The Codori Family

Letter from the Sarah Corp.

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Oct 6, 2010

Dear Shareholders,

I'm pleased to give another positive update for Sarah Corp. We've been in business for 3 successful quarters so far. Since my last update several exciting things have happened.

At the 6 month mark the Board changed my input supply. Instead of just my bottle, they were shoving mush on a spoon in my mouth. After a few days of confusion I now accept this mush and say Mmmmm between spoonfuls. Just when I was getting accustomed to the white mush they threw in green mush. Again I was confused but, after a couple of times I started to eat it just as readily. I suppose that diversification of the supply chain is a good thing, but the Board needs to work on Change Management techniques. Perhaps I will send them to a seminar.

To ring in the 3rd quarter I went on the road again. This time the board and I went to the Grand Tetons and Yellowstone, where we met up with some of my Senior Investors on the Chan side. Marketing went all-out to convince these key stakeholders of the value of their investment. I discovered that I really like to be outside, and enjoyed the stroller rides. One time the wind was blowing really hard and I felt it on my face. I kept closing my eyes and trying to eat what was pressing against my face.

Two weeks ago I went back to the resort where I spent my first several weeks. This time was only for a visit. I came in at 16 pounds and 27 inches long. According to the industry analysts (doctors), our startup is slowly picking up speed and priming for continued growth. By the norms, I'm in 10th percentile for weight and 25th for length. I suppose the Corporation is where it needs to be at the moment, though as CEO I am never satisfied and am always looking for Continuous Improvement. It looks like Sarah Corp will converge to a profile that is long and skinny; hmmm, who does that remind you of?

Last month I was dedicated to the Principal Shareholder (God) in the church where Mommy & Daddy met and where they were married. Afterward we had a big celebration at Grandmas house.

The company has been working well on improving operation of the night shift. Many days the shift lasts until 7am. I talk to myself for a little while saying ahhh, daaadaaa, my speech turns into louder AHHHHH ARRRR, then I pull the crying card. It's fun to time how long it takes Mommy to come stumbling in. She always looks groggy so I give her a big smile with a giggle and then, she is all better. As all CEOs know, it's tough sometimes keeping the Board happy.

I can fully sit up fine now, and so now I'm gearing up for the next milestones of forward momentum. When horizontal I break dance by spinning in circles on my belly. But once the Corporate Travel department gets everything in order, I will be mobile and the Board will likely need to increase safeguards and up my security detail.

Respectfully submitted,

Sarah G. Chan, CEO

July 16, 2010

Dear valued shareholders,

I’m pleased to release the 2^nd quarter report of Sarah Corp. This quarter has seen marked gains in all performance and development metrics of our startup in the 6 months since launch.

First, the basic numbers. As anticipated, my weight has more than tripled from the launch date, now reaching 13 pounds. Input material flow (formula) has increased to 6 oz, and update frequency decreased to 5 times a day from 8 at startup. This has the Board of Directors (Mommy & Daddy) extremely pleased, especially with the extension of the night shift to 6-7 hours (with occasional exceptions).

There have been significant improvements in Sarah Corp capabilities, as I continue to develop my portfolio. These advances include rolling over, sitting up with support, tracking with eyes, responsive smiling, and reaching and grasping objects. The Board is also quite interested in furthering intellectual progress by reading to me and showing me pretty pictures. However, while the pace of development is strong, I don't anticipate a Sarah Corp IPO for at least another 17-1/2 years.

Recently Mommy went back to work part time, and Daddy started to run “Daddy Day Care” while Mommy goes into the office. On Daddy’s first day running Daddy Day Care I decided to put him to the test. I woke up 5 min before his client call started and let him know I was hungry. He did good scrambling to get a bottle ready, bringing my little seat into the office and feeding me with one hand, looking up items on the computer with the other hand while talking on the headset. It was interesting to look at, so I behaved the rest of the afternoon and Daddy rewarded me with a nice long stroller ride.

Last month, I took the company on an investor roadshow to North and South Carolina and Georgia to visit Senior Investors (grandparents), Preferred Shareholders (extended family), and Shareholders (friends). All were greatly impressed at the performance of our startup. Due to the much warmer climate in the Carolinas I started to wear onesies and I discovered some objects that, while looking similar to hands, are somewhat different. They seem to be with me wherever I go. It's fun to reach out and get them, but they keep moving. I will need to further investigate what these might be. While on the trip, I also encountered a new environment which I’ll call “liquid swirling” (wading in the Atlantic Ocean).

Corporate communications continue to be a challenge. The comm department has expanded its repertoire from WAAAAAAAAHHH and WWWWWAAHH to also include AGUGA and PWBBBBBBBBBBTTTT, but mind-share between the CEO and the Board is still rather lacking. This will be a major focus for the upcoming quarter.

On a negative note, there has also been one downside. Two small protruberances have appeared in the bottom of my mouth. They are hard and white, and quite annoying when I close my mouth onto my tongue. My Board and Investors have told me that “everything will be fine”, but I am not impressed. I will need to have my Management Team see what can be done about this.

The Board has upgraded my furnishings. Now that I can partially sit up, I have a comfy backrest with cushioned arms. Also, I have upgraded from the Lab (playmat) to a full workstation (ExerSaucer) which allows me to multi-task in a full 360-degree circle. I firmly believe that all CEOs should have this arrangement. Think of the productivity gains that could result!

I welcome any investors who would like to visit me at Corporate HQ. Please contact my Admin staff (aka the Board) and they will be happy to accommodate you, if I am not sleeping, eating, or otherwise occupied.

Respectfully submitted,

Sarah G. Chan, CEO

A letter from Sarah....her first.

Jan 1, 2010

Hello friends and family,

Today is my official due date, but as you all know I decided to make an early arrival to see what the world had to offer. Plus, I was able to sit under the Christmas tree in the previous decade (Happy New Year). Mommy and Daddy said something about me arriving in time for a deduction, but I don’t understand that because everyone else calls me a new addition. Hmmm, maybe I’ll wait till next year for Daddy to teach me the principles of math.

I decided to spend a couple of weeks at the hospital after I was born, to allow Mommy time to recover. Since we have all been home I have been working on getting Mommy and Daddy on a proper feeding and changing schedule. I get food every three hours, but during the night I let them get an extra hour of sleep between feedings.

I have managed to put on over 2 pounds and grow two inches. I'm over 6 pounds now and working on puffing up my chipmunk cheeks.

Mommy and Daddy have been taking very good care of me and keep checking on me and I reward them with smiles. Sometimes they do things I don’t like. For example they take off my warm cozy diaper and then expose me to a cold wet cloth. I let them know that I don’t like the cold cloth by making it warm the best way I know how. It’s always funny to see their reaction.

Attached are just a few of the hundreds of photos Mommy and Daddy have taken. For Christmas they wanted to take a picture of me in a Santa hat, but I did not think they would be so literal and actually put me in the hat.

The doctors say that due to my early arrival my immune system is weak, so unfortunately I don't get to go out much yet. I do like visitors that are cold free, so let me know when you want to come by and I might even break out a smile for you.

Note that even though Mommy and Daddy have introduced me to e-mail, I'm not quite able to sit at the computer -- hence they have to be my scribes. Since they're pretty bad at taking dictation from me (for some reason they can't seem to interpret what WAAAAAAHHHHH means, which is different from WWWAAAHH), I probably won't check this account very often.

-- Sarah Chan