Qurate Retail, Inc.

FPR seeks to invest in companies that offer an opportunity for an attractive return with low risk of loss of invested capital. They focus on companies which the most important factors of success are largely measurable and then concentrate on analyzing those factors. The firm has a belief that their long-term investment horizon will allow them to invest at prices that will allow room for added growth potential with reduced risk of loss. FPR will primarily purchase securities of companies that FPR believes to be excellent companies.

Lyrical Asset Management employs a value investment approach. They believe that a portfolio of companies with low valuations relative to their long-term normalized earnings power will outperform the overall market over time. The firm's philosophy is to invest only in businesses that they believe are of high quality. Investments are limited to publicly-traded equity securities and cash equivalents. Clients may impose restrictions on investing in certain securities or types of securities. Each portfolio candidate/stock idea goes through a fundamental research process. This process is designed to develop an understanding of the business, including drivers of growth and profitability, competitive advantages, position and leverage with customers and suppliers, historical and potential business threats/opportunities, and management style, objectives and incentives. Attractive investment ideas are considered for inclusion in the portfolio.

Contrarius Investment Management Ltd. is an active, contrarian manager which aims to create long-term wealth for clients by buying stocks they believe are trading below their intrinsic value and which are attractive relative to other opportunities. They follow a valuation-based investment approach, performing proprietary bottom-up research which seeks to determine the intrinsic value of an investment. The firm sells stocks when they believe they have reached their underlying intrinsic value or when they are less attractive than other opportunities, aiming to avoid the permanent loss which can result from continuing to hold a stock that ultimately corrects to fair value. Contrarius takes a long-term approach to investing, with a typical investment horizon of four years, believing that the ability to outperform in the long-term is largely determined by focusing on the long-term value of a business rather than short-term news flow.