Ann: Update - Consolidation/Split - SXY, page-125

This is a very successful share consolidation from 1.5 billion to about 175 millions shares. Almost all shorts are gone. It means lots of bottom feeders previously. It is so much harder to get loyal shareholders to sell and that only means good thing for us the long term with a good company. Another merit goes to ID.

we will see better days ahead with improving earnings and with likely outperforming surprises.