Biannual Fitness Report (Q1 & Q2 2015)

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). The biannual report above summarizes the fitness activities of Courtney in the first half of 2015. We attribute our strong results to adhering to our distinctive values of consistency and hard work.

In the first half of 2015, Courtney ran 409 miles. Longtime shareholders may note that this number is well below previous biannual averages but headquarters assures you that while mileage is low, intensity is at a decade long high. Mileage includes two half marathons, four Spartan Races, and numerous examples of community involvement of the 10K variety. While no PRs were achieved in this reporting period, age adjusted earnings were substantial. In addition, Courtney reinvested in heart rate based training and track work for the first time since the 2003 Depression.

In the reporting period, the organization invested substantial R&D into spear making and throwing which saw an immediate returns. Long-term R&D investments that continue to pay off include kettlebells, barbells, yoga, rock climbing, and hiking (please see the appendix details on those 154 hours).

After consulting with the board of directors, Courtney secured an increased supply of polyhydroxy aldehydes and ketones and reduced consumption of ethanol and certain methylxanthine alkaloids. Shareholders will be pleased to know that the organization continues to focus on efficiency and parallel processing by bike commuting from headquarters.

The organization would like to thank friends and training partners for their continued support of the corporate vision, as well as the OCR Grinders for their contributions to the growth strategy.

Courtney has a number of exciting opportunities in the second half of 2015. Past performance is not indicative of future results but we expect adherence to our values will earn similar rewards in the second half of 2015.

Thank you for your continued support.