<SEC-DOCUMENT>0000007084-20-000029.txt : 20201130
<SEC-HEADER>0000007084-20-000029.hdr.sgml : 20201130
<ACCEPTANCE-DATETIME>20200908165418
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000007084-20-000029
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Archer-Daniels-Midland Co
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		312-634-8233

	MAIL ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCHER DANIELS MIDLAND CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div><a name="s2B4C1BF99D2975509BA86E01A2591733"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:67%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="adm202098correspimage1.gif" alt="adm202098correspimage1.gif" style="height:70px;width:94px;"></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Arial;font-size:7.5pt;">Archer Daniels Midland Company <br>Global Headquarters and Customer Center <br>77 W. Wacker Drive, Suite 4600  <br>Chicago, Illinois 60601</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:7.5pt;font-style:italic;">t (312) 634.8100  /  f (312) 634.8105</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:Arial;font-size:6.5pt;font-weight:bold;">ADM.COM</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;padding-left:50px;text-indent:-51px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:50px;text-indent:-51px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:50px;text-indent:528px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">September 8, 2020</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ms. Mindy Hooker</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Office of Manufacturing</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C.  20549</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Re:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Archer-Daniels-Midland Co</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the year ended December 31, 2019</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed on February 18, 2020</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-Q for the quarter ended March 31, 2020</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed on May 1, 2020</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 1-00044</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ms. Hooker:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Archer-Daniels-Midland Company (the &#8220;Company&#8221;) is pleased to submit the following responses to the comments of the Staff as set forth in your letter to the Company dated August&#160;25, 2020, regarding the Company&#8217;s Form 10-K for the fiscal year ended December 31, 2019, filed on February 18, 2020, and Form 10-Q for the quarter ended March 31, 2020, filed on May 1, 2020. For convenience, each of the Staff&#8217;s consecutively numbered comments is set forth herein, followed by the Company&#8217;s response in bold.&#160; </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Form 10-K for the year ended December 31, 2019</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Critical Accounting Policies</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Property, Plant, and Equipment and Asset Abandonments and Write-Downs, page 46</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Comment</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">We note you have recorded asset impairments in each of the three years presented. Please enhance your future disclosures to identify the factors that cause you to perform an impairment analysis and disclose and discuss any material assumptions and estimates underlying your fair value estimates. In addition, please disclose the remaining carrying values of the assets you test for impairment.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Response</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:&#160;&#160;&#160;&#160;The Company notes that the referenced asset impairment charges for each of the three years presented primarily relate to the execution of our overall strategic initiatives, under which we have taken a number of portfolio actions, including selling or otherwise initiating disposals of underperforming businesses and assets, as described in our Form 10-K for the year ended December 31, 2019.  In future filings, when impairment charges are material, </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">we will disclose the factors that require us to perform an impairment analysis and the material assumptions and estimates used to determine the related fair values.  The Company notes that the remaining carrying values of assets impaired in the periods presented were not material; however, to the extent remaining carrying values are material in the future, the Company will provide all applicable disclosures.  </font></div><div style="line-height:138%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Goodwill and Other Intangible Assets, page 47</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Comment</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Please enhance your future disclosures to identify the number of reporting units to which goodwill is allocated and tested for impairment. In addition, for any reporting unit that is at risk as defined in ASC Topic 350 (i.e., estimated fair value is not substantially in excess of carrying value), please disclose the following:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The percentage by which estimated fair value exceeded carrying value as of the date</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">of the most recent impairment test and the amount of goodwill allocated to the</font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reporting unit.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A discussion of the degree of uncertainty associated with each key fair value</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">assumption, including the potential impact of changes in key assumptions.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A description of the potential events and/or changes in circumstance that could</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">reasonably be expected to negatively affect the key assumptions.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Please refer to Item 303(a)(3)(ii) of Regulation S-K and Section V of Release 33-8350.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Response</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Company will enhance its future disclosures to identify the number of reporting units to which goodwill is allocated and tested for impairment.  In addition, the Company notes that for all periods presented, all reporting units tested had estimated fair values substantially in excess of carrying values.  We confirm that in the event future testing indicates one or more reporting units have an estimated fair value not substantially in excess of carrying value, we will enhance disclosures to include all relevant information as required.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Form 10-Q for the quarter ended March 31, 2020</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Notes to the Consolidated Financial Statements</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Note 17. Subsequent Event, page31</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Comment</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">We note that you are temporarily idling ethanol production at your corn dry mill facilities in Cedar Rapids, Iowa, and Columbus, Nebraska, for a period of four months subject to market conditions. Please tell us and revise future filings to disclose the following:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The carrying value of the assets that have been idled.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Whether you performed an impairment analysis of the idled assets. Refer to ASC 360-10-35-21.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If you have performed an impairment analysis, the key assumptions you used and whether the estimated fair values substantially exceeded carrying values.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If you have not performed an impairment analysis, explain why you did not believe such an analysis was necessary.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Response</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">:&#160;&#160;&#160;&#160; Due to the recent short-term supply and demand volatility of the global ethanol market, and in particular U.S. industry conditions, the Company has performed periodic impairment assessments of its corn processing assets where ethanol is produced, including the </font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">temporarily idled facilities.  Based on these assessments, we concluded that either there were no indicators of impairment or the net book value of the assets was recoverable, as the undiscounted estimated future cash flows over the remaining useful lives of those assets significantly exceeded the net book values.  The key assumptions used to determine the undiscounted estimated future cash flows were future revenue growth rates and related cost assumptions.  The aggregate carrying value of the idled assets as of March 31, 2020 was $679 million.  To the extent we record future material impairment charges related to these assets, we will enhance our disclosure to include the key assumptions used to determine fair value and the related remaining carrying values of the idled assets. </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I trust that this letter responds adequately to the Staff&#8217;s concerns.  If we can facilitate the Staff&#8217;s review of this response, or if the Staff has any questions on any of the information set forth herein, please contact our Group Vice President, Finance and Corporate Controller, John P. Stott, by email at John.Stott@adm.com, or by phone at (217) 424-5334.</font></div><div style="line-height:120%;padding-top:1px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:11pt;">Very truly yours,</font></div><div style="line-height:120%;padding-top:1px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:11pt;">ARCHER-DANIELS-MIDLAND COMPANY</font></div><div style="line-height:120%;padding-top:1px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:1px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Ray G. Young</font></div><div style="line-height:120%;padding-top:1px;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ray G. Young</font></div><div style="line-height:120%;padding-top:1px;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President &amp; Chief Financial Officer</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div>	</div></body>
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