GOODHAVEN CAPITAL MANAGEMENT, LLC

GoodHaven Capital Management, LLC was established in November 2010 and began managing accounts in March 2011. The firm is majority owned by Larry Pitkowsky, who has over 30 years of experience in research and portfolio management. Artie Kwok is a minority partner and Managing Director/Senior Research Analyst. Markel Group and Keith Trauner are also minority partners but do not participate in day-to-day management. GoodHaven intends to comply with Section 28(e) of the Securities Exchange Act of 1934, which provides a safe harbor for advisers using commissions or transaction fees to obtain investment research. The firm supplements its own research and analysis with external research services, ensuring that the fees paid are reasonable in relation to the value of the services provided. GoodHaven's portfolio management approach involves conducting surveys and projects, hiring research personnel, and consulting with experts to gain insights into industries and companies. While a typical portfolio holds 10-25 securities, it is possible for a single security to account for 25% of an account's value.

The investment strategies primarily focus on fundamental research to identify securities issued by attractive businesses with sensible and talented management. These securities are sought out when they are selling at a reasonable price, aiming to capitalize on a discrepancy between market value and estimated intrinsic value. The strategy is not limited by industry, sector, or market capitalization, and the investment horizon is long-term with relatively low portfolio turnover. The firm also employs strategies based on fundamental research that attempt to identify discrepancies between the market value of a security and their estimate of "intrinsic value," which is the value they believe the security would bring if sold to a knowledgeable and well-informed third party or that would be received in liquidation.

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