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Thistle Investment Report QE 12-31-20154� U 0. O V oW cn v 0 w 0 v i W O N M LO \10 L� N c+7 H NO, a Al H U w U to pz NO, a Al O N m v m Q (%) -nida N N S S m a .0 C7 o W o 0 � " U W � � c� ro ro a c� ro N �e a tn tn tA tA IJ M-01 La X U O t O v 4 U O V O �A 1 ti Ln N 0 N N m v a v v 01 z col 2 W 2 w O L L L L L L L L L L W O O U Ot W L L L L L L L L L L L L L L L L 0 0 0 0 U v v � N m m j j U U Q Q U U z z a a o 0 0 0 0 o r r 0 o a a d d v v z z vci yr 0 0 00 0o v v G G b0 Qr � q a a m 0 m 0 75 p 0 o Un U) o 0 -a -a o o v G O u O u 0 b7J 4J � 0 b7J v U') U') 4 4 4. 4. 0 C:) 10 C:) 10 b�9 N b�9 oN0 v 4 O v 4 O 00 m m N 00 Pr -�5 O v w Pr 75 O O x. . v w C) v p p O tc v v m � � .� I � t 0 t 0� t 0 0 0 0 75 75 Er o 75 ri Ci c W O O U Ot W L L L L L L L L L L L L L L L L 7 w o o � v � ry r � n N cl� c Un 'o t� 00 L O O U O ti q L L L L- L L L L L v m 0 75 4 w N � N cfi o m o u m � d d U U o � � o X X 75 75 75 v v v v v w w w O O O m Un m s 7s 5 .a 75 r �i Mi v m c 10 m m 00 ✓J O �L 9 �1. �1. U U ao ao � N m m rA 75 75 o 0 m C) ao v tc 75 7 v z z vci yr m 75 p p o r r `n C:) 0 v v G G U') U') o o 0 0 C:) 10 C:) 10 O O 00 00 m m s v v 75 O O tc v v m � � .� a a 75 75 Er o 75 cC cC cC oo cC oo � sr sr sr �D sr �D 75 75 Q Q Q > Q 7 w o o � v � ry r � n N cl� c Un 'o t� 00 L O O U O ti q L L L L- L L L L L v m 0 75 4 w N � N cfi o m o u m � d d U U o � � o X X 75 75 75 v v v v v w w w O O O m Un m s 7s 5 .a 75 r �i Mi v m c 10 m m 00 ✓J O �L 9 m a 16 z N � � O � vo 0 m 3 m x � ayCi N � A ao Y C � C Z C v 0 0 O � C o � m C o 5 T o 00 O O v Z � C 7 O � j z C v v o � v C v � N N 7 s. v O � N O N C C O x � o � � U „ o v p C W V C v 7 T v aovx s. m x � o x x C W r W N � U O 7 LL � O rn T � o o � v " Xa � O N LL �COC U N � � v C � v � O � N Q > � ro x 3 u s� o o I � v � I C C O � I I C � I ao ao C C C mid A A O x x � m a 16 z N � � O � vo 0 m 3 m x � ayCi N � A ao Y C � C Z C v 0 0 O � C o � m C o 5 T o 00 O O v Z � C 7 O � j z C v v o � v C v � N N 7 s. v O � N O N C C O x � o � � U „ o v p C W V C v 7 T v aovx s. m x � o x x C W r W N � U O 7 LL � O rn T � o o � v " Xa � O N LL �COC U N � � v C � v � O � N Q > � ro x 3 u s� a, v 0 � W a� O � O �A f� 0 N r-1 M v w � c � M U � o 'N wN o� r� � o U � o� io a o w� 0 o� i ■ w ■ o w ■ ■ 0 C7 00 ■ 0 U o., 00 ■ M bo tzt ol t� 4 J a tA A tz) V rT� � V � W G O � Ln r-i O N r-I cn s) Q) v V Q) id C-� Z U W O ti O N a j 0 U a 00 0 � o 0 00 O O � � O O O O W O O 0 0 � O � N M O 0 � o 0 � O O O � O N co O O � O O � O � O � O O °O co O O i 00 � 0 0 O � O � � O cq 0 0 0 �o co a J ta A Ul h U v C ro w Y` v i 0 i r1 Ln N O N m v v v w ,-1 H 0 N N H 0 N H E o U N w H 0 N LI 0 N a w z E-+ E� O Q w U � w a O 0 0 CO ^ N O 0 0 \° � N m 0 N N rj 0 0 0 0 0 0 \° � m N 0 0 0 0 0 0 0 0 cYi o ey cti 0 0 �-I 0 0 Q o m o N 0 0 o 0 0 0 crj crj H O CO ^ N O 0 0 \° � N m m m 0 0 N G� G� 0 0 0 0 \° N m N N 0 0 m m 0 0 N 0 0 0 0 \° N m N N 0 0 N N 0 0 0 0 N cti �-I 0 0 o L 0 0 0 � 0 0 0 crj crj m o chi 0 0 o \° O Q �C w 0 0 0 N 0 0 0 \° N m N N 0 0 H � 0 0 o \° O Q �C w 0 0 0 0 N 0 N m N N 0 0 0 0 0 0 o \° O Q �C w 0 0 0 0 0 0 0 N �-I 0 0 0 � 0 crj crj m m 0 N o 0 o � w � O � o �o w ° v o � z o co Gco1 N .� V m o o p U a � o � QO O O � I i � U O o � N � � QO a d o � 0 o \° m o K � w _ � o U w � ✓J d IJ U U r" ^LV iU� 0g� 4 �A r. ti 0 N M �C F v Q w N H N o 0 0 0 0 0 NI N m H H N N cy cy cy w N N N N m H m o o o H 16 w x 0 0 x 0 o a q o 0 0 0 0 L6 � � c�i a ai � N ni o 0 0 o x o 0 0 o H N ni w Q_ CS u w 0 N M L L6 U � O N � o LO o c,z) Z, N Q tz a� � � a w A S IN v ti v O a� ti E 0 N r-1 M V w o.� bo bo V N U N O (xapul - .iagnunyV) stunIdN ui aluada fiQ N i N H 0 'N H O �+ O eti O � � H � o .N O 0.1 � y0�.1 QH m � .N N N C) of bo ol tS� =71 a-A v v O O ti MA 0 N r-1 M V w M O (xapul - .iagnunyV) stunIdN ui aluada fiQ M 1 M 0 'N H O �+ O eti O ,Q � H � o .N O 0.1 � y0�.1 QH m � .N N M oa J r J r �o V N U M O (xapul - .iagnunyV) stunIdN ui aluada fiQ M 1 M 0 'N H O �+ O eti O ,Q � H � o .N O 0.1 � y0�.1 QH m � .N N M oa J r J r v � v � Q� �I O 4 ~^` W 0 N r-1 M V w N O (xapul - .iagnunyV) stunIdN ui aluada fiQ N i N H 0 'N � H O �+ O eti O � � H � o .N O 0.1 � y0�.1 QH m � .N N N N H N by mfl ti 9. 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