<SEC-DOCUMENT>0000950103-22-014265.txt : 20221019
<SEC-HEADER>0000950103-22-014265.hdr.sgml : 20221019
<ACCEPTANCE-DATETIME>20220819163227
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-22-014265
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LendingTree, Inc.
		CENTRAL INDEX KEY:			0001434621
		STANDARD INDUSTRIAL CLASSIFICATION:	LOAN BROKERS [6163]
		IRS NUMBER:				262414818
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1415 VANTAGE PARK DRIVE, SUITE 700
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28203
		BUSINESS PHONE:		704-541-5351

	MAIL ADDRESS:	
		STREET 1:		1415 VANTAGE PARK DRIVE, SUITE 700
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tree.com, Inc.
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 24%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 31%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 14pt; font-variant: small-caps; color: white"><B>draft</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Shane Tintle</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">+1&nbsp;212&nbsp;450&nbsp;4526&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">shane.tintle@davispolk.com</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">davispolk.com</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P></TD>
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
    <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
    New York, NY 10017</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P></TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><SUP>&nbsp;</SUP>August 19, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 97%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">LendingTree, Inc.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Form 10-K for the fiscal year ended December 31, 2021</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Filed March 1, 2022</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">File No. 001-34063</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ms. Michelle Miller, Staff Attorney</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Mr. Mark Brunhofer, Staff Attorney</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Office of Finance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Ms. Miller and Mr. Brunhofer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, LendingTree, Inc., a Delaware corporation (the
&ldquo;Company&rdquo;), this letter sets forth the Company&rsquo;s responses to the comment letter of the Staff of the Securities and
Exchange Commission (the &ldquo;Staff&rdquo; of the &ldquo;Commission&rdquo;) dated July 26, 2022, relating to the Company&rsquo;s Form
10-K for the fiscal year ended December 31, 2021 (the &ldquo;2021 Form 10-K&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For your convenience, we have reproduced the Staff&rsquo;s comments
preceding the Company&rsquo;s responses below. Please let us know if you have any questions or if we can provide additional information
or otherwise be of assistance in expediting the review process.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Form 10-K for the fiscal year ended December 31, 2021</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Results of Operations for the Years ended December 31, 2021 and 2020,
page 38 </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>We note that you disclose in your quarterly earnings releases that through March 31, 2021, 22.1 million consumers have signed up
for MyLendingTree compared to 21 million through December 31, 2021. We also note discussion and questions of underlying operating trends
and metrics from your quarterly earnings calls driving financial results including product revenues, approvals, volumes, and credit scores.
To provide investors with insight into the drivers of period over period operating trends, please enhance future filings to provide underlying
operating metrics to support your operating performance and trends. Refer to Items 303(a) and 303(b)(2)(ii) of Regulation S-K. Please
provide us with your proposed disclosure. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><U>Response</U></B></P>

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully acknowledges the Staff&rsquo;s comment
and commits to the Staff that, in future filings, we will add specific operating metrics related to significant product revenues, approvals
and volumes disclosed in our press releases in order to enhance our discussion around period over period operating trends. The Company
also notes to the Staff that the Company&rsquo;s earnings release for the quarter ended March 31, 2022, contained a typographical error
incorrectly referencing that through March 31, 2021, 22.1 million consumers have signed up for MyLendingTree, which should have, instead,
referred to the period through March 31, 2022. The Company respectfully agrees with the Staff to clarify in future filings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">As an example of how the Company proposes to address the
Staff&rsquo;s comment in future filings and for illustrative purposes only, the Company has provided below a proposed updated disclosure
from &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in the 2021 Form 10-K.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue"><FONT STYLE="text-underline-style: double"><B><U>MyLendingTree</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in"><FONT STYLE="text-underline-style: double; background-color: white"><U>We
consider certain metrics related to MyLendingTree set forth below to help us evaluate our business and growth trends and assess operational
efficiencies. The calculation of the metrics discussed below may differ from other similarly titled metrics used by other companies, securities
analysts or investors. </U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>We
continued to grow our user base and added [&#9679;] million new users in 2021, bringing cumulative sign-ups to [&#9679;] million at year
end. We attribute $[&#9679;] million of revenue in 2021 to registered MyLendingTree members across the LendingTree platform.</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>Our
investment in the growth of MyLendingTree remains a top priority in 2022. Becoming an integrated digital advisor will greatly improve
the consumer experience, which we expect to result in higher levels of engagement, improved membership growth rates, and ultimately stronger
financial results.</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">...</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: blue; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>Results of Operations for the Years ended December 31,
2021 and 2020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">...</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>Segment Profit</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">...</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>HOME </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Home segment had an increase in revenue
and segment profit of 38% and 16%, respectively in 2021 compared to 2020. Our unit economics steadily improved throughout the year, with
increases in</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="text-underline-style: double; color: blue">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="text-underline-style: double; color: blue"><U>mortgage
</U></FONT>revenue per lead <FONT STYLE="color: red"><STRIKE>for refinance, purchase and home equity</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>of
[&#9679;]%</U></FONT> in 2021 compared to 2020. Mortgage rates have risen from historic lows and refinance volumes have subsequently declined.
<FONT STYLE="color: red"><STRIKE>The</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>Purchase volume was up
[&#9679;]% in 2021 compared to 2020, but the</U></FONT> purchase market remains competitive as a national home inventory shortage and
lower affordability impact purchase application rates. In this type of environment our lender partners rely even more on LendingTree to
help meet their origination goals. We continue to look for opportunities to optimize towards higher converting products such as cash-out
refinance and home equity loans, as our partners are focused on these products. <FONT STYLE="text-underline-style: double; color: blue"><U>Revenue
per lead for home equity increased [&#9679;]% in 2021 compared to 2020.</U></FONT> The average home with a mortgage has increased its
available equity from a year ago. As interest rates have risen broadly from all-time lows, loans secured with home equity represent the
lowest cost source of financing for most consumers. We continue to focus on improving the consumer experience to increase repeat users,
cross-sell, and conversion rates. This will allow us to increase our reach and better align the right borrowers to the right experiences
based on their readiness to transact.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>CONSUMER </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Consumer segment grew steadily throughout
the year, generating revenue and segment profit growth of 30% and 34%, respectively, in 2021 compared to 2020. Personal loans and small
business revenue in the fourth quarter of 2021 returned to 2019 levels and we are forecasting strong growth to continue in 2022, while
credit card is experiencing a slower rebound. As we add new lending partners to the TreeQual platform, we anticipate a significantly improved
customer experience that should drive increased conversion rates, margins, and pace of revenue growth in both credit card and personal
loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Demand for the personal loans continues
to grow as consumer savings rates decline with the end of government stimulus programs and higher consumer spending. Our partner network
has grown in 2021 compared to 2020, and we maintain a strong pipeline of new lenders looking to onboard. The addition of TreeQual to the
personal loans product and our continued investment in the down funnel experience should continue to push close rates higher and increase
monetization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Our credit card business continues its
recovery from pandemic lows. <FONT STYLE="text-underline-style: double; color: blue"><U>Revenue per approval increased [&#9679;]% in 2021
compared to 2020.</U></FONT> Issuers remain aggressive with the introduction of new cards and features, and we have expanded our partner
network. Margins in the credit card business continue to lag pre-pandemic levels. We are working to diversify our marketing mix, actively
pursuing more profitable marketing channels and partnerships to expand our reach and attract more consumers, which should lead to improved
unit economics over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Our small business product has been consistently
growing, and we expect that to continue in 2022. We launched our Premium Marketplace offering in the fourth quarter of 2021, which led
to increased conversions and higher revenue per referral from enhanced customer tiering. Volume increased <FONT STYLE="text-underline-style: double; color: blue"><U>[&#9679;]%
in 2021 compared to 2020</U></FONT> as our concierge model helps small business owners find the right financing options to fit their unique
business needs. We expect these positive trends to continue in 2022 as we focus on product diversification, optimization of customer matching
by segment, and cross-sell to unlock additional marketing opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B>INSURANCE </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The claims market for our carrier partners
was challenging in the last half of 2021, driving insurance revenue down 2% in 2021 from 2020 and segment profit down 13%. Property and
Casualty (&quot;P&amp;C&quot;) carriers reduced marketing budgets as they incurred significantly higher loss ratios, but we believe this
down cycle may be behind us. Although the dynamic remains fluid, we expect the business to return to a normalized operating environment
by mid-year. In the face of the overall industry challenge, we are committed to capturing additional share of carrier budgets by focusing
on conversion rate and lead quality, which will benefit results when carriers look to aggressively acquire new customers. Consumer demand,
as measured by traffic to our sites, remains robust and continued to strengthen into year end. We expect this trend to continue as significant
rate increases kicks-off a historic cycle of drivers shopping for new auto policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">We also made significant progress expanding
our P&amp;C Agency, adding P&amp;C carriers to the platform and increasing our agent base, driving growth in policies sold and written
premium in our direct-to-consumer channel. Providing bindable insurance quotes improves the consumer experience and increases conversion
rates, and aligns well with our strategy of improving customer fulfillment across our platform.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Our Medicare Agency has scaled nicely,
with growth in written policies of 111% in 2021 compared to 2020 as we invested in additional training while managing our agent count
responsibly. Exiting our second Annual Enrollment Period, we continue to evaluate our performance and look for ways to improve unit economics
through marketing effectiveness and close rates. We have observed the challenges increased customer churn and lower policy persistency
have created for competitors in the space. We will only scale this business to the extent we can do so with attractive targeted returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">...</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>We note that you disclose on page 39 total advertising expense of $716,639,000 for the year ended December 31, 2021 which appears
to be the same amount as variable marketing expense, a non-GAAP measure presented on page 8 of your earnings release for the fourth quarter
of 2021. Please address the following:</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Tell us whether total advertising expense is a GAAP amount and reconcile it for us to your selling and marketing expense on your
statement of operations.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Tell us why your total adverting expense and your variable marketing expense for 2021 are the same and explain why the latter is
a non-GAAP measure.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Tell us your consideration for disclosing variable market expense and the related variable marketing margin in your annual and
quarterly reports given your apparent use of these measures in evaluating operating performance. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><U>Response</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Total advertising expense is a GAAP amount representing a component
of selling and marketing expense included in our consolidated financial statements. Advertising expense is the variable component of selling
and marketing and primarily includes costs paid for online marketing, as well as television, print and radio. It excludes compensation
and other employee-related costs (such as stock-based compensation) for</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">personnel engaged in sales and marketing functions. The components of
selling and marketing expense as well as variable marketing expense are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-bottom: 1pt; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Year
Ended December 31,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Compensation &amp; benefits (non-variable)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">57,351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">49,656</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Advertising expense (variable)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">716,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">567,748</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.35pt; padding-left: 0.25in">Selling and marketing expense&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">773,990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">617,404</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Advertising expense&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">716,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567,748</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Cost of advertising re-sold to third parties&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,090</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.35pt; padding-left: 0.25in">Variable Marketing Expense&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">716,639</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">568,838</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As noted above, advertising expense agrees to variable marketing expense
in 2021 as we did not have any cost of advertising resold to third parties in 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Variable marketing expense is a non-GAAP measure as it is not terminology
used in GAAP and has in the past and could in the future contain advertising costs not included in advertising expense. Variable marketing
expense is used to calculate variable marketing margin. Variable marketing margin is defined as revenue less variable marketing expense.
Variable marketing margin is a measure of the efficiency of the Company&rsquo;s operating model, measuring revenue after subtracting variable
marketing and advertising costs that directly influence revenue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have considered the Staff&rsquo;s comment and, given the use of variable
marketing margin in evaluating the operating performance of the company, we will disclose both variable marketing expense and variable
marketing margin (as disclosed in the Form 10-Q for the second quarter of 2022) as non-GAAP measures in our quarterly and annual filings
beginning with our Form 10-Q for the period ended September 30, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Notes to Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Note 8 - Equity Investment, page 68 </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>Please tell us how your accounting for the Stash Financial, Inc. (Stash) equity investment at cost and being &quot;subsequently
marked to market upon observable market events&quot; complies with the guidance in ASC 321-10-35-2 and 35-3. In your response, specifically
address the following:</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Explain what you mean by &quot;observable market events.&quot;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Tell us whether observable market events include the impairment indicators identified in ASC 321-10-35-2 and, if so, how company
specific events such as potential deteriorating earning performance is both &quot;observable&quot; and a &quot;market event.&quot;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Confirm for us that you considered all impairment indicators, including those identified in ASC 321-10-35-3, whether driven by
Stash-specific events or overall economic environmental factors in </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><I>assessing impairment at December 31, 2021 and March 31,
2022. If not, tell us whether inclusion of Stash-specific factors would impact your impairment assessment at those dates.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Explain what you mean by &quot;marked to market&quot; given that there is no active market for Stash's equity and your use of the
word &quot;market&quot; does not appear to be consistent with the definitions in the Master Glossary of the FASB Codification. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Given your acquisition of a second equity investment without a readily determinable fair value in January 2022, tell us your consideration
for including a policy statement that you carry these investments at cost minus impairment plus/minus observable price changes in orderly
transactions for identical or similar investments of the same issuer. </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><U>Response</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">We follow the guidance in ASC 321-10-35-2 and 35-3 to account for the
Stash Financial, Inc. (&ldquo;Stash&rdquo;) equity investment. The Stash equity securities do not have a readily determinable fair value
and, upon acquisition, we elected the measurement alternative to value this security. The equity securities are carried at cost less impairment,
if any, and subsequently measured at fair value upon observable price changes in an orderly transaction for the identical or similar investments
of the same issuer with any gains or losses recorded to the consolidated statement of operations and comprehensive income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The reference to &ldquo;observable market events&rdquo; in our previous
filings was intended to indicate an observable price change as referenced in ASC 321-10-35-2. We have adjusted the investment in Stash
to fair value as of the dates they completed a funding round and coordinated a substantial secondary offering amongst its shareholders,
as we observed an orderly transaction for the identical or similar investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">The reference in our previous filings to &ldquo;observable market event&rdquo;
was not intended to comment on the impairment indicators identified in ASC 321-10-35-3, as no impairment indicators were noted. We did
assess for impairment at December 31, 2021 and March 31, 2022 considering the examples of impairment indicators provided in ASC 321-10-35-3,
including both Stash-specific events and overall economic factors. Stash did not see a significant deterioration in earnings performance
or business prospects and we do not believe that the financial performance of the company indicated impairment of the investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">We acknowledge that the use of &ldquo;marked to market&rdquo; may not
have aligned with the &ldquo;market&rdquo; definition in the Master Glossary of the FASB Codification and have modified the wording in
our disclosure to more closely align to the guidance in ASC 321-10-35-2 in our quarterly report on Form 10-Q for the period ending June
30, 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">We disclose the accounting methodology for these investments in our
quarterly filings and will include a new policy statement in the Form 10-K for the year ended December 31, 2022 given our acquisition
of a second equity investment without a readily determinable fair value in January 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 22%"><IMG SRC="image_001.gif" ALT="">&nbsp;</TD><TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 17%">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"></TD></TR><TR STYLE="vertical-align: top"><TD>&nbsp;</TD><TD> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Ms. Michelle Miller, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Mr. Mark Brunhofer, Staff Attorney</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Division of Corporation Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Office of Finance</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">U.S. Securities and Exchange Commission</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">100 F Street, N.E.</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><FONT STYLE="font-size: 9pt">Washington, D.C. 20549</FONT></P></TD><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with its response to the Staff&rsquo;s comments, the Company
acknowledges that the Company and its management are responsible for the accuracy and adequacy of its disclosures, notwithstanding any
review, comments, action or absence of action by the Staff.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Please do not hesitate to contact me at (212) 450-4526
or shane.tintle@davispolk.com with any questions you may have with respect to the foregoing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; width: 35%">/s/ Shane Tintle</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Shane Tintle</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">cc:</TD><TD STYLE="width: 96%">Douglas R. Lebda, Chief Executive Officer</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>LendingTree,
Inc.</TD></TR>
                                                                                                        </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><BR>
<BR>
<BR></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-top: rgb(33,24,229) 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 19, 2022</FONT></TD><TD STYLE="border-top: rgb(33,24,229) 1pt solid; text-align: right; width: 50%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  4 &D# 2(  A$! Q$!_\0
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MN4$>D7T:.Z \[=A+8QWQMQ6_\=+R34/AGX4O9K86TMQ(DKP 8$9:')7\,XH
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6X]*B_P"$4T/_ *!\?_?3?XT44 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EA:  4 /<  /______S/__F?__9O__,___ /_,___,S/_,F?_,9O_,
M,__, /^9__^9S/^9F?^99O^9,_^9 /]F__]FS/]FF?]F9O]F,_]F /\S__\S
MS/\SF?\S9O\S,_\S /\ __\ S/\ F?\ 9O\ ,_\  ,S__\S_S,S_F<S_9LS_
M,\S_ ,S,_\S,S,S,F<S,9LS,,\S, ,R9_\R9S,R9F<R99LR9,\R9 ,QF_\QF
MS,QFF<QF9LQF,\QF ,PS_\PSS,PSF<PS9LPS,\PS ,P _\P S,P F<P 9LP
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M,S.9 #-F_S-FS#-FF3-F9C-F,S-F #,S_S,SS#,SF3,S9C,S,S,S #, _S,
MS#, F3, 9C, ,S,   #__P#_S #_F0#_9@#_,P#_  #,_P#,S #,F0#,9@#,
M,P#,  "9_P"9S "9F0"99@"9,P"9  !F_P!FS !FF0!F9@!F,P!F   S_P S
MS  SF0 S9@ S,P S    _P  S   F0  9@  ,P
M
M
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:!*JIO+$::JVL5J7KKKSVZNNOP 9;54   #L!

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