All of the material in the “Communications” section of our website is provided by Turtle Creek Asset Management Inc. (“Turtle Creek”) for informational purposes only. Turtle Creek makes no representation that the contents of this material are appropriate for use in all locations, or that the transactions, securities, services or other information discussed in this material are available or appropriate for use in all jurisdictions or countries, or by all investors or counterparties. Any such offering or solicitation will be made only in accordance with applicable laws. Recipients are responsible for compliance with applicable laws and regulations, including obtaining any required legal, tax, or regulatory advice.

Unless otherwise stated, any performance information is presented gross of management fees, performance fees, carried interest allocations and expenses. Net returns would be lower than gross returns. More information is available from Turtle Creek upon request or in the section “Our Returns”. Past performance must never be construed as investment advice or a prediction of future performance. Future performance may differ materially.

Any discussion of portfolio holdings does not constitute a recommendation to buy, sell, or hold any individual security. Information about past investments made by Turtle Creek is included for illustrative purposes only, to assist in better understanding Turtle Creek’s investment strategies and processes and is not intended to be indicative of actual future investments or performance results. A company’s business value or intrinsic value reflects Turtle Creek’s best estimate of the present value of the company’s future cash flows and is necessarily comprised of many assumptions, the use of which includes a number of risks and uncertainties that may cause actual values to differ from Turtle Creek’s estimate. Investment decisions are based on numerous factors and are subject to change. Holdings discussed may not represent all investments made by Turtle Creek and may not remain in the portfolio. There is no assurance that similar investment opportunities will be available in the future. The discussion of these investments should not be interpreted as evidence of overall strategy success.

The views expressed represent Turtle Creek’s opinions as of the date made and are subject to change without notice and may differ from others in the industry. Turtle Creek disclaims any obligation to update any information, whether as a result of new information, future events or results or otherwise.

Certain economic and market information herein has been sourced from third parties believed to be reliable but has not been independently verified. Turtle Creek and its affiliates accept no liability for the accuracy, reliability, or completeness of such information.

Statements other than historical facts that address activities, events or developments that Turtle Creek believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding any objectives and strategies of a portfolio or a strategy or outlooks for the portfolio companies) are forward-looking statements. These forward-looking statements reflect current expectations, assumptions or beliefs based on information currently available. Forward-looking statements are inherently uncertain and subject to a number of risks that may cause the actual results to differ materially, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the anticipated results. Factors that could cause actual results or events to differ materially from current expectations include, among other things, company, market, economic, political, regulatory or other news; volatility in financial markets; fluctuations in currency exchange rates and interest rates; tax consequences; changes in applicable laws; and other risks associated with investing in securities. Although Turtle Creek believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed thereon.

This material is general in nature and does not consider the specific investment objectives, financial situation, or needs of any particular person. Opportunities discussed may not be suitable for all investors, and prospective investors should consult their financial and tax advisers before making investments in order to determine the appropriateness of any investment discussed herein. No investment strategy or risk management technique can ensure returns or eliminate risk in any market environment. Diversification or asset allocation does not guarantee a profit nor protect against loss in any market. Investing involves risk including the potential loss of principal.