GOODHAVEN CAPITAL MANAGEMENT, LLC

GoodHaven Capital Management, LLC was established in November 2010, with its first full month of managing accounts in March 2011. Larry Pitkowsky is the Manager of the firm, and GoodHaven is majority owned by entities controlled by Mr. Pitkowsky. Larry has more than thirty years of research and portfolio management experience, including a decade prior to joining GoodHaven where he held positions with Fairholme Capital Management, LLC. Artie Kwok is a minority partner in GoodHaven and a Managing Director/Senior Research Analyst. Markel Group and Keith Trauner are also minority partners but do not participate in the day-to-day management of the firm. The firm may conduct surveys, hire research personnel, employ consultants, and meet with management to gain insights into industries and companies. A normal portfolio will hold approximately 10-25 securities, but it is possible for a portfolio to hold a single security that accounts for 25% of the account’s value.

The primary investment strategy involves using fundamental research to identify securities of attractive businesses managed by talented owners, priced reasonably. Other strategies, where permitted, are based on fundamental research that seeks discrepancies between a security's market value and its estimated intrinsic value, or the value achievable if sold to a knowledgeable third party or in liquidation. The investment strategy is not formally limited by industry, sector, or market capitalization. The investment horizon is long-term, and relatively low portfolio turnover is expected. The strategies may result in greater volatility and risk of loss than more diversified strategies, exposing clients to concentration, market, interest rate, and illiquidity risks.

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