Subject: File No. S7-08-15
From: Matt Hines
Affiliation: EMA

July 16, 2015

Paper is still the preferred method of transmission for investors. According to SECs own study conducted by Siegel + Gale in 2012, 71 percent of American investors said they prefer to read annual reports in paper format rather than online versions and a large number of respondents also asserted that printed materials yield higher content comprehension than online materials.