Grand-Jean Capital Management - Investment Philosophy

All equity investing entails risk of loss. Grand-Jean Capital Management, Inc. cannot assure any potential client that it will achieve the investment objectives or returns comparable to the historical returns discussed in these materials. In addition, the material in this web site includes forward looking statements based on the firm’s experience and expectations about the securities markets. Those statements are sometimes indicated by words such as “expects,” “believes,” “seeks,” “may,” “intends,” “attempts,” “will,” and similar expressions. The forward looking statements are not guarantees of future performance and are subject to many risks, uncertainties and assumptions that are difficult to predict. Therefore, actual investment returns could differ materially and adversely from those expressed or implied in any forward looking statements. The firm undertakes no obligation to revise or update any forward looking statements for any reason. All contents ©2005 Grand-Jean Capital Management, Inc.


Company Overview Investment Philosophy Investment Process Services Professional Biographies	INVESTMENT PHILOSOPHY We are domestic equity investors with a bias toward long-term investing. We seek superior returns without undue risk to capital. Our focus is on undervalued companies with strong management, strong free cash flow and a shareholder orientation. Independent research, personal relationships with management teams and investment discipline have allowed us to generate superior investment results over the past decade. Investment Strategy: Primarily U.S. equities. Long only. No leverage or derivatives. Investment Objective: Long-term growth of capital and capital preservation. Diversification: Generally hold 15 to 25 stocks per portfolio, with no more than a 5% concentration in any one security, but these amounts may vary depending on the circumstances. Research: Independent research focused on bottom-up company analysis. Our targeted investments are companies with the following attributes. Operating in industries that we actively follow and believe we understand well; for the most part industries that we have been involved with throughout our careers. Sustainable, industry-leading market positions generating significant cash flow. Restructurings, reorganizations or other turn-around situations where we know the management team, understand the industry and feel the market is incorrectly pricing the opportunity.

One Market - Steuart Tower Suite 2600 San Francisco, CA 94105 415-512-5430	All equity investing entails risk of loss. Grand-Jean Capital Management, Inc. cannot assure any potential client that it will achieve the investment objectives or returns comparable to the historical returns discussed in these materials. In addition, the material in this web site includes forward looking statements based on the firm’s experience and expectations about the securities markets. Those statements are sometimes indicated by words such as “expects,” “believes,” “seeks,” “may,” “intends,” “attempts,” “will,” and similar expressions. The forward looking statements are not guarantees of future performance and are subject to many risks, uncertainties and assumptions that are difficult to predict. Therefore, actual investment returns could differ materially and adversely from those expressed or implied in any forward looking statements. The firm undertakes no obligation to revise or update any forward looking statements for any reason. All contents ©2005 Grand-Jean Capital Management, Inc.