Ariel-Letter to Stockholders (fictional)

Footwear Industry

Ariel

Together We Can Get There

Letter to Our Shareholders ~

Welcome to the end of our second fabulous year and the beginning of a new one. Please join me in recapping some of our company's highlights:

MARKET ENVIRONMENT

The athletic footwear industry is one of intense competition, and a challenge is something from which Ariel has never shied away. After two years of excellent teamwork, we are proud to be ranked #3 amongst our competitors and be surpassing our Investors' Expectations.

Rank

Company Name

I. E.1

Score

B-I-I2

Score

Overall3

Score

1 Baja Athletic 118 95 107

2 Desmo 118 85 102

3 Ariel 104 53 79

4 Empower 88 59 74

5 ConQuest 89 44 67

6 FENIX 90 40 65

1 Overall (game-to-date) Investor Expectation score.

2 Overall (game-to-date) Best-In-Industry score.

3 Combined Investor Expectation and Best-In-Industry scores based on instructor-established 50%-50% weighting.

Thanks to our stellar finance department, our company was allowed the advantage of APRs we were able to secure, based on our credit rating of A.

Credit Rating

(at end of Y18) 1-Year

Loans 5-Year

Loans 10-Year

Loans Overdraft

Loans

A+ 4.6% 5.1% 6.1% 7.1%

A 5.1% 5.6% 6.6% 7.6%