ul-16 = Aug-16 = Sep-16 Oct-16 Data through December 31, 2016. Note: October 2016 outbound M&A adjusted to exclude stock portion of British American Tobacco’s takeover of Reynolds. Source: Investment Strategy Group, Bloomberg. through to higher domestic inflation. In turn, higher UK interest rates woul

rs • $10,000 General Electric Company PAC, Washington, D.C. Political Action Committee • $10,000 Phillip Morris Management Corp., New York, N.Y. Tobacco • $10,000 Peter B. Lewis Cleveland, Ohio Unknown • $10,000 Jicarilla Apache Nation, Jicarilla Reservation American Indian Nation $6,000-$9,999