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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-10-011347.txt : 20100412
<SEC-HEADER>0000950123-10-011347.hdr.sgml : 20100412
<ACCEPTANCE-DATETIME>20100211113645
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-011347
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHS INC
		CENTRAL INDEX KEY:			0000823277
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				410251095
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077
		BUSINESS PHONE:		651-355-6000

	MAIL ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENEX HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19980611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19961212
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;11, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Linda Cvrkel<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Via EDGAR
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">RE:</TD>
    <TD>&nbsp;</TD>
    <TD>CHS Inc.<br>
Form&nbsp;10-K for the fiscal year ended August&nbsp;31, 2009<br>
Filed November&nbsp;10, 2009<br>
File No.&nbsp;000-50150</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;Cvrkel:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in receipt of the comment letter dated February&nbsp;4, 2010 from the Staff of the Securities and
Exchange Commission (the &#147;Staff&#148;) relating to the above-referenced filings. Enclosed please find
the responses of CHS Inc. (the &#147;Company&#148;). For ease of review, the Company has set forth each of
the numbered comments of your letter, followed by the Company&#146;s responses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Annual Report on Form 10-K for the fiscal year ended August&nbsp;31, 2009</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Financial Statements, page F-1</B></U><BR>
<U><B>Notes to Consolidated Financial Statements, page F-6</B></U><BR>
<U><B>Note 4. Investments, page F-13</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to prior comment 2 and require further information. Your response
indicates that the arrangements do not meet the definition of a derivative under ASC Topic
815-10-15-83. Please provide us with a full and detailed analysis of each category listed in
your response and explain in further detail why such contracts do not meet the definition of a
liability. Furthermore, please include in your response a full analysis of each category of
contract under ASC Topic 480. As part of your response, please specifically address whether
if any of events specified in the contracts occur, the company is required to purchase the
equity shares or if acquiring the shares is at the option of the company. We may have further
comment upon review of your response.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Response:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As noted in our prior response, the agreements through which the rights arise to acquire the
interest of the other owners fall under three general categories. We have no obligation related to
the agreements in any of the three categories as defined in ASC Topic 480-10-20, where the
definition of an obligation is &#147;a conditional or unconditional duty or responsibility to transfer
assets or to issue equity shares.&#148; A detailed analysis by category follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Category A &#150; The Company has reciprocal agreements with the other owners of investee companies
pursuant to which either party has a right of first refusal to purchase the interest of the
other owner if an owner receives an offer from a third party to purchase some or all of its
interest. Pursuant to the terms of each agreement, the Company is not required to purchase the other owner&#146;s
interests, as the Company&#146;s option is limited to a right to match the offer of the third party or allow the transaction to proceed. The
decision to exercise this right is solely at the Company&#146;s discretion. Accordingly, there is no
obligation, as that term is defined in ASC Topic 480-10-20, and therefore, there is no liability
to the Company.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Category B &#150; The Company has agreements with the other owners of investee companies which allow
any owner the option to initiate an internal buy-sell process amongst
the owners upon reaching a specified date or the occurrence of certain events, primarily the occurrence of specified operating results. The internal buy-sell process is such that either
party can, but is not required to, make an offer to purchase the interest held by the other
owner(s). Once an offer is extended by either party, the other owner can either accept the offer
or make a counter offer. An obligation could only be created at such time as the Company makes an offer or a
counter offer, which is solely at the discretion of the Company. Under the agreements, no owner
can require another owner to purchase their interest. Accordingly, there is no obligation, as
that term is defined in ASC Topic 480-10-20, and therefore, there is no liability to the
Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Category C &#150; With respect to National Cooperative Refinery Association (&#147;NCRA&#148;), a non-public entity and a consolidated
majority-owned subsidiary of the Company, the Company may, at its option, elect to purchase the
interest of the minority owners at any time at an exercise price equal to fair value of the minority interest at the time
of exercise. The election to purchase the other owners&#146; interests (call feature) is not a
requirement and is solely the Company&#146;s decision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Additionally, the minority owners may require the Company to purchase their interests at the fair value of the minority interest at the time of exercise (put
feature) if certain defined operational changes are made by the NCRA Board of Directors without
unanimous consent. The operational changes that could trigger the put feature if not
unanimously approved by the NCRA Board of Directors are: (a)&nbsp;revising the NCRA patronage policy;
(b)&nbsp;changing the cooperative status of NCRA; (c)&nbsp;sale of all or substantially all of the assets
of NCRA; (d)&nbsp;changing the number of board members or the rights of the members to appoint board
members; (e)&nbsp;entering into management agreements on behalf of NCRA or (f)&nbsp;changing the method of
product allocation, availability, sales and deliveries to the NCRA members. The minority owners
do not control sufficient voting rights to enact these operational changes without the consent
of the Company as the Company has a contractual right to appoint four of the six NCRA directors, giving the Company control over the NCRA Board of Directors with four of the six
votes. Accordingly, these operational changes are entirely within the control of the Company. We further note that none of the defined
operational changes have occurred since the inception of the agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Based on the analysis above, neither the put or the call feature embody an obligation, as that
term is defined in ASC Topic 480-10-20, and therefore, there is no liability to the Company.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Note 1. Summary of Significant Accounting Policies &#151; Property, Plant and Equipment, page F-9 Note 6. Other Assets</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to prior comment 3 but do not believe the revisions made to the
financial statements were fully responsive to our prior comment. As requested in our prior
comment, please revise the notes to your financial statements in your next amendment to the
Form&nbsp;S-1 and in future filings to:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>State that the selection of the deferral method, as opposed to expensing the cost when
incurred, results in deferring recognition of these major maintenance expenditures and
results in your classification of the related cash outflows as investing activities in your
statement of cash flows whereas others that expense these costs as incurred, classify the
cash outflows as operating cash flows; and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Include a roll-forward of the major maintenance expenditures, including opening balance,
cost deferred, amortization, any write-offs, and ending balance in a tabular format.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Response:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will change its disclosure to the following or substantially similar disclosure in an
amendment to the Company&#146;s Registration Statement on Form S-1 and other future filings under Note 1
&#150; Summary of
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant Accounting Policies &#150; Goodwill and Other Intangible Assets of the Notes to Consolidated
Financial Statements:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;In the Company&#146;s Energy segment, major maintenance activities (turnarounds)&nbsp;at our refineries
are accounted for under the deferral method. Turnarounds are the scheduled and required
shutdowns of refinery processing units. The costs related to the significant overhaul and
refurbishment activities include materials and direct labor costs. The costs of turnarounds are
deferred when incurred and amortized on a straight-line basis over the period of time estimated
to lapse until the next turnaround occurs, which is generally 2-3&nbsp;years. The amortization
expenses related to turnaround costs are included in cost of goods sold in the Consolidated
Statements of Operations. The selection of the deferral method, as opposed to expensing the
turnaround costs when incurred, results in deferring recognition of the turnaround expenditures.
The deferral method also results in the classification of the related cash outflows as
investing activities in the Consolidated Statements of Cash Flows, whereas expensing these costs
as incurred, would result in classifying the cash outflows as operating activities.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the Company will add the following or substantially similar disclosure in an amendment
to the Company&#146;s Registration Statement on Form S-1 and other future filings under Note 6 &#150; Other
Assets of the Notes to Consolidated Financial Statements:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The capitalized major maintenance activity is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beginning</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Write-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>End</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>offs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(24,999</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,787</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * * * *
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company acknowledges that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and accuracy of the disclosure in the
filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose
the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert Staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We trust that this letter is fully responsive to your comments. Please do not hesitate to contact
me by telephone at (651)&nbsp;355-3778 or David Kastelic, our Senior Vice President and General Counsel,
at (651)&nbsp;355-3712 with any further questions.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sincerely,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Schmitz
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John Schmitz
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
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