<SEC-DOCUMENT>0001104659-11-016864.txt : 20110526
<SEC-HEADER>0001104659-11-016864.hdr.sgml : 20110526
<ACCEPTANCE-DATETIME>20110328122138
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-11-016864
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEESECAKE FACTORY INC
		CENTRAL INDEX KEY:			0000887596
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				510340466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		26901 MALIBU HILLS RD
		CITY:			CALABASAS HILLS
		STATE:			CA
		ZIP:			91301
		BUSINESS PHONE:		818 871-8342

	MAIL ADDRESS:	
		STREET 1:		26901 MALIBU HILLS RD
		CITY:			CALABASAS HILLS
		STATE:			CA
		ZIP:			91301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEESECAKE FACTORY INCORPORATED
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="720" height="128" src="g88301bgi001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;25, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Julie F. Rizzo</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attorney-Advisor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street NE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Cheesecake Factory Incorporated</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;29,   2009</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed February&nbsp;26, 2010</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Definitive Proxy Statement on Schedule 14A</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed April&nbsp;23, 2010</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;000-20574</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Rizzo:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of The Cheesecake Factory Incorporated (the &#147;Company&#148;), this letter responds to the additional comments received from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (&#147;SEC&#148;) by letter dated March&nbsp;4, 2011 related to the Company&#146;s definitive Proxy Statement on Schedule 14A, filed on April&nbsp;23, 2010.&nbsp; The numbering of the paragraphs below corresponds to the numbering of the comments contained in the March&nbsp;4, 2011 letter which, for the Staff&#146;s convenience, we incorporated into this response letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Definitive Proxy Statement on Schedule 14A</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fiscal 2009 Award Program under the 2005 Incentive Plan, page&nbsp;48</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">While we note your response to our prior comment two, we did not see an expanded justification for your belief that disclosure of Guest Satisfaction Scores may be omitted due to the risk of competitive harm.&#160; In providing us your analysis, please discuss your concern that customers may choose not to dine in your restaurants if they do not perceive the Guest Satisfaction Score as being at an acceptable level when it appears from your January&nbsp;10, 2011 response letter that the company achieved its Guest Satisfaction Score performance target for fiscal year 2009.&#160; Additionally, please provide us with your analysis of the competitive disadvantage to you if you disclose your scores and your competitors choose not to do so as it appears that other competitors disclose what appears to be a similar score.&#160; For guidelines, please refer to Compliance and Disclosure Interpretation 118.04 of Regulation S-K.&#160; Finally, to the extent that it is appropriate to omit certain targets, please advise us of the disclosure that the company will provide pursuant to Instruction 4 to Item 402(b)&nbsp;of Regulation S-K.</font></i></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We carefully considered the Staff&#146;s prior comments concerning disclosure of our guest satisfaction scores, as well as the Staff&#146;s comments regarding the disclosure of apparently similar scores by other restaurant companies. We also reviewed the most recent annual reports and proxy statements of the companies we consider our competitors for purposes of evaluating disclosures made by them related to Guest Satisfaction Scores.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disclosure of Percentage by which Guest Satisfaction Score Target is Achieved.</font></i></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on this review, we propose disclosing the <i>percentage</i> by which the Company has met or exceeded our Guest Satisfaction Score target, as follows, using our fiscal year 2009 achievement as an example:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Target</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Actual</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Performance&nbsp;v.<br>   Target</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guest satisfaction full year score of specific   percentage or better</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See below</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See below</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%(2)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; While we have disclosed in the past whether our guest satisfaction scores improved, we have never disclosed our target or actual scores, and have no plans to do so, because we believe that doing so would cause us serious competitive harm.</font></p>
<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; Maximum payout at 100% of achievement.</font></p>
<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that the above additional disclosure will provide a meaningful indication of the difficulty in achieving the performance target, and thus, the value of the target as an incentive.&#160; However, we continue to believe that disclosure of the actual target or achieved scores would result in competitive harm, be misleading to consumers and our shareholders, and result in a breach of our contractual obligations while not providing material information concerning our bonus program. In addition, we do not believe our competitors disclose scores comparable to our Guest Satisfaction Scores. Specifically, we believe that:</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Guests may choose not to dine in our restaurants if they do not perceive the Company&#146;s Guest Satisfaction Scores to be at the highest level, even if we achieved our internal performance target, which would cause us serious competitive harm.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Disclosure of our Guest Satisfaction Scores misleads consumers and shareholders concerning the quality of the dining experience provided by our restaurants as compared to that of other restaurant companies due to the lack of a uniform, industry-wide methodology to determine such scores.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Disclosure of the specific methodology we use to calculate our Guest Satisfaction Scores would result in a breach of contractual obligations to the provider of our guest satisfaction survey.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Only four of the eighteen restaurant companies we identified as our competitors for purposes of evaluating our compensation programs disclose any guest satisfaction metrics as a performance measure, and the content of their respective disclosures is inconsistent from company to company and may differ from our methodology, which adds to the concern that our disclosure of Guest Satisfaction Scores only would mislead consumers and shareholders.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Customers may choose not to dine in our restaurants if they do not perceive our Guest Satisfaction Score as being at an acceptable level even though we achieved our Guest Satisfaction Score performance target for fiscal year 2009</font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">.</font></i></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As we stated in our letter to Staff dated January&nbsp;10, 2011, we believe that customers may choose not to dine in our restaurants if they perceive a disclosed Guest Satisfaction Score&nbsp;to be at an unacceptable level even if we achieved our internal performance target.&#160; While we do not consider Guest Satisfaction Scores a &#147;grading system&#148;, we believe consumers are likely to perceive such scores as &#147;grades.&#148;&#160; Consumers are accustomed to reviewing scores as part of a grade (such as &#147;A&#148; or 90%-100% equaling &#147;excellent;&#148; &#147;B&#148; or 80%-90% equaling &#147;above average,&#148; &#147;C&#148; or 70%-80% equaling &#147;average,&#148; etc.). If we were to disclose a specific score that was not the customary equivalent of an &#147;A&#148; or 90%-100%, we believe customers are likely to perceive us as delivering an inferior dining experience. Because the methodology behind our Guest Satisfaction Scores bears no relationship to a typical grading scheme, consumers&#146; confidence in our brand could be seriously harmed by their inappropriate assumption that a score other than an &#147;A&#148; (i.e., in the highest percentage rankings) meant</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_044338_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that we performed poorly, when, in fact, the scores we received were excellent within our scoring scheme.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lack of a uniform, industry-wide methodology to determine Guest Satisfaction Scores</font></i><font size="2" style="font-size:10.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is no uniform, industry-wide methodology for determining Guest Satisfaction Scores; nor is there any single agency responsible for grading guest satisfaction. The methodology behind calculating Guest Satisfaction Scores differs widely from one restaurant chain to another and among companies providing and interpreting guest satisfaction surveys including, but not limited to, variations in:</font></p>
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<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">selecting survey participants,</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">determining categories to be measured such as service, food quality, appearance, timeliness, cleanliness, and/or ambience,</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">establishing the range and meaning of scores,</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">weighting among categories measured,</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">selecting threshold levels for measurement of increases in guest satisfaction, and</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">including other elements of the dining experience, such as response to problematic situations.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without a standard methodology to support a comparison of scores, we believe that disclosure of the actual Guest Satisfaction Scores achieved would lead to a comparison of &#147;apples to oranges.&#148;&#160; For instance, disclosure of a higher number or percentage score by one company may lead a consumer or investor to believe that particular company is better than another company that discloses a lesser number or percentage score but uses a different methodology which is more stringent or harder to achieve.&#160; Accordingly, if we were to provide disclosure of our specific Guest Satisfaction Score, and it were to be compared to the scores disclosed by other companies that used a less stringent methodology, our consumers and shareholders may be misled into thinking we offered an inferior guest dining experience.</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By way of hypothetical example, assume our methodology were to consider a customer&#146;s experience to be counted as &#147;satisfactory&#148; only if the customer&#146;s responses averaged a &#147;5&#148; on a scale of 1 to 5 (with 1=extremely dissatisfied; 2=dissatisfied; 3=neutral; 4=satisfied; and 5=extremely satisfied) while a competitor&#146;s methodology were to consider a customer&#146;s experience as &#147;satisfactory&#148; if the same customer&#146;s responses averaged only a &#147;4&#148;.&#160; If we were forced to disclose our scores, we may disclose that our overall Guest Satisfaction Score equaled 70% (i.e., the percentage of customers who rated their experience a &#147;5&#148;), while our competitor may disclose an overall score of 80% (i.e., the percentage of customers who rated their experience greater than a &#147;3&#148;).&#160; However, our 70% score (based only upon achievement of customer responses averaging &#147;5&#148;) might indicate substantially <i>higher</i> customer satisfaction than our competitor&#146;s score of 80% (which included customer ratings of &#147;4&#148; as well as &#147;5&#148;).&#160; A comparison of our 70% score to our competitor&#146;s 80% score would be misleading, as consumers and shareholders might conclude we scored <i>lower</i> in guest satisfaction when, in fact, our score of 70% indicates a <i>higher</i> level of satisfaction than our competitor&#146;s score of 80%.&#160; Accordingly, such disclosure would put us at a competitive disadvantage if consumers were to select the competitor&#146;s restaurant over ours after having compared scores.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Breach of contractual obligations to our guest satisfaction survey provider</font></i><font size="2" style="font-size:10.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As we stated in our letter to Staff dated January&nbsp;10, 2011, our Guest Satisfaction Score and scoring methodology are highly proprietary, and we and our guest survey vendor are contractually bound not to disclose the methodology used to determine Guest Satisfaction Scores.&#160; Accordingly, we are simply unable, without being in breach of our agreements, to provide a context for the scores we achieve. Accordingly, if we were required to disclose raw scores but could not describe our methodology, we would have no choice but to eliminate the Guest Satisfaction Scores as a performance target for purposes of bonus compensation. Disclosure of the scores without the context explaining the</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_044400_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">methodology is subject to the concerns raised above regarding lack of comparability between companies, as well as being misleading to consumers and shareholders.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disclosure by Competitor Companies</font></i><font size="2" style="font-size:10.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the March&nbsp;4, 2011 letter, you asked us to provide an analysis of the competitive disadvantage to us if we were to disclose our scores and our competitors did not as &#147;it appears that other competitors disclose what appears to be a similar [guest satisfaction] score.&#148;&#160; We respectfully disagree that our competitors disclose a &#147;similar score.&#148;&#160; In our review of the most recent annual report and proxy statements of each of the eighteen companies we consider comparable to us for purposes of evaluating our compensation programs(1), we found that only four(2)&nbsp;companies provided a specific score related to guest satisfaction.&#160; One other company noted ratings and awards it received without noting any Guest Satisfaction Score, and another mentioned its scores but did not specifically disclose them.&#160; Specifically:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">None of the four companies that disclosed a specific score also disclosed the methodology used to determine such score. In fact, each of those companies seemed to be referring to different methodologies and measurement criteria based upon their respective descriptions of such scores as a &#147;guest satisfaction measurement target&#148; (Brinker International), a &#147;Guest Loyalty Index&#148; and &#147;Blended Guest Loyalty Index&#148; (Bob Evans Farms), a &#147;Guest Satisfaction Index&#148; (Ruby Tuesday), and &#147;guest overall satisfaction ratings&#148; (Red Robin Gourmet Burgers).</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">One of the other eighteen companies, CBRL Group, disclosed ratings and awards it had received from various consumer groups and studies, but noted that those ratings and awards were &#147;not performance metrics&#148;.&#160; Those ratings and awards did not appear to be similar to our Guest Satisfaction Scores.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">One additional company (McCormick&nbsp;&amp; Schmick&#146;s) disclosed that maintaining or improving its guest satisfaction scores was one of its non-financial performance goals, but it did not disclose its scores.</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The lack of disclosure regarding the methodologies used to compute the scores of the four companies that provided a specific score, and the differences in nomenclature used by such companies, makes it difficult to analyze whether their respective scores are similar to our scoring in any manner.&#160; We believe that neither consumers nor shareholders may make reasonable comparisons among such companies without a full understanding of such methodologies, which were not disclosed by any of them.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Immateriality of Guest Satisfaction Score</font></i><font size="2" style="font-size:10.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also note that the Guest Satisfaction Score performance target accounted for only approximately four percent (4%) of the total bonus and award in 2009. In light of the risk of competitive harm and confusion to consumers and shareholders as outlined above, we believe that disclosing our specific</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden   Restaurants</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas   Roadhouse</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Brinker   International</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">California   Pizza Kitchen</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">CBRL (Cracker   Barrel) Group</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">DineEquity</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Bob Evans   Farms</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">McCormick&nbsp;&amp;   Schmick&#146;s Seafood Restaurants</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Ruby Tuesday</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Morton&#146;s   Restaurant Group</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Landry&#146;s Restaurants</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Ruth&#146;s   Hospitality Group</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">P.F. Chang&#146;s   China Bistro</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">BJ&#146;s   Restaurants</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">O&#146;Charley&#146;s</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Frisch&#146;s   Restaurants</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Denny&#146;s</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">Red Robin   Gourmet Burgers</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; Brinker International, Bob Evans Farms, Red Robin Gourmet Burgers and Ruby Tuesday</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_044648_3020"></a></font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">targets and level of achievements of our Guest Satisfaction Scores does not provide additional material information to our shareholders regarding our bonus compensation program.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, we believe that the extent to which the Guest Satisfaction Score performance target has been met or exceeded may provide our shareholders with an indication of the difficulty in achieving such performance targets and, thus, the value of the target as an incentive. Therefore, as noted above, we intend to disclose the percentage by which the Company has met or exceeded this performance target in our future filings in the manner described above in the paragraph entitled <i>Disclosure of Percentage by which Guest Satisfaction Score Target is Achieved.</i></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">* * *</font></i></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company further acknowledges that:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in these filings;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with respect to these filings; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please contact the undersigned at (818) 871-3080 with any questions regarding the above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Debby R. Zurzolo</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debby   R. Zurzolo</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive   Vice President, General Counsel and Secretary</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_044727_7748"></a></font></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
