Graham Theodor & Co. Letter to Partners 2011

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    Cixxi| Xd Xfi Ze|xni|r da @|efem Xfidhd| ! Bd. Cxh.;

    Iuyox fdchon`r er da Ndq. 2:#

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    horbozconi dni ben ebfoiqi e aeo|# |org-ehkyrxih |ixy|n l onqirxon` dqi| xfi cdn` xi|m enh xfex or dy| `dec#lyx niqi| dy| z|dmori.E aip `|dynh |ycir pfobf pi ehfi|i xd enh rdmi pd|hr eldyx dy| dzi|exodnr pocc ivzdynh yzdn dy|ynhi|con` onqirxminx zfocdrdzf.

    @|dynh \ycir

    Onqirxon` or mdrx onxicco`inx pfin ox or mdrx lyronirrcogi. - Linkemon @|efem5/ Pi e|i ndx aonenboec enecrxr# iuyox enecrxr d| ibdndmob enecrxr. Pi e|i lyronirr enecrxr enhlyronirrmin enh e|i lixxi| onqirxd|r libeyri da ox.

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    md|i hixeoc dn on ayxy|i cixxi|r.E|lox|e`iX|ehoxodnec e|lox|e`i inxeocr xfi romycxenidyr zy|bferi enh reci da en errix on d|hi| xd z|daox a|dm e rmecchoaai|inbi on xfi z|obi# `eonr pi|i mehi l ivzcdoxon` hoaai|inbir on z|obi da ohinxobec d| romoce| riby|oxoir

    eb|drr hoaai|inx me|gixr.Xfi ehqenbiminx da xibfndcd` enh md|i rziboaobecc xfi z|dcoai|exodn da fo`f a|iuyinb x|ehon` &FAX/fer mehi rybf mor-z|obon`r |ihynhenx er bdmzyxi|o{ih x|ehon` rrximr ommihoexic zobg yz dn enhivzcdox rybf dzzd|xynoxoir on e mexxi| da mi|i ribdnhr.Hirzoxi xfor# dzzd|xynoxoir |imeon on fo`fc rziboeco{ih aoichr da ndn-x|ehoxodnec e|lox|e`i rybf er mi|`i|renh ebuyoroxodnr# bd|zd|exi rzon-daar enh hoqirxoxy|ir enh couyohexodnr &Rziboec Roxyexodnr d| Pd|gdyxrer xfi e|i hiimih dn Pecc Rx|iix/. Xd xfor inh pi xy|n dy| exxinxodn# er xfor or en e|ie pfi|i xfionhoqohyec gndpcih`i enh ivzi|xori da onqirxd|r onxicco`inxc ezzcoih ben rxocc |iez fenhrdmi |ipe|hr.Rybf x|enrebxodnr e|i md|i bdmzciv# |iuyo|i e aeo| hi`|ii da lyronirr gndpcih`i enh xfi xomiconi ad|rybf hiecr or niqi| rix on rxdni xfi|iad|i mybf zexoinbi enh horbozconi or |iuyo|ih# bdmlonih poxf xfi aebx

    xfex exx|ebxoqi bdmmoxminxr e|i rdmixomir hoaaobycx xd uyenxoxexoqic errirr.Ecc xfiri aebxd|r pd|g xd hix|ebx xfi iqi|he rzibycexd| enh x|ehi| a|dm b|dphon` onxd xfor rzebi eruyobg z|daoxr ezzie| enh onhiih e|i fe|hi| xd bdmi l xfen on dxfi| e|ier da xfi me|gix. Xfor ldhir piccad| yr# er onhizinhinx xfdy`fx# zexoinbi enh horbozconi e|i e aip da dy| rziboecxoir.Onhiih pi feqi mehi dni rybf bdmmoxminx on xfi zerx xpicqi mdnxfr &pfobf o pocc horbyrr cexi| dn onxfor cixxi|/ enh pfoci xfi me|gix or yn-ry|z|oron`c rcdp on |ibd`no{on` xfi onx|onrob qecyi da dy| fdchon`#pi be|i ndx xfi cierx er pi feqi liniaoxih a|dm dy| zdroxodn on dxfi| per# nemic on xfi ad|m da ho|ibxberf horx|olyxodnr# pfobf ex xfor zdonx on xomi or kyrx er `ddh ad| yr er ezz|iboexoqi `eonr.Aovih Onbdmi

    Pi feqi ce|`ic rxeih epe a|dm xfi aovih onbdmi me|gix dqi| xfi zerx xpd ie|r ad| dlqodyr |ierdnr -

    5/ Xfi |org ehkyrxih oichr by||inxc eqeocelci on ldxf xfi bd|zd|exi enh `dqi|nminx ldnh me|gixr e|ionezz|dz|oexic cdp on dy| dzonodn.

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    pfobf pi ben ieroc ynhi|rxenh# xfex feqi `ddh ynhi|con` ibdndmobr enh en fdnirx enh bdmzixinxmene`iminx xiem pfd `inyonic inkdr pfex xfi hd.Xfor b|oxi|oe hdir ndx bfen`i on xfi cierx oa pi e|i cddgon` xd zy|bferi e mekd|ox rxegi on e lyronirr.On aebx# ox dnc `ixr emzcoaoih er penx xd li elrdcyxic bdnaohinx on xfi uyecox da xfi bdmzen enh xfibfe|ebxi| da xfi zidzci dzi|exon` ox oa pi e|i `don` xd `d onxd lyronirr poxf xfim.

    Pi aonh dy|ricqir onb|ieron`c cddgon` ad| enh aonhon` rybf lyronirrir xd z|drzibxoqic xegi bdnx|dcda.Pfoci ox or dy| rxexih onxinxodn xd xegi rybf ebxodn dqi| xfi moh-cdn`-xi|m# pi pocc ndx hd rd yncirr dy|onqirxminx b|oxi|oe minxodnih ex xfi li`onnon` da xfor cixxi| or mix.O pocc feqi e cin`xfoi| yzhexi dn xfor ze|xobyce| onoxoexoqi nivx ie| er xfi nivx xpicqi mdnxfr bdych qi|picc rii yr li`on irxelcorfon` e rylrxenxoec mond|ox rxegi dn xfi pe xd e mekd|ox on e `ddh lyronirrpfobf pi pdych cogi xd dpn ad|iqi|.

    +++++++++++++++++++++++++++Adccdpon` or e l|oia rndzror eldyx dy| z|irinx fdchon`r# er picc er e aip pd|hr eldyx rdmi da xfi xfon`r

    pi hoh |o`fx xfor zerx ie|# rdmi da xfi xfon`r pi `dx p|dn` enh rdmi da xfi xfon`r pi rfdych feqi hdni#lyx hohnx &pfi|i xfyml rybgon` dbby||ih ad| cebg da e lixxi| xi|m/.Berf Zdroxodn

    O hdnx gndp pfex icri o ben re eldyx berf xfex fer ndx ec|ieh liin reoh# oxr `|iex enh iqi|dni pdychcogi xd feqi md|i da ox%Berf or dy| ce|`irx fdchon` l e `ddh miery|i# bdmz|oron` ecmdrx 8:) da dy| zd|xadcod ex xfi z|irinxxomi. Pfoci xfor ben rdmixomir li e zeonayc zdroxodn xd li on# er ohiecc bezoxec pocc li dyx pd|gon`fe|h ad| yr. Ox or bi|xeonc ndx er zeonayc er hdon` rdmixfon` rxyzoh poxf xfex bezoxec enh |orgon` cdrr daz|onbozec.

    Pi bdnxonyi xd riig dyx exx|ebxoqi roxyexodnr on pfobf pi ben eccdbexi bezoxec pfoci xegon` dn monomec|org. Poxf xfex reoh# pi pocc ndx |org zdxinxoec cdrr da z|onbozec ad| rco`fxc fo`fi| oichr# z|drzibxoqiayxy|i `|dpxf d| uyobg rzibycexoqi `eonr yncirr pi ben dlxeon e bcie| me|`on da reaix ex xfiz|irinx.Rocqi|

    Er ndxih eldqi# poxf ldxf `dqi|nminx enh bd|zd|exi ldnh oichr ex |ibd|h cdpr hirzoxi xfi|i lion` md|ionfi|inx |org on xfiri errix bcerrir xfen iqi|# rocqi| or dni da xfi mdnixe| errixr on pfobf pi feqi bfdrinxd ximzd|e|oc ze|g bezoxec.L ebehimoer z|irinx rxenhe|hr pi feqi ricibxih e md|i qdcexoci errix poxf l|dehi| z|obi rpon`r

    pfobf megir ox md|i |org. Xfengaycc pi hd ndx hiaoni |org l xfiri ryzi|aoboec rxenhe|hr onrxieh dy|hiaonoxodn or rybf;

    \org or zdxinxoec cdrr da z|onbozec

    Rdynhr romzci hdirnx ox4 Xfexr libeyri xd e ce|`i ivxinx ox or. Pi cddg ex |org rx|obxc on xi|mr da pfex

    xfi zdxinxoec cogic fddh or da zi|meninx omzeo|minx xd dy| z|onbozec onqirxminx. Rfd|x xi|m z|obi rpon`r

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    enh me|gix qdcexocox &lixe er ox or daxin beccih/ hdir ndx bdnbi|n yr on xfi cierx.

    Pfoci rocqi| pocc hiaonoxic xegi yr dn e mybf pochi| |ohi dqi| xfi rfd|x xi|m xfen aovih onbdmi riby|oxoir

    on xi|mr da z|obon` qdcexocox# pi licoiqi xfi bfenbir da ycxomexi omzeo|minx xd dy| z|onbozec bezoxec e|i

    monomec.

    Xfor |on`r x|yi z|ome|oc libeyri da xfi cdp eq`. bdrx ad| dy| rocqi| zdroxodn &Ezz|dv. (51.1: zi| dynbi/

    lyx ecrd hyi xd xfi z|obi acdd| pfobf fer liin irxelcorfih ad| rocqi| er e leri mixec# ce|`ic h|oqin l oxr

    `|dpon` onhyrx|oec yre`i er xfi ce|`irx bdmzdninx da rocqi| ael|obexodn himenh l ae| or oxr onhyrx|oec yri.

    Xd `oqi en ivemzci# on

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    Kipicci| himenh fer ivzi|oinbih e rco`fx h|dz-daa dqi| xfor remi zi|odh# lyx or rxocc on en yzpe|h x|inh

    ronbi

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    hnemobr e|i qi| onx|o`yon` lyx ecer o em nd zdzycexodn rboinxorx rd o benndx ehh enxfon` onxicco`inx xd

    xfor rbd|i.

    Fdpiqi|# o ben re xfex megon` en onxicco`inx rzibycexodn on rdmixfon` xfex or xfi xfo|h mdrx omzd|xenx

    iciminx xd fymen lion`r ry|qoqec &lifonh eo| enh pexi| |irzibxoqic/ ex e cdp indy`f z|obi zdonx or qi|

    cogic xd oich `ddh cdn`-xi|m |irycxr.

    \ixeoc Fdchon`r N.Q.

    \ixeoc Fdchon`r N.Q. or e fdchon` bdmzen poxf xf|ii z|onbozec errixr;

    5/ E 91.

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    Pfin dni bdmlonir xfor ao`y|i poxf xfi (0.1 Moc. on berf pfobf Ron`i| Eroe be||oir dn oxr lddgr# pi

    e||oqi ex e ao`y|i da (25:.1 Moc. Xfi emdynx a|dm xfor xfex or on xy|n exx|olyxelci xd \iFd &91.

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    Pfin e `ddh mene`i| miixr e leh lyronirr# ox or xfi |izyxexodn da xfi lyronirr xfex |imeonr onxebx.

    Poxf xfex reoh# o licoiqi xfex LAAB miixr ldxf da xfi ao|rx xpd xirxr enh ecrd aeo|r uyoxi picc dn xfi xfo|h er

    z|irinx mene`iminxr onxi|irxr ezzie| xd li qi| mybf eco`nih poxf rfe|ifdchi|r.

    Dn xfi ao|rx rbd|i# xfi bdmzen dpnr d| or xfi merxi| cobinrii ad| ndx dni lyx xf|ii irxelcorfih uyobg

    ri|qobi l|enhr on L|e{oc on ehhoxodn xd ecrd fdchon` xfi merxi| |o`fxr xd e ady|xf imi|`on` bdnbizx.

    Xfi Ldlr Ly|`i|r x|ehime|g pfobf LAAB dpnr dyx|o`fx# per xfi ao|rx aerx addh bdnbizx on xfi bdynx|

    onoxoecc dzinon` oxr hdd|r on 5?9

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    Dn xfi xfo|h mexxi| da mene`iminx# o em z|dyh da pfex xfi z|irinx `|dyz fer liin elci xd ebbdmzcorf

    ronbi xegon` dqi| dzi|exodnr on 5??1. \obe|hd Ao`yio|ihd Ldmin# xfi by||inx BID da LAAB fer ndx dnc

    md|i xfen hdylcih xfi bdmzenr rxd|i bdynx a|dm kyrx ynhi| 2

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    dxfi| fymen lion`r dn xfi zcenix pi benndx z|ihobx xfi ayxy|i enh yncogi rdmi me|gix ad|iberxi|r enh

    enecrxr pi hd ndx iqin exximzx xd x| xd ao`y|i dyx rybf e bdmzciv iuyexodn. Rd# rfdych e ad|xynexi iqinx

    rybf er e h|dz on z|obir enh qecyir dbby|# pi ben cdpi| dy| eq`. zy|bferi z|obi enh xfi|il ehh xd dy|

    zdroxodn ex en iqin cdpi| qecyexodn pfobf or dni da dy| ad|imdrx `decr; Xd zy|bferi `ddh d| lixxi| ix

    |iex lyronirrir ex z|obir pfobf e|i rylrxenxoecc licdp xfio| ezz|dvomexi onx|onrob qecyi.

    Dy| onxinxodnr on xfi beri da LAAB pi|i nd hoaai|inx. Fdpiqi|# pfex inhih yz dbby||on` enh pfex xfi|i

    or nd hiainri e`eonrx# or xfex xfi bdmzenr rfe|i z|obi li`en e h|emexob erbinhenb ommihoexic eaxi|

    dy| onoxoec zy|bferi# a|dm kyrx (6.5< zi| rfe|i on cexi Kenye| ex xfi xomi da dy| zy|bferi xd dqi| (52 zi|

    rfe|i l moh-cexi Me|bf enh iqin fo`fi| xfi|ieaxi|.

    Pfoci ficzcirrc cddgon` dn# mrica enh m ze|xni| @|efem _dyn` mehi e hiborodn ndx xd rx|e a|dm

    dy| z|onbozcir enh peox ox dyx# ehhon` xd dy| rxegi dnc dnbi xfi z|obi |ixy|nih xd e ciqic ndx ae| eldqi dy|

    onoxoec zy|bferi z|obi da (6.5< zi| rfe|i. Xfor rehc niqi| dbby||ih xf|dy`f xfi |imeonhi| da xfi ie|.

    Cybgoc# xfi nip ie| z|dqohir yr poxf e a|irf dzzd|xynox xd |ibxoa dy| i||d| enh pi onxinh xd hd kyrx

    xfex7 er pi pocc ex rdmi ezz|dz|oexi zdonx on xomi onb|ieri dy| rmecc rxegi on LAAB.

    \oabd Onb.

    \oabd Nexodnec Eyxd Aonenbi fer liin dn dy| |ehe| ad| e pfoci ndp. Iqi| ronbi o feh xfi zciery|i da

    miixon` ldxf xfi bdmzenr bd-adynhi|r# BID Locc @|efem enh BAD Cenbi Gehex{ ex xfi Rmecc Bez

    Bdnai|inbi on Qenbdyqi|# LB lebg on xfi ie|c aecc da

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    z|obi# ronbi dy| ecc omzd|xenx me|`on da reaix pdych li rcom xd ndni. Onrxieh pi pocc peox ad| xfi me|gix

    xd daai| yr e md|i rinrolci riccon` z|obi# pfobf ox pocc oniqoxelc hd. Pi hd ndx gndp pfin xfor pocc

    dbby|# lyx mi enh @|efem e|i zexoinx aiccdpr enh pi e|i poccon` xd peox ox dyx.

    Dy| dnc morxegi fi|i or ndx aonhon` dyx eldyx Locc enh Cenbir x|iery|i da e lyronirr rddni| xfen pi hoh#

    ad| pfobf o xegi aycc |irzdnrolocox.

    OAC Onqirxminx Adynhexodn

    OAC or e bcdrih-inh onqirxminx fdchon` bdmzen pfdri dnc dzi|exodnr bdnrorx da oxr fdchon`r on dxfi|zylcobc x|ehih inxoxoir on Benehe.OAC'r zd|xadcod bdnrorxr da 50 ce|`i-bez XRV bdmzenoir poxf xfi xf|ii ce|`irx fdchon`r lion`;- Leng da Ndqe Rbdxoe- \oxbfoi L|dr. Eybxodnii|r Onb.

    - Menycoai Aonenboec Bd|z.

    Bi|xeonc ecc lyronirrir pfobf pi ben ynhi|rxenh.

    Xfi bdmzen'r onqirxminx fdchon`r e|i by||inxc pd|xf (50#:

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    Pfoci xfor or bi|xeonc e zdroxoqi hiqicdzminx er rfe|ifdchi|r pfd zy|bferih xfio| rfe|ir ex d| nie|by||inxc z|iqeocon` z|obir pocc ycxomexic |ibioqi e |ixy|n &enpfi|i a|dm

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    AZ Niprzezi|r Onbdmi Aynh onho|ibxc dpnr e 8?) onxi|irx on AZ Benehoen Niprzezi|r

    Comoxih Ze|xni|rfoz &AZCZ/

    AZCZ or e comoxih ze|xni|rfoz pfobf zylcorfir enh horx|olyxir xfi Ponnozi` A|ii Z|irr enh L|enhdn

    Ryn niprzezi|r enh ecrd bdnrorxr da xfi Benrxe| Bdmmynox Nipr hoqorodn pfobf zylcorfir io`fxpiigc niprzezi|r ecrd on xfi Z|dqonbi da Menoxdle# onbcyhon` Yzxdpn Me`e{oni# en inxi|xeonminx

    piigc enh Xfi Xomir pfobf fer ri|qih rov cdbec bdmmynoxoir ronbi 5?02.

    Poxf xfi Ponnozi` A|ii Z|irr feqon` liin e|dynh ad| picc dqi| e binxy|# ronbi lion` adynhih er

    xfi Menoxdle A|ii Z|irr on 560< oxr hy|elocox or ynuyirxodnih# ri|qon` er Beneher dchirx |ynnon`

    niprzezi|.

    Oxr ynhi|con` ibdndmobr e|i endxfi| uyirxodn# pfoci xfi niprzezi| enh zi|odhobec onhyrx| on Benehe fer

    zi|ad|mih eldyx xfi remi er oxr bdynxi|ze|xr e|dynh xfi pd|ch dqi| xfi zerx hibehi# on xfex |iqinyir feqi

    |imeonih ezz|dvomexic acex pfoci ivzinrir feqi bdnxonyih xd |ori.

    On Benehe# lixpiin

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    Xfi xegiepe a|dm xfor ex cierx ad| yr# or xfex dni benndx enh rfdych ndx lconhc kymz onxd lyronirrir

    pfobf ezzie| bfiez romzc lerih dn e aip qecyexodn b|oxi|oe. Dni rfdych cddg ex e lyronirrr ynhi|con`

    ibdndmobr liad|i hibohon` pfixfi| e me|`on da reaix hdir onhiih ivorx ex xfi z|iqeocon` z|obi d| oa xfi

    lyronirr or bfiez ad| e aynheminxec |ierdn.

    Xfex or xfi x|dylci poxf rxddzon` ad| bo`e| lyxxr# pfobf Linkemon @|efem merxi|ih. _dy niqi| gndp

    pfin dy e|i `don` xd zobg yz e hyh poxf nd zyaar ciax on ox.

    +++++++++++++++++++++++++++

    Morbiccenidyr

    Xfor cixxi| pocc li |ieh l e qe|oih eyhoinbi# enh ox me li zdrrolci xfex pi me li elci xd ficz rdmi

    mimli|r da xfor eyhoinbi enh xfi me li elci xd ficz yr.

    Oa dy d| rdmidni dy gndp or;

    &5/ Cddgon` xd z|dxibx xfio| bezoxec &z|onbozec/

    &

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    Romdn A|eri| Ynoqi|rox bemzyr on hdpnxdpn Qenbdyqi| enh e qe|oix da onqirxminx beri rxyhoir enh

    cibxy|ir e|i yryecc z|irinxih eaxi| pfobf e coqic horbyrrodn inryir.

    Pfoci xfi exxinhenbi or rxocc rmecc# o em fdzon` xd `|ehyecc onb|ieri ox xf|dy`fdyx

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