<SEC-DOCUMENT>0001193125-13-304976.txt : 20130926
<SEC-HEADER>0001193125-13-304976.hdr.sgml : 20130926
<ACCEPTANCE-DATETIME>20130726171850
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-304976
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITHFIELD FOODS INC
		CENTRAL INDEX KEY:			0000091388
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				520845861
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0427

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430
		BUSINESS PHONE:		7573653000

	MAIL ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY EQUITIES CORP
		DATE OF NAME CHANGE:	19710221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY REAL ESTATE TRUST
		DATE OF NAME CHANGE:	19661113
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>SEC RESPONSE LETTER</TITLE>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Michael H. Cole</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vice
President and Chief Legal Officer</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Smithfield Foods, Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">200 Commerce Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Smithfield, Virginia
23430</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">(757) 365-3030 tel</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">(757) 365-3025 fax</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;26, 2013 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR AND OVERNIGHT COURIER </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Susan Block </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attorney-Advisor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation
Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549-7010 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Smithfield Foods, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Preliminary Proxy Statement on Schedule 14A </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed June&nbsp;18, 2013 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;001-15321 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Ms.&nbsp;Block: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This correspondence is being filed by Smithfield Foods, Inc. (&#147;<U>we</U>,&#148; &#147;<U>our</U>,&#148;
&#147;<U>us</U>,&#148; &#147;<U>Smithfield</U>&#148; and the &#147;<U>Company</U>&#148;) in response to the comments set forth in the comment letter of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the United
States Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) dated July&nbsp;15, 2013 (the &#147;<U>Comment Letter</U>&#148;) relating to the above-referenced Preliminary Proxy Statement on Schedule 14A (the &#147;<U>Preliminary
Proxy Statement</U>&#148;). We have revised the Preliminary Proxy Statement (the &#147;<U>Revised Preliminary Proxy Statement</U>&#148;) in response to the Staff&#146;s comments, which we are filing concurrently with this letter. In connection with
this letter and the filing of the Revised Preliminary Proxy Statement, we are sending to the Staff, by overnight courier, four clean and marked courtesy copies of the Revised Preliminary Proxy Statement reflecting changes to the Preliminary Proxy
Statement as filed on June&nbsp;18, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For your convenience, the numbered paragraphs of this letter correspond to the
numbered paragraphs of the Comment Letter. To assist your review, we have retyped the headers from the Comment Letter, and the text of the Staff&#146;s comments in italics below. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Staff Comments and
Company Responses </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Summary Term Sheet, page 1 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Solicitation of Proxies, page 3 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note that proxies may be solicited in person or by telephone, facsimile, electronic mail or other electronic medium. Please confirm that you will file all written
soliciting materials, including any scripts to be used in soliciting proxies by personal interview or telephone.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that it will file all written soliciting materials, including any scripts to be used in soliciting proxies by personal interview or telephone, with the
Commission. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Interest of Smithfield Directors and Executive Officers in the Merger, page 5 </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise in this section and on page 52 to disclose the amount of total compensation to potentially be received by your directors and executive officers in
connection with the proposed merger.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the
disclosure on pages 6 and 55 of the Revised Preliminary Proxy Statement to disclose the amount of total compensation that may be received by our directors and executive officers in connection with the proposed merger. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Material U.S. Federal Tax Consequences of the Merger, page 7 </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise here, on page 12, and in the entire section starting on page 68 that investors are encouraged to consult their own tax advisors, rather than stating
that they should consult their tax advisors.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has
revised the disclosure on pages 7, 13 and 72 of the Revised Preliminary Proxy Statement to indicate that investors are encouraged to consult their own tax advisors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Background of the Merger, page 27 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note the disclosure in the opening paragraph that from time to time, Smithfield and the Smithfield Board, reviewed and evaluated strategic opportunities and that
one such opportunity is discussed in the second paragraph. To the extent any other strategic alternatives were considered by your Board, such as other strategic partnerships, merger or acquisition transactions, please revise this section to discuss
in greater detail if, or when, those alternatives were considered and for what reason those alternatives were not considered or pursued.</I> </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the
Staff&#146;s comment, the Company has revised the disclosure on page 28 of the Revised Preliminary Proxy Statement to provide additional detail regarding the types of strategic opportunities that Smithfield and the Board of Directors of Smithfield
(the &#147;<U>Smithfield Board</U>&#148;) reviewed and evaluated. While Smithfield and the Smithfield Board considered the opportunities discussed in the opening paragraph from time to time, since 2010 no such consideration with respect to an
opportunity or strategic alternative that was material to Smithfield progressed beyond a preliminary stage, except (i)&nbsp;as disclosed in the section entitled &#147;Background of the Merger&#148; in the Revised Preliminary Proxy Statement and
(ii)&nbsp;for Smithfield&#146;s negotiations with respect to a proposed joint delisting takeover of Campofrio Food Group, S.A. together with Campofrio&#146;s chairman Mr.&nbsp;Pedro Ballve in 2011. With respect to the latter, given that the
negotiations with Campofrio were terminated in June 2011 as publicly disclosed at the time, we have not included a discussion of this potential strategic transaction and respectfully submit that it is not relevant to the Smithfield
shareholders&#146; consideration of the merger. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We also note the discussion in the third paragraph of page 28 regarding other possible transactions with Shuanghui International Holdings Limited
(&#147;Parent&#148;) in the past. To the extent other strategic alternatives were considered with Parent, please revise to expand to include a brief discussion of those transactions considered, the time frame for when discussions started and why
other strategic alternatives were not ultimately considered or pursued.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s
comment, the Company has revised the disclosure on page 29 of the Revised Preliminary Proxy Statement to include a brief discussion of the possible transactions with Parent considered by the Company, the time frame for when discussions started and
why such alternatives were not ultimately considered or pursued. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Opinion of Smithfield&#146;s Financial Advisor, page 41
</U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please provide us with copies of the &#147;board books&#148; and any other materials prepared by your financial advisors. Such materials should include all
presentations made by the financial advisors. Please also provide us with copies of the engagement letters.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, copies of all presentation materials prepared by Barclays for the Smithfield Board and the
engagement letter between Smithfield and Barclays are being provided to the Staff by Barclays under separate cover requesting confidential treatment pursuant to Rule 12b-4 promulgated under the Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;), and pursuant to the provisions of 17 C.F.R. &#167;200.83. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Selected Comparable Company Analysis, page
43</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please tell us whether any additional companies that fit the criteria were not used, and, if not, why not. Similarly, please tell us whether any additional
transactions that fit the criteria for the selected transaction analysis were not used, and, if so, why not.</I> </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully
advises the Staff that Barclays has advised us that it is not aware of any particular additional company that met the criteria described on page 43 of the Preliminary Proxy Statement or of any particular additional transaction that met the criteria
described on page 44 of the Preliminary Proxy Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Selected Precedent Transaction Analysis, page 44 </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note that six of eight of the precedent transactions were announced over five years ago. Please briefly explain how these transactions are useful to this analysis
in light of their age and disclose whether there is any limitation in comparability because of the passage of time.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that Barclays has informed us that, as described on page 44 of the Preliminary Proxy Statement, Barclays selected the transactions involving companies in the
meat/protein industry that Barclays, based on its experience with merger and acquisition transactions, deemed relevant, taking into account, among other things, the similarity of the applicable target companies in the transactions to Smithfield with
respect to the mix, margins, end markets and other characteristics of the target companies&#146; businesses. Barclays advised us that it selected transactions since the year 2000 in order to create a significant sample set (rather than limiting the
selected transactions to those announced since the 2008 financial crisis) and that Barclays did not identify any limitation on comparability based upon the passage of time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Certain Financial Projections, page 48</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Include a brief discussion of the underlying assumptions and limitations of the projections provided.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 51 of the Revised Preliminary Proxy Statement to
include a brief discussion of the underlying assumptions and limitations of the projections provided. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Interests of Smithfield Directors
and Executive Officers in the Merger, page 52</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>It appears you should provide two separate tables. Please revise this section to provide two separate tables: one table to disclose all golden parachute
compensation, including both the arrangements and amounts previously disclosed and subject to a shareholder advisory vote under section 14A(a)(1) of the Exchange Act and a separate table to disclose only the new arrangements and/or revised terms
subject to the separate shareholder vote under section 14A(b)(2) of the Exchange Act or advise. Refer to Instruction 6 to Item&nbsp;402(t) of Regulation S-K.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that it believes that Instruction 6 to Item&nbsp;402(t) of Regulation S-K requires two separate tables only when an issuer seeks to conduct a &#147;say on golden
parachute&#148; vote under Section&nbsp;14A(b)(2) of the Exchange Act and Rule 14a-21(c) promulgated thereunder that is limited to compensation arrangements </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
that have not previously been subject to a &#147;say on pay&#148; vote under Section&nbsp;14A(a)(1) of the Exchange Act and Rule 14a-21(a) promulgated thereunder (or with respect to compensation
arrangements that have previously been subject to a &#147;say on pay&#148; vote but have since been revised). In other words, the Company believes that Instruction 6 applies only when an issuer is seeking to exclude from the &#147;say on golden
parachute&#148; vote compensation arrangements that have previously been subject to a &#147;say on pay&#148; vote and have not been revised. See, e.g., Section II.D.4.c.ii. of SEC Release No.&nbsp;33-9178 (Jan. 25, 2011), &#147;Exceptions to Rule
14a-21(c) Shareholder Advisory Vote,&#148; note 281 and accompanying text. The Company also believes that this exception to the &#147;say on golden parachute&#148; vote requirement is voluntary and that issuers are not required to take advantage of
this exception if they so determine. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that it has determined not to take advantage
of the foregoing exception. The Company has chosen to subject all compensation that is related to the merger to the &#147;say on golden parachute&#148; vote. The compensation set forth in the &#147;Potential Merger-Related Payments to Named
Executive Officers Table&#148; on page 62 of the Revised Preliminary Proxy Statement on which shareholders are being asked to cast their advisory vote includes all compensation that is potentially payable in connection with the merger, which
includes not only compensation arrangements that have previously been subject to a &#147;say on pay&#148; vote (and have not been revised), but also new and/or revised compensation arrangements. Since the Company is choosing to subject all potential
merger-related compensation to the &#147;say on golden parachute&#148; vote and is choosing not to take advantage of the exception that would allow it to exclude from such vote compensation arrangements that have previously been subject to a
&#147;say on pay&#148; vote and have not been revised, the Company believes it is permissible for it to provide just one table containing all such merger-related compensation, instead of two separate tables as required by Instruction 6. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company further respectfully advises the Staff that it believes there is a question as to whether it would be able to take advantage
of the special exception to the &#147;say on golden parachute&#148; vote. One of the requirements to qualify for the exception is that the prior executive compensation disclosure subject to the &#147;say on pay&#148; vote must have satisfied the
requirements of Item&nbsp;402(t). See SEC Release No.&nbsp;33-9178, note 278 and accompanying text. As the Staff is aware, there are certain differences between the disclosures mandated by Item&nbsp;402(t) and the executive compensation disclosures
otherwise required under Item&nbsp;402 of Regulation S-K, including differences in how the disclosure is required to be presented. The Company did not design its prior executive compensation disclosures with the intent of satisfying the
Item&nbsp;402(t) disclosure requirements and is uncertain whether those prior disclosures would in fact satisfy such requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Finally, the Company would also respectfully draw the Staff&#146;s attention to the fact that the amounts payable to the executive officers under the new Retention Bonus Program are separately set forth
both in footnote 1 to the &#147;Potential Merger-Related Payments to Named Executive Officers Table&#148; on page 62 of the Revised Preliminary Proxy </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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Statement and in the &#147;Retention Bonuses for CEO and Senior Executives&#148; table on page 56 of the Revised Preliminary Proxy Statement. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please add disclosure to the retention bonus discussion here to indicate that Shuanghui International Holdings Limited had expressed an interest that a retention
program be established in connection with the merger negotiations.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment,
the Company has revised the disclosure on page 55 of the Revised Preliminary Proxy Statement to indicate that Parent had expressed an interest that a retention program be established in connection with the merger negotiations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Financing of the Merger, page 62 </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Bank of China Financing, page 66 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise to describe &#147;certain of the same conditions&#148; mentioned in the first paragraph of this section.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 69 and 70 of the Revised Preliminary Proxy
Statement to describe &#147;certain of the same conditions&#148; mentioned in the first paragraph of this section. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Regulatory
Clearances and Approvals Required for the Merger, page 66 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise this section to disclose the status of all regulatory approvals required for the merger to be completed. Refer to Item&nbsp;14(b)(5) of Schedule 14A.
Please also include a brief of discussion of the government approvals sought in Mexico, Poland, Russia and Ukraine and the status of those approvals.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure beginning on page 70 of the Revised Preliminary Proxy Statement to disclose the status of all regulatory approvals required
for the merger to be completed and to include a brief discussion of the government approvals sought in Mexico, Poland, Russia and Ukraine and the status of those approvals. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>In this regard, we note some news articles regarding the merger that discuss that some Midwestern states have laws restricting foreign ownership of agricultural
land. Please also discuss any state regulatory approvals that must be complied with or approval that must be obtained in connection with the transaction and, if the so, the status of compliance or approval or advise. Refer to Item&nbsp;14(b)(5) of
Schedule 14A.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that it is aware that some Midwestern states have
laws restricting foreign ownership of agricultural land. Smithfield and Parent are currently in discussions with state regulators regarding the steps, if any, the surviving corporation will need to take after the consummation of the merger to comply
with such laws. We do not believe there are any regulatory approvals that need to be obtained </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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under such laws prior to the consummation of the merger. Compliance with these laws, if applicable, by the surviving corporation will have no impact on Smithfield&#146;s current shareholders.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Conditions to the closing of the Merger, page 80</U></B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>For each condition to the merger that may be waived, please clarify which party may waive the condition.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure on page 84 of the Revised Preliminary Proxy Statement to
clarify which party may waive the referenced conditions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Security Ownership of Certain Beneficial Owners and Management, page
88</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise this section to include the addresses of security owners and management. In addition, disclose the aggregate percent of shares owned by your beneficial
owners and management. Refer to Item&nbsp;403 of Regulation S-K.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment,
the Company has revised the disclosure on page 92 of the Revised Preliminary Proxy Statement to include the addresses of security owners (in accordance with Item&nbsp;403 of Regulation S-K) and to disclose the aggregate percentage of shares owned by
our beneficial owners and management. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please identify the natural persons with voting and investment power over the shares held by BlackRock, Inc.</I> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company respectfully advises the Staff that additional information regarding BlackRock, Inc. has been added on page 93 of the Revised
Preliminary Proxy Statement. In response to the Staff&#146;s comment, we respectfully advise the Staff that there are no natural persons identified as having voting and investment power over the shares held by BlackRock in BlackRock&#146;s Amendment
No.&nbsp;2 to Schedule 13G filed on February&nbsp;8, 2013, Amendment No.&nbsp;1 to Schedule 13G filed on February&nbsp;10, 2012, or the original Schedule 13G filed on February&nbsp;8, 2011. Smithfield has no reason to believe that the information
provided in the foregoing filings by BlackRock is not complete or accurate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Material U.S. Federal Income Tax Consequences of the
Merger, page 90 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note your statement that you included &#147;a general discussion of the material U.S. federal income tax consequences of the merger.&#148; Please revise this
section to clarify that you have addressed all material U.S. federal income tax consequences. Please also delete the statement that the tax summary &#147;is for general information only&#148; because investors are entitled to rely on this
section.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure beginning on page
95 of the Revised Preliminary Proxy Statement to clarify that we have addressed all </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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material U.S. federal income tax consequences and to delete the statement that the tax summary &#147;is for general information only.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Where You Can Find More Information, page 94 </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please revise to undertake to provide, by oral request, as well as written, all information that has been incorporated by reference into the filing. Refer to Note
D.2 of Schedule 14A.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company has revised the disclosure on
page 100 of the Revised Preliminary Proxy Statement to undertake to provide, by oral request, as well as written, all information that has been incorporated by reference into the filing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Other </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note that some items required by Schedule 14A are incorporated by reference from the Form 10-K for fiscal year ended April&nbsp;28, 2013, filed June&nbsp;18,
2013. We also note that the Part III information from that Form 10-K is incorporated by reference to your to be filed definitive proxy statement. With your revised proxy statement, please include any of that Part III information that you are
currently anticipating incorporating by way of the definitive proxy statement or advise.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the
Staff&#146;s comment, the Company has revised the disclosure on page 99 of the Revised Preliminary Proxy Statement to clarify the portions of our Form 10-K for fiscal year ended April&nbsp;28, 2013, filed June&nbsp;18, 2013 (the &#147;<U>Form
10-K</U>&#148;), that we are incorporating into our definitive proxy statement. Smithfield will not be incorporating any Part III information from the Form 10-K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">************** </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield hereby acknowledges that: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield 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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We thank you for your assistance in this matter. Please do not hesitate to call me at
(757)&nbsp;365-3030 with any questions or further comments you may have regarding this letter or if you wish to discuss our responses to the Comment Letter. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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<IMG SRC="g554122g35j67.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very
truly yours, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael H. Cole </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael H. Cole </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vice President and Chief Legal Officer </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Patrick J. Naughton, Simpson Thacher&nbsp;&amp; Bartlett LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carl R. Sanchez, Paul Hastings LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James M. Anderson III, McGuireWoods LLP </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>

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