<SEC-DOCUMENT>0001104659-12-036702.txt : 20120615
<SEC-HEADER>0001104659-12-036702.hdr.sgml : 20120615
<ACCEPTANCE-DATETIME>20120514100358
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-12-036702
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXTRON INC
		CENTRAL INDEX KEY:			0000217346
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				050315468
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0102

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014212800

	MAIL ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN TEXTRON INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>

  </head>
<body 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="115" height="19" src="g120711bci001.jpg"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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;width:100.0%;">
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Textron Inc.</font></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tel: (401) 421-2800</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40   Westminster St.</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.textron.com</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Providence,   RI 02903</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;14, 2012</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;">Mr.&nbsp;Lyn Shenk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. 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. 20549-3561</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;">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><font size="2" style="font-size:10.0pt;">Textron Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2011</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed February&nbsp;23, 2012</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;001-05480</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">Dear Mr.&nbsp;Shenk:</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;">This letter is in response to your comment letter dated May&nbsp;2, 2012 regarding the above filing.&#160; For your convenience, we have repeated the staff&#146;s comments in the body of this letter, followed by our related response.</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 </font></u><u><font size="2" style="font-size:10.0pt;">December&nbsp;31, 2011</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;">Notes to the Consolidated Financial Statements</font></u></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note 4. Accounts Receivable and Finance Receivables</font></u></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allowance for Losses, page&nbsp;60</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 .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">SEC Comment: </font></b><font size="2" style="font-size:10.0pt;">&#160;In the roll forward of the allowance for losses, it appears that the &#147;net charge-offs&#148; line is an aggregation of charge offs and recoveries. Please report charge offs and recoveries separately in this schedule pursuant to ASC 31O-1O-50-11B.c.3 and 4.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response:&#160; </font></i></b><font size="2" style="font-size:10.0pt;">In future filings, we will report charge offs and recoveries separately in the roll forward of the allowance for losses.</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;">Finance Receivables Held for Sale, page&nbsp;61</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 .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">SEC Comment: </font></b><font size="2" style="font-size:10.0pt;">&#160;We note in the fourth quarter of fiscal 2011 you recorded a $186 million charge to the valuation allowance on the transfer of $458 million Golf Mortgage finance receivables to held for sale.&#160; We note that these receivables had a valuation allowance of $80 million prior to the transfer. Please explain to us the facts and circumstances associated with these receivables upon transfer to held for sale that caused a decrease in the fair value and charge to the valuation allowance of $186 million.&#160; Additionally, tell us whether the charge of $186 million was based on a</font></p>
<p style="margin:0in 0in .0001pt;"><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 color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C901066\12-12071-1\task5351088\12071-1-bc.htm',USER='C901066',CD='May 12 08:25 2012' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">comparison of the fair value of the receivables to the gross recorded amount or net carrying amount of the receivables, and the basis for your treatment.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response:&#160; </font></i></b><font size="2" style="font-size:10.0pt;">In the fourth quarter of 2011 we transferred our remaining Golf Mortgage portfolio finance receivables from the held-for-investment classification to the held-for-sale classification and recorded a $186 million charge based on a comparison of the fair value to the net carrying amount of the receivables.&#160; The total carrying amount of the transferred receivables was $538 million, and we had $80 million in related allowance for loan losses for a net carrying amount of $458 million.</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;">According to FASB&#146;s Accounting Standards Codification (ASC) 310-10-35-49, &#147;Once a decision has been made to sell loans not previously classified as held for sale, such loans shall be transferred into the held-for-sale classification and carried at the lower of cost or fair value.&#148;&#160; This guidance also stipulates that &#147;any amount by which cost exceeds fair value shall be accounted for as a valuation allowance.&#148;&#160; In connection with this guidance, (and as described under &#147;<i>Finance Receivables Held for Sale</i>&#148; in Note 1. Summary of Significant Accounting Policies on page&nbsp;52 of our Form&nbsp;10-K), at the time of the transfer to the held-for-sale classification in the fourth quarter of 2011, we established a valuation allowance for the amount by which the cost basis exceeded the fair value of the finance receivables.&#160; This valuation allowance is included in Finance receivables held for sale on the balance sheet.</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;">Prior to the transfer of the receivables to the held-for-sale classification, we established an allowance for loan loss under the probable loss guidance in ASC 310-10-35. In accordance with this guidance, our impairment analysis was based on a combination of the likelihood of default and estimates of loan cash flows, including collateral values in instances where repayment is collateral dependent.&#160; This differs from the accounting framework associated with loans held for sale, which is based on the lower of cost or fair value.&#160; In addition to the estimates of loan cash flows that were considered when evaluating the loans for impairment prior to the transfer, our estimates of fair value (as described under &#147;<i>Assets Recorded at Fair Value on a Nonrecurring Basis</i>&#148; in Note 9. Derivative Instruments and Fair Value Measurements on page&nbsp;68 of our Form&nbsp;10-K) include expected rates of return, financing cost, capital structure and/or discount rate expectations of current market participants.&#160; Accordingly, the fair value of the receivables did not decrease in connection with the transfer, rather, the charge resulted from the application of the held-for-sale accounting guidance.</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 .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">SEC Comment: </font></b><font size="2" style="font-size:10.0pt;">&#160;We note you transferred to held for sale $125 million of Timeshare finance receivables in fiscal 2011 and $219 million of Timeshare finance receivables in fiscal 2010. Please tell us whether these amounts represent the gross recorded amount of the receivables or their net carrying amount.&#160; Also, tell us what the fair value of the respective receivables was at the time of transfer and how the fair value was determined.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response:&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Timeshare finance receivables transferred to the held-for-sale classification during 2011 represented finance receivables of $125.5 million and an allowance for losses of $0.5 million, for a net carrying value of $125 million.&#160; Upon transfer of these finance receivables to the held-for-sale classification, we determined fair value to be $120 million.&#160; The fair value of $98 million of these finance receivables was based on pricing agreed upon with a third party during the period and the fair value for the remaining $27 million was based on pricing discussions with a third party.&#160; Upon the transfer, we recorded a valuation allowance for the $5 million excess of carrying value over fair value.</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;">In 2010, the Timeshare finance receivables transferred to the held-for-sale classification represented $223 million of finance receivables and an allowance for losses of $4 million, for a net carrying value of</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_080740_9862"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\C901066\12-12071-1\task5351088\12071-1-bc.htm',USER='C901066',CD='May 12 08:25 2012' -->

<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;">$219 million.&#160; These receivables had a fair value of $213 million at the time of transfer, which resulted in a valuation allowance of $6 million.&#160; Fair value of these receivables was based on a signed letter of intent with a third party.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * * * *</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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;">We appreciate the staff&#146;s consideration of our responses to the above comments and we will incorporate the revised disclosures noted in our responses in our future filings.</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;">In connection with our responses above, we acknowledge 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="margin:0in 0in .0001pt .5in;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><font size="2" style="font-size:10.0pt;">The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p>
<p style="margin:0in 0in .0001pt .5in;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><font size="2" style="font-size:10.0pt;">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p>
<p style="margin:0in 0in .0001pt .5in;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><font size="2" style="font-size:10.0pt;">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><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;">If you have any questions or comments regarding these responses, please contact me at (401) 457-2599.</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;width:100.0%;">
<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%" 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;">Sincerely,</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%" 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%" 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%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;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;">/s/Richard L. Yates</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%" valign="top" style="border:none;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;">Richard L. Yates</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%" 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;">Senior Vice President and Corporate   Controller</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="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;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Scott Donnelly</font></p>
<p style="margin:0in 0in .0001pt;text-indent:32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Executive Officer</font></p>
<p style="margin:0in 0in .0001pt;text-indent:22.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank T. Connor</font></p>
<p style="margin:0in 0in .0001pt;text-indent:32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt;text-indent:22.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Lupone</font></p>
<p style="margin:0in 0in .0001pt;text-indent:32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and General Counsel</font></p>
<p style="margin:0in 0in .0001pt;text-indent:22.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bud McDonald</font></p>
<p style="margin:0in 0in .0001pt;text-indent:32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ernst&nbsp;&amp; Young LLP, Partner</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_080847_9111"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\C901066\12-12071-1\task5351088\12071-1-bc.htm',USER='C901066',CD='May 12 08:25 2012' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g120711bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g120711bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``3`',#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"+Q3IOC+P^
MDFHW>L7*VTDY5!'>N2,DD<=N*E\%)XTU"5=7L=1>ZMX)"DD-U=L0XQR,'/YU
MU7Q>_P"12B_Z^T_D:B^$/_(JW?\`U\M_(5Z7M&Z',TCCY/WO+<\[M-3\0ZGJ
M_P!BAUV[B>5V"F6]=$7&3R<\=*ZZW\,^)Y_#=]*OB&>>_@D#PBVU%Y`Z8Y4\
M\'N*X*SM[*[UEH=0O/L5LSONF\LOMZXX%>G>#KGP]X3\.ZM?VFL'4($=2Y\D
MQG=CY5`/4FM:[<5[J_#]3.EJ]?S.5TGXDZKIGA^\TZ=Y;B[;BWN)6+-%G[V2
M>3CM6EX>\/\`BO6_#-QJ2ZQ?K/*0MFDEY(H(S\SGGTR!7%7_`-MUJ>_UH6FV
M(R[IC$OR1%CP*]F^'WBB'Q!H20,$CN[-1'+&O`(Z!@/0_P`ZFO\`NX\T%ZCI
M>_*TGZ'E6MW/BGP_J;:=?:U>^>JJQ\N\=A@].<UOZA'XTT'P?/)?Z@[P3O&\
M4Z7;&6,GMGK@CMFL_P"*G_(]3_\`7"+^5=M\1?\`DFT'U@_E3<M*>BU!1^+7
M8\\M)/%]YHUSK-MJM^]K9OME;[8V5X!SC/(Y%=IX(\>W3^'M4FUEVN/[,C61
M93]YP<@*??(Z^]<SHNFZG?\`PWU,Z;<2`17FZ>W7_ELFQ<_EUQWIWAN6VU3P
M-K'A^VA":DV+E2.MRJ$':/<`=/>G4C&:::V?W"@W%JW8C74/&7CS4)C92SF-
M.3%#+Y<40/0$Y&3]>:L:3XL\1^#-;6PUMYY+<,!-#.V\JI_B5O\`(J7X<^-=
M.\-V]U8ZFKQQS2>8LR(6P<8(('/;^=9WC774\:^);=-+MW*A1;P[E^:0DDYQ
MV'-/E;FX./NA>T5)2U+/CO7]5M?&ET++5;N*$"-XTCG8)RH/3.*M^)_'%QK/
MA;2[FSO9K2\25DND@E*'.W@\'D'K67XHLD_X6#'I\_S)FWADQQD;5!K-\5^'
M)_#.MRV4H+0M\\$A_C3M^(Z&G"%-\G>PI2DN;L>A>$M1OI_#-I+->W$LC;\N
M\K,3\[=R:*K>#?\`D5++_@?_`*&U%<E1+G9T1?NH['Q?IMIJFDI!>P^;&)0P
M7<5YP?0BF^$-+L]+TJ:"RA\J-I"Q7<6R<>Y-%%<UW[*QK9<]SD)/!V@-([&P
MY+$G]\_K_O4X>%-%^SFV^QMY)?>4\Z3!;&,_>]***ZN>7<Q48]CL-"T/3+;P
MS_9\5G&+:=6\V,Y._/7)/-8/AKP]I>E:Y#/8VS0R'<I(E<Y&.A!.#116"E+W
MM36R]T=XI\.:3J>N27-Y:>;*44%O,8<`<<`UM^(M-M+_`,-I9W,/F0#9A-Q'
M3IR#FBBAR=HZ@DKR(_!VE66E:=<0V4'E(\VYAN+9.T#N36$_AC1K+Q$;NUL_
M)FCN-R,DKC:<^F<?A1151E+GEJ)Q7*M#%^*VB:;8/'>VEHD,\Y)D9"0&/KCI
M^E;WPRT/3(M)74ULT^V'Y?..20/;/3\***TE)_5EJ1&*]L]"75_#NE77BS[=
M-:[KCS(VW^8PY&,<`XK8\7Z-I^KZ:@O[99O*D!0Y*E<]>00:**PYI7CJ79>\
@5M&T;3[32H8(+?9&N[`WL<?,3W-%%%1*3N]1I*Q__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
