The North Dakota Stockmen's Association is a 94-year-old beef cattle trade organization representing 3,100 cattle-ranching members from across the state. We are opposed to the proposed rule to Amend the NYSE Listed Company Manual to Adopt Listing Standards for Natural Asset Companies. If adopted, the proposed rule has the potential to allow NACs to acquire working lands to reduce cattle production. It also creates a risk of foreign entities gaining ownership of these assets if proper safeguards are not put in place.