Past performance does not predict future results. Results will vary with economic and market conditions. Figures are for a composite of separate accounts, net of fees and including reinvested dividends. These returns, calculated by Dorfman Value Investments, are not audited. Additional information regarding policies for calculating and reporting returns, along with a complete list and description of composites, is available upon request. Calculations were quarterly through 2011, monthly thereafter. Accounts were included in the composite for a period if they were (1) equity only and fully discretionary, (2) active for the full period, (3) at least $100,000 in size prior to 2017, any size thereafter, and (4) not experiencing significant deposits or withdrawals. Returns are benchmarked to the S&P 500 and Russell 3000, widely known market indicators, both with dividends reinvested. Benchmarks do not reflect the risk or investment style of Dorfman Value Investments. Our firm frequently invests in smaller U.S. companies and non-U.S. companies, and may occasionally use options, margin, or short-selling. Information is as of December 31, 2019.