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Assurne that the presidelt of Elkhead Brewery made the followiag stalement ia the AJmlral Report to Shateholdelsl 'The foundinq fomity ond moJority shdreholde6 of the

Assurne that the presidelt of Elkhead Brewery made the followiag stalement ia the AJmlral Report to Shateholdelsl 'The foundinq fomity ond moJority shdreholde6 of the compony da not belive in using debt to finqnce tuturc growah.The foundtng famtly taamed from hatd experlence dwtng Prohibitian and the Grcat Deprestid rir,,t debt can couse toss of ffexibllity and eventuol toss of cotporate control. The compi'ny wltl n'n ptac2 ttse$ at such rlsk AsSuch' dt futute growth will be ftnon ed elth"t by ,tock sotes io the publlc ot by t$enally generated resources: As a public shareholder of this comPafly, how would you respond to thb policy?

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