b'Our Commitment to YouYou can be assured our commitment, unchanged since our inception, will endure: Our principals invest alongside you We continue our willingness to shoulder Our professionals continue to own the majority career risk when it serves to lower the risk of ofourfirm;webelievethisenhancesstability, permanent loss of capital/purchasing poweralignment and clarity for clients & employeesof the portfolioWe stay narrowly focused on global public equities High active share can be expected most of the and closely related strategiestime,especiallyatmajorinflectionpointsinthemarket;however,wecannotpromisetoalways We maintain a modest, manageable level of assetshave it, and this is not our stated goalunder management (not to exceed $20 billion)Wealwaysputourclientsneedsfirst We continue to invest in the best bargainswecanfind,evenwhendoingsoisunpopular or uncomfortable Our StrategiesFocused Offerings Global All-CapTo know that we know what weGlobal Long-Term Opportunities know, and to know that we Global Unconstrained do not know what we do not know, International that is true knowledge. Investment VehiclesNicolaus Copernicus Separate Account Private Fund Mutual Fund Collective Investment Trust (CIT) UCITS (Sub-Advised)Kopernik Global Investors, LLC|5'