Ivey Value Investing Classes

Thomas A. Russo, Partner, Gardner Russo & Gardner, Lancaster, PA

(March 15, 2018)

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Bryan Pilsworth, President & Portfolio Manager, Foyston Gordon & Payne Inc., Toronto, ON

(March 1, 2018)

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Pavel Begun, Managing Partner, 3G Capital Management LLC, Toronto, ON

(February 1, 2018)

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The Ben Graham Centre's 2018 Value Investing Conference

Keynote Speaker

Mason Hawkins, Chairman and CEO, Southeastern Asset Management Inc., Memphis, TN

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Seminar on Value Investing and the Search for Value

Jeffrey Stacey, Chairman and Chief Executive Officer, Stacey Muirhead Capital Management, Waterloo, ON

(July 20, 2018)

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David Barr, President and CEO, PenderFund Capital Management Ltd., Vancouver, BC

(July 17, 2018)

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Partner, Gardner Russo & Gardner LLC., Lancaster, PA Mr. Russo is a partner at Gardner Russo & Gardner, which he joined in 1989. Eugene Gardner, Thomas Russo and Eugene Gardner, Jr., as partners, each manage individual separate accounts and share investment approaches and strategies. Mr. Russo oversees $4 billion through separately managed accounts and partnerships. Mr. Russo’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. He looks for companies with strong cash-flow characteristics, where large amounts of “free” cash flow are generated. Portfolio companies tend to have strong balance sheets and a history of producing high rates of return on their assets. Mr. Russo’s investment approach is focused on a small number of industries in which companies have historically proven to be able to generate sustainable amounts of net free cash flow. (These industries typically have included food, beverage, tobacco, and advertising supported media.) This fairly narrow approach reflects his training and discipline at the Sequoia Fund in New York, where he worked from 1984 to 1988. Mr. Russo tries to limit risk by not paying too large a multiple of a company’s net free cash flow in light of prevailing interest rates. He attempts to broaden this otherwise narrow universe by including companies with smaller market capitalizations and companies in similar industries based abroad. His goal is one of an absolute return rather than a relative return, and he continues his long-term investment objective of compounding assets between 10 and 20 percent per year without great turnover. Mr. Russo is also General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments exceed $1 billion, along with overseeing substantially more funds through separate accounts for individuals, trusts, and endowments. He is a graduate of Dartmouth College (B.A., 1977), and Stanford Business and Law Schools (JD/MBA, 1984) and member of the California Bar Association and Board of Visitors for Stanford Law School. Finally, Mr. Russo is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School and a member of Dartmouth College’s President’s Leadership Council. Past Presentations Ivey Value Investing Classes (2018)

Watch Video Ivey Value Investing Classes (2012)

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President & Portfolio Manager, Foyston Gordon & Payne Inc., Toronto, ON Mr. Pilsworth joined FGP in 2007 as a senior analyst covering the Telecom and Financial sectors and became FGP’s Small Cap Canadian Equity portfolio manager in 2012. Bryan continues to manage FGP's small cap strategies, in addition to his role as President. He is a member of FGP’s Board of Directors, Executive Committee, and Investment Committee. Bryan graduated from the Richard Ivey School of Business at the University of Western Ontario (MBA) and from Carleton University (BComm). He was on the Dean’s Honour List at both universities. Bryan is also a CFA charterholder. www.foyston.com Past Presentations Ivey Value Investing Classes (2018)

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Co-Founder & Managing Partner, 3G Capital Management LLC., Toronto, ON Mr. Begun, CFA has over seventeen years of experience in valuation-based investing. Prior to co-founding 3G Capital in 2004 he worked as a research analyst for Fiduciary Asset Management and also for A.G.Edwards & Sons where he was responsible for equity research across multiple sectors. From 2010 through 2017 Mr. Begun sat on the Board of Directors of AlarmForce Industries, a leading Canadian residential alarm monitoring company, whose shares are traded on the Toronto Stock Exchange. From 2012 through 2017 Mr. Begun was a Non-Executive Director at Grafenia PLC, a UK-based provider of software and systems for the graphic arts industry, whose shares are traded on the London Stock Exchange. Mr. Begun graduated with Honors from the University of Chicago with an M.B.A. in Accounting and Finance and he also graduated valedictorian from Western Kentucky University with a B.S. in Finance. He is a Chartered Financial Analyst and a member of the Toronto Society of Financial Analysts. Mr. Begun has been a guest speaker at a number of universities and also at various investing conferences giving lectures on the topic of investments since 2001. He was named the recipient of CFA Magazine’s annual Most Driven honor in 2007. www.3gcapital.com Past Presentations Ivey Value Investing classes (2018)

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Chairman and Chief Executive Officer, Stacey Muirhead Capital Management, Waterloo, ON Jeffrey Stacey is the founder of Stacey Muirhead Capital Management Ltd. Jeff has almost 30 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management Ltd., he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee and an Advisory Board Member of the student managed School of Accounting and Finance Investment Fund at the University of Waterloo. He is also an Advisory Board Member of the student managed Ivey Value Fund at the University of Western Ontario. Additionally, he serves as a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics and on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph. www.staceymuirhead.com Past Presentations Seminar on Value Investing and the Search for Value (2018)

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