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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><em><span style="font-family: georgia, palatino; font-size: 16px;">P.S. If you love it, share it with all of your friends. </span></em></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:400px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv2.net/image_gallery/uploaded/273/10513/f79940f9-76dd-4e5a-bad0-e14a901d7930.jpg" alt="" height="400" width="389" style="max-width:389px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class="ep-width-100-img "/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;text-align: center;"><span style="font-family: georgia, palatino; font-size: 12px;">Watercolor is by my father, Naum Katsenelson</span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;">As I get older I value relationships and friendships more and more. I recently read <a style="text-decoration:none;color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtgysh6isj38hcsdndpnuikeeuwxohjoyaxaubemdqyotrw4tbk7ge7ccnokfou4aqcabuzuyij84fdz5obgsi6nhgunqr18ki1u9ysgjabzif9cmaqrfb477xruu9bytepo57jmg7tm5yxyd5cd8m4iinsjiha5cj5dgpbahrpd78wjfogppkgbzgghck9n4jsrku77jbka3rspq8at5iwce9uecgpudwwnubs7ezmgkpah8etjidwjd7du5dhhhg3wx3sjfhbputd6bbh6i5pmf3hgqxygefqh7iggh9hmn8ysb3kersnj1o1ibq817xibbp779huuh1qbxguznphdgh4nb6ad9p3q3yamyq9s3xw4ffafx3wzo8xmptnwyw7y"><span style="text-decoration:none;color:#202020;font-family:Helvetica;font-size:16px;font-style:normal;font-weight:normal;letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:#ffffff;">Tuesdays with Morrie</span></a> for the second time, and I highly recommend it. A dying teacher is sharing life lessons with a student. The core message of the book: nothing matters more than relationships in this life. After I reread the book I even called my mother-in-law and volunteered to drive her to the airport at 4:30 in the morning. (She is still recovering from the shock of that phone call.) I’ll put a few excerpts from Tuesdays with Morrie at the bottom of this email.<br /> <br /> When I created the VALUEx Vail conference in 2010 I thought it would be nice to have an idea-sharing event in the Colorado mountains. Somehow, over the years VALUEx Vail has become something bigger and deeper than I ever imagined. It has spun into a still-growing circle of several dozen friendships. We constantly share and bounce ideas off each other. We go to Buffett’s Omaha shindig together. VALUEx has become as much about friends getting together as it is about value investors sharing ideas. <br /> <br /> I limit the conference to only 40 attendees. Of this year’s attendees, 32 had attended the conference at least once before (and probably half have joined in four or five times). I stopped mentioning the conference in my emails because the number of applicants greatly exceeded the number of available spots, and I hate saying “no” to people.<br /> <br /> Here is the good news for you, my dear reader. Some of the presenters have allowed me to share their presentations with you, and I’ve posted them to <a style="text-decoration:none;color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtgpiwxfuqpmimkgwh4fb14maen9mqwhwudihekhjzjz7xkqp6ekk9kgegb4cpmiib9bafjqzsybdx9b"><span style="text-decoration:none;color:#202020;font-family:Helvetica;font-size:16px;font-style:normal;font-weight:normal;letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:#ffffff;">http://valuexvail.com/presentations</span></a>. (They are free, but the website will require you to sign in. Use the same email you signed up for my articles with, and you won’t get duplicate content from me.)</span><br style="color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /> <br style="color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /> <span style="color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;">Have a great summer,<br /> <br /> Vitaliy<br /> Student of Life, CIO<br /> <br /> Here are some excerpts from <a style="text-decoration:none;color: #202020; font-family: Helvetica; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtgysh6isj38hcsdndpnuikeeuwxohjoyaxaubemdqyotrw4tbk7ge7ccnokfou4aqcabuzuyij84fdz5obgsi6nhgunqr18ki1u9ysgjabzif9cmaqrfb477xruu9bytepo57jmg7tm5yxyd5cd8m4iinsjiha5cj5dgpbahrpd78wjfogppkgbzgghck9n4jsrku77jbka3rspq8at5iwce9uecgpudwwnubs7ezmgkpah8etjidwjd7du5dhhhg3wx3sjfhbputd6bbh6i5pmf3hgqxygefqh7iggh9hmn8ysb3kersnj1o1ibq817xibbp779huuh1qbxguznphdgh4nb6ad9p3q3yamyq9s3xw4ffafx3wzo8xmptnwyw7y"><span style="text-decoration:none;color:#202020;font-family:Helvetica;font-size:16px;font-style:normal;font-weight:normal;letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;background-color:#ffffff;">Tuesdays with Morrie</span></a>:<br /> <br /> “So many people walk around with a meaningless life. They seem half-asleep, even when they’re busy doing things they think are important. This is because they’re chasing the wrong things. The way you get meaning into your life is to devote yourself to loving others, devote yourself to your community around you, and devote yourself to creating something that gives you purpose and meaning.”<br /> <br /> “Most of us all walk around as if we’re sleepwalking. We really don’t experience the world fully, because we’re half-asleep, doing things we automatically think we have to do.”<br /> <br /> “Even I don’t know what ‘spiritual development’ really means. But I do know we’re deficient in some way. We are too involved in materialistic things, and they don’t satisfy us. The loving relationships we have, the universe around us, we take these things for granted.”<br /> <br /> “There is no foundation, no secure ground, upon which people may stand today if it isn’t the family.”<br /> <br /> “In business, people negotiate to win. They negotiate to get what they want. Maybe you’re too used to that. Love is different. Love is when you are as concerned about someone else’s situation as you are about your own.”</span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td height="10" valign="top" class="ep-mobile-divider" style="height:10px !important;color:#FFFFFF;font-size:10px;line-height:10px;"><img src="http://content.epsrv2.net/no_rev/assets/1px.gif" width="1" height="1" style="max-width:1px;max-height:1px;display:block;"/></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="color: #000080; font-family: georgia, palatino; font-size: 16px;"><strong>Does volatility scare you? It’s not your enemy - it’s actually your key to long-term investment success. Want to learn why?</strong></span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="color: #000080; font-family: georgia, palatino; font-size: 16px;"><strong>Sign up for my free 8-day email <a style="text-decoration:none;color: #000080; font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtggegqsoqg53qrp3iwjn6g5nmzndqysi5gnjjux88tymcrkikkd9gsdaiotyxr1scxa1er1751yk9dr"><span style="text-decoration:none;color:#000080;font-family:georgia, palatino;font-size:16px;">series here</span></a>.</strong></span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:198px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv2.net/image_gallery/uploaded/273/10513/vnk.png" alt="" height="198" width="234" style="max-width:234px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class=""/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;"><span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;">I am the CIO at </span><a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtggegqsoqg53qrp3iwjn6g5nmznd73rc31kwwon8fbtajuwfaydk8kqasj7k9z5kb3w6em6oamw3bpr"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">Investment Management Associates</span></a><span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;">, which is anything but your average investment firm. (Seriously, </span><a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtggegqsoqg53qrp3iwjn6g5nmznd73rc31kwwon8fbtajuwfaydk8kqasj7k9z5kb3w6em6oamw3bpr"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">take a look</span></a><span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;">.)</span></span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="color: #202020; font-family: georgia, palatino; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important; font-size: 16px;"> </span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="font-family: georgia, palatino; font-size: 16px;"> <span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;">I wrote </span><a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtggegqsoqg53qrp3iwjn6g5nmznnrjocjqxq3euyega6zha8383jb48yz7c7ou6ux8hquhgem5w3m46"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">two books</span></a><span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;"> on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Polish is one of them – go figure.)</span></span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="color: #202020; font-family: georgia, palatino; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important; font-size: 16px;"> </span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="font-family: georgia, palatino; font-size: 16px;"> <span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;">In a brief moment of senility, </span><em style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;">Forbes</em><span style="color: #202020; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important;"> magazine called me “the new Benjamin Graham.” (They must have been impressed by the eloquence of the Polish translation.)</span></span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="color: #202020; font-family: georgia, palatino; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff; float: none; display: inline !important; font-size: 16px;"> </span><br style="color: #202020; font-family: georgia,times,'times new roman',serif; font-size: 16px; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;" /><span style="font-family: georgia, palatino; font-size: 16px;">Smitten by this article? Don’t let your love remain unrequited. <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtggbbgafu8h7k637ytgwe6jz33zzokdkgexqw3uwno4t36kqjyshotsz9toecs1h5r9iy64dijd77xpouqp9zha6kdknjtkuihdy59yph"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">Sign up here</span></a> to get my latest articles in your inbox.</span></div></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" class="footer" style="text-align:center;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:12px;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;"><div><div>Investment Management Associates, Inc., 5690 DTC Blvd 140W, Greenwood Village Colorado 80111, United States</div></div><div class="removable"><a href="http://epsrv2.net/subscription/unsubscribe?s=1350|537134113&v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcber9w53ukqzrzqeci4xjzidw518f4yn77umacaiuoxtda5ridwu8xnrhmuf3xjff8xa3wfnjn7mff7k7561gd74b3sj66p5eyzmpf7i8kmxu31yd1uycfoeysbzh5xtg7n4bkkjzwpcw6mrq4qg8guxb9na" style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;"><span style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;">unsubscribe</span></a></div></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td><img src="http://open_tracker.epsrv2.net/opened?v=1iyd7ro168ree6wqist7ored7gnysrzjax7hqckriyq8639rumg9xpicic4yareaju9p8uafxazcbfhrrc6uckppph6iho8ajak1xskwamq6thdm581jtk3sqkp19pzdbap4rukdf6hu6peis97e8puow9y57xji7faz1ekq3rgkaqfxgtgqtams8f9669fconw1wp65my33k" width="1" height="1" style="max-width:0px;max-height:0px;display:none;"/></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td align="center"><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td style="height:40px;" align="center" valign="center" width="100%"><span style="font-size:12px;font-family:Arial,Helvetica,sans-serif;color:#4b4b4b;vertical-align:middle;">Powered by</span> <a href="http://clicks.epsrv2.net/pb"><img src="http://content.epsrv2.net/no_rev/assets/powered_by_logo.png" border="0" alt="ExpressPigeon" style="vertical-align:middle;"/></a> <a href="http://clicks.epsrv2.net/pb" style="text-decoration:none;"><span style="color:#2196F3;font-size:12px;font-family:Arial,Helvetica,sans-serif;text-decoration:none;vertical-align:middle;">ExpressPigeon</span></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></body></html>