Performance is Our Mission We are value investors—business analysts with a long-term time horizon focused on purchasing publicly traded companies that are competitively entrenched at significant discounts to our estimate of intrinsic worth. We believe performance is best achieved through disciplined commitment to our long-term investment philosophy by adhering to our core values. Our goal is to compound capital at real rates of return significantly in excess of inflation over our five-year time horizon. Believing that as owners and operators of the firm, our capital should be invested alongside our client partners, Vulcan employees have meaningful investments in Vulcan strategies. At Vulcan, all analysts are generalists, and the firm operates according to a flat hierarchy structure where portfolio decisions are consensus driven. Vulcan is a majority employee-owned firm. Vulcan Value Partners is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.