APT - chart only, page-696

We are certainly more primed for a big pump though from a short position perspective. We have almost 4 million more shares held short than we did before the big pump from $14 to $23 in August.

Positive surprises that could come 2 weeks from today

• Customer growth rate stable/increasing after Christmas in the US
• Transaction volumes stable/ increasing in the US
• New Forever 21-calibre retailers in the US
• Revenue % higher than expected in the US
• Loss rate % lower than expected in the US
• UK launch commencing at the end of this month
• UK launch commencing with some big retailers e.g. Boohoo, Urban Outfitters, ASOS
• Next launch in sights e.g. Canada
• Increasing instore penetration from current 16%

12.7 million shares held short as at last week when we were trading at $16.86. Compare this to 9 million held short when we were trading at $14.27 mid-August, ~2 weeks before the annual report. Shorts covered to 6.5 million by early September.