Double Eagle Capital Management, LLC

Investment Experts Investment Process Focus on valuation o The main driver of the investment decision making process. • Low Price / Earnings and Cash Flow multiples • Strong balance sheet • Companies trading below net asset value o Finding high quality businesses with mispriced securities. • Strong margins • Significant cash flow • High barriers to entry • Fundamental Research o Financial statement analysis o Business fundamentals o High quality management • Portfolio Composition o Higher Concentration (20-30 Stock Holdings) o Small/ Mid Cap Focus o Under followed, less analyzed companies • Special Situations o Spinoffs o Mergers o Post Bankruptcy / Recapitalization Investment Principals Valuation We value businesses by looking at a combination of fundamentals, strategy, peers, management and capital allocation to determine what a business is worth. We then compare our assessment of intrinsic value to the current price and invest when we believe the intrinsic value is significantly higher than the current price. We also translate observable market prices into embedded expectations for specific fundamentals and determine whether those expectations are reasonable. Time Arbitrage We believe that investors are increasingly taking a short-term view and trading stocks from quarter to quarter. We focus on factors that we believe are central to long-term performance throughout our process. Investing with a longer time horizon plays a significant role in what we view as our competitive edge. Contrarian We look for investment opportunities during periods of uncertainty, typically investing in businesses, industries and sectors that are out of favor with current market sentiment. We think there are three sources of edge in markets — informational, analytical and behavioral. The most enduring of these three is behavioral, as humans tend to react emotionally, especially during abnormal and volatile times. As a result, we tend to see the greatest investment opportunities when markets are in a state of panic. Flexibility Constraints almost always, by definition, impede solutions to optimization problems. Our strategies are characterized by their unconstrained formats, and each attempts to maximize the long-term risk-adjusted returns for our investors through its primary objective. Contact us at 515-490-6372