SAS CAPITAL INC.

SAS Capital Management, LLC invests in companies with a combination of the following characteristics: capable management, enduring business franchises, high or improving returns on invested capital, solid financials and trades at discount relative to intrinsic value. The investing approach is grounded in three key pillars: 1. Market prices can materially diverge from underlying business value, providing significant opportunities; 2. Owning high quality, durable and growing businesses before economic challenges arise allows for disciplined decision making throughout economic cycles; and 3. Equity investing is viewed as business ownership, reflecting the compounding of underlying business value over long periods of time.