Notes on Knightsbridge Asset Management, LLC Opportunistic Value Equity Performance, net of fees

Past Performance is not indicative of future results.

1) Performance results of accounts and comparisons are made on a total return basis which includes all dividends, interest, accrued interest, cash and cash equivalents, and realized and unrealized gains or losses. Terminated accounts are included for each full month prior to closing. Performance results since inception are actual results and not model results.  Composite does not include segments of ‘balanced’ accounts, accounts with significant check writing activity, or accounts containing client-imposed security positions greater than 20% of total account value at quarter end.   Performance results are after deduction of all management fees and before, where applicable, transaction charges.  Performance results are expressed in US $.  3) Investment results are calculated on a “time-weighted” rate of return basis.  The dollar growth of an investment in a particular period assuming reinvestment of dividends and interest can be computed using these rates of return.  Rates of return are calculated based upon trade-date valuation and “beginning equity” for all quarterly time periods.  4)  All fee-paying discretionary portfolios are included in at least one composite. Bundled fees include trading costs, management fees, any performance based fees, and any fees associated with other advisors.  Prior to June 30, 1999, investment results generated under Alan T. Beimfohr’s sole responsibility and discretionary management while he served as President and Chief Executive Officer of Canterbury Capital Services, Inc.  All accounts in the composite transitioned from the prior firm to Knightsbridge Asset Management, LLC.  Investment results as calculated on a monthly basis are weighted by their respective market value. These monthly performance figures are then linked to produce a continuum of performance.  New accounts were added to the composite at the start of the first full month under management (added at the start of the first full calendar year for all years prior to 2000).  5)  Non fee paying accounts, consisting primarily of current and former employee and employee family accounts and accounts managed for less than one quarter, are included in composite results.   6)  Knightsbridge’s annual fee-only (excluding commission costs) schedule for equity accounts is 1.6% for assets totaling $250,000 to $500,000; 1.5% for assets totaling $500,001 to $1,000,000; 1.4% for assets totaling $1,000,001 to $3,000,000; and 1.3% for assets over $3,000,000.  Knightsbridge’s annual wrap fee (including commission costs) schedule for equity accounts is 2.5% for assets totaling $250,000 to $500,000; 2.0% for assets totaling $500,001 to $1,000,000; 1.75% for assets totaling $1,000,001 to $3,000,000; and 1.6% for assets over $3,000,000.  Knightsbridge Asset Management, LLC in some cases manages portfolios for a reduced fee and bills quarterly in advance for clients of third-party advisory/consulting/brokerage firms. Knightsbridge offers an institutional fee schedule as follows: 1% on the first $10 million managed, 0.75% on the next $10 million managed, and 0.50% on assets over $20 million. Annual fee rates are billed quarterly in advance. Fees are prorated for partial quarters; unearned fees are refunded upon termination.  Clients meeting net worth tests of SEC Regulation 275.205-3 (b) promulgated under the Investment Advisors Act of 1940 as amended, generally exceeding $1,500,000 may elect to have assets managed by the firm on a performance compensation basis. Fee levels are based on 20% of the portfolio net profits based on realized and unrealized gains and losses over a one year period, net losses carried forward. Such accounts do not pay any asset based management fee or trading costs.  7)  Past performance statistics and previous results are not necessarily indicative of future results and may differ for different time periods.   Knightsbridge’s Form ADV, Part II and additional information regarding policies for calculating and reporting returns are available upon request.  To obtain such materials, contact Jane Couperus, Managing Director at (949) 219-1501, or by mail at:  Knightsbridge Asset Management; 660 Newport Center Drive, Suite 460; Newport Beach, California 92660.  Generally speaking, the returns experienced by investors in the time frame covered by the “Historical Record” referred to herein have exceeded those returns available to investors on a longer term basis.  The S&P 500 Index is a half-float market capitalization-weighted index consisting of 500 companies.  The index is calculated on a total return basis with dividends reinvested and is not available for direct investment.

Notes on Knightsbridge Asset Management, LLC Opportunistic Value Balanced Performance, net of fees

Past Performance is not indicative of future results.

1) Performance results of accounts and comparisons are made on a total return basis which includes all dividends, interest, accrued interest, cash and cash equivalents, and realized and unrealized gains or losses. Performance results are after deduction of all management fees and, where applicable, transaction charges.  Performance results are expressed in US $.  2)  Investment results are calculated on a “time-weighted” rate of return basis.  The dollar growth of an investment in a particular period assuming reinvestment of dividends and interest can be computed using these rates of return.  Rates of return are calculated based upon trade-date valuation and “beginning equity” for all quarterly time periods.  3) All fee-paying discretionary portfolios are included in at least one composite. Prior to June 30, 1999, investment results generated under Alan T. Beimfohr’s sole responsibility and discretionary management while he served as President and Chief Executive Officer of Canterbury Capital Services, Inc.  All accounts in the composite transitioned from the prior firm to Knightsbridge Asset Management, LLC.  Investment results as calculated on a monthly basis (quarterly basis prior to January 1, 2000) are weighted by their respective market value. These monthly performance figures are then linked to produce a continuum of performance.  New accounts were added to the composite at the start of the first full month under management (added at the start of the first full calendar year for all years prior to 2000).  4) Non fee paying accounts, consisting primarily of current and former employee and employee family accounts and accounts managed for less than one year, are included in composite results.     5)  Knightsbridge’s annual fee-only (excluding commission costs) schedule for balanced accounts is 1.2% for assets totaling $250,000 to $500,000; 1.1% for assets totaling $500,001 to $1,000,000; 1.0% for assets totaling $1,000,001 to $3,000,000; and 1.0% for assets over $3,000,000.  Knightsbridge’s annual wrap fee (including commission costs) schedule for balanced accounts is 2.0% for assets totaling $250,000 to $500,000; 1.75% for assets totaling $500,001 to $1,000,000; 1.5% for assets totaling $1,000,001 to $3,000,000; and 1.4% for assets over $3,000,000.  Knightsbridge Asset Management, LLC in some cases manages portfolios for a reduced fee and bills quarterly in advance for clients of third-party advisory/consulting/brokerage firms. Knightsbridge offers an institutional fee schedule as follows: 1% on the first $10 million managed, 0.75% on the next $10 million managed, and 0.50% on assets over $20 million. Annual fee rates are billed quarterly in advance. Fees are prorated for partial quarters; unearned fees are refunded upon termination.  Clients meeting net worth tests of SEC Regulation 275.205-3 (b) promulgated under the Investment Advisors Act of 1940 as amended, generally exceeding $1,500,000 may elect to have assets managed by the firm on a performance compensation basis. Fee levels are based on 20% of the portfolio net profits based on realized and unrealized gains and losses over a one year period, net losses carried forward.   Such accounts do not pay any asset based management fees or trading costs.  6)  Past performance statistics and previous results are not necessarily indicative of future results and may differ for different time periods.   Form ADV, Part II, and a complete list and description of Knightsbridge composites (consisting of taxable equity, tax-exempt equity, taxable balanced, tax-exempt balanced composites), and additional information regarding policies for calculating and reporting returns are available upon request.  To obtain such materials, contact Jane Couperus, Managing Director at (949) 219-1501, or by mail at:  Knightsbridge Asset Management; 660 Newport Center Drive, Suite 460; Newport Beach, California 92660.  Generally speaking, the returns experienced by investors in the time frame covered by the “Historical Record” referred to herein have exceeded those returns available to investors on a longer term basis.  The Merrill Lynch US Corporate and Government Master Index tracks the performance of US $ denominated investment grade government and corporate public debt issued in the US domestic bond market and is not available for direct investment. 

Knightsbridge Asset Management, LLC Privacy Notice

Consistent with the Securities and Exchange Commission adoption of Regulation S-P, the Gramm-Leach-Bliley Act, pertaining to restrictions on disclosure of “non-public personal information” about consumers (customers or clients) by financial institutions, the following pertains.

Knightsbridge Asset Management, LLC may collect non-public information pertaining to clients from various sources in the process of managing client portfolios.  Collected information may include that which we receive through various agreements, applications, and other documents, that which we receive as a result of client security transactions, as well as information divulged to us orally.  We will treat all collected non-public information pertaining to clients, regardless of source, confidentially. We maintain procedural safeguards to protect client-related non-public information.

Knightsbridge does not sell or disclose any non-public information regarding customers or former customers without the customer’s authorization, except as permitted by law or in direct response to inquiries from governmental authorities.  We also may disclose information in the discharge of our professional duties to unaffiliated third parties (such as custodians, brokers, accountants, pension administrators or attorneys) as required and permitted by law and only as needed for us to provide such services to clients. 

If, at any time in the future, it is necessary to disclose any of your personal information in a way that differs with this policy, we will give you advance notice of the proposed change so that you will have the opportunity to opt out of such disclosure.

Knightsbridge Asset Management, LLC (“Knightsbridge”) is registered with the United States Securities and Exchange Commission (SEC) as a Registered Investment Advisor under the Investment Advisors Act of 1940.  The firm is located in Newport Beach, California.  Knightsbridge and its representatives are in compliance with the current registration and/or notice filing requirements imposed upon SEC registered investment advisors by those states in which Knightsbridge maintains clients.  Knightsbridge may only transact business in those states in which the firm is registered, or qualifies for an exemption or exclusion from registration requirements.  Knightsbridge’s web site is limited to the dissemination of general information pertaining to its investment advisory services.  Accordingly, the publication of the Knightsbridge web site on the Internet should not be construed by any consumer and/or prospective client as Knightsbridge’s solicitation to effect, or attempt to effect, either transactions in securities or the rendering of personalized investment advice for compensation over the Internet.  Any subsequent direct communication by Knightsbridge with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  For information pertaining to the registration status of Knightsbridge, please contact the SEC and/or the state securities law administrators for those states in which Knightsbridge maintains a notice filing.  A copy of Knightsbridge’s current written disclosure statement discussing business operations, services, and fees is available upon request.  Knightsbridge does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Knightsbridge’s website or incorporated herein, and takes no responsibility therefore.  All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.