D 1.$(3$8D*)BFM66G,N)I&N</."383%%Q&T.:'AW>JF[5"1(JD
M,*'C&=QP.E6M.5NC!1I8P:5KZ94?A#1#)Z<Y7I6G7A=Q4*R-0.W!T .-[$*
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B[KCGL(N^F.]7>XQS +[T_KM^ L+^5_G/J,(]S]I^+C__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g469631img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g469631img02.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ( "A P$1  (1 0,1 ?_$ *\  0 " P$!
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M?NNP02BZ*S1-D0C=P*OE3@*JR!N("']Q+O'<UN\-FB/T,7!B9(&@>Z=KMWN
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M(.W,L[=Q47)NR-"O4S'0='YG2_9\C#LK-G+<@X1= V<D.1GA(; 7!S_Y@BH
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J7$]W.^ZNGNDN)'%SG.*DD]236D)II;B5T\[BZ9Y)).I)/4FMEX9INO_9

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