EX-99 2 p14-2035exh_1.

htm EXHIBIT 1
!"## %&"'( )*&+,-&#.(/' )((, *& 01## 1 )2(+31# 4((567 *& 8.. !39( %37-#:
;"1#3<(. =6.393."1#' *& *-( >&1/. &? @3/(+*&/'

A-( B/&"2 &? 0&6+(/6(. )*&+,-&#.(/' =' C(. D: @16 C((E !&/F(/ 0GH &? I3661+#( G6*(/*136F(6*

)-1/(' 36 !"## %&"'( 1/( @&J6 KLM N(1/ *& @1*(

A-( 0&6+(/6(. )*&+,-&#.(/' >(#3(9( 3* 3' O/7(6* *& 01## 1 )2(+31# 4((567 >(?&/(
GP3'567 >&1/. @('*/&:' 4&/( Q1#"(


nLW ?C8k, CcLober 9, 2014

1hree Concerned SLockholders of lull Pouse 8esorLs lnc. (nASuAC:lLL) Loday senL a leuer Lo Lhelr fellow
sLockholders ln Lhe Company. 1he Concerned SLockholders own approxlmaLely 1,161,482 shares of common
sLock ln Lhe aggregaLe, whlch represenLs approxlmaLely 6.2 of Lhe shares ouLsLandlng. ln Lhe leuer, Lhe
Concerned SLockholders announced Lhelr lnLenuons Lo call a Speclal Meeung Lo add ve hlghly qualled
lndlvlduals Lo Lhe 8oard of ulrecLors.

1hls 8oard has falled sLockholders ln our vlew," sald group member and gamlng lndusLry veLeran uanlel 8.
Lee, Lhe former Chalrman and CLC of lnnacle LnLerLalnmenL and Lhe former ClC of Mlrage 8esorLs. "1he
Company has gone on a reckless buylng blnge, overpaylng for Lhree shrlnklng caslnos and pursulng Lwo hoLel
addluons LhaL have marglnal reLurns. lL ls ume for sLockholders Lo puL ln place a 8oard LhaL wlll work dlllgenLly
Lo x Lhe damage, repalr and grow Lhe Company's exlsung properues, and earnesLly conslder Lhe Company's
sLraLeglc alLernauves. More of Lhe same ls slmply noL an opuon LhaL lull Pouse sLockholders can aord."

Cver Lhe pasL nlne monLhs, we have auempLed Lo engage quleLly and consLrucuvely wlLh managemenL and
Lhe 8oard," added one of Lhe group's sLockholders 8radley 1lrpak. We see greaL value and poLenual for Lhe
Company, buL Lhe sLock prlce reecLs our bellef LhaL Lhe markeL has losL falLh ln Lhls managemenL Leam. 1he
shares are down nearly 60 ln 2014 and we belleve an upgraded 8oard ls desperaLely needed Lo lmprove Lhe
Company's performance. "

Cralg 1homas, anoLher one of Lhe group's sLockholders added, ln Lhe pasL ve scal years, Lhe LoLal
compensauon of Lhe long-Lenured Chalrman and CLC Andre Pllllou has rlsen 39. Cver Lhls ume, he has been
pald LoLal compensauon ln excess of $4,400,000. We belleve addlng new members Lo Lhe 8oard wlll brlng
accounLablllLy Lo Lhe managemenL Leam and help allgn execuuve compensauon wlLh Lhe slze and
performance of Lhe Company."

lL ls hard Lo lmaglne a more lrresponslble sLewardshlp of shareholder money Lhan we have seen aL lull Pouse
8esorLs," uanlel 8. Lee concluded. 1he Company was debL-free only Lwo years ago, buL lL borrowed recklessly
and has noL lnvesLed Lhe money well. now, lL has breached lLs debL covenanLs ln each of Lhe pasL Lwo
quarLers, yeL conunues Lo operaLe as lf LhaL hasn'L happened. We lnLend, of course, Lo work wlLh Lhe exlsung
board Lo safeguard Lhe shareholders' lnvesLmenL and bulld value, buL Lhe need for change ls urgenL. 1he
Company needs more experlence and lndependence on lLs 8oard. Shareholders could lose more or all of Lhelr
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1 of 9 10/10/14 9:40 AM
lnvesLmenL lf Lhe Company conunues on lLs recenL course."

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A-( ?"## *(P* &? *-( #(R(/ ?&##&J'S


uear lellow SLockholder,

We are Lhree Concerned SLockholders (Concerned SLockholders" or we") of lull Pouse 8esorLs lnc.
(nASuAC: lLL) ("lull Pouse" or Lhe "Company"). 1oday we announced our lnLenuons Lo seek Lo call a Speclal
Meeung of Lhe sLockholders of Lhe Company.

AL Lhe Speclal Meeung, we plan Lo propose LhaL shareholders expand Lhe 8oard of ulrecLors (Lhe "8oard") Lo
Len ulrecLors and name ve new, hlghly qualled and lndependenL lndlvlduals Lo Lhe 8oard. As Concerned
SLockholders, we belleve Lhese new lndependenL professlonals wlll help Lhe 8oard lmprove caplLal allocauon,
operauons, and corporaLe governance aL Lhe Company. We currenLly own 1,161,482 shares of sLock ln Lhe
aggregaLe, whlch represenLs approxlmaLely 6.2 of Lhe shares ouLsLandlng.

Clven Lhelr hlgh compensauon, Lhe long-Lenured managemenL Leam and lncumbenL 8oard wlll, we belleve,
lnevlLably ask for more ume and deny LhaL change ls needed. We belleve, however, LhaL urgency ls lmporLanL.
As you have probably seen, Lhe Company's share prlce has plummeLed, Lhe operaung resulLs have decllned,
and Lhe compensauon of Lhe managemenL Leam has cllmbed wlLhouL any apparenL ue Lo shareholder reLurns.
1he Company has requlred elLher a walver or loan modlcauon ln each of Lhe pasL Lwo quarLers from lLs
lenders because lL has breached lLs debL covenanLs, yeL has conunued Lo spend money foollshly. lf lmproved
overslghL and governance ls noL lmplemenLed soon, shareholders could lose more or all of Lhelr lnvesLmenL.

We are wrlung Lo you Loday Lo explaln why we are auempung Lo call Lhe Speclal Meeung and hope you wlll
[oln us ln our eorL Lo lmprove Lhe 8oard.

We would llke you Lo conslder Lhe followlng:


!"#$%&#'()*+ &-.) '#+" -'/#+" 012 #3 "&)4* 45.)+"/)5" 45 "&) 6-+" 7)-*
Cn SepLember 30, 2013, Lhe Company's shares closed aL $2.78. Cn SepLember 30, 2014, Lhe Company's
shares closed aL $1.13, a decllne of 38.6.

GP(+"59( +&F2(6'15&6 3' "2 +#&'( *& KLM 36 *-( 21'* <9( :(1/'
Cver Lhe pasL ve scal years beLween 2009 and 2013, Andre Pllllou, Lhe Chalrman and CLC of Lhe Company
has been pald LoLal compensauon of $4,446,279 and Mark Mlller, CCC of Lhe Company, has been pald LoLal
compensauon of $4,430,372. 8eLween 2009 and 2013, Lhe LoLal compensauon for Lhe Chalrman and CLC
lncreased 39 and Lhe LoLal compensauon of Lhe CCC lncreased 78. We belleve LhaL Lhese levels of
compensauon are lrresponslble glven Lhe slze and performance of Lhe Company and noLe LhaL almosL 37 of
Lhe shares voLed aL lasL year's Annual Meeung voLed agalnsL Lhe proposal Lo approve execuuve compensauon.


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8&) 9#/6-57:+ #6)*-;#5+ &-.) 6)*3#*/)( 6##*'7 -5( 4" &-+ '#+" .-'<-=') =<+45)++
ln Lhe Company's norLhern nevada segmenL, whlch lncludes Lhe SLockman's Caslno and Lhe Crand Lodge
Caslno, gross gamlng revenues have decllned 10.6 ?1u Lhrough C2 2014. 1he slgnlcanL decllne ln gross
gamlng revenues ?1u ln 2014 follows a smaller full year decllne ln 2013.
AL Lhe 8lslng SLar Caslno, gross gamlng revenues have decllned 27.1 ?1u ln Lhrough AugusL 2014, desplLe
openlng a new 104 guesL room hoLel ln november of 2013. 1he decllne ln gross gamlng revenues ?1u ln 2014
follows a full year decllne of 21.2 ln 2013. 1he properLy was acqulred ln Aprll of 2011 and lLs gamlng
revenues ln Lhe rsL half of 2014 were 47 below whaL Lhey were ln Lhe rsL half of 2011.
AL Lhe Sllver Sllpper Caslno, gross gamlng revenues have decllned 8.3 ?1u ln 2014 Lhrough C2. uurlng Lhe
same ume perlod, Lhe Culf CoasL Mlsslsslppl markeL was up 0.8.
1he Company losL lLs managemenL conLracL aL Lhe 8ualo 1hunder 8esorL & Caslno ln SepLember 2014.

8&) >-5-?)/)5" -5( @#-*( -66*#.)( - 6*#6#+-' "# (4'<") +"#$%&#'()*+ =7 A12
Cn !anuary 8, 2014, Lhe Company led a 8eglsLrauon SLaLemenL wlLh Lhe Securlues and Lxchange Commlsslon
(Lhe "SLC") ln connecuon wlLh Lhe proposed sale of $46 mllllon worLh of Common SLock. Cn !anuary 8, Lhe
prlce of Lhe Common SLock closed aL $2.63 and Lhere were approxlmaLely 18.73 mllllon shares ouLsLandlng. lf
Lhe proposed oerlng had occurred aL LhaL prlce, Lhe Company would have sold approxlmaLely 17.3 mllllon
shares of Common SLock and exlsung sLockholders would have been dlluLed by more Lhan 90.
We belleve LhaL Lhe proposed oerlng was a poor caplLal allocauon declslon. lurLhermore, we belleve LhaL
any company proposlng Lo nearly double Lhe share counL should Lell shareholders clearly whaL Lhe company
lnLends Lo do wlLh Lhe funds.

B)+64") "&*)) 6##*'7 6)*3#*/45? -$C<4+4;#5+D /-5-?)/)5" 6<*+<)( -5#"&)* '-*?) -$C<4+4;#5 45 >-*$&
E1FG
Cn March 24, 2014, Lhe Company announced LhaL lL had enLered lnLo agreemenLs (Lhe "urchase
AgreemenLs") Lo acqulre Lhe llLzgerald's Caslno ln 1unlca, Mlsslsslppl (llLz 1unlca"). 1he Company agreed Lo
pay $63.0 mllllon, excluslve of worklng caplLal and expenses, and lndlcaLed LhaL lL would fund an addluonal
$7.0 mllllon ln requlred renovauons. lncluslve of worklng caplLal and expenses, Lhls acqulsluon requlred an
lnvesLmenL of over $70 mllllon, aL a ume when Lhe Company was ln lmmlnenL defaulL under lLs exlsung llrsL
Llen CredlL AgreemenL and Second Llen CredlL AgreemenL (LogeLher, Lhe "CredlL AgreemenLs").


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H) =)'4).) "&-" "&) @#-*( -5( /-5-?)/)5" 3-4')( "# /-5-?) *4+%+ -66*#6*4-")'7 45 "&) I4"J 8<54$-
"*-5+-$;#5 -5( "&) 9#/6-57 '#+" AK2 #3 4"+ )+$*#L ()6#+4"
When Lhe Company enLered lnLo Lhe urchase AgreemenLs Lo acqulre Lhe llLz 1unlca, lL deposlLed $1.73
mllllon lnLo escrow Lo secure Lhe Lransacuon. Cn March 31, 2014, [usL seven days aer announclng Lhe
acqulsluon, Lhe Company was requlred Lo obLaln walvers on lLs CredlL AgreemenLs.
uesplLe breachlng Lhe CredlL AgreemenLs and requlrlng walvers of such breaches, Lhe 8oard approved a
conLracL Lo purchase Lhe llLz 1unlca and Lhe conLracL dld noL lnclude a clear clause LhaL Lhe purchase was
conungenL on Lhe Company's ablllLy Lo obLaln nanclng for Lhe Lransacuon and allowlng Lhe deposlL Lo be
reLurned lf Lhe nanclng could noL be obLalned.
Cn AugusL 8, 2014, when Lhe Company was unable Lo compleLe Lhe purchase, Lhe seller of llLz 1unlca Caslno
led a complalnL agalnsL Lhe Company ln Lhe ClrculL CourL of 1unlca CounLy, Mlsslsslppl, alleglng damages for
breaches of Lhe urchase AgreemenLs by Lhe Company. Cn AugusL 21, 2014, Lhe seller and Lhe Company
enLered lnLo a seulemenL agreemenL under whlch Lhe seller recelved $1.7 mllllon of Lhe funds held ln escrow
and Lhe Company recelved only $30,000.
ln addluon Lo loslng more Lhan 97 of Lhe $1.73 mllllon escrow, Lhe Company lncurred approxlmaLely
$300,000 ln professlonal fees assoclaLed wlLh Lhe falled Lransacuon.

H) =)'4).) "&4+ @#-*( 5))(+ -((4;#5-' )M6)*4)5$) -5( 45()6)5()5$)
1he proxy advlsory rm Class, Lewls & Co. noLed LhaL Lwo of Lhe seaLs on Lhe ve member 8oard were held by
Lhe senlor execuuves of Lhe Company and recommended agalnsL Lhe elecuon of Chlef Cperaung Cmcer Mark
Mlller aL Lhe 2014 Annual Meeung. We agree wlLh Class Lewls and do noL belleve lnslders should hold 40 of
Lhe seaLs on Lhe board of a publlc company.
We Lhlnk even greaLer lndependence and commlLmenL ls necessary. We noLe LhaL Lhe Lwo senlor execuuves
worked LogeLher aL Lhe ShowboaL caslno ln ALlanuc ClLy ln Lhe 1990s, whlch recenLly closed. 1wo of Lhe oLher
so-called lndependenL" dlrecLors also worked or consulLed aL ShowboaL. Aer 23 years of comblned servlce
on Lhe 8oard, Lhe Lhree lndependenL dlrecLors own less Lhan 60,000 shares of common sLock.
Cur lndependenL nomlnees wlll brlng valuable buslness experlence Lo Lhe 8oard. 1helr careers have spanned
gamlng, lodglng, hosplLallLy, nance, governance, caplLal allocauon, Lechnology and legal. We belleve our
nomlnees wlll brlng slgnlcanL addluonal experlence and lndependence Lo Lhe 8oard.

H) =)'4).) 4//)(4-") -$;#5 4+ 5))()( "# 6*).)5" 3<*"&)* )*#+4#5 #3 +"#$%&#'()* .-'<)
1he Company has commenced or announced ve new pro[ecLs: 1) Lhe consLrucuon of a $17.7 mllllon hoLel aL
Lhe Sllver Sllpper Caslno, 2) a 73 [olnL venLure Lo purchase a raceLrack ln resLonsburg, kenLucky and Lransfer
Lhe raclng llcense Lo a yeL Lo be bullL quarLer horse raceLrack near Corbln, kenLucky, 3) Lhe operauon of a
properLy ln LexlngLon, kenLucky, 4) Lhe operauon of a caslno aL Lhe Powe Caverns 8esorL and Caslno ln new
?ork, and 3) Lhe operauon of a caslno aL Lhe Crand Pudson Caslno and 8esorL ln new ?ork.

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1he legallLy of gamlng machlnes ln kenLucky ls sull very much ln doubL and Lhere are numerous compeung
proposals for caslnos ln new ?ork. Were gamlng machlnes Lo be found legal ln kenLucky or Lhe company's
pro[ecLs Lo be selecLed ln new ?ork, Lhe Company mlghL lncur nanclal obllgauons beyond lLs means or ablllLy
Lo ralse caplLal. Meanwhlle, Lhe Company has lnvesLed slgnlcanL equlLy funds lnLo Lhe hoLel belng bullL
ad[olnlng Lhe Sllver Sllpper caslno and lL ls relylng on lLs CredlL AgreemenLs Lo fund lLs compleuon. 1he bank
group's obllgauon Lo fund Lhe compleuon of consLrucuon ls conungenL on conunued compllance wlLh Lhe
covenanLs ln Lhe bank agreemenL. 1he Company has breached lLs covenanLs ln Lhe pasL Lwo quarLers and
whlle Lhe Company's credlLors walved Lhese breaches upon paymenLs of addluonal fees and lnLeresL, Lhere
can be no cerLalnLy LhaL credlLors wlll walve any fuLure defaulLs and provlde funds for compleuon.
Clven Lhe hlsLory aL lull Pouse 8esorLs of poor caplLal allocauon and scal managemenL, we belleve LhaL
managemenL's pursulL of new pro[ecLs requlrlng caplLal and auenuon could represenL a Lremendous rlsk Lo
sLockholders under Lhe dlrecuon of Lhe currenL managemenL and 8oard. We are seeklng Lo call a Speclal
Meeung Lo elecL new, qualled lndependenL dlrecLors before some of Lhese pro[ecLs commence and Lo
provlde experlenced and lndependenL overslghL of Lhose pro[ecLs LhaL are already underway.

9#5$'<+4#5

As Concerned SLockholders, we have made a prellmlnary llng wlLh Lhe unlLed SLaLes Securlues and Lxchange
Commlsslon ("SLC") of a sollclLauon sLaLemenL Lo be used Lo sollclL consenLs Lo call a Speclal Meeung of Lhe
sLockholders.

lf we are successful ln calllng Lhe Speclal Meeung, we plan Lo nomlnaLe Lhese lndlvlduals Lo Lhe 8oard, all of
whom brlng slgnlcanL lndependence and experlence Lo Lhe Company:

@163(# C(( ls Lhe Managlng arLner of Creauve Caslnos and Creauve ll. Pe was prevlously Chalrman and Chlef
Lxecuuve Cmcer of lnnacle LnLerLalnmenL from 2002 Lo 2009. ln Lhe 1990s, he was Chlef llnanclal Cmcer,
1reasurer and Sr. vlce resldenL of llnance and uevelopmenL aL Mlrage 8esorLs, reporung Lo Mlrage CLC
SLeve Wynn. uurlng Lhe 1980s, Mr. Lee was a securlues analysL for urexel 8urnham LamberL and CS llrsL
8osLon, speclallzlng ln Lhe lodglng and gamlng lndusLrles. Pe serves as an lndependenL dlrecLor
of Myers lndusLrles and a member of lLs AudlL Commluee. Pe also serves as an lndependenL dlrecLor of
Cabelll Securlues, lnc. and lC1C Corporauon and prevlously served as an lndependenL dlrecLor of LlC1
Corporauon. Pe recenLly renewed hls gamlng llcense ln Lhe SLaLe of nevada and has been llcensed prevlously
ln lndlana and Mlsslsslppl, whlch are Lhe Lhree [urlsdlcuons where Lhe Company operaLes. Whlle worklng as a
securlues analysL, he was a CharLered llnanclal AnalysL. Mr. Lee earned hls M.8.A. ln nance and a 8.S. degree
ln PoLel AdmlnlsLrauon, boLh from Cornell unlverslLy.

G##3' C16.1" ls a prlvaLe lnvesLor who serves on varlous for-proL and non-proL boards. ln 2006, Mr. Landau
reured as Lxecuuve vlce resldenL and Chlef llnanclal Cmcer of 8oyd Camlng Corporauon, a posluon he held
slnce he [olned Lhe company ln 1990. Mr. Landau prevlously worked for 8amada lnc., laLer known as AzLar
Corporauon, where he served as vlce resldenL and 1reasurer, as well as u-Paul

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lnLernauonal and Lhe Securlues and Lxchange Commlsslon. Mr. Landau ls resldenL, 1reasurer and ulrecLor of
ALS1 Caslno Poldco, LLC, Lhe holdlng company of AllanLe Camlng, LLC, whlch owns and operaLes AllanLe
Caslno + PoLel ln Las vegas, nevada. lrom 2007 Lo 2011, Mr. Landau was a member of Lhe 8oard of ulrecLors
of lnnacle LnLerLalnmenL, lnc., a leadlng gamlng company, where he served as chalrman of Lhe AudlL
Commluee and as a member of lLs nomlnaung and Covernance Commluee and lLs compllance commluee.
Mr. Landau served as a dlrecLor of SpecLrum Croup lnLernauonal from 2012 unul March 2014. Mr. Landau has
served as a dlrecLor of A-Mark reclous MeLals slnce March 2014 and ls Chalrman of Lhe AudlL Commluee and
a member of Lhe Compensauon Commluee. Mr. Landau ls a member of Lhe board of dlrecLors of uaLa urlven
uellvery SysLems, a rapldly growlng medlcal servlce company and serves as Lhe chalrman of lLs audlL
commluee. Pe currenLly holds a gamlng llcense ln Lhe SLaLe of nevada and has prevlously been llcensed ln
lndlana and Mlsslsslppl, whlch are Lhe Lhree [urlsdlcuons where Lhe Company operaLes. Mr. Landau earned hls
8.A. ln economlcs from 8randels unlverslLy and hls M.8.A. ln nance from Columbla unlverslLy 8uslness
School.

T1:F&6. %(FF37 ls founder and Managlng arLner of 8eLall and 8esLauranL CrowLh CaplLal. Mr. Pemmlg has
exLenslve experlence as an lnvesLor, dlrecLor and CLC of numerous companles. Pe was Lhe CLC of Ace Cash
Lxpress, lnc. from 1988 Lo 1994 and Chalrman of Lhe 8oard from 1988 Lo 2006. Pe has served on muluple
publlc company boards, lncludlng Communlcauons World, arLy ClLy, Cn Lhe 8order, and 8esLorauon
Pardware . Pe has also served on numerous oLher prlvaLely held company boards ln Lhe unlLed SLaLes and
lnLernauonally. Pe ls an acuve member of Lhe norLh 1exas ChapLer of Lhe nauonal Assoclauon of CorporaLe
ulrecLors (nACu) and holds Lhelr Cerued ulrecLor sLaLus. Pe ls a pasL dlrecLor of Lhe lnsuLuLe for Lxcellence ln
CorporaLe Covernance and he ls currenLly on Lhe Advlsory and uevelopmenL boards of Lhe !lndal School of
ManagemenL aL Lhe unlverslLy of 1exas aL uallas (u1u).

UV%V >13/. B1//(* ls an auorney aL vL Law Croup and Lhe Chalr of lLs 1echnology 1ransacuons pracuce group.
Mr. CarreL has exLenslve experlence ln corporaLe law, havlng represenLed cllenLs as dlverse as 1he WalL ulsney
Company and Lhe venLure caplLal rm of klelner, erklns, Caueld and 8yers. Pe speclallzes ln Lhe negouauon
of complex commerclal Lransacuons, parucularly Lhose lnvolvlng new Lechnology and lnLellecLual properLy,
such as Lhe purchase and llcenslng of gamlng devlces and on-llne gamlng soware. Mr. Carreu prevlously
pracuced law aL Lhe law rm of Wllson, Sonslnl, Coodrlch and 8osau ln alo AlLo, CA and Seaule, WA. rlor Lo
enLerlng prlvaLe pracuce, he clerked for Lhe uelaware CourL of Chancery. Mr. CarreL earned a 8.A. degree from
ennsylvanla SLaLe unlverslLy, an M.A. degree from Lhe unlverslLy of Chlcago and a !.u. degree from Lhe
unlverslLy of vlrglnla School of Law.

>/1.#(: A3/21, ls a professlonal lnvesLor wlLh LwenLy years of lnvesung experlence who has been a poruollo
manager aL CredlL Sulsse llrsL 8osLon, CaxLon AssoclaLes, and Slgma CaplLal ManagemenL. Pe ls currenLly Lhe
co-founder of Shareholder AdvocaLes for value LnhancemenL (SAvL) and Managlng Member of varlous
lnvesLmenL parLnershlps. 8eLween 1993 and 1996, he was Lhe founder and CLC of Access 1elecom, lnc. an
lnLernauonal Lelecommunlcauons company dolng buslness ln Mexlco. Mr. 1lrpak ls a former dlrecLor of uSA
1echnologles, lnc. Mr. 1lrpak earned a 8.S.M.L. from 1us unlverslLy and earned hls M.8.A. from CeorgeLown
unlverslLy.


Slncerely,
http://www.sec.gov/Archives/edgar/data/891482/00009026641...
7 of 9 10/10/14 9:40 AM

Concerned SLockholders of lull Pouse

uanlel Lee

8radley 1lrpak


http://www.sec.gov/Archives/edgar/data/891482/00009026641...
8 of 9 10/10/14 9:40 AM

Cralg 1homas


0HWA80AS
1om 8all
Mlchael verrechla
Morrow & Co., LLC
203-638-9400
Lomball[morrowco.com
mverrechla[morrowco.com


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CCnSLn1S l8CM 1PL S1CCkPCLuL8S Cl luLL PCuSL 8LSC81S, lnC. ln CCnnLC1lCn Wl1P 1PL
CCnCL8nLu S1CCkPCLuL8S' ln1Ln1 1C 1AkL CC8C8A1L AC1lCn 8? W8l11Ln CCnSLn1 1C CALL A SLClAL
MLL1lnC. ALL S1CCkPCLuL8S Cl luLL PCuSL 8LSC81S, lnC. A8L AuvlSLu 1C 8LAu 1PL uLllnl1lvL
CCnSLn1 S1A1LMLn1 Anu C1PL8 uCCuMLn1S 8LLA1Lu 1C 1PL SCLlCl1A1lCn Cl W8l11Ln CCnSLn1S 8?
1PL CCnCL8nLu S1CCkPCLuL8S, W.P. 8Al8u CA88L1, 8A? PLMMlC Anu LLLlS LAnuAu (CCLLLC1lvLL?, 1PL
"A81lClAn1S"), WPLn 1PL? 8LCCML AvAlLA8LL, 8LCAuSL 1PL? WlLL CCn1Aln lMC81An1
lnlC8MA1lCn, lnCLuulnC Auul1lCnAL lnlC8MA1lCn 8LLA1Lu 1C 1PL A81lClAn1S. WPLn CCMLL1Lu,
1PL uLllnl1lvL CCnSLn1 S1A1LMLn1 Anu lC8M Cl W8l11Ln CCnSLn1 WlLL 8L lu8nlSPLu 1C SCML C8
ALL Cl 1PL S1CCkPCLuL8S Cl luLL PCuSL 8LSC81S, lnC. Anu WlLL, ALCnC Wl1P C1PL8 8LLLvAn1
uCCuMLn1S, 8L AvAlLA8LL A1 nC CPA8CL Cn 1PL SLC'S WL8 Sl1L A1 P11://WWW.SLC.CCv. ln Auul1lCn,
MC88CW & CC., LLC, WPlCP lS ASSlS1lnC 1PL CCnCL8nLu S1CCkPCLuL8S ln 1PlS SCLlCl1A1lCn, WlLL
8CvluL CClLS Cl 1PL uLllnl1lvL CCnSLn1 S1A1LMLn1 Anu ACCCMAn?lnC CCnSLn1 CA8u (WPLn
AvAlLA8LL) Wl1PCu1 CPA8CL uCn 8LCuLS1 8? CALLlnC (203) 638-9400 C8 1CLL-l8LL A1 (800) 662-3200.

lnlC8MA1lCn A8Cu1 1PL Cu88Ln1 A81lClAn1S Anu A uLSC8l1lCn Cl 1PLl8 ul8LC1 C8 lnul8LC1
ln1L8LS1S 8? SLCu8l1? PCLulnCS lS CCn1AlnLu ln 1PL 8LLlMlnA8? CCnSLn1 S1A1LMLn1 Cn SCPLuuLL
14A llLLu 8? 1PL CCnCL8nLu S1CCkPCLuL8S Wl1P 1PL SLC Cn CC1C8L8 8, 2014. 1PlS uCCuMLn1 CAn 8L
C81AlnLu l8LL Cl CPA8CL l8CM 1PL SCu8CLS lnulCA1Lu A8CvL.

http://www.sec.gov/Archives/edgar/data/891482/00009026641...
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