b'Our Commitment to YouYou can be assured our commitment, unchanged since our inception, will endure: Our principals invest alongside youWe continue our willingness to shoulder Our professionals continue to own the majority career risk when it serves to lower the risk ofof our firm; we believe this enhances stability, permanent loss of capital/purchasing poweralignment and clarity for clients & employees of a portfolio We stay narrowly focused on global publicHigh active share can be expected most of theequities and closely related strategies time, especially at major inflection points in themarket; however, we cannot promise to always We maintain a modest, manageable have it, and this is not our stated goallevel of assets under managementWe always put our clients needs first(not to exceed $20 billion) We continue to invest in the best values we can find,even when doing so is unpopular or uncomfortableKopernik draws from the same investment philosophy and process ourChief Investment Officer has been successfully developing for more than 40 years. 14|'