<SEC-DOCUMENT>0001104659-15-059569.txt : 20150929
<SEC-HEADER>0001104659-15-059569.hdr.sgml : 20150929
<ACCEPTANCE-DATETIME>20150813160858
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-15-059569
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Corp
		CENTRAL INDEX KEY:			0000033213
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				250464690
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4125535700

	MAIL ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQT Corp /PA/
		DATE OF NAME CHANGE:	20090206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE RESOURCES INC /PA/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE GAS CO
		DATE OF NAME CHANGE:	19841120
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="120" height="55" src="g176051bgi001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;13, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&nbsp; 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Ethan Horowitz</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>EQT Corporation</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;10-K for Fiscal Year Ended</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;31, 2014</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response Dated July&nbsp;22, 2015</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;1-03551</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are the responses of EQT Corporation (the Company) to the comments contained in the letter from the staff (the Staff) of the Securities and Exchange Commission (SEC), dated August&nbsp;3, 2015, with respect to the above-captioned filing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For your convenience, we have repeated in bold type the comments and requests for additional information exactly as set forth in the comment letter.&nbsp; The Company&#146;s response to each comment or request is set forth immediately below the text of the applicable comment or request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2014</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page&nbsp;33</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reconciliation of Non-GAAP Measures, page&nbsp;37</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>As part of your response to prior comment 1, you state that the non-GAAP measure &#147;EQT Production adjusted net operating revenues&#148; is used to evaluate earnings and cash flow trends. Please tell us whether management considers this to be a non-GAAP performance measure or liquidity measure.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:&#160; The Company considers EQT Production adjusted net operating revenue to be a non-GAAP performance, not liquidity, measure.&#160; We will revise our future disclosures to clearly indicate this by removing all references to cash flow trends.&#160; In future filings, the Company will include the following disclosures in the Reconciliation of Non-GAAP Measures section:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EQT Production adjusted net operating revenue is presented because it is an important measure used by the Company&#146;s management to evaluate period-over-period comparisons of earnings trends. EQT Production adjusted net operating revenue as presented excludes the revenue impact of changes in the fair value of derivative instruments prior to settlement and is net of transportation and processing costs.&#160; Management utilizes EQT Production adjusted net operating revenue to evaluate earnings trends because the measure reflects only the impact of settled derivative contracts and thus does not burden the revenue from natural gas sales with the often volatile fluctuations in the fair value of derivatives prior</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109208\15-17605-1\task7545794\17605-1-bg.htm',USER='109208',CD='Aug 13 19:40 2015' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 13, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to settlement.&#160; EQT Production adjusted net operating revenue also reflects third-party transportation and processing costs as deductions from operating revenue because management considers the net price realized for sales of products, after the costs of processing and transporting the product to sales points, to be an indicator of the quality of earnings period-over-period.&#160; Management also considers this to be an indicator of how well the Company is utilizing its transportation and processing contracts.&#160; The sale price for natural gas is significantly impacted by the market in which the gas is sold and the expense incurred to transport and process the gas is important in evaluating the quality of earnings period-over-period because the cost of reaching a higher priced market may exceed the incremental price benefit of that market as compared to the market where the gas is produced.&#160; This is particularly important to natural gas producers in the Appalachian basin given pipeline constraints and the impact on pricing in the area.&#160; Management further believes that EQT Production adjusted net operating revenue as presented provides useful information for investors for evaluating period-over-period earnings and is consistent with industry practices.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Your response to prior comment 1 states that the presentation of third-party transportation and processing costs as deductions from operating revenues provides investors with a more meaningful approach to calculate an average realized price. Revise your disclosure to more clearly explain why management believes this presentation results in a non-GAAP measure that is more meaningful to investors.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:&#160; As noted in comment 1, the sale price for natural gas is significantly impacted by the market in which the gas is sold and the expense incurred to transport and process the gas is important in evaluating the quality of earnings period-over-period because the cost of reaching a higher priced market may exceed the incremental price benefit of that market as compared to the market where the gas is produced.&#160; This is particularly important to natural gas producers in the Appalachian basin given pipeline constraints and the impact on pricing in the area.&#160; As indicated in the response to comment 1, the Company will revise future disclosures to include an explanation of why management believes this presentation is meaningful to investors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outlook, page&nbsp;47</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Your response to comment 2 states that your reduced capital spending plan is expected to result in the annual conversion of approximately 20% of your proved undeveloped reserves (&#147;PUDs&#148;). However, your revised disclosure states that a prolonged low price environment could adversely affect the pace of development for your proved reserves. Please tell us whether your reduced capital spending plan is based on the assumption that commodity prices will stay at current levels and explain how the current price environment, if prolonged, would impact your ability to convert your PUDs in a timely manner. Also, tell us about the progress you have made in converting PUDs through June&nbsp;30, 2015 compared to the development schedule in place at year-end.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:&nbsp; The Company based its reduced capital spending plan on publicly published pricing data for future periods, most notably NYMEX natural gas forward price curves published during the month of December&nbsp;2014.&#160; As a result, we did not base our reduced capital spending plan on an assumption that commodity prices would stay at current levels but instead assumed an increase in prices over time, consistent with the published forward price curves.&#160; This is consistent with the fact that our drilling program for any given year does not result in saleable volumes immediately, but rather results in saleable volumes approximately one year in the future.&#160; As a</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_080524_9957"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\109208\15-17605-1\task7545794\17605-1-bg.htm',USER='109208',CD='Aug 13 19:40 2015' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 13, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">result, forward pricing assumptions are much more relevant to well economics than current prices or short term price fluctuations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the forward price curve changes to indicate prices will remain at current levels or decline further over a prolonged period, the Company will re-evaluate its capital spending plan using the best information available at that time.&#160; This evaluation would include not only the most recent forward price curve but also any additional geological, drilling cost and other information then available.&#160; If this evaluation results in further reductions to the capital spending plan, the Company may be unable to continue its proved undeveloped reserve conversions at the rate anticipated when it announced its reduced capital spending plan on February&nbsp;5, 2015, as the Company may delay the pace of development or reduce the number of wells drilled.&#160; However, the impact of reduced capital spending may be mitigated by a number of factors including, but not limited to, cost reductions or changes in drilling strategy as a result of new geological information.&#160;&#160; Therefore, it is difficult to assess the impact of price changes alone on future plans.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of June&nbsp;30, 2015, the Company had converted 873 Bcfe, or approximately 15%, of the 5,913 Bcfe of proved undeveloped reserves as of December&nbsp;31, 2014 to proved developed reserves.&#160; This progress is consistent with the development schedule in place at year end.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the above response, the Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company is responsible for the adequacy and accuracy of the disclosure in its filings;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with respect to the filings; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States.</p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_080532_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\109208\15-17605-1\task7545794\17605-1-bg.htm',USER='109208',CD='Aug 13 19:40 2015' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 13, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions with respect to the foregoing responses or require further information, please contact Terri Bone, Vice President, Finance and Chief Accounting Officer, at 412-553-5785 or at tbone@eqt.com.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EQT CORPORATION</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>    </td>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Philip P. Conti</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philip P. Conti, Senior   Vice President and Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lewis B. Gardner, General Counsel and Vice President, External Affairs</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_080542_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\109208\15-17605-1\task7545794\17605-1-bg.htm',USER='109208',CD='Aug 13 19:40 2015' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g176051bgi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g176051bgi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  W '@# 2(  A$! Q$!_\0
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MK>#_ /H)/_X#R?X5=TGX@^&M;U*+3['4"]S+G8C0NN[ SC)&.@KS+_A26O\
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GX/L>*[V*-(8DBC4+&BA54= !T%%%$81CLAU*U2I\;N.HHHJC,__9

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