GOODHAVEN CAPITAL MANAGEMENT, LLC

Client assets are held in brokerage accounts or with third-party custodians, and clients grant the firm discretion to place trades. The firm provides quarterly reports on client accounts, including a Statement of Investments, a Performance Report, and a Billing Statement. Clients also receive statements from the broker-dealer, bank, or qualified custodian that holds the client's account, and are urged to compare these statements with the firm's reports. The firm's Portfolio Manager and Managing Director/Senior Research Analyst perform extensive fundamental research to review candidates for investment. This research involves scrutinizing corporate reports, press releases, and financial statements, and reviewing documents filed with the SEC or other regulatory entities, court filings, newspaper, magazine, and internet articles, audio or transcripts of conference calls, presentations, and a variety of additional sources. Portfolios are typically concentrated in a smaller number of securities, which while offering significant potential for gain may also result in larger losses to capital than would occur in a more widely diversified portfolio.

The primary investment strategy involves using fundamental research to identify securities issued by attractive businesses managed by sensible and talented owners, where those securities are selling at a reasonable price. Other strategies based on fundamental research may be used to identify discrepancies between the market value of a security and its estimated intrinsic value. The strategy is not formally limited by industry, sector, or market capitalization, and the investment horizon is long-term with relatively low portfolio turnover. Portfolios are typically concentrated in a smaller number of securities, which may result in larger losses to capital than a more widely diversified portfolio. Accounts may hold significant balances in cash if suitable investments cannot be found, which may negatively affect relative performance. The strategies are generally long-term and intended to have relatively low portfolio turnover.

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