ï‚· EMMA’s usefulness depends largely on the commitment of underwriters, issuers and their agents to fulfill their obligation to submit required data and documents. ï‚· The MSRB has been engaged in an ongoing outreach campaign to assist issuers in understanding their disclosure obligations and submitting these documents to EMMA. ï‚· The MSRB strongly encourages issuers to submit additional voluntary information to give investors the most complete and accurate picture of the issuer’s financial health. ï‚· For several years we have emphasized the need for better disclosure of bank loans and other forms of indebtedness. ï‚· Given the prevalence of bank loans and their potential effect on the issuer’s overall indebtedness, we recently issued a new advisory reminding the market of the importance of transparency around these obligations. CONCLUSION • As we celebrate our 40th anniversary, I am grateful for the opportunity to look back with fondness on how far we’ve come and to look ahead with fresh eyes at how far we have yet to go. • Technology has allowed our industry to grow and innovate, and we must continue to explore how to leverage the tools available to us to promote a fairer, more efficient and more transparent market for all. • I am happy to take your questions. Thank you. 7 .