<SEC-DOCUMENT>0000046080-18-000114.txt : 20181026
<SEC-HEADER>0000046080-18-000114.hdr.sgml : 20181026
<ACCEPTANCE-DATETIME>20180727140636
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000046080-18-000114
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HASBRO INC
		CENTRAL INDEX KEY:			0000046080
		STANDARD INDUSTRIAL CLASSIFICATION:	GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944]
		IRS NUMBER:				050155090
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1027 NEWPORT AVE
		STREET 2:		P O BOX 1059
		CITY:			PAWTUCKET
		STATE:			RI
		ZIP:			02861
		BUSINESS PHONE:		4014318697

	MAIL ADDRESS:	
		STREET 1:		200 NARRAGANSETT PARK DRIVE
		CITY:			PAWTUCKET
		STATE:			RI
		ZIP:			02862-0200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HASBRO BRADLEY INC
		DATE OF NAME CHANGE:	19850814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HASBRO INDUSTRIES INC
		DATE OF NAME CHANGE:	19840917

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HASSENFELD BROTHERS INC
		DATE OF NAME CHANGE:	19720615
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<html>

<head>
<meta content="text/html; charset=utf-8" />




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">July 27, 2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Division of
Corporation Finance</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Office of
Transportation and Leisure</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">United States</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Securities and
Exchange Commission</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Washington,
D.C. 20549</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Attn:&#160; Heather
Clark</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Claire Erlanger</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Re:&#160;
Hasbro, Inc.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
From 10-K for the Fiscal Year Ended December 31, 2017</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Form 10-Q for the Fiscal Quarter Ended April 1, 2018</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Form DEF14A filed April 2, 2018&#160;&#160; </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
File No.&#160; 001-06682</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Dear Ms. Clark and Ms. Erlanger:</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">This letter is submitted on behalf of Hasbro, Inc. (the &#8220;</font><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Company</font></u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#8221;),
in response to the comments that you have provided on behalf of the staff of
the Division of Corporation Finance (the &#8220;</font><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Staff</font></u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#8221;) of the Securities and
Exchange Commission (the &#8220;</font><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">SEC</font></u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#8221;) in your letter dated July 17, 2018.&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">For your convenience, we have set forth the original comments
from your letter in bold and italicized typeface to which we are responding.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#160;</font><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Form 10-Q for the Fiscal Quarter Ended April 1, 2018</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Condensed Notes to Consolidated Financial Statements
General, page 1</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">1</font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">.</font><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">We note from your discussion in MD&amp;A that
in the quarter ended March 31, 2018, you recorded $17.3 million of severance
costs related to the reorganization of the company&#8217;s commercial organization as
part of selling, distribution and administration expenses. Please revise the
notes to your financial statements to include the disclosures required by ASC
420-10-50.</font></i></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Response</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">The Company&#8217;s commercial
reorganization was not considered an exit or disposal activity, under the
guidance of ASC 420. However, the Company has noted the SEC staff expects
registrants that recognize employee termination benefits under the recognition
criteria in ASC 712 to provide comparable disclosures for those benefits to the
disclosures required by ASC 420-10-50.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">As such, the Company will add the
following disclosure to footnote 1 of its Form 10-Q for the fiscal quarter
period ended</font><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;"> </font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">July 1, 2018, to address the termination charge recorded:</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none windowtext 1.0pt;padding:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;text-decoration:none;">&nbsp;</font></b></font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_2"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none windowtext 1.0pt;padding:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;text-decoration:none;">&nbsp;</font></b></font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none windowtext 1.0pt;padding:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;text-decoration:none;">&nbsp;</font></b></font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none windowtext 1.0pt;padding:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Commercial Reorganization </font></u></b></font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none windowtext 1.0pt;padding:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">In the first quarter of 2018, the Company recorded a pre-tax
severance expense of $17,349 associated with accelerating its commercial
organization transformation. The charge was included within selling,
distribution and administration costs on the Consolidated Statements of
Operations for the six months ended July 1, 2018 and reported within Corporate
and Eliminations in footnote (11) Segment Reporting. Over the past several
years, the Company has invested in developing an omni-channel retail presence,
and in 2018 is bringing onboard new skill sets and talent to lead in today&#8217;s
converged retail environment. The expense represents the total cost of this
commercial reorganization for which the Company has a liability of $13,590
remaining on its Consolidated Balance Sheet as of July 1, 2018.</font></font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Form 10-Q for the Fiscal Quarter Ended April 1, 2018</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">(8) Pension and Postretirement Benefits, page 1</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">2.</font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;"> </font><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">We note that in February 2018 you approved a
resolution to terminate your U.S. defined benefit pension plan and plan to
complete settlement within eighteen months.&#160; We further note that you
remeasured your projected benefit obligation and recorded an additional $35
million of PBO with offsets to AOCI and deferred taxes.&#160; In this regard, please
clarify your curtailment and settlement accounting including how you considered
the guidance in ASC 715-30-35 in determining the appropriate accounting
treatment for the terminations, settlements and curtailments. Include in your
response the sequence you use to account for your settlements and curtailments
and tell us if the sequence has been consistently applied when the settlements
and curtailments are recognized together. </font></i></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Response</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">The Company&#8217;s U.S pension plans
were frozen in 2007 (non-union plan) and 2015 (union plan) and therefore
participants have not accrued benefits since those dates. At the time such
plans were frozen, the Company recorded curtailment losses that were not
material.&#160; The union plan was merged into the non-union plan effective December
2015 (the &#8220;U.S. defined benefit pension plan&#8221;).&#160; The Company amended the U.S.
defined benefit pension plan in February 2018 to allow for the termination of
the plan.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">ASC paragraph 715-30-35-68 states
that, &#8220;measurements of net periodic pension cost for both interim and annual
financial statements shall be based on the assumptions used for the previous
year-end measurements unless more recent measurements of both plan assets and
obligations are available or a significant event occurs, such as a plan
amendment, that would ordinarily call for such measurements&#8221;. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">The plan amendment was determined
by the Company to be a significant event triggering remeasurement for the
quarterly period ended April 1, 2018.&#160; The Company remeasured its pension
benefit obligation and plan assets as of February 28, 2018 (the practical
expedient date) in accordance with ASC 715-30-35-66 which states:</font></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_3"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN style="font-size:11.0pt;line-height:normal;">&#8220;ASC 715-3</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">0-35-66A If a significant
event caused by the employer (such as a plan amendment, settlement, or
curtailment) that requires an employer to remeasure both plan assets and
benefit obligations does not coincide with a month-end, the employer may
remeasure plan assets and benefit obligations using the month-end that is
closest to the date of the significant event. &#8220;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">The Company did not record a
settlement or curtailment in the first quarter of 2018. When the process of
terminating the U.S. defined benefit pension plan is completed in 2019, the
Company will account for this as a settlement event under ASC 715-30-35, at
which time the obligations will be remeasured again to reflect the actual
amounts being paid to settle all obligations to participants.&#160;&#160; </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Form DEF14A filed April 2, 2018</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">2017 Financial Performance and Key Accomplishments, page
29</font></u></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">3. Please revise pages III and 29 to present reported
net earnings prior to adjusted net earnings to avoid undue prominence given to
a non-GAAP measure.&#160; Please refer to Item 10(e)(1)(i)(A) of Regulation S-K. </font></i></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">Response</font></b></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">The Company confirms that in future
filings we will present the most directly comparable GAAP measure with equal or
greater prominence in accordance with Item 10(e)(1)(i)(A) of Regulation S-K and
Question 102.10 in the updated Compliance and Disclosure Interpretations issued
on May 17, 2016.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">If you have any questions or desire further information regarding
the Company&#8217;s responses, please contact me at (401) 727-5500.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&#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;&#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;&#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;
Sincerely, </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:171.75pt;width:100%;">
 <tr>
  <td valign=top width=20% style="padding:0in 0in 0in 0in;">&nbsp;</td>
 <td valign=top width=80% style="border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">/s/ Deborah Thomas</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">Deborah Thomas</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=20% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">Executive Vice President
  and Chief Financial Officer</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">(Duly Authorized Officer
  and Principal Financial Officer)</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:106%;">&nbsp;</font></p>




<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2></BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
