Investment Guidelines

• Invest where we possess competitive advantages.
• Acquire assets on a value basis with a goal of maximizing return on capital.
• Build sustainable cash flows to provide certainty, reduce risk and lower the cost of capital.
• Recognize that superior returns often require contrarian thinking.

Measurement of Our Corporate Success

• Measure success over the long term by total return on capital.
• Seek profitability rather than growth, because size does not necessarily add value.
• Encourage calculated risks, but compare returns with risk.
• Sacrifice short-term profit, if neccessary, to achieve long-term capital appreciation.

Business Philosophy

• Build the business based on honesty and integrity in order to enhance our reputation.
• Attract and retain high caliber individuals who will grow with us over the long term.
• Ensure our people think and act like owners in all their decisions.
• Maintain an open exchange of information and strategies with all constituencies.