Important Disclosures

Check Capital Management Inc. (“CCM”) is an SEC registered investment adviser located in Costa Mesa, California. CCM and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which CCM maintains clients. CCM may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. CCM’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of CCM’s web site on the Internet should not be construed by any consumer and/or prospective client as CCM’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by CCM 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 CCM, please contact the SEC or the state securities regulators for those states in which CCM maintains a notice filing. CCM will provide all prospective clients with a copy of our current Form ADV, Part II (“Brochure”) prior to commencing an Advisory relationship. A written copy of CCM’s current Brochure discussing CCM’s business operations, services, and fees is available from CCM upon written request. However, at anytime, you can view an electronic copy of our current Brochure by clicking here. CCM 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 CCM’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by CCM), will be profitable or equal any historical performance level(s).

Certain portions of CCM’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, CCM (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from CCM, or from any other investment professional. CCM is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Check Capital Management, Inc. is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Check Capital Management, Inc. by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers.

Each client and prospective client agrees, as a condition precedent to his/her/its access to CCM’s web site, to release and hold harmless CCM, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from CCM.

Newsletter disclosures

GENERAL BACKGROUND: Check Capital Management Inc. (“Check Capital”) has been registered with the SEC as an investment adviser since early 1987. The Quality Growth performance shown is based on a real-time model account from September 14, 1986 through December 31, 2000 (the “Model Account”). From January 1, 2001, to present, returns are based on actual returns achieved by a real-money account (the “Representative Account”). Trades for the Representative Account are executed after an announcement in a weekly weekend telephone update and after, or coincident with, the transactions that occur in Check Capital’s managed accounts.

MODEL ACCOUNT DISCLOSURE: Model account performance results have certain limitations. Unlike an actual performance record, model account results do not represent actual trading. No model trading record can completely account for the impact of financial risk in actual trading. There are other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of model performance results.

PERFORMANCE DISCLOSURES: Performance returns link the actual Representative Account returns with the Model Account returns. From 9/14/1986 to 12/31/1994, performance returns do not reflect the reinvestment of dividends, and are gross of any transaction fees. From 1/1/1995 to present, performance returns are net of transaction fee costs and include the reinvestment of dividends. Performance results are shown net of a 1% annual management fee, as well as net of an annual 10%-of-profits fee (as further described in Check Capital’s Form ADV Part 2A).

INVESTMENT OBJECTIVES OF THE STRATEGY: The investment objective is long-term appreciation of capital. The Representative Account invests in what Check Capital believes are durable growth companies and are often known as “blue chips.” The businesses are usually large with annual profits in excess of $200 million. As a value-oriented investor, Check Capital attempts to obtain more in business value than what is paid in stock price. When fully invested, the Representative account typically owns 15-20 stocks.

INDICES: S&P 500 Index: A stock market index based on the market capitalizations of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor’s. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

MATERIAL MARKET AND ECONOMIC CONDITIONS: Over the very long-term, a stock-market index tends to rise inline with the gain in the earnings of the companies that comprise the index. While this is the case, over shorter periods stock prices and earnings often don’t move together. Since 1986, the stock market at times has experienced significant declines, most notably in 1987, 2000-2002, and 2008. The newsletter’s account declined in 1987, 2002, and 2008. It is important to recognize that market returns following periods of distress can often be high. As an example, the crisis of 2008 was followed by high returns that may never happen again. The Representative Account holds stocks largely in the S&P 500 Index and the volatility of the Representative Account and the S&P 500 has been similar. It is believed that market conditions, as represented by S&P 500, have an effect on the Representative Account’s returns, especially over the long-term.

RISK AND ADDITIONAL DISCLOSURES: Different types of investments involve varying degrees of risk and there can be no assurance that any specific investment will be profitable. Check Capital does not make any representation that the Quality Growth strategy will or is likely to achieve returns similar to those shown in the model and actual performance results of this chart. There is no assurance that a portfolio will achieve its investment objective. Information provided herein from third parties is obtained from sources believed to be reliable, but no reservation or warranty is made as to its accuracy or completeness. Individual returns may vary substantially from those presented due to differences in the timing of contributions and withdrawals, account start dates, and actual fees paid. This material does not constitute an offer to sell, or a solicitation of any offer to buy or sell any securities. Any such offer will be made by means of an investment management agreement. The newsletter may occasionally refer to individual trades; Check Capital provides a listing of prior recommendations upon request. The information contained herein is based on internal research and does not purport to be statements of all material facts related to the securities mentioned. Our views and opinions regarding the investment prospects of portfolio holdings may change without notice. Actual results may differ materially from those we anticipate.