div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails1jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=2 data-page=2 class=ts-thumb lazyload alt=Page 2: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails2jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails3jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails4jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails5jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails6jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails7jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails8jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails9jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails10jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails11jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails12jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=13 data-page=13 class=ts-thumb lazyload alt=Page 13: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails13jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=14 data-page=14 class=ts-thumb lazyload alt=Page 14: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails14jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails15jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=16Page 16button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=16 data-page=16 class=ts-thumb lazyload alt=Page 16: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails16jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=17Page 17button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=17 data-page=17 class=ts-thumb lazyload alt=Page 17: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails17jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=18Page 18button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=18 data-page=18 class=ts-thumb lazyload alt=Page 18: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails18jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=19 data-page=19 class=ts-thumb lazyload alt=Page 19: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails19jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=20 data-page=20 class=ts-thumb lazyload alt=Page 20: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails20jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=21Page 21button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=21 data-page=21 class=ts-thumb lazyload alt=Page 21: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails21jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=22 data-page=22 class=ts-thumb lazyload alt=Page 22: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails22jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=23Page 23button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=23 data-page=23 class=ts-thumb lazyload alt=Page 23: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails23jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=24Page 24button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=24 data-page=24 class=ts-thumb lazyload alt=Page 24: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails24jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=25Page 25button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=25 data-page=25 class=ts-thumb lazyload alt=Page 25: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails25jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=26Page 26button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=26 data-page=26 class=ts-thumb lazyload alt=Page 26: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails26jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=27Page 27button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=27 data-page=27 class=ts-thumb lazyload alt=Page 27: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails27jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=28Page 28button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=28 data-page=28 class=ts-thumb lazyload alt=Page 28: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails28jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=29Page 29button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=29 data-page=29 class=ts-thumb lazyload alt=Page 29: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails29jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=30Page 30button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=30 data-page=30 class=ts-thumb lazyload alt=Page 30: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails30jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=31Page 31button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=31 data-page=31 class=ts-thumb lazyload alt=Page 31: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails31jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=32Page 32button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=32 data-page=32 class=ts-thumb lazyload alt=Page 32: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails32jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=33Page 33button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=33 data-page=33 class=ts-thumb lazyload alt=Page 33: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails33jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=34Page 34button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=34 data-page=34 class=ts-thumb lazyload alt=Page 34: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails34jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=35Page 35button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=35 data-page=35 class=ts-thumb lazyload alt=Page 35: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails35jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=36Page 36button div class=ts-imageimg data-url=4th-annual-report-to-shareholders-2005-contents-advisors-letter-to-shareholdershtmlpage=36 data-page=36 class=ts-thumb lazyload alt=Page 36: SNL · 4TH ANNUAL REPORT TO SHAREHOLDERS 2005 CONTENTS: Advisors Letter to Shareholders The Company Tim currently holds board positions with the following groups: Board member loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader033vdocumentsusreader033viewer20220501075f45bb6cebe96641891f26cbhtml5thumbnails36jpg width=140 height=200 divdiv