<SEC-DOCUMENT>0001213900-14-007762.txt : 20141210
<SEC-HEADER>0001213900-14-007762.hdr.sgml : 20141210
<ACCEPTANCE-DATETIME>20141105163940
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-14-007762
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #333399; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Strayer
Education, Inc.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>Making
education achievable for working adults</I></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 5, 2014</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549-7010</P>

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

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

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    <TD STYLE="text-align: left; width: 0.5in"><B>RE:</B></TD>
    <TD STYLE="text-align: left"><B>Strayer Education, Inc.</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Form 10-K for the Fiscal Year Ended December
31, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Filed February 26, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Response Dated October 8, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>File No. 000-21039</B></P>



</TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">Dear Mr.&nbsp;Spirgel:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On behalf of Strayer Education, Inc. (&ldquo;Strayer&rdquo;
or the &ldquo;Company&rdquo;), we respectfully submit below Strayer&rsquo;s response to the comments of the Staff (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission contained in your letter dated October 22, 2014. For your convenience, we have set forth
below the Staff&rsquo;s comment in italics, followed by Strayer&rsquo;s responses thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Critical Accounting Policies, Revenue Recognition,
page 39 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>We note your response to comment 1. Please disclose the criteria for initial and continuing
eligibility in the Graduation Fund program.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The following disclosure about the
criteria for initial and continuing eligibility in the Graduation Fund program is included in our Form 10-Q for the quarterly period
ended September 30, 2014 and will be included in future filings where appropriate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify">&ldquo;New students registering
in credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify
for the Graduation Fund. Students must meet all of the University&rsquo;s admission requirements and not be eligible for any previously
offered scholarship program. Our employees and their dependents are not eligible for the program. To maintain eligibility, students
must be enrolled in a bachelor&rsquo;s degree program, and they become ineligible to participate in the Graduation Fund if they
have more than one consecutive term of non-attendance. In their final academic year, students will receive one free course for
every three courses that were successfully completed.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Note 2. Significant Accounting Policies </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Revenue Recognition, page 52 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Revise to disclose your refund policy for all services provided. </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">We have disclosed our refund policy
for all services in our Form 10-Q for the quarterly period ended September 30, 2014 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify">&ldquo;Our refund policy typically
permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce
the tuition revenue that would have otherwise been recognized for that student. Since our academic terms coincide with our financial
reporting periods, all refunds are processed and recorded in the same quarter as the corresponding revenue. The amount of tuition
revenue refundable to students may vary based on the student&rsquo;s state of residence. Unused books and related academic materials
may be returned for a full refund within 21 days of the start of class, but purchases of electronic content are not refundable
once downloaded. Revenues derived from fees are not eligible for a refund.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>With respect to the education services provided by Strayer Education, please tell us if you
reassess collectability of tuition and fees after a student withdraws from a course, the institution, or otherwise loses Title
IV eligibility. To help us better understand your accounting policy, please provide us with the following information:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Strayer Education, Inc. conducts
its operations through its wholly owned subsidiary, Strayer University (the &ldquo;University), which is an accredited institution
of higher education providing undergraduate and graduate degrees in various fields of study. Like many traditional institutions,
the University operates on a quarter system having four academic terms, which coincide with our quarterly financial reporting periods.
A typical class is offered in weekly increments over a ten-week period and is followed by an exam. Tuition revenue is recognized
ratably in the quarter of instruction as we provide academic services in a given term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Our students finance their education
in a variety of ways, and historically about three quarters of our students participated in one or more Title IV programs. In addition,
many of our working adult students finance their own education or receive full or partial tuition reimbursement from their employers.
Those students who are veterans or active duty military have access to various government-funded educational benefit programs.
After providing evidence of an acceptable method of payment, a student is able to complete his or her registration and attend class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Students who withdraw from a course
may be eligible for a refund of tuition charges based on the timing of the withdrawal. We use the student&rsquo;s last date of
attendance for this purpose. Student attendance is based on physical presence in class for on ground classes, and for online classes
attendance consists of logging into one&rsquo;s course shell and performing an academically related activity (e.g., engaging in
a discussion post or taking a quiz).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">For undergraduate students who
withdraw from all their courses during the quarter of instruction, we reassess collectibility of tuition and fees for revenue
recognition purposes. We began this practice in the second quarter of 2014 when we modified our accounting policy for these circumstances.
For accounting purposes, we cease revenue recognition when the student fully withdraws from all of his or her courses in the academic
term. Tuition charges billed in accordance with our billing schedule may be greater than the pro rata revenue amount, but the
additional amount is not recognized as revenue unless it is collected in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Prior to the second quarter of 2014,
we did not reassess the collectibility of student tuition and fees for revenue recognition purposes after the student withdrew
from all of his or her courses. However, when we modified this accounting policy, we calculated the impact this change would have
had on revenues and income before income taxes for the years ended December 31, 2013, 2012 and 2011, assuming the reassessment
of collectibility occurred during these financial years. Given our practice of reserving for student balances based on historical
collection experience, the impact to the Company&rsquo;s financial statements was immaterial, representing 0.3% of revenue in each
period, and 0.3%, 0.1%, and 0.3% of income before income taxes in each respective period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">For students who
remain enrolled in Strayer University throughout an academic term, even if they withdraw from some of their courses,
revenue is recognized, net of refunds, because collectibility of the student&rsquo;s revenue is reasonably assured based on
our historical experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">For students who receive
funding under Title IV, funds are subject to return provisions as defined by the Department of Education. If Title IV funds
are returned to the Department of Education, the student is responsible for paying the amount of prorated tuition charged to
him or her. Loss of financial aid eligibility during an academic term is rare and would normally coincide with the
student&rsquo;s withdrawal from the institution. As discussed above, we cease revenue recognition upon an undergraduate
student&rsquo;s withdrawal from all of his or her classes in an academic term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Additional responses are provided
below in the order presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>tell us about the academic terms for
online and campus-based institutions and if classes are taken simultaneously or consecutively; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Similar to traditional institutions,
Strayer University operates on a quarter system with four academic terms -- Fall, Winter, Spring, and Summer. An academic term
is typically 10-weeks of class followed by an exam. We also offer 5-week undergraduate mini-sessions during a quarter. These four
academic terms coincide with our quarterly financial reporting periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0 0 0 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our courses
are offered &ldquo;on-ground&rdquo; at our physical campus locations and online. Courses generally start and stop at the same
time during a given term regardless of whether they are on-ground or online classes. All our courses, including the 5-week undergraduate
mini-sessions, are offered within academic terms which coincide with our quarterly financial reporting periods. Our students may
take more than one course in a given term (i.e., simultaneously), and on average take approximately two courses per term.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>tell
                                         us how you are notified when a student withdraws from a course and/or the institution
                                         and how you determine that a student has officially withdrawn from the institution; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
student&rsquo;s withdrawal from a course is determined in one of two ways. A withdrawal can occur when a student informs us of
his or her intention to withdraw from a course. In this instance, a withdrawal request is processed typically within one week
of notification. More often, a withdrawal from a course occurs administratively (i.e., without formal notification from the student)
after four consecutive, unexcused absences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Students
are considered withdrawn from the institution after more than three consecutive terms of non-attendance. After this point, a student
would have to reapply for admission. However, for purposes of our accounting analysis, a student is considered withdrawn from
the institution within any term that he or she withdraws from all of his or her classes in the academic term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When
a student withdraws from a course, whether we are notified or whether in the form of an administrative withdrawal, the student&rsquo;s
last date of attendance is used to determine the prorated tuition refund amount for which the student is eligible. Attendance
may be in the form of a student&rsquo;s physical presence in a campus-based course or, for an online course, login plus participation
in academically related activities. Student attendance is tracked in our student information system for each class in which a
student is enrolled.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>tell
                                         us how revenue is recognized for a particular course if a student withdraws from the
                                         institution before and after the institution&rsquo;s refund period elapses, if any; </I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
a given academic term, revenue for a student is recognized over the period of instruction using the University&rsquo;s policy
for tuition charges and refunds. However, for undergraduate
students who withdraw during an academic term, the amount of revenue recognized
is adjusted to reflect only the academic services delivered on a pro-rata basis up to the withdrawal date and not the amount billable
to the student under the University&rsquo;s tuition policies, which is always the same or greater. Any additional amounts owed
to the University are recorded as revenue only upon collection. The withdrawal date is the earlier of the date the student requested
an official withdrawal or, for administrative withdrawals, after four consecutive absences from classes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
we recognize revenue on a pro-rata basis as academic services are being provided for students who withdraw during the academic
term, the elapsing of the refund period does not affect the amount of revenue recognized. The elapsing of the refund period would
however affect the amount of tuition billed to the student which is always the same or greater than the revenue recognized.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>tell
                                         us how revenue is recognized for a particular course if a student withdraws from the
                                         institution before earning 100% of the Federal Student Aid funds he or she was scheduled
                                         to receive during the period; and </I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
described above, for an undergraduate
student who withdraws from all of his or her classes, revenue is recognized ratably from the start of the
academic term through the date it is determined the student has withdrawn from all of his or her classes. The amount of revenue
recognized is not affected by the percentage of the Federal Student Aid funds earned by the student at the student&rsquo;s withdrawal
date. We have addressed separately in this letter the accounting treatment if Title IV funds are returned to the Department of
Education.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>tell
                                         us about your historical collections experience with students who become responsible
                                         for tuition and related fees due to withdrawal or loss of financial aid eligibility.
                                         </I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
collections experience for undergraduate
students who become responsible for tuition and related fees due to withdrawal from the institution
or loss of financial aid eligibility is that less than half of such amounts due are ultimately collected. Given this experience,
we cease further revenue recognition on undergraduate
students upon full withdrawal from the institution. Loss of financial aid eligibility
during an academic term is rare and would normally coincide with the student&rsquo;s withdrawal from the institution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
tuition receivable from  students at the time of withdrawal, we establish an adequate allowance for doubtful accounts in accordance
with our reserve methodology. At the end of each academic term (which coincides with our quarterly financial reporting schedule),
we apply an allowance against outstanding receivables based upon historical collection rates. Our experience is that payment of
such balances is significantly influenced by whether the student returns to the institution as we require students to make payment
arrangements for their outstanding balances prior to enrollment. Therefore, we monitor outstanding tuition receivable balances
through subsequent terms, increasing the reserve on such balances over time as the likelihood of returning to the institution
diminishes and our historical experience indicates collection is less likely. Our bad debt expense as a percentage of net revenue
was 4.4%, 4.2%, and 4.0% for the twelve months ended December 31, 2013, 2012 and 2011, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Note
5. Restricted Cash, page 52 </U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Please
                                         tell us and disclose the amounts of any funds restricted for return of Title IV funds
                                         to the Department of Education. If not considered restricted funds, please advise us
                                         of the rationale. </I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Because
we provide services during academic terms which coincide with our quarterly financial reporting periods, we typically do not have
any amounts restricted for return of Title IV funds to the Department of Education as of our reporting period dates. The following
disclosure was included in our Form 10-Q for the quarterly period ended September 30, 2014, and we will continue to include this
disclosure in future filings:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;A
significant portion of our revenues are funded by various federal and state government programs. We generally do not receive funds
from these programs prior to the start of the corresponding academic term. We may be required to return certain funds for students
who withdraw from the University during the academic term. Unpaid obligations are included in restricted cash in our balance sheet.
There were no amounts payable for these obligations at December 31, 2013 or September 30, 2014.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On behalf
of Strayer, we hereby acknowledge that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strayer
                                         is responsible for the adequacy and accuracy of the disclosure in the filing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Staff
                                         comments or changes to disclosure in response to Staff comments do not foreclose the
                                         Commission from taking any action with respect to the filing; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strayer
                                         may not assert Staff comments as a defense in any proceeding initiated by the Commission
                                         or any person under Federal securities laws of the United States.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Should
any member of the Staff have any questions or comments concerning this letter, please do not hesitate to call me at (703) 247-2514.
Thank you.&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Mark C. Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark
    C. Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive
    Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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="width: 3%; line-height: 115%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cc:</FONT></TD>
    <TD STYLE="width: 97%; line-height: 115%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr. Karl McDonnell, Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Mr. G. Thomas Waite, Chair, Audit Committee</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Mr. Viet D. Dinh, General Counsel</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Mr. Daniel W. Jackson, Senior Vice President and Treasurer</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Mr. Robert Barrett, PricewaterhouseCoopers&#9;</P></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">6</P>

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