Dear Shareholders,

Thank you for continuing to invest your social capital in Courtney (DBA @TougherThanATwoDollarSteak).

This annual report summarizes the fitness activities of Courtney for the last 365 days. We once again attribute our strong results to strict adherence to our distinctive values of consistency and hard work.

Longtime shareholders may be surprised to be reading an annual report versus the organization’s standard biannual reporting period. The board is pleased to report that this change is due to organization’s first full year of consistent training and racing in more than 15 years. While analysts note that the organization has faced at least one quarterly downturn and a significant amount of volatility in each of the previous reporting periods, many have revised their expectations and valuations based on the successful execution of the organization’s corporate strategy (“Healthy and Strong, then Fast”) and efficient resource allocation (“Minimum Effective Dose”). Potential investors are encouraged to review results below and training details in the enclosed prospectus.

In the previous calendar year, the organization ran 894 miles averaging 2.2 runs per week. While no PRs were achieved in this reporting period, age adjusted results continue to trend upward. As the board’s suggestions we made a a very limited return to road racing; based on a small sample this likely remains in a recessionary gap but market indicators do appear positive. Continued reinvestment in heart-rate-based training bolstered run efficiency (see V02 Max and Threshold data) 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.

While total run mileage remains below previous metrics, overall fitness has been buttressed by cycling (2,783 miles) and swimming (142 miles) both of which were significantly better than the midpoint of guidance. This was the organization’s second year focused on triathlon and our first focused on the 70.3 distance. We are pleased with the results of our investment: 8 triathlons with 1 overall podium, 1 relay win, and 4 age group podiums including 2 at the new 70.3 distance.

The organization saw substantial improvements in aerodynamics (adios Gatorskins!) with the move from cyclocross to a road bike to a big girl triathlon bike. Analysts confirm there is significant room for growth in this area.

The organization eschews the market’s standard Triathlon investment strategy (“Swim, Bike, Run Out of Money”) and employed more unique strategy where all profits were immediately reinvested into the organization’s closet due to a dramatic increase in latissimi dorsi.

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 222 hours invested).

Intercorporate investments in the reporting period are conservatively estimated at 20,000 miles driven (including an epic 8-state, 5-day road trip, 3,000 mile road trip with a Half Ironman in the middle), dozens of breakfasts, and a substantial public interest in the equity of other firms. Past performance is not indicative of future results, however, the board expects this positive trend to continue.

The organization would like to thank family, friends, and coaches for their continued support of the corporate vision and contributions to the growth strategy. We expect adherence to our values will yield similar rewards for the next reporting period and truly appreciate your interest in the organization’s future.