Hi-Line Capital Management, LLC (“HLCM”), based in Watertown, SD, provides investment management and advisory services for institutional and individual clients. The firm was founded in July 2009, became a registered investment advisor (RIA) with the U.S. Securities and Exchange Commission (“SEC”) in March 2010 and is GIPS verified. HLCM INVESTMENT APPROACH: HLCM’s intrinsic value approach to equity investing allows us to optimize our research focus. We believe a company’s intrinsic value is the eventual worth of all future cash flow discounted to the present for any investable asset. FIRM STRENGTHS: ANALYSIS: Analysis is the most critical success factor in actively managing a portfolio. Our proprietary research helps us develop a differentiated view from the market consensus. INSIGHT: Knowledge and experience enable us to identify risk and return trade-offs to make solid investment decisions. Contrarian thinking helps us challenge conventional beliefs. MANAGING RISK: A "margin of safety" approach seeks to pay a price materially less than the estimated value. This emphasizes the ability to withstand adverse developments, generate attractive and competitive long-term investment returns, and protect against capital loss. IMPORTANT DISCLAIMERS: Hi-Line Capital Management, LLC ("HLCM") is a Registered Investment Advisor ("RIA"), located in the State of South Dakota. HLCM provides investment advisory and related services for clients nationally. HLCM will maintain all applicable registration and licenses as required by the various states in which HLCM conducts business, as applicable. HLCM renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion.