<SEC-DOCUMENT>0001410578-19-000504.txt : 20191010
<SEC-HEADER>0001410578-19-000504.hdr.sgml : 20191010
<ACCEPTANCE-DATETIME>20190702090108
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001410578-19-000504
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20190702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALERUS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000903419
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				450375407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58201
		BUSINESS PHONE:		7017953200

	MAIL ADDRESS:	
		STREET 1:		PO BOX 6001
		STREET 2:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58206-6001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST NATIONAL CORP NORTH DAKOTA
		DATE OF NAME CHANGE:	19980312
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="393" height="69" src="g83814bgi001.jpg"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">July&nbsp;2, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONFIDENTIAL SUBMISSION VIA EDGAR</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: David Gessert</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Re:</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Alerus Financial Corporation<u><br>  </u>Draft Registration Statement on Form&nbsp;S-1<br> Confidentially Submitted May&nbsp;1, 2019<u><br> CIK No.&nbsp;0000903419&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Mr.&nbsp;Gessert:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">On behalf of Alerus Financial Corporation (the &#147;<u>Company</u>&#148;), we are writing in response to the comments received from the staff of the Division of Corporation Finance (the &#147;<u>Staff</u>&#148;) of the U.S. Securities and Exchange Commission by letter dated May&nbsp;23, 2019 (the &#147;<u>Comment Letter</u>&#148;) with respect to the above-referenced Draft Registration Statement on Form&nbsp;S-1 (the &#147;<u>Draft Registration Statement</u>&#148;). Concurrently herewith, the Company has confidentially submitted an amendment to the Draft Registration Statement (the &#147;<u>Amendment</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For the convenience of the Staff&#146;s review, we have set forth the comments contained in the Comment Letter in italics followed by the responses of the Company. Page&nbsp;numbers and other similar references used in the Staff&#146;s comments below refer to the Draft Registration Statement as submitted on May&nbsp;1, 2019; page&nbsp;numbers and other similar references used in the Company&#146;s responses refer to the Amendment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">General</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-style:italic;">1.</font></i><font size="1" color="black" face="Times New Roman" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" color="black" style="color:black;font-size:11.0pt;font-style:italic;">Please supplementally provide us with copies of all written communications, as defined in Rule&nbsp;405 under the Securities Act, that you, or anyone authorized to do so on your behalf, present to potential investors in reliance on Section&nbsp;5(d)&nbsp;of the Securities Act, whether or not they retain copies of the communications.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company respectfully advises the Staff that neither it nor anyone authorized to do so on its behalf has presented any written communication, as defined in Rule&nbsp;405 under the Securities Act of 1933, as amended (the &#147;<u>Securities Act</u>&#148;), to potential investors in reliance on Section&nbsp;5(d)&nbsp;of the Securities Act in connection with the proposed offering of the Company&#146;s securities.&#160; The Company undertakes to provide to the Staff copies of any such written communications that it, or anyone authorized to do so on its behalf, presents to potential investors in reliance on Section&nbsp;5(d)&nbsp;of the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" color="#4d4e53" face="Arial" style="color:#4D4E53;font-size:8.5pt;">200 West Madison Street, Suite&nbsp;3900&#160;&#160; |&#160;&#160; Chicago,&nbsp;Illinois 60606&#160;&#160; |&#160;&#160; T. 312.984.3100&#160;&#160; |&#160;&#160; F. 312.984.3150&#160;&#160; |&#160;&#160; bfkn.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109764\19-8381-4\task9416979\8381-4-bg.htm',USER='109764',CD='Jul  2 06:47 2019' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="336" height="59" src="g83814bgi002.jpg"></font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;2, 2019</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page&nbsp;2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Management&#146;s Discussion and Analysis on Financial Condition and Results of Operations Retirement and Benefits Services / Wealth Management, page&nbsp;84</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">2.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:11.0pt;font-style:italic;">We note your disclosure on page&nbsp;71 that non-interest income, which represents approximately 58% of total revenue for the year ended December&nbsp;31, 2018, is primarily driven by fees generated from assets under administration (&#147;AUA&#148;) and assets under management (&#147;AUM&#148;). We also note your disclosure on page&nbsp;85 describing the underlying reasons for the fluctuations in AUA and AUM. Given the significance of these revenue streams to your operating results, please enhance your disclosure to include a roll-forward of AUA and AUM, showing the beginning balance, gross inflows, gross outflows, market appreciation/deprecation, and effects of acquisition / new business developments / dispositions, to arrive at an ending AUA and AUM balance. To the extent that fee levels vary significantly by AUA or AUM product, please disaggregate the roll-forwards by the different material products. Refer to Item 303(a)(3)&nbsp;of Regulation S-K.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages&nbsp;92 and 94-95 to include roll-forwards of AUA and AUM attributable to the Company&#146;s retirement and benefit services segment and wealth management segment, respectively, for the periods presented. This new disclosure shows the effects of inflows, outflows and market impact, and the roll-forward of AUA and AUM for the Company&#146;s wealth management segment is disaggregated by three material products&#151;Blueprint, Dimension and Trust.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company acknowledges the Staff&#146;s request with respect to acquisitions, new business developments and dispositions, and respectfully advises the Staff that the Company has not completed any acquisitions or divestitures, or otherwise experienced any other material business developments affecting its AUA or AUM during the periods presented. The Company undertakes to show the effects of any such developments in future management&#146;s discussion and analysis of financial condition and results of operations disclosure, as and to the extent required by Item 303(a)(3)&nbsp;of Regulation S-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company acknowledges the Staff&#146;s request with respect to fee levels, and respectfully advises the Staff that the Company&#146;s fee levels attributable to its retirement and benefits business vary significantly plan to plan, based on the fee schedule of each individual plan and whether the revenue is driven by participants, transactions, the balance of assets in the plan, and other factors. As a result of the multiple and varying fees by plan, presenting a roll-forward by revenue driver would lead to overstating the level of AUA and AUM within the retirement and benefits business.&#160; In addition, the Company respectfully advises the Staff that the Company&#146;s financial systems track and report financial results based on the various components of fee income, and not based on product type.&#160; Accordingly, the Company respectfully submits that to prepare such a roll-forward is not within the Company&#146;s current capabilities, and would be unduly burdensome.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">3.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" color="black" style="color:black;font-size:11.0pt;font-style:italic;">We note your disclosure on page&nbsp;71 that retirement and benefit services revenue and wealth management revenue include both transaction or participant based fees as well as asset based</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109764\19-8381-4\task9416979\8381-4-bg.htm',USER='109764',CD='Jul  2 06:47 2019' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="336" height="59" src="g83814bgi003.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;2, 2019</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page&nbsp;3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-style:italic;">revenues (i.e., revenue based on the market value of AUA or AUM). Please revise your disclosure in MD&amp;A to separately quantify and discuss fluctuations in these different revenue streams.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company has revised </font><font size="2" style="font-size:11.0pt;">the</font><font size="2" style="font-size:11.0pt;"> disclosure on pages&nbsp;72 and 91-96 in response to the Staff&#146;s comment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Business</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Our Business Model and Products and Services</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Wealth Management, page&nbsp;122</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">4.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" color="black" style="color:black;font-size:11.0pt;font-style:italic;">Please expand your disclosure to describe the terms &#147;Blueprint&#148; and &#147;Dimension&#148; that appear in the pie chart on page&nbsp;123.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company has revised </font><font size="2" style="font-size:11.0pt;">the</font><font size="2" style="font-size:11.0pt;"> disclosure on page&nbsp;137 in response to the Staff&#146;s comment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Description of Capital Stock</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Sole and Exclusive Forum, page&nbsp;160</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">5.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" color="black" style="color:black;font-size:11.0pt;font-style:italic;">We note that your certificate of incorporation has a forum selection provision that identifies the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation, including any &#147;derivative action.&#148; Please disclose whether this provision applies to actions arising under the Securities Act or Exchange Act. In that regard, we note that Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules&nbsp;and regulations thereunder, and Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules&nbsp;and regulations thereunder. If this provision applies to claims arising under the Securities Act, then please disclose that there is uncertainty as to whether a court would enforce such provision and to state that shareholders will not be deemed to have waived the company&#146;s compliance with the federal securities laws and the rules&nbsp;and regulations thereunder. If this provision does not apply to actions arising under the Securities Act or Exchange Act, please also ensure that the exclusive forum provision in the governing documents states this clearly. Please make conforming changes to the disclosure presented in the risk factor &#147;Our certificate of incorporation has an exclusive forum provision...&#148; on page&nbsp;56.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company has revised </font><font size="2" style="font-size:11.0pt;">the</font><font size="2" style="font-size:11.0pt;"> disclosure on pages&nbsp;56 and 176 in response to the Staff&#146;s comment.&#160; In addition, at a future annual stockholders&#146; meeting, the Company intends to consider submitting a proposal to its stockholders to amend its certificate of incorporation to clarify that the exclusive form provision does not apply to actions arising under the Exchange Act or any other claim for which federal courts have exclusive jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109764\19-8381-4\task9416979\8381-4-bg.htm',USER='109764',CD='Jul  2 06:47 2019' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="336" height="59" src="g83814bgi004.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;2, 2019</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page&nbsp;4</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Consolidated Financial Statements</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Notes to Consolidated Financial Statements</font></u></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Note 6. Loans and Allowance for Loan Losses, page&nbsp;F-34</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">6.</font></i><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" color="black" style="color:black;font-size:11.0pt;font-style:italic;">Please revise your table summarizing key information for impaired loans to separately disclose the recorded investment in impaired loans for which you have a related allowance for loan loss and the recorded investment in impaired loans for which you do not have a related allowance for loan loss. Refer to ASC 310-10-50-15(a)(3)&nbsp;and (4).</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Response:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company has revised </font><font size="2" style="font-size:11.0pt;">the</font><font size="2" style="font-size:11.0pt;"> disclosure on page&nbsp;F-33 in response to the Staff&#146;s comment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">* * * * *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company believes the foregoing provides a complete response to the Comment Letter.&#160; If you have questions regarding the foregoing or require any additional information, please feel free to contact me directly at (312) 629-5143.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Sincerely,</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/s/ Joseph T. Ceithaml</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Joseph T. Ceithaml</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">cc:</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Michael Clampitt</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ben Phippen</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Amit Pande</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Securities and Exchange Commission)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Randy Newman</font></p>
<p style="margin:0in 0in .0001pt 13.5pt;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Scott Fenske</font></p>
<p style="margin:0in 0in .0001pt 13.5pt;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Alerus Financial Corporation)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109764\19-8381-4\task9416979\8381-4-bg.htm',USER='109764',CD='Jul  2 06:47 2019' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g83814bgi001.jpg
<TEXT>
begin 644 g83814bgi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !% 8D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#U+6]2U#38
MTDL-*-^N&,N)Q'Y8&,<$'.>>GI7/Z=XZU+5X7FT_PX]Q&C;69;H#!QG'*^]=
MA<?\>TO^X?Y5Y]\-=7T_3M"NDO;ZVMW-P6"RRA21M7G!-=5*,73;Y;M6[G+5
ME)5$N:R=^QO:/XS6^U4Z;J-DVG7A^Y%(Y8MW_N@5T]<+-:-XH\;V6IV"DZ?9
M*H:Y/ D8$MA1U(Y STZUW-9UHQ37+IW78THRDT^;771]Q:*YO4_%2Z?XHL]/
M*?Z,Y\N>4CA9&&47/\_9A725G*#BDWU-(S4FTN@45RWB35]8TG5=/@M9K-HK
M^<0H)(&)BY49)#_-U]!3-;U?7?#4,=]=M8WMEO"S"*%HG4'N,L15JBW:SW(=
M9*]UMN=91348.H8=",BLWQ%JCZ1HEQ<PKON,;85QG+GIQ[=?H*SC%R=D:2DH
MJ[-2BL_0M536M&MKY !YJ?,H_A8<,/S!J/6]<CT=($6)KB[N7\N"W0X,C?4]
M ,\FGR2YN7J+GCR\W0U**Q%L_$$Z>9+J=K;.>D45KO5?;<6R?TI^CW&JR27U
MMJ1MC);LJQS1(P5\KG)!/N.E-PTO<2GK:QL45R>G:OK=WXIO=*EN+$1V05FD
M6V;,@.#@#?QP>O-7I]5OM1U'[+H+6YC@8K=7,R%D5O[B@$;F]>PJG2:=OF2J
MJ:O\C>JKJ-Q<VUC)+96GVN=<;8?,";N1GYCP.,G\*GB#K$@E97D &YE7 )[D
M#)Q^=/K-:,T>J.)@\>ZC<ZA-8P^'9'NX<^9$+H97!P>=N.]27?C76+"/S+KP
MM/''D O]HR 2<#D)ZU5\.?\ )3]<_P"N;?\ H25UFJFUG%M8W:LXNY0JA3CE
M 9,GV^3^5=<_9PDER=$^O^9R4_:3BWS]6NG^1?%+6%XLU#4-(TB74+"6W"P
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M !1110!')-'#CS)$3/3<<9IOVRV_Y^(?^^Q3I9(HP#*Z*.VX@4D;PS F)HW
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MT#4C^V6W_/Q#_P!]BD^V6W_/Q#_WV*EV+_='Y4;%_NC\J- U(_MEM_S\0_\
M?8H^V6W_ #\0_P#?8J38O]T?E1L7^Z/RHT#4C^V6W_/Q#_WV*/MEM_S\0_\
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M- U&?;+;_GXA_P"^Q1]LMO\ GXA_[[%$<MO*2(WB<CG"D&B26"$XE>)"?[Q
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MV[00 !C ST'K2;AT[?C_ ,,-*?7O^'_#E2VUN1]6CLIX8D:42%=DV]DV$<,
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0* "BBB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g83814bgi002.jpg
<TEXT>
begin 644 g83814bgi002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  [ 5 # 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#TKQ+J>JZ1
M:O>6-M:S6T,9>7S78./H ,&LNTU[Q1?Z7'?VNE6$D,B[T7SCN(^E:_B__D4M
M4_Z]VK"\/ZU?V?@^R6UT6ZN-D.%D#+M/O@'./PKJII.G>RO?^NIRU&U4M=VM
M_70WO#7B&+Q%IYG13'-&VR:,C[K?X5L5RO@*+3XM,N#97GVF>24O<$H4*L>V
MT\@5H^)KB[73_LFF-MO;G<(V_N@#+-_3ZD5G."]HXQT1I3F_9J4M6;-%9?AO
M5AK6A6UX1B1EVR+_ '7'!'YUC^,#/!?Z2;:]NX!=7:02K%*0"I]!V/O4QIMS
MY&5*HE#G1UE%<EJ N=&\0Z3%8ZA=3_:I2DUK/)YG[ONXSR,5UM*4.5)]QQGS
M-KL%%<E<Z[<P^+K63?\ \2F5VL2>WF]<_G\OYUNZYJT>AZ/<7THW")?E7^\Q
MX _.FZ<DTNXE4BTWV-"BL&ST>?4+:.YUB\N'GE4-Y4,ACCCSV '7ZFK&G:3/
M8W-VC7ES+:2*HB667<T9YS@]?2DXI=1J3?0UJ*XG1[YK/4]9>\O;ZX6SN1#;
M0F4L7)!PH'\1^M;VG6%[+<G4-1N9TD?!6SCD_=1#'0_WCZGIFJG2Y=V3&IS;
M(V*Y'Q%XEUK0KZ*/[#9207,OEV[>8VX],;AVZUUU<1\1G$<VANP)"W88@#)X
MQT%5ATI32:N3B&XTVT[%N]U?Q98VDMQ)I.GM'$A=MLYR !DUTME,]Q8P32*%
M>2-691T!(R16->>)[<QQQ1VMR6GE2+$ULZIAF .21CH34?C@RVGAJ:[M+FXM
MIK?:$,,A4<L!R._%-QYFHM6N)244Y7O8Z2BN<DT9OL,$B:QJ$<\FS:7N25+'
M!QCWYJ'QW)<6FEV]S:7=S;R^>D1\J0@%6/.1Z^]1&FI244]RY5'&+DUL=317
M'Z^EUH4^G2Z;J-Y+/-<K$;::4R"53U.#TQZUT.M1F31[HK-+$Z1LZO$Y5@0"
M1S2<+6=]QJ=[JVQ?HKB+""6X\#QZK<:UJ$-SY+2&4W'RY!.!M/'85TGAVZN[
MW0+.XU!-ES)&"XQCZ'';(ISI\J;OL["A4YFE;=7-.BL#Q9=WR6'V72CB\D5I
M=PZJB<G\^!^-:.C:E'K&D6U["?EF0$C^Z>X_ YJ7!J/,4IIRY2]169?:5+?W
MR2&]NH($CQL@E*;FSU/X5S(BN=2\3+8Z1JFH?8[0YO+AK@L"W_/-?>JC34NI
M,JCCT.YHK.U+39=0GMMMY<6\,>XR""0HSDXQSZ=:Y?4X;F?78='T74]1,R_/
M=SM<%A GIC^\:(4U+J.=1QZ'<T5'#'Y,"1[W?8H7<YRQ]R?6N5N=>NHO%EM,
M"1I#R-8D]C+UW?GQ^!J80<V[#G-02N==1377S(V0D@,",J<$?0UP]EK%]H.J
MRM?W$MSH\UT]N)96+&V93@9/H:<*;FG84ZBA:YW5%8OB.-I+6VEANKF$F>*/
M,$I4,K. ?KP:AUG4IK.[T[1K%R+B\)!G<[C'&HY;GJ?3-$:?-:P.IRWN=!16
M+)X9B:+]WJ&HI/VG%RQ;/K@\?ABH?"NLW.HB]LM0VF\L)?*=U& X[-CMTHY+
MIRB]@Y[249+<Z"BBBLS0**** ,7Q@P7PEJ>2!F!AS57PEJ%I:^#-.>XNH8U2
M'YB[@8Y-;MW96]_#Y-W"DT6<['&1FJ2^&=&5PPTRTR/^F8K:,X\G(^]S&4)<
M_.NUCF_ ]J]QKNL:TD;165U(5A##&\;L[OI_C6I"E]J^L75_97D,,,)-K%NB
M\S.#EV'(QD\?A70O#')"8F0&,C:5[8]*@L]-L]/W"SMXX0WW@@QFG*KS-RZB
MC2Y4HG,Z$TF@>*[O2+J2-DOE^U0LB[%W]& &3CI^E2>-BOVSP^&(_P"0BF03
M6]+HNGSW0N9;.)YP<B0K\P/UI;K1]/OI?-NK2*:3LSKDBG[6/.IB=*7(X(YF
MWQX2\4F*Y&_3]1/[BY?EH7_N%CV/:NCUK41INER3*P\UL1P@G[SMPH_,U//I
MUI<V@M9[>.2!<8C<9 QTJ.?1["Z2)+BTBD6$8C##(7Z5+G&33E\RE"44U'Y'
M.:AX7U)_#36*ZA;LL2^9&!;88N/FSNW=2>_O3+UY?&/P[WVY#7@569!U,B'D
M8]3BNN>UADMOL[QAH<;=AZ8J&RTNRTXN;*UB@W_>\M<9IJMI=[IW0G1ULMFK
M,I^'M=M-8TR)XI%69%"RPL</&PX((K22XADE>-)4:1!EE# E?K5*\\.Z3J$_
MGW5A#)*>K[<$_4BK%KIEG8V[06MM%#&_WE1<;OKZU$N1ZHTCSK1G#6FC-JVM
M^()[*Y-OJ-K>[[:4-QG'((]#TKI?#WB,:DSV-^GV;5;?B:%N-W^TOJ#6A;:+
MIUG/YUM9PQ2_WD7!J2;3+*XNX[J:VB>XC^[*5^8?C6DZL9Z/Y&4*4H:KY_UW
M+5<1\0I4%WH(+J"+P$\]!D5V]9T_A_2KF=YI]/MY)7.69D!)-11FH2YF76@Y
MPY47)H8KN+9( Z;@V,]P01^H%8'Q ('@R]R0,[.O^^*WK6T@L8!#:Q+%$.0J
MC %,O-.M-155O+>.=5.0'&0*4)*,T^B'.+E!KJT8XTS3;2RM;_/EM:JLV0Y.
M<+R,$XYJI\0) ?#ENQ.,W<1P?K6P/#.C @_V;;9!R/DJQ=Z38WY4WEK%,5&%
MWKG%6JB4U+5V(=-N#CHKG,70'A/Q.M_(IETR_.PRO\QM7]CV4^E=-JCJ=%O&
M#*5\A^0>/NFI&T^U>R^QO!&UMC'E,,KCZ4S^R;'[']D^RQ_9\[O*Q\N?I4RF
MI6;W148.-TMF<);:=,/"&C:S8QBXELTW36S?,LJ;CGY>FX>M=WI>J6VK:=%>
MVD@:*09]U/<'W%.L]-M+!66TMXX5;J$& ?PID6D6$$$L,-I%'%-_K$5<!OK5
M5*BGOW)ITW#;L8]G!?:IJ%UJME?0Q12$P1!X?,^1#C(.1U;)_*JWA;.A:W?:
M!<3*^X_:K<@;00WW@!VP>U=+9Z?:Z>C)9P)"K<E4&!41T33C=BZ-G";@-N$F
MWYL_6CVJ:<7L'LVFI+<R?%&M31/%I&E.IU*[XW9_U"=W/I[5;L+?3_"^AF.)
MU*1*7D;<-TC=R?<U9N-!TN[N&GN+""65_O.R9)J,>&=&# C3;4$'(/EBES0Y
M5'[Q\L^9RT\BMXFU\Z3:1PVBB74;L[+>+/0G^(^PI=!TRU\/:8YDN$DN),RW
M4[,,NW4GZ5>N]%TZ_F$UW9PS2 ;=SKDX]*@/A?13UTRU_P"_8H4H\G+]X.,^
M?F^X34-:2WT 7T8^>=5$"$\L[\*/S-8^H>&-3F\.-8?VC ZQKO0"VPQ<?,#N
MW=2>^.]=#<:187<<4=Q:12)",1JRY"CVJP]M#);?9W0&';MV'ICTI1J*%N7N
M.5-SOS=C-\,:M_;.@6URY_?!=DP[AQP<U7TNTMM3TW5+2Y5989;R977/O6G:
MZ18V2R+:VL4(D&'"#&X4MGI=EI[,UG;1PE_O;!C/UH<XW?*"C*RYCBUN;G19
MX/#FH%Y%%S"]C<$?ZQ!(/E/N*T/%8?3?$FCZTRL;2$F&X8#/EANA/MS73W-C
M;7C1-<PI(T+B2,L.5;U%321I+&R2*KHPPRL,@BK]LKIV[W^9'L79J_:WR&?:
MH/L_VCSH_)QN\S<-N/7-<]X2M)&O-7U9T9$O[C="&&"47@-^-:47AO283F.Q
MB !W;.2N?]WI^E:=9\R2:CU-.5MIRZ"T445F:!1110!')")"#OD7']UL4S[*
M/^>TW_?9K+\593389%W!Q<PK\IP2"X!'XU7TB]D@N-91C(SPR!TLW;F)"./F
M/&#R?:M5!N/,F9.:4N5HW/LH_P">LW_?9H^RC_GM-_WV:RW\1JFDW-Z+9G^S
M3^3(B.#GD<J>_P!X5)>:U+86:SW%D4^5F=3,N0 >@]21S2Y)CYX&A]E'_/6;
M_OLT?91_SUF_[[-4[G6"ETUO:VSW,J0B9U4@84G  SU)P>/:LI=0:U\97D,4
M/FRW$<.V(R!,<-N;GTXIQA)@YQ1T/V4?\]9O^^S1]E'_ #UF_P"^S46KC.C7
MG4$0N00<8(!KGM%NXX=*BU&Y2XC^R6J,[,Q/G[EZXSZXP>M$8N4;A*24K'3?
M91_SUF_[[-'V4?\ /6;_ +[-9TNNO!ILUU)8S Q.JE.FX,0,@D#/6EN-8NK=
M[6(Z:YGN-^(Q,O!7GD^XI<L@YHFA]E'_ #UF_P"^S1]E'_/6;_OLU1EUKR-4
M@LY8"OGOY:MO!.=N[E?3J,^U$.LO+J\EC]C8&-#(S!P=HSA<CL6QP/2ERR'S
M1+WV4?\ /:;_ +[-'V4?\]IO^^S6;:Z[+=?;<6+ VB_-B52"^,[,] 0.OI39
M/$BQZ1=7WV<O]EE$<B(X.<[>0>_WA3Y)WL+GA:YJ?91_SUF_[[-'V4?\]9O^
M^S5 Z\D,5^UU \366W<H(;=N&5Q]<XJ>SU,7%[+931&&ZB19"F[<"IZ$'Z@B
MDXR6HU*++'V4?\]IO^^S1]E'_/:;_OLUSGB>^.G:_ILWS^7Y4OF8R5 X^9@.
MH7)-7+W[)IOAU9%1[RW9T9F6;!;+## _7' JN1V3[D\ZNUV-?[*/^>LW_?9H
M^RC_ )ZS?]]FJCZI,-9:PCLV<*J.TOF  *Q(SCV(Z5!;>(X)Y+T.GE):*SR9
M;Y@ 2.5ZCID4N60^:)I?91_SVF_[[-'V4?\ /:;_ +[-8VKWDMWX;OVDM7A7
M[-YL;;@<YZ?0C^M6[74C)>IIUS;&-WM_-4[PP90<$'T/(HY96N'-&]B]]E'_
M #VF_P"^S1]E'_/6;_OLUB>'M3,-CIUK-$RB=7$4F[.XJ22".W'3Z5:M]>\Z
M6XA:VV310F8)YBMD D8)' /'ZTW"2;0*<6DS1^RC_GM-_P!]FC[*/^>TW_?9
MJA8Z[]N>T"VK(+JU^T(2XXZ?*?S'-4X/%;SQ0LNG2 SQ221@RKSY9PP/I[4N
M28<\#;^RC_GM-_WV:/LH_P">LW_?9I+"\CU"P@NX@1',@=0W4 BN7M=0\_6Y
M'EF*O%*\L!#$?:XFX55]0#U]^?>B,9._D$I15O,ZG[*/^>TW_?9H^RC_ )[3
M?]]FBS>X>W5KR)(ILG*HVX=>.?I7.74TVBZQ<7C%Y-*ED$5RA)(@X&)![<X/
MYT1BY-JX2DHI.QT?V4?\]9O^^S1]E'_/:;_OLUEQWXTS0[66.(2HT9<L90!T
MSU/4GM2WOB2*U2)D@>0/;?:CE@NU.!^)YZ4<DF] YHI:FG]E'_/6;_OLT?91
M_P ]9O\ OLUFS^(#!,EN;*5[D1"66*/YBBDX'0<GK^54[X#[5X@P, V*-CWP
M_/UX%-0EU$YQ6QO?91_SUF_[[-'V4?\ /6;_ +[-9&DZRD5K:VUW&T16Q6X5
MRVX.@ #'V(X_.I8]?:33KB[%E,%B@\]0W =<$XR1UP/UI.$TQJ<6C2^RC_GM
M-_WV:/LH_P">LW_?9K/_ +;D%M;R-9,CW+XB1I ,KMW;B>W':K>EWSZE9+<M
M 85DY0%@=R]C2:DE=C3BW9$OV4?\]IO^^S1]E'_/:;_OLUD:&,:YK@+,5CF1
M5!8D*"@) ].:=/A_&-EAB4:TD? ;Y20RX./Q-5RN]K]/TN3S*U[=?UL:OV4?
M\]IO^^S3HX!&V[S)&]F;(K'\4R8L+9D+$B\B0A#R06P5J70K:^@FOWNMR6\L
MVZVA=]QC7'/TR><=J7+[O-<?-[W+8N:CIL.IQ+'.\H175P$;;R#D?K4!\/V;
M1WH?S6>] $TI?YR!T /;%:=%2IR2LF4X1;NT99\/VIM+BV:2X,=Q()9,R<EA
MCG/X"GW^BV^HLK3O-D1-"=KXW*<9!_(5HT4<\NX<D>QG/HL#W*7 DG298A"S
MH^#(@YPWK45UX;LKR\:ZD,XG+(P=)""I3ICTZFM:BA3DNH.$7T(+FU6ZM)+:
M1G"2+L8J<$COS4":1:KI']F,'>V\OR\.V3M[<^U7J*2DT-Q3,Y]&AEL7M9I[
MF17*DLTGS?*<CG\*GFT^.>ZMKAWE\RVSLPV <C!SZU:HI\S%RHS)-!M9-0^V
M%YQ+YPF $GRAPNW./<<4^#1K>WO);F-YO,FD,CY?(+$8_0<#TK0HHYY=PY(]
MC(3PS8QV<MJ&G,4J,C RG/S'+'ZD]Z4^';5K.XMGDN'BN65Y,R<DC'.?^ C\
MJUJ*?M)=Q>SCV,]M$M7-X9?,D%X%$H=\@X&!CTJ6UTZ&UN)+@%Y)Y%"M(YRQ
M4=!5NBES/N/E78HW.DV]W?PWDID\V%610&^7#=<COFJL?AFRBTQM/1[D6I8,
M$\T_+@YX]!GM6Q10IR6EP<(O6Q52PC34'O TAE>-8VRW! SCC\3^=01:':1E
M]_F3;X3 ?,;/[L]5K1HHYGW#E1G?V+ =.DLI)KAX9$$?S2<A1V!I_P#9,/VV
M.[\R;SHX3"IW_P )_K5ZBCGEW#DCV,VST*ULC!L,K_9U98A(^[9NZD>YIECX
M=L]/<-"T[ 1&':\F1L))Q^9-:M%'/+N')'L9EKH-K9RP20O/N@B,,>9,@(>W
MX8%1Q>&K*%851IP(4D1/WAX#\M6O13YY=Q<D>Q7LK*+3[&*T@W>5$H1=QR<?
M6LS_ (1+3C"L+&X9(V+P RG,!/\ </45MT4E.2U3&X1>Z*]G:_9(?+\Z:8YR
M7F;<QJ./3(46Y5VDF2Y),BRMN'(Q@>V*N44N9CLC,?0+1[6TMP94CM$,<81\
M?*1M(/KQ5*^T":XFLXH)Y(8+.$B.8!79FX&TAO8#FN@HJE4DB73BS'M]':X2
MWN[Z22/4!"(IGA?;Y@SG!QQ^56)=&MYI+MV>;-U$(9 'XVC/3TZG\ZT**7/(
M?)$SK;0[.V8-AY2(/LX,K;L1_P!T4D6AP16$EGYUR\#QF(*\A.Q.F!^%:5%'
M/+N')'L8VJ:1+=VEG8P2.D,;@M,<,R@#C@\'/2K.C0WMO9O%?R"1DD98GV@$
MQ_PY XS6A10YMKE!02=S+&@0*]TZ7%VC71S*5EZ\8_#BGMHMNUW#<K).DD,7
MDH5DP O';\!6C11SR[AR1[&7)H%M+:+;O+<LJS>?N,GS%\YR3]:TP, #)..Y
+I:*3DWN-12V/_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g83814bgi003.jpg
<TEXT>
begin 644 g83814bgi003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  [ 5 # 2(  A$! Q$!_\0
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M.>7<.2/8QM4TB6[M+.Q@D=(8WRTQPS* ..#P<]*LZ-#>V]F\5_()&21EB?:
M3'_#D#C-:%%#FVK H).YEC0(%>Z=+B[1KLYE*R]>,?AQ3VT6W:[AN5DG22&+
MR4*R8 7CM^ K1HHYY=PY(]C+DT"VEM$MWEN659O/W&0[B^<Y)^M:8& !DG'<
+TM%)R;W&HI;'_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g83814bgi004.jpg
<TEXT>
begin 644 g83814bgi004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  [ 5 # 2(  A$! Q$!_\0
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M[!17)7.NW,/BZUDW_P#$IE=K$GMYO7/Y_+^=;NN:M'H>CW%]*-PB7Y5_O,>
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MS_9I_)D1'!SR.5/?[PJ2\UJ6PLUGN+(I\K,ZF9<@ ]!ZDCFER3'SP-#[*/\
MGK-_WV:/LH_YZS?]]FJ=SK!2Z:WM;9[F5(1,ZJ0,*3@ 9ZDX/'M64NH-:^,K
MR&*'S9;B.';$9 F.&W-SZ<4XPDP<XHZ'[*/^>LW_ 'V:/LH_YZS?]]FHM7&=
M&O.H(A<@@XP0#7/:+=QPZ5%J-REQ']DM49V9B?/W+UQGUQ@]:(Q<HW"4DI6.
MF^RC_GK-_P!]FC[*/^>LW_?9K.EUUX--FNI+&8&)U4ITW!B!D$@9ZTMQK%U;
MO:Q'37,]QOQ&)EX*\\GW%+ED'-$T/LH_YZS?]]FC[*/^>LW_ 'V:HRZUY&J0
M6<L!7SW\M6W@G.W=ROIU&?:B'67EU>2Q^QL#&AD9@X.T9PN1V+8X'I2Y9#YH
ME[[*/^>TW_?9H^RC_GM-_P!]FLVUUV6Z^VXL6!M%^;$JD%\9V9Z @=?2FR>)
M%CTBZOOLY?[+*(Y$1P<YV\@]_O"GR3O87/"US4^RC_GK-_WV:/LH_P">LW_?
M9J@=>2&*_:Z@>)K+;N4$-NW#*X^N<5/9ZF+B]ELIHC#=1(LA3=N!4]"#]012
M<9+4:E%EC[*/^>TW_?9H^RC_ )[3?]]FN<\3WQT[7]-F^?R_*E\S&2H''S,!
MU"Y)JY>_9--\.K(J/>6[.C,RS8+9888'ZXX%5R.R?<GG5VNQK_91_P ]9O\
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+FEHI.3>XU%+8_]D!

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