Biannual Fitness Report (Q1 & Q2 2016)

Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak). This biannual report summarizes the fitness activities of Courtney in the first half of 2016. We once again attribute our strong results to adhering to our distinctive values of consistency and hard work.

In the first two quarters of 2016, Courtney ran 391 miles. While no PRs were achieved in this reporting period, age adjusted earnings continue to be on the upswing. Continued reinvestment in heart-rate-based training and track work are bolstering results and the organization will strive to facilitate ongoing improvement in outcomes until they more closely resemble those that prevailed before the Great Depression of 2003.

Longtime shareholders may note that total mileage remains below previous biannual metrics, however, overall fitness has been buttressed by the addition of cycling (819 miles) as well as substantial investment of R&D into swim lessons (52 miles). These unusual R&D investments were deemed essential after the board of directors presented the organization a new challenge: Triathlon. Regarding two wheeled transport, the organization made a calculated decision to minimize bike commuting to and from headquarters while increasing the time going nowhere (but going fast!) on a trainer, this decision coincides with a major increase in hours of entertainment consumed. In the water, investments in swimming are currently outpacing the S&P, however, we must caution shareholders that the rate of growth is likely due to the fact that benchmark index has never reached a low on par with nearly drowning in front of a group of kids in a swim lesson. This unique investment strategy has paid off with the organization returning five age group podiums in six races as well as a top ten finish in her first Half Ironman.

Long-term R&D investments that continue to pay dividends include kettlebells, barbells, yoga, rock climbing, hiking, and crazy multi-day adventure races (please see the Appendix for a summary of the 98 hours invested).The organization continues to experience progress and expects a positive trend to continue.

As ever, the organization would like to thank family, friends, coaches, and her training partner for their continued support of the corporate vision and contributions to the growth strategy.

While past performance is not indicative of future results, we expect adherence to our values will yield similar rewards for the remainder of the year.

Thank you for your continued support.