-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 U2q6JM2M9Wn9Y2Tg/sh+WwTywxjWUOucSNTqCj+cQ9kgE5oxoXiQ42tRezZtQu9j
 NshZO+R7W3+iHQ6uaaeYwg==

<SEC-DOCUMENT>0000940942-10-000023.txt : 20101101
<SEC-HEADER>0000940942-10-000023.hdr.sgml : 20101101
<ACCEPTANCE-DATETIME>20100909113236
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000940942-10-000023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUB GROUP INC
		CENTRAL INDEX KEY:			0000940942
		STANDARD INDUSTRIAL CLASSIFICATION:	ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
		IRS NUMBER:				364007085
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		377 E BUTTERFIELD RD
		STREET 2:		STE 700
		CITY:			LOMBARD
		STATE:			IL
		ZIP:			60148
		BUSINESS PHONE:		7089645800

	MAIL ADDRESS:	
		STREET 1:		377 EAST BUTTERFIELD RD
		STREET 2:		SUITE 700
		CITY:			LOMBARD
		STATE:			IL
		ZIP:			60148
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
    <title>commentletter2010q3.htm</title>
    <!-- Licensed to: Hub Group -->
    <!-- Document Created using EDGARizer 5.2.3.0 -->
    <!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>


<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<img src="hubgrplogo.jpg" alt=""><br>
<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September 9, 2010</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA EDGAR</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Amanda Ravitz</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal Branch Chief</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U.S. Securities and Exchange Commission</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F Street, N.E.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 10-K for Fiscal Year Ended December 31, 2009</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Definitive Proxy Statement on Schedule 14A</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">File No. 000-27554</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Ms. Ravitz</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This letter responds to the Staff&#8217;s comment letter dated August 31, 2010 addressed to David P. Yeager, Chairman and Chief Executive Officer, regarding the above-referenced filing.&#160;&#160;Set forth below is the response of Hub Group, Inc. (the &#8220;Company&#8221;) to the Staff&#8217;s comments.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule 14A</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We note that you have not included any disclosure in response to Item 402(s) of Regulation S-K.&#160;&#160;Please advise us of the basis for your conclusion that disclosure is not necessary and describe the process you undertook to reach that conclusion.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the course of preparing the proxy statement for the Company&#8217;s 2010 annual meeting of shareholders, management considered whether the Company&#8217;s compensation policies and practices create risks that are reasonably likely to have a material adverse effect on our Company.&#160;&#160;The Company&#8217;s general counsel reviewed Item 402(s) of Regulation S-K and discussed the required disclosure with outside counsel.&#160;&#160;The review of the Company&#8217;s compensation policies and practices was conducted by representatives of the Company&#8217;s executive, legal and finance functions.&#160;&#160;Following this review, management concluded that the Company&#8217;s policies and practices do not create risks that are reasonably likely to have a material adverse impact on our company.&#160;&#160;Accordingly, management conclud
ed that no disclosure would be required in the Company&#8217;s proxy statement in response to Item 402(s) of Regulation S-K.&#160;&#160;These conclusions were reviewed and discussed with the Compensation Committee as part of its review of the proxy statement prior to its finalization.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In reaching the conclusion that the manner in which the Company compensates and incentivizes its employees does not create risks that are reasonably likely to have a material adverse impact on the Company, management and the Compensation Committee primarily considered the following factors:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s general compensation structure utilizes a combination of salary and incentives and includes both short-term (e. g. , salary and bonuses) and long-term (e. g. , stock awards and stock ownership guidelines) elements.&#160;&#160;Management believes that this structure balances short and long-term perspectives and does not encourage assumption of excessive short-term risk that could otherwise have a material adverse effect on the Company.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company seeks to pay its executives a competitive base salary, so that executives earn what the Company&#8217;s believes is a fair salary without the need to earn a bonus to pay expenses.&#160;&#160;The Compensation Committee uses a compensation consultant to help it establish this salary.&#160;&#160;The Compensation Committee reviews a peer group and compensation data for the U.S. general industrial markets.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company&#8217;s annual cash incentive is generally set at 60% of the executive's annual base salary.&#160;&#160;As described more fully in the Company&#8217;s proxy statement, this incentive is based solely on earnings per share for the Company&#8217;s Chief Executive Officer and President.&#160;&#160;For the other executive officers, this incentive is based on a combination of EPS (80%) and individual performance compared to certain pre-determined personal goals (20%).&#160;&#160;The Company&#8217;s EPS goal (or target) is generally set at the Company&#8217;s annual budgeted EPS, which, since that number was used for budgeting purposes, the Compensation Committee believes to be achievable without taking undue business risks.&#160;&#160;A sliding scale for the EPS based annual incentive allows employees to earn some portion of the annual cash ince
ntive even if the EPS goal is not met.&#160;&#160;There is also the opportunity to earn up to twice the target cash incentive if the EPS target is substantially exceeded.&#160;&#160;Management believes that this cap mitigates against excessive risk taking.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The third major component of the Company&#8217;s compensation plan is an annual grant of restricted stock.&#160;&#160;This grant is given to executives and other key employees of the Company.&#160;&#160;The size of this grant is determined by the Compensation Committee with assistance from the independent compensation consultant and the amounts are intended to be competitive using general market data and the compensation peer group data.&#160;&#160;This restricted stock vests solely on the basis of time ratably over five years, not based in any part on performance.&#160;&#160;With this pay element, participants in the Company&#8217;s restricted stock plan have an incentive to build long-term value for all shareholders.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company also requires each executive to retain Hub Group stock valued at twice his or her annual base salary.&#160;&#160;This requirement aligns the executive's interest with the shareholders and encourages the executive to act in the best long-term interest of the Company.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;*</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company acknowledges that:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is responsible for the adequacy and accuracy of the disclosures in the above-referenced filings;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the above-referenced filings; and</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If you have any questions regarding the foregoing, feel free to contact the undersigned at (630) 271-3600.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="65%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Sincerely,</font></td>
</tr><tr>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></td>
<td width="65%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="65%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;David C. Zeilstra</font></td>
</tr><tr>
<td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="65%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Vice President, Secretary and General Counsel</font></td>
</tr></table>
</div>

<div>&#160;</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div>&#160;</div>

<br>
</div>

<div>&#160;</div>

<div align="center">&#160;</div>

<div>&#160;</div>

<div align="center">&#160;</div>

<div>&#160;</div>

<br>
<br>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>hubgrplogo.jpg
<DESCRIPTION>HUB GROUP LOGO
<TEXT>
begin 644 hubgrplogo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``^`.(#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BO,?BW\
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M\_VF/VX-?O/A%^P-X)UGPMX5>\?2_%?QO\16$MF-,LP-MXT.L;WT_P`,)):W
M$%Y;-;?;?%4RF&*TM[&6[A=J$_\`P1H^)>D^$K;QKX8_:D\3C]I-=2?5]5\3
M7$=U:>'M3C#O*NG6^I6MROBV+49&ALGDU>^U:XAEN%='MH84CG7]??"GQ#_9
M<^%?@3PS8^#?''P7\#?#IQ>:7X531?$WA+1_#5PVCM&FHVFF2P7L5G=7-C)<
MQ&_"22W*27"R7)WS!F]I7Q-X=;P]_P`)<NNZ0WA8:6VN'Q&NH6IT3^QEMS=M
MJG]IB7[']@6U!N&N_.\D1`R%PH)K&EFF"JN<<)B\)/V=*%:I&EB*-::HSBIP
MK57&4G&E.$E.,FE3<9*2;33.S$Y!FV&C2J9AE>9T56Q%3"4)XC`XO#4YXJE-
MTJN%H<].*GB:56,J=2G%RK1J1<)QC*+1^'GPW_X*3?&K]ESQ/;_!3_@H9\/=
M7TV_MW6RT/XO:!IA:UU^PMI9K,:S>>3*VB>(;6Z%N+I]2T6[LKV(_:!<:,SO
M;J?VN\!?$'P7\4/"^F>-/`'B32O%?AC5XA+8ZOI%U'=6LGRJS1.4.^"XC#H9
M;>98YHPR%D"NI;Q'XB^)_P!D/XU^`=8MOB3XK^"'Q`^'FEWVG6>K76O>(?"6
MKZ%H>K:X+FVT82:G->26^C:KJ+07,6ER+<6UW<RQ.EJSNNVOR:U?]BGXX?`G
M5[_XZ_\`!,3X[0^,O`-[?S/J_P`)9_$>G>);"X%E=M>76D:/JLL\V@>+[2R+
M/:6UCKD]MXAL!,+=-6U&>26>.:&899C:D:>&QV#G6J4W6A3HXFC552DINFZL
M(TYRFJ:J1E!S2=-3C*+:E=*L7DF?Y91J5\=E&:T,+2Q$<)5KXO+\7AW1Q,Z4
M*\</5J5J-.FZ\J-2%:-*3C7E3G":BX24G_0)17Y2_LP_\%2?AW\2M>T?X,_M
M`:)J/P)_:(?6+?PM?^%_$.CZKH_A_5/$,Z[;:&QFU;?=Z#<W]UMLX-(UN:1C
M=S6T=IJ=^EU$R_JU73*,HNTDUV[-=T]FO--H\^,XS5XM.SL^Z?9IZI]TTFNH
M4445)04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`?
MB'_P0STW2G_9\^(VOI:Z?<ZU/\3+O39=?73;:VU2XTZ+0]$FCL)+H1+=FRAG
MRZ6K2F`3`SK&'8L?H?\`X*V?\F@ZI_V4'P/_`.E-]7A'_!#63S?V:?B%)]I^
MU[OBS??Z1Y/D>9CP[H:_ZK`V;,;.GS;=W>OL+_@HI\)O%OQH_9MU+P7X*_L/
M^W'\7^%-40>(-?TKPUI[6MA=7`N`=4UFYM-/CFQ.K10RW"/-AEBW2;4;Y+Q*
MPN(QO!?%^$PE&KB<3B,CS"E0H482J5:U6>&DHTZ<(IRG.3TC&*;;T2N?I_@)
MF&!RKQ<\,,RS/%X?`9?@N,<AQ.,QN+JPH8;"X>ECZ4JE:O6J.,*5*G%.4YS:
MC%)MM)'\\GQ3_P"3+OV4/^QY_:#_`/3SX2K^@UX/,_X)L/#)#YBR?LI-YD3Q
M[U>%_A\7;>C`AHFA)9L@H8B6.5.:_*GX@?L2_'76/V7_`-GGP/91_#K^V?!O
MBOXR7VN/<?%+P1;:>(_$VI^'+C24TW5)=673-4D,-C=-?Q6EZT^GN+=)H3YY
M,7CK_L6?ME&S&EGXA^$Y-,BMKG38K'_AHOPV;`:=#"PCM8K1_$PA2QO5DDM[
M>U,*(I9Q>0VL+;V_EC(JW$_"&/S>?^I.?9M#.^!>&,CO0H5J$<+6APWEM#$2
MFY86M[25"LITJE)<CA.G.$Y1:=O]&^,<)X>>*.3\+T_^(N\%\-5.$?&+Q#XN
MY,9C,+C9YCA:W'N=XS!TZ4:>8X5X>&+PSI8BAB)>UC4HUZ52G":DN;QWX<'_
M`(PS_:;&4_Y*9^S\=I7+G#_$/E7V':BYPZ[UWEHSL?9E/WM_X)0?\F<>%?\`
ML<?'G_I]EK\TO!G[#GQUTG]F#XZ^"IG^&DNM^*_'?P9U;3?(^)_@R;3A9>'8
M_&+ZJ+G6DU!].L+R&;6+&"&QOKNT&H_Z7-9R7/V.%;C]=?\`@GM\*_%/P:_9
MH\/>!O&+Z')KEIXC\5:A.?#NO:;XDTP0ZIJ9NX(TU329[BREGB1_*N8XY6\J
M9&7<R[7;Z7P:X>SW+.*L@Q&8Y1F&"H4>`,SPE6KB<+5HTZ>*J<68[$0P\I3B
MDJLZ$XUHP;YG3DII<K3/@/I6<<<'<0^&W&^"R/B?),VQ>+\:^'LTPV&R_,<-
MBJ]?+J'AGDN!K8VG2I3E.6&I8RG4PLZMG"->$Z;?-%Q7P]_P5&T_2K+]I_\`
MX)Z:O!!I>G:QJ_Q<N+#4=2BTNV;5]9M-/\4_#(Z?I]U?H@NI;.S:^NQ;B=I8
MK*2]D:`P&:43?M]7XI?\%3)O*_:,_P""="_;$M?-^,NJ)Y9@\Z2ZSXH^%2^2
MAW?ND;=LDF\L[&>(^9'TD_:VOZSE_"H_]Q/_`$XS_-"/\:O_`-P?QHPN<O!X
MX\%W/B*3PA;>+_"]QXLA2627PQ!K^DR^(HHX`6GDDT6.[;4D2%06E9K8+&`2
MY4`TNN^-O!GA:\TS3_$WB[PQX=O];D,.C6.NZ_I6D7FKRK+#`8M,MM0N[>:_
MD$UQ;PE+1)6$L\,9&^5`W\^GB#X\^!_V</\`@IW\4_B9\08M=F\.VUMXBT62
M/P[I=GJVIF[UFUL[>V=8+W4--CA@BV237%Q%<FX$4;01PS>>R&C^T]^UU\*/
MVL_CY^R2?AM'XQTJ'PCX_MK'6I/%/A_2;"67_A*O$7@U;:#3Y++6=:DW$6%U
M8W1=(H$EFBN@TZ6\,A_"L1XT9=A\!G:FLMAQ#EO%,\AP>13QLE7QV#AFF$P#
MS"[IIP?LJV)Q#A;E7U9QYN5\Q_8F!^B;GV.SKA!T99_4X'S_`,.J'&>:\94\
MHA+!91FE;AW,LYCDEE7E&JOK6&P.!C5NJC6.C4]FI+D/Z0*R]:US1?#FFW.L
M^(=8TO0=(LPC7>JZUJ%II>FVJNZQHUS?7TT%K`'D=(T,LJAG94&68`_&7P&_
M:G\3_%K]IG]H[X':KH'AK3M#^#-X;;0M7TM]7.KZLL>LR:5,=56]=K'?'M4R
M?9(;54G)6#[9`?/7XB^.G[5/BCX\?!G_`(*#_#77?#^@Z3I_P+US3?#&AW^D
MQZA'>:O:)\1];T$W&K?;-3OX&N"OAF*0?8X;.(-)))LQ,L%I]EF?B)DF$RBI
MF.$G4Q-:JN**&74*E&M2AB<PX5P>88K'X>K/E;HTO^$ZO&%9IQFN5PYN:*?Y
M7P]X%\7YGQ30R',Z-'+\+AI>'>,S[&4,7A<35R_)/$C-,DR[)<=AZ/M8QQ>(
M?]NX2=3"1DIT9<\:W)R3:_:_2]5TO7-/L]7T74K#5]*U"!+FPU/2[RWU#3[Z
MVD^Y<6=[:236US`^#LEAE>-L<,:OU^`WPD_;0_:C^$O[,7PX\:>'OV=M"US]
MGWP'I-EX0U/QGJ.HS6VOZI-8ZE+87.MV>FZ9JP.CZ*+AUL%FDT&^L(;X,IOU
MMPN/V[^%GQ$T/XM?#KP;\2?#;$Z-XS\/:9KUI$S[Y;07]K'-+8W!V1G[38S-
M):SAHHF\R)B8TSM'3PEQUE'%D*5'#+%8;,O[*P&;5L'B\#C,&JF%QL$EB\!4
MQ=&BL?@%B%.A#%T.:G.48M/EG!R\[Q-\'>)_#2KB,5CY9=F&0?ZR9SPWA<UR
MS-\JS25',,JJ.?\`9V=4,MQ>)GDV<SP,J.,J99C%3KTHSG"45.E4C#<\3>,/
M"7@NP&J^,?%'AWPGI9<Q#4O$VMZ9H-@9`I<QB\U2ZM;<N$5G*"3=M!;&`37-
M>$/C'\(OB#>?V=X"^*GPW\;ZAY$ES]A\(>./#'B6\^S0L4EN/LNC:I>S^1$X
M*R2[/+1@59@1BOQ^7P;#^W+_`,%`/BIX5^*U_=ZC\)/V?=/%EI/@:UO=0L+6
M]O;>>&Q66Y6*9(Y&DUNXU*35+N-(IK^QAT^P$9M3-*NM\>O@C^Q7X+^(WAW4
M/@_^T-X!_91^-'PM\01RZBENKZO:Y01W\5GJ_AVXU&R#74;/`-TMY);W>GW$
MMKJ%M=Q^2(_F:OB!GE6&.SC`95D/^KF"SO$Y+0_M/B"EE><9Q/+\5]5S#$9:
ML93HY53]G.GB98:AB\=3J8B&'E*4J-XW_0<-X)<(8>MDW"V=<2<9?Z]YOPAE
M_%N+7#W!.)XBX8X5I9WE\<QR3!9]+*ZV*XCK^VHXC`0S#&99D]>C@JN-I0A#
M$N,[?ME17Y3?&#]O'XR^#/VE];_9Z^&?P@T/XIZA<>%M'N_!$>FR:K:ZMJ6N
MZYX=M=9MM4U:>;4X]&M?"%F9);G4)GGL98M/EM3_`&D%2>]$GQ+_`&V?CUX9
M\1_"G]GOP3\)O#WBO]J+Q;X(TG7O'ND7%](OACP5K.I64M]/I["UU&.W\FRT
M^-]8DO9O$$T,-K]EMI+>>XO8\>[6\2^%Z,\RA*IF4Y97F3R:O['*<?6C7SGZ
MS'"T\IP,Z=&4,=F%>;=2EAL-*I4>'C+$34*5I/X[#?1_\1<53R"K&AD%*'$>
M00XKP:Q7$V386IA.%7@)9C7XESBE7Q=.KD^28.C&-'$X_'PH48XVI#!4G5Q+
ME3C^JM%?F%\%OVXOB??_`!,\<_L__M#?"W2OAY\8_#'@S6O%7AXZ/>3W'A[Q
M0NA>'Y_$,@59;V\WQ7^F0/J5M<Z7J-S$8;:^MI8K2ZM9XK;O?V9?VN/&OQM_
M97^)?Q[\1^&_#&E>(/!4/Q#N+#1M"AUEM(ND\(>'6URP2ZBNM1OM2F>XDVP7
M8M;B)IE!-M'"[JJ]67>('#69U*%'#8C%+$5:.=5:F&Q&!Q.&Q.#GP^\,LUPN
M.HUZ<*F%Q>&^MT'["I%2G&:E!N-F_.SSP3X^X>P^+QF88++I8'#8KA/#T,PP
M.<9?F&`S2EQO''RX;S#*,7@ZU:CF.6X]99C8_7*$W3HSHRA549IQ7Z`45^+W
MB#_@IK\2M`_9K^#7QTE^'_@.74OB'\1_&7A#7M(\SQ$FFV&D^%Y(?+N],D34
MIKQ+Z>%I/--Q]MA#[6CMB`8VI_$W]L?]I;2I](\-_'SX;V_P)^#_`.T+'<^'
M?!?Q`\,7LE[XZ^'EEJXBBLM3U28:Q)8/JUEI]_:W^LV4UIILWD?:GLDM?*>&
M/RX^+'!LITTL3F/LI4,GQ6(Q:RG'RP>7X//J5*KEN+S'%1HNC@Z%;V]*FY5I
M1<:LG%QM"I*'T<OHT^*L*=>3R_(UB88SBG+<%ELN)<FAFF=9GP;B:^&S[+<B
MRZIBHXK-<9A/JN(Q"IX6G.-3#4O:*:E5H0J_M;5+4M2T[1K"\U75]0LM*TO3
MK>6\U#4M2NH+&PL;2!#)/=7EY=216]M;PH"\L\\B11H"SL`":\^^#7@C6/AQ
M\,O"/@O7_'^M_%#5M"TP6UUXY\0):Q:GKH>:6:VD>*RS`EM:6LL%A9?O)YGL
M[6&6ZNKJZ>:XDY']JC_DVSXZ_P#9*_&W_IAO:^\S+%/`Y=C\=",:KP>"Q6*A
M!MQC4>'H5*T8MI749N"3=KI/:Y^,9#EL<XSW)<GJU)X>&:9MEN6U*L8J52A'
M'8RCA9SC%M1E.DJKDHMJ,G&S=G<]>\->*O"_C/28=>\'^)-!\5Z'<23PV^M>
M&M8T_7=)GFMI&AN8H=1TNXNK.62WF5HIT29FBD5HY`K`@;U?SW_!']K;QE^R
MS^Q?^SQ<^#/#.@>/K_XB?%GXJ:'J%AJJZS%?2+8^(K:2-=(DLGM#=:AJ#ZD@
M2XU)G=7N;6`6DHBF$'U%/^W'^TO\*?CA\-?!7[2'P2\'>#/`GQCUA-/\(WN@
M:]]OU?2X9+_3]+<W>IKK-]IE_<Z5)JVEW.K6IL+(W/VV)-.F19E6#\VROQ:X
M>Q&`RZKF4,=A<76P?#U?-7A<MQ^+RO*:W$>%P^(P$<5F5*C/#T:-:>)IT:<J
MLU-U)*+A=3Y?WOB+Z,O'&"SG/<-D%3*,QRW"9KQQ@^'89AGV399Q%Q-A>!,Q
MQF"SJIEN08C%4\=BL3A:6"K8JO3H4G2C1@ZBJ6G24_UNHK\K?B-^V=^T-XU^
M.?Q`^"/[(GPK\*^.IOA4)(/&WB/Q;>26D*:G:S&RNK*P\W6]$L8D75$N=-@>
M5[MKR2TEN(V@MP[Q?2/['7[36L_M(>$/%4GC+P3/X`^(GP]\1+X;\9Z`L&HK
MI0N;BW:XM+K2I]21;@JS0WMI>6<DEP]G=6;.EU=V5U97=Q]+EO'7#^:YQ+),
M'5QLL1*MF&&PN+J9?BZ669AB<JDXYEALOS&=)87%UL$U)UHTYM6A-PE-1;7P
M.?>#?&_#?"T>+<TH93#!0PN2X_,<MH9YEF)XAR/+^)(0GD&.SS(J6(EF&68;
M-U4IK"3Q%%2<JE.-:%*4XI_8-%%%?8GY8?BG_P`$-9/-_9I^(4GVG[7N^+-]
M_I'D^1YF/#NAK_JL#9LQLZ?-MW=Z]W_X*V?\F@ZI_P!E!\#_`/I3?5^>?_!-
M+]J[X;?L<P>-/V:/VG$\4?"3QQJWCN77+/5O&'AZ[T_0$-QIUKIZV.I7D</^
M@H$L(9;36C`VAZA'<QR0WJ*4:7]3/V__`(8^+_VB_P!E]O#?P;L['QMJ>L>)
M?!OB32#INKZ6-/U30X7GN6U*PU6:[CTVZM9+:YAN()HKIH[F%P\#2`KGY/Q*
MPF*QO!7%N%P>'K8K$XK(LPI8;#X>E.M6Q%2>&DH4Z-.G&4ZLY-I1C!2DV[)7
M/T[P%S'+\I\7/#',<TQV$R[+\OXQR+$8_&X[$4L+A<%AZ6.IRJU\7B*\X4L/
M1IQ3E.I5E"$8IR<DDV?SW_%/_DR[]E#_`+'G]H/_`-//A*O<%_X)@_$1_@,/
MCZ/B;X)7P_\`\*VG^);Z+)8:XFKC38](77(]-1_(:R?4);$2Q\SI;K?"&W66
M2&5KJ'TSQ]^PA^U+K7[,O[/?P\TWX:&?Q1X(\5?&74?$VG'Q'X=C>PM?%&I^
M&;G094F;4OLES'>PVEZS^5<^;;O`J/"PD+1_L<WPQ\;?\,0/\)$TA/\`A8(_
M9]D\&QZ'+>VR(_B5?![:>FFM?QM-;()+X"#[0&>-"VXY`(K^7^&_#%Y]F&=S
MXGX=SF$,!P%PS+*I5*.8X",\WPO#>6T:N&A*,:2Q->E6I2HU<-[\H5(RA*"F
MFE_H;Q]](9<&9+PC2\/..N%*E3.O&;Q`AQ+"ABLCSJ='AC,./,\Q>&Q]:$ZF
M(E@,'B<+B8XK#X_]U"K0J4ZL*LJ<HM_S4?#@_P#&&?[38RG_`"4S]GX[2N7.
M'^(?*OL.U%SAUWKO+1G8^S*?O;_P2@_Y,X\*_P#8X^//_3[+7YJ^"OV"OVI]
M)_9D^.G@"]^&Z0^*_&'CSX.:OH6E/X@\/&2^TOPP/&YUNZAO([^6UC:QDU33
M5>UN;FU-Q'=--&TCVJ0R?JC^Q#X1U?\`99_9(@T[X^-IGPW?PGK7C+7O$%WK
MFLZ4--TW2;S4GO;:\GU*VNY[/;+"P$<2S&X>8B!(FE>-']WP:X=S_+.*^'\1
MF.29K@*%'@',\%5K8S+\5AJ5+%U.+<=B*>%J5*U*$(8B="<*T*,FJDJ4HS47
M%IGQWTK..N"N(?#?C?!9#Q;PWG6,Q?C5P]FV%PF5YWEN/Q.(RRAX9Y+@:V8T
M:&%Q%2K5P5+&TJF$J8J$9488BG.C*:G%Q7RA_P`%3)O*_:,_X)T+]L2U\WXR
MZHGEF#SI+K/BCX5+Y*'=^Z1MVR2;RSL9XCYD?23]K:_G._:*_:7\'_MU_M=?
MLF^$OV9-)\8>.;7X)?$V37?&/BR#09+7P_=:/=Z_X3N[RYLY=0^S/::78V7A
M74KE]5U-K`ZCOMK?1+:^N9$27^C&OZTFG&%*+TDE-M/=*4VU=;JZ[G^:$&I5
M*TXN\6Z<5):Q;A2A&5FM'9[V?;N?BA\+?"OB"'_@K'\2-<OO#FLQ:!<Z!XQ%
MMJMUH-V=(O&FLK!8E@U.XMUL4)`DG26.<O*L#V\6]IO+;L/^"B_AKQ!?_'S]
MBN^\.>'];OK+2_&^J7NM7&A>'9]3MK>&UU_P1<JE_=6L+)923VD>HQ6JSLB.
MCW=RKJUF,_K_`$5^7R\.*$N'<]X?_M:JHYWQ3+B>6+6%CSX:I+-,!F?U.-+Z
MQ:I#FP*H^U]I3?+5<W3O%QG_`$+#QZQD..N#N-O]6\-*IPCX=4_#V&62S*;H
MX^C3X<SCAY9I4KO`MT:O+FSQ?U5T*Z4\/&DL1RS4Z7X+67QEN?V+OVZ?VGM?
M^)O@#XC>(-%^+]VFH>"YO"6D1:C+K*3WZZEI2V!NKVTM[Y$74&T<V\=Z#:W,
M8$]O'(EM%7B'A?1?B)X@^&7_``4P\0:Y\._%?AC5/'NL^$=8T[PQ?^&M5@U.
MWN+[X@>*-5GT*WD;2;4:O-HEM>VUG-]@^T1J87O41;>]AN;O^E">TM+E[>2Y
MMK>X>TF%Q:O/#'*]M.%*B>W:16,,P5F421E7"L0&P2*L5XM7PGQ%:I4HU.**
MKRFEB^+,7EN7_P!DT?:82?%^!S/"8WZQC%BXU,9]6J9E.MAKTZ,7&#ISBY5%
M4I?68;Z2V"PE&ABZ'AUAEQ-B,M\,\MS_`#Q\2XOV&94?"_.>'LSRCZEE3RV5
M'*UCZ'#]+"X^U?%34ZT:]*:A0EA\1_.K>?M8Z]H_[$FC_LH:A\&/B)I_Q@\0
M^&H/!&B6\GA*:WT;5/#FI7[W5OKUK:7-I:SRW4^7T6XTE=,8+?B:Z66>U"O+
M^T'[)GPNU?X,_L[?"KX=:_*LFNZ#X7M3K2*C*EKJVI/)JFHV$98*\D=A=WLU
MI'+)%!+*D*O+!#(6C7Z#>VMI)X+J2W@DN;59EMKAXHWGMUN`@G6"5E,D2SB.
M,3"-E$HC0.&"KB>OI.%>"<5D.8QS+,L^GGE?!Y!@N&,JOE]++U@\IPE2%>4:
MZHUZT<7BJ]:G2<\0U3:A1BN5N4FO@/$?Q<R[C/(:F09#P;1X0P>:<:9MX@\2
M6SO$9Y+-.)LRH3P=.>$EB<'A)9;EV$PM7$JG@H2KJ5;%5)<\8TX1?XG?%S1O
MBC^P[^UWXK_:9\*^!_$7Q'^"?Q@M9XO'6E^&+1);W1+^9+&:2.Y98[B2*XCU
M:VEU73+J<6]K=0W%[!=7(EC)/RU^UM\0M`_:T\-Z_P",?@#^RIXATR#PUJNC
M^*?BC\9M9\"VTGBO4VN+ZTT*Q\.:,;&345U-9K_6#?ZM:/<BY:PT1KF2"VTR
M.]<_TK5'%%%!&D,$<<,48VI%$BQQHO\`=1$`51[``5X.;^%53,:&<93A>):F
M!X;SG&8W-)Y34R?`YA7R_,L=>I7J99F>(J*M@\)6Q<GB*V&ITO:\DZU"ABL.
MJ\ZB^VX7^DC0R+&\*\39CP!A\XX]X5RK*>':7$U#BK-\EP>=9!D[IT,%0X@R
M#`T)83-,RPF6TXX+"X^MB'AU4IX3%XW+L=+!TJ4OQZ\!>%?$\'_!49-?F\-Z
M_%H4?P,\,V\FMR:#>KH\=PGPQTBR:"36I(%M[>=;R.2T^R"7]_<QRQRA9[-$
M.5^T=<^-_P!E3]NO2OVK'^'_`(A\=_"?QQX,C\&>)KOPYI8U:_T&9K"TLI4@
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MQ-<:E<)!</!I^B06MK(B7=Q)=R^#?LY?';Q7\#OV?_C+^R5?_`CXP:Y\6=;;
MXFZ?9RZ#X>@N]'L#JWAN72[Z]O6N;B"Z:#2+>VN-4ADM+.^M=4@6W$$HCN4D
M/]'JJJJJJH55`554`*J@8"J!@`````#`'`I/+3?YNQ/,V>7YFT;]F=VS?C=L
MW?-MSC/.,UY2\+<93JT<QH<6XFCGM;$\05\YS-Y3A*M/,8<24\OH8VEAL#4K
MNEEOL:&686GA)PJ8CV?+*4X3YDH_1OZ1F5UL-BLCQOAG@,3P?A<!P/@^%>'X
M\39EAZ^1U>`J^=8O*<1F&<4<&L3GRQ>+X@S*MF5*I1P'M_:4X4ZE'D<I?RJ_
M$?1O$_AK]A;]E/3[W1]2T3Q';_'WXGRVNG:WIE[87<=W]JMC9F:PNH([HQO<
M*HV^23(`RJ&/%?67[3OQL\5_MSZM\&?V<?`WPA^(?@[QU8>-[74/B5>^*=">
MTT[P5J5A:FWUF"-@]TKV6CQM<:K+J.I?9X9K3^S[:"*XN;XB'])/VS/V5-:_
M:BL/A9:Z+XOTKPE)\//&4_B:Z;5=(GU:/4[>XM;>W:UMU@N(?LUPGD%HYW5]
MC.LD9CDB5C]J"-%9W5$5Y-OF.%`9]@PN]@,MM'"[B<#@8%?.8#PIS?ZWQ%D=
M3.<1@>&,3EO!&55JRP.#K5.(L'D>71I8N-"7UIULHKPJT?82K<E5.&)GR0K.
MG"I#[S.OI)<+O+.!>,*/"N!S?Q!P'$'B]Q+A,*\WS/"T.!LVXPSUXC+)XR']
MFQPG$V"J8;$O%T\*JN'DJV`I^UK895:U&K\D^&_VDIG_`&GK[]EF\\`ZMIYT
M/P.OB"P^(%Y=-;Z1XA&G:5X:N;RUT:SEL%^VO;'7H8[EX;UOLS1.90/E$GHG
M[3MI=W_[.WQMLK&UN+V]N_ACXRM[6TM(9+FZN9Y=#O$B@M[>%7EFFD<A(XXT
M9W8A54D@5NV7P@\.6_Q<U?XTWVH:_K?BZ\\.0^$=#@U74%FT+P9X<W6MSJ=A
MX5TJ*"&*PE\0:C:0ZAKM_,]S>7\D%I`94M[6.,^KU^O83+LUQ&6Y[@,WQD:B
MQ^+S>AETX4J*G@\GQ,'0P5&I&BH0JU*$'.493G*K4IRI^WJ*MSJ/\O9CGG#>
M!S[@[.N&,KG0EDN6<+XS/:-7$XJ='-.*<OJ1QF;XJC/%3K5<-0QE6-*G.G2I
MT\-1KPKO!T'AO93J?S*3^!?B#/\`LG_L3Z;_`,(GXN>_T;]HKXA:CK>B1^#-
M7BN-&M#XMTN5;W44BTY6TVSA#7$D;SQP6\JW<J1G;IS"/]!?^"COAWQ1K'Q?
M_8NU'P]H.N:O!H7Q'UB_U2XTG1[W4X+*UBU;P),ZW\UK;3Q6,=Y%#+;K<7!4
M1EVEC#/&%K]9J*^)POA5A\-DN;9,LZQ$XYIAN"\,\2\'%3H?ZFQP<:,XTWBI
M*3QWU-.I%3@L.ZCY/:6U_7<P^DEC<?Q;PUQ4^$L%2GPYF/BQF$,`LTG*EBWX
MJ5,SGB:-2M'+Z;IQR?\`M*4:,W3JRQJHQ]K[#FM'\(O!_CN__P""?G[57[1E
MQ\4_`_CWQ#X'^,E_/XI\">(/">C#5X;EKC7+W58[!99;F%2L;:TFAM&]R\]I
M/96@D@C6Z8U]K_";]IGX_P"J?L]_%3]H7XI_!V/3K+2)YM3^&'P\T+3=:TSQ
MEKOA6TD8SZCK-OJ-UJ\RO=QW-O'I[VME$7_LZ^OFMFL+FUG7]`I(HIE"S1QR
MJ#N"R(KJ&`(#`,"`0"1G&<$CN:DKULFX(S/(JF(H9?Q7BZ.30EG=?*<KCEV%
M;P6+SJI5K^VQN*J5:CS2CE^)K5:V!PU2CADI2BJ]2LH(^9XK\7>'N,:.!QF=
M^&V6XOBNK3X0P?$O$=3/<P2S?*^$L/AL$L-E.74,/0APYBL\P.#P^%SC'4<5
MCY2A"<L'0PLJDFOQZ_X>D>/?^C,OC'_X#ZS_`/,G17["T5'^J_'W_1SL1_XB
M/#_EY>3^_P`C;_B(O@M_TCS@?_%G\;?Y_P!7?E;Y]^/?[+GP/_:6T2/1OBYX
M(L->EM(IH](\06Q;3?%&A>>T32MI&NVFR\MU=H(_,MI3<64NW$UK(#7Y':U\
M`_V[?^"=E_=>)/V9/&%Y^T#^SI!=R:GJ?PC\16,FI:MH5FS>=>)'H]KF^T]`
MF^6Y\3^";E6FD5[[6_#4-K;E+C]\Z*_2XU)17*[2@]X2U7R[/LUUU/P&=*,W
MS:QG:RG%VDK6W>S5E:TDU;0_/3]E?_@I3^SY^TRUGX7FU)_A5\8#<+IM_P#"
MOQU<0VFI3ZL#*DMOX6U9E@L?$T(:)]B1)8ZPBX-WH]L"K/\`H4S*JLS,%506
M9F("JH&2S$X```)))P!R:_/W]J?_`()P?`/]IVZN?%<]G=_#CXI,;>XM_B%X
M,CAM;NXO[(`65WK>F8CM=2N(`%1=1@DT_6D1(_+U13!!Y?Y/V'PZ_P""@?B[
MQ])^P+K/[66GV_ASP_LU/5?'%@OB`^*-2\(&>XM5T9M=-G;Z]=K###//!I-Q
MJ$,/G_9K>XUNYM(8E@I0A.[A+D45>49W=EU<6D^;T:3(=2=.T:D?:.3M"4.6
M/._=M&49-<DM=6G*.JML[_I/^U-_P5%^"WP/N)/`/PM*_'GXX7M[-HFG>!O!
M<ESJ6F:/K)FET^!/$^L:7;W:B5=4$5NV@Z.+W7+A'W"*T26WGF^3?"/[&W[9
M_P"W-K&F>.OVX_B;K?PZ^%,5\VKZ+\#_``M%:Z/>S13>28(6TF#?9:%]FC22
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M?S84444AA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
$0!__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
