<SEC-DOCUMENT>0001104659-21-070086.txt : 20210908
<SEC-HEADER>0001104659-21-070086.hdr.sgml : 20210908
<ACCEPTANCE-DATETIME>20210520193144
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-070086
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRINET GROUP, INC.
		CENTRAL INDEX KEY:			0000937098
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				953359658
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PARK PLACE., SUITE 600
		CITY:			DUBLIN
		STATE:			CA
		ZIP:			94568
		BUSINESS PHONE:		5103525000

	MAIL ADDRESS:	
		STREET 1:		ONE PARK PLACE., SUITE 600
		CITY:			DUBLIN
		STATE:			CA
		ZIP:			94568

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRINET GROUP INC
		DATE OF NAME CHANGE:	20000306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRINET EMPLOYER GROUP INC
		DATE OF NAME CHANGE:	20000126
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 20, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR and email </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Keira Nakada</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Rufus Decker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: TriNet Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form 10-K for the fiscal year ended December 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed February 16, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File No. 001-36373</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Ms.&nbsp;Nakada and Mr. Decker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">We
received your letter dated April 29, 2021 (the &ldquo;<B>letter</B>&rdquo;) setting forth comments from the staff of the U.S. Securities
and Exchange Commission (the &ldquo;<B>Staff</B>&rdquo; or the &ldquo;<B>SEC</B>&rdquo;) with respect to our above-referenced report filed
under the Securities Exchange Act of 1934. Our responses to your comments are set forth below. References to &ldquo;<B>we</B>&rdquo;,
 &ldquo;<B>our</B>&rdquo;, &ldquo;<B>TriNet</B>&rdquo; and &ldquo;<B>the Company</B>&rdquo; refer to TriNet Group, Inc. and its consolidated
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Non-GAAP Financial Measures, page 34</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B><I>In presenting net service revenues and net insurance
service revenues, you comingle revenues and expenses and state that these non-GAAP measures provide a comparable basis of revenues on
a net basis. Please tell us why you believe these non-GAAP measures do not substitute individually-tailored recognition and measurement
methods for those of GAAP. Refer to Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As requested, we have considered Question
100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations and related Staff guidance. In considering Question
100.04, we respectfully point out that our use of net service revenues (NSR) and net insurance services revenue (NISR) does not accelerate
the recognition of any revenue in any period or alter net income in any way. Instead, our inclusion of NSR and NISR are intended to provide
investors additional transparency and to facilitate an additional means for investors of analyzing our results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">One Park Place, Suite 600, Dublin, CA 94568</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">Phone 866.344.6688 &bull; Fax 510.352.6480 &bull; TriNet.com</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We believe that our non-GAAP financial
measures, NSR and NISR, constitute supplemental measures that are necessary for an understanding of our results of operations and are
therefore both appropriate and helpful for our investors under Regulation S-K and related SEC guidelines and interpretations pertaining
to MD&amp;A disclosures. We believe that these measures do not substitute individually-tailored recognition and measurement methods for
those of GAAP, but instead provide investors with important key financial performance indicators that are utilized by management to assess
our operating results, evaluate the business and make operational decisions on a prospective basis. For example, we use NSR to help manage
our consolidated operating expenses for our different business functions and we have used the measure in the determination of incentive
compensation for management. NISR helps investors understand our pricing to risk performance. As a result, investors benefit from our
disclosure of these non-GAAP measures. NSR is also important because the revenue recognition methods under GAAP for our professional services
revenues and insurance service revenues differ in that the former is recognized net of client payroll costs while the latter is recognized
on a gross basis. While these methods of revenue recognition are appropriate, our disclosure of NSR enables investors to quickly grasp
the net amount of revenue we retain after consideration of the variable, worksite employee (WSE)-related insurance costs incurred to generate
such revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Although
we have historically compared and reconciled these measures to our GAAP revenue, in reviewing the Staff guidance we believe that it may
be appropriate to instead compare NSR and NISR to gross margin, which is defined in the FASB Master Glossary as &ldquo;<I>The excess
of sales over cost of goods sold. Gross margin does not consider all operating expenses.</I>&rdquo; While we have not previously disclosed
GAAP gross margin, we believe this is the most directly comparable measure other than GAAP revenue because GAAP gross margin includes
all the components that we use to calculate NSR and NISR. Therefore, to avoid any implication that NSR and NISR substitute individually-tailored
recognition and measurement methods for those of GAAP revenue, while still providing investors with important key financial performance
indicators, in future filings, beginning with our next earnings release and Quarterly Report on Form 10-Q after the Staff&rsquo;s comments
have been resolved, we propose to rename NSR and NISR and modify our disclosure to compare and reconcile such measures to GAAP gross
margin as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">One Park Place, Suite 600, Dublin, CA 94568</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">Phone 866.344.6688 &bull; Fax 510.352.6480 &bull; TriNet.com</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; width: 1.6in; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0073CF"><B>Non-GAAP&nbsp;Measure</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; width: 2in; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0073CF"><B>Definition</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0073CF"><B>How We Use The Measure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Net&nbsp;Service&nbsp;<STRIKE>Revenues</STRIKE> <FONT STYLE="color: #0070C0">Margin</FONT></I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&bull;
<STRIKE>Sum of professional service revenues and Net Insurance Service Revenues, or <BR>
</STRIKE><FONT STYLE="color: #0070C0">Gross margin
excluding cost of providing services and depreciation and amortization.</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt 3pt 3pt 6pt; text-align: justify">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull;
<STRIKE>Provides a comparable basis of revenues on a net basis. Professional service revenues are presented net of client payroll costs
whereas insurance service revenues are presented gross of insurance costs for financial reporting purposes.</STRIKE></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull;
<FONT STYLE="color: #0070C0">Provides a measure of the adjusted gross margin earned by us after deduction of the variable, WSE-related
insurance costs incurred, excluding our controllable cost of providing services and non-cash depreciation and amortization, and is comparable
to GAAP gross margin.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull;
Acts as the basis to allocate resources to different functions and evaluates the effectiveness of our business strategies by each business
function.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull; Provides a measure, among others, used in the determination of incentive compensation for management.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Net&nbsp;Insurance&nbsp;Service <STRIKE>Revenues</STRIKE> <FONT STYLE="color: #0070C0">Margin</FONT></I></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;Net&nbsp;service&nbsp;margin&nbsp;excluding professional services revenue</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 3pt; text-align: justify">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull; Is a component
    of Net Service <STRIKE>Revenues</STRIKE> <FONT STYLE="color: #0070C0">Margin</FONT>.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull; <STRIKE>Provides
    a comparable basis of revenues on a net basis. Professional service revenues are presented net of client payroll costs whereas insurance
    service revenues are presented gross of insurance costs for financial reporting purposes.</STRIKE> <FONT STYLE="color: #0070C0">Helps
    our investors understand our pricing to risk performance by providing a measure of the adjusted gross margin earned by us, that excludes
    professional services revenue, our controllable cost of providing services and non-cash depreciation and amortization</FONT>. <STRIKE>Under
    GAAP, insurance service revenues and costs are recorded gross as we have latitude in establishing the price, service and supplier specification</STRIKE></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt 2pt 1pt; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">Year Ended December 31,</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">(in millions)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">2019</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">2018</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 2pt; color: #0073CF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; width: 52%; font: 10pt Times New Roman, Times, Serif; text-align: left">Total revenues</TD><TD STYLE="padding: 2pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; width: 12%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,034</TD><TD STYLE="padding: 2pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,856</TD><TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,503</TD><TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Insurance costs</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,979</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2,927</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2,610</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Cost of providing services</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">262</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">245</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">229</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Depreciation and amortization</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;AA </B></FONT></TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;BB </FONT></TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;CC </FONT></TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Gross margin</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XX </B></FONT></TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;XX </FONT></TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;XX </FONT></TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Add: Depreciation and amortization</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;AA </B></FONT></TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;BB </FONT></TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;CC </FONT></TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Add: Cost of providing services</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">262</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">245</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">229</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Service Margin</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,055</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">929</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">893</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Professional services revenue</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">544</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">530</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: right">487</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Insurance Services Margin</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">511</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">399</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">406</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">One Park Place, Suite 600, Dublin, CA 94568</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">Phone 866.344.6688 &bull; Fax 510.352.6480 &bull; TriNet.com</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B><I>Please remove adjusted EBITDA margin from your filing
or use total revenues, rather than net service revenues, in the denominator of its computation</I>.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We respectfully advise the Staff that
we believe that the Company&rsquo;s current presentation of Adjusted EBITDA margin is appropriate, particularly given the modified Net
Service Margin disclosure we propose to use in our future filings. As noted above, we propose to disclose the relationship between Net
Service Margin and GAAP gross margin in our future filings. We believe that using a ratio of Adjusted EBITDA tied to a measure of adjusted
gross margin is more appropriate for our investors than using a ratio of Adjusted EBITDA to total revenue. The Company&rsquo;s existing
calculation provides investors with an understanding of our overall performance by eliminating the impact that results when WSE health
benefit elections drive changes in GAAP insurance service revenue and GAAP insurance costs, without a corresponding change to Net Service
Margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our GAAP insurance service revenues
and GAAP insurance costs vary with and are primarily related to each other. Our GAAP insurance services revenues include fees collected
from clients that relate to health benefit services and that are withheld from payroll payments we make to our WSEs, while our GAAP insurance
costs include premiums and reimbursement of claims paid to insurance carriers. Throughout the year, WSEs may make changes in their health
benefit elections, due to benefits open enrollment or life status changes. These changes may include selecting higher deductible, lower
fee plans; selecting lower deductible, higher fee plans; waiving coverage; electing coverage; or adding or removing dependents. These
changes in health benefit elections by WSEs cause increases or decreases in our GAAP insurance services revenue, with corresponding increases
or decreases in our GAAP insurance costs. Because of these WSE-controlled benefit election changes, if we instead use total revenues without
consideration of insurance costs when calculating Adjusted EBITDA Margin, we create a one-sided view of the impact of WSE health benefit
elections. As illustrated below, in a hypothetical scenario where WSE&rsquo;s elect health benefits that decrease the Company&rsquo;s
total insurance service revenues by $500, the Staff&rsquo;s requested calculation would show increased relative Adjusted EBITDA Margin
even though our Net Service Margin remains consistent (and vice versa). This outcome has the potential to result in significant variation
in our reported Adjusted EBITDA Margin when in fact the net amount of margin available to pay operating expenses has not changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; border-top: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">Year Ended</TD><TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD><TD STYLE="padding: 2pt; border-top: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 2pt; border-top: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">Illustrative Example Using</TD><TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; color: #0073CF">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">Changes in Insurance Services</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; color: #0073CF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #0073CF">(in millions)</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">2020</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF; text-align: center">Revenue and Costs</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; color: #0073CF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; width: 58%; font: 10pt Times New Roman, Times, Serif; text-align: left">Change in insurance services revenue</TD><TD STYLE="padding: 2pt; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; width: 10%; text-align: right">(500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; width: 1%; text-align: left">)</TD><TD STYLE="padding: 2pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; width: 10%; text-align: right">500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Change in insurance costs</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">(500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">)</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Professional services revenue</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">544</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">544</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">544</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Insurance services revenue</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">3,490</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">2,990</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">3,990</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total revenues</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">4,034</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">3,534</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">4,534</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Less: Insurance costs</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">2,979</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">2,479</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">3,479</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Service Margin</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Adjusted EBITDA Margin / Net Service Margin</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Numerator: Adjusted EBITDA</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Denominator: Net Service Margin</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">1,055</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Adjusted EBITDA Margin</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">44</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">44</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">44</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Adjusted EBITDA Margin / Total Revenue</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Numerator: Adjusted EBITDA</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt; padding-left: 2pt; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Denominator: Total revenue</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">4,034</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">3,534</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">4,534</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Adjusted EBITDA Margin</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">12</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">13</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 2pt; text-align: right">10</TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 2pt; padding-bottom: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">To avoid the result above, which we
believe will confuse a user of our financial statements, we have concluded that in future filings, beginning with our next earnings release
and Quarterly Report on Form 10-Q after the Staff&rsquo;s comments have been resolved, we propose to modify our disclosures as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; text-align: left; width: 1.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0073CF"><I>Adjusted EBITDA</I></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; text-align: left; width: 2.35in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&bull;
Net income, excluding the effects of:<BR>
- income tax provision,<BR>
- interest expense, bank fees and other,<BR>
- depreciation,<BR>
- amortization of intangible assets, and<BR>
- stock based compensation expense.</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt; text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates the effectiveness
    of our business strategies by excluding certain non-cash charges such as depreciation and amortization, and stock-based compensation recognized
    based on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative
    of our ongoing operations.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Enhances comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Provides a measure, among others, used in the determination of incentive compensation for management.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.1in; margin-left: 0.1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to Net Service <STRIKE>Revenue</STRIKE> <FONT STYLE="color: #0070C0">Margin</FONT>.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">One Park Place, Suite 600, Dublin, CA 94568</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">Phone 866.344.6688 &bull; Fax 510.352.6480 &bull; TriNet.com</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_001.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">We appreciate the Staff&rsquo;s
comments and request that the Staff contact the undersigned at (510) 352-5000 with any questions or comments regarding this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Respectfully submitted,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TriNet Group, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 1.5in">/s/ Kelly Tuminelli</TD>
  <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: Kelly Tuminelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>EVP, Chief Financial
Officer and Principal Financial Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cc:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Burton M. Goldfield,&nbsp;<I>President and Chief
Executive Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Samantha Wellington<I>, SVP, Chief Legal Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jonathan Lee, <I>VP, Chief Accounting Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">James Bodner,&nbsp;<I>Deloitte &amp; Touche LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sarah K. Solum,&nbsp;<I>Freshfields Bruckhaus
Deringer LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">One Park Place, Suite 600, Dublin, CA 94568</P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: rgb(0,112,192)">Phone 866.344.6688 &bull; Fax 510.352.6480 &bull; TriNet.com</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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