Pacifica Capital Investments is a leading money manager that has helped clients preserve and build wealth since 1998 using a focused, long-term investment strategy. They manage over $191 million for over 100 families and organizations. Since inception, they have outperformed the S&P 500 by an annualized 10.4% return by limiting investments to understandable companies within their focus areas and maintaining a long-term investment horizon of holding positions for years. Their performance has had low correlation to major indexes and they prioritize transparency and accessibility for clients.

1. Focused, Fundamental
Investing for
Long Term Success
P Capital Investmentsfundamental money manager
acifica
providing a unique, focused,
is a leading
investment strategy
for institutional investors and high net worth individuals.
Since our founding in 1998, PCI has helped our clients Left: Steve Leonard, Founder & Chief Investment Officer
preserve and build wealth by using an innovative approach Right: Blake Isaacson, Director of Sales & Marketing
to long term investing in the public equity markets. Assets
under management have grown to $191 million in accounts
for over 100 families and organizations. Firm Values:
Pacifica Capital Investments manages money for high net • Pacifica Capital Investments puts the interests of
worth individuals, family offices, private pension plans, our clients first and foremost.
foundations, trusts and other qualified investment groups • We take great pride in acting in a fiduciary role.
and entities.
• Performance based compensation naturally aligns
Pacifica’s goals with those of our investors.
Investment Performance:
• PCI is independently owned by the firm’s
• From inception through December 31, 2009, operators. As officers at Pacifica, we have virtually
we have outperformed the S&P 500 by an all of our public equity holdings invested alongside
annualized 10.4 % (IRR). our clients in the same basic portfolio of stocks.
• Our disciplined and patient approach to long
term investing has produced outstanding results
in both up and down markets. At Pacifica, successful investing is not
• We limit investment selections to companies about beating the market every time;
that are within our area of financial and
intellectual understanding. it’s about beating the market over time.
• Limited stock turnover and our focus on long
term capital gains generally result in more
favorable tax treatment than other sources that Client Service:
create wealth, such as interest and ordinary income.
• Transparency and accessibility contribute to the
• Our performance to date has an extraordinarily satisfaction of PCI clients.
low correlation to the major indexes, which has
made Pacifica unique among investment managers. • Each investor has access to his or her Separately
Managed Account in real time - 24 hours a day,
7 days a week.
www.PacificaCapital.Net

2. Pacifica’s Investment Approach PACIFICA
Capital Investments, LLC
Formed in April 1998, PCI has established an Steve Leonard
impressive track record through a disciplined approach Founder & Chief Investment Officer
to long term investing in public equities.
The firm’s investment process focuses on finding quality
S
teve Leonard founded Pacifica Capital Investments
in April of 1998. Since then, PCI has developed a
companies with favorable long term prospects. We also seasoned management team, highlighted by Mr.
prefer that the businesses have sustainable competitive Leonard and his nearly 30 years of investment
advantages and that they are operated by capable and experience.
shareholder oriented management teams. We are disciplined
in limiting investments to companies that are within our The Rancho Santa Fe resident pioneered PCI’s
area of financial and intellectual understanding. investment process with its focus on value, research,
discipline and patience while assembling concentrated
PCI purchases these types of businesses when the market commercial real estate portfolios beginning in 1982.
makes them available at prices below our estimate of their This investment process has led PCI to out-perform
intrinsic value. To maximize returns, we seek to concentrate the S&P 500 by an annualized 10.4% since inception
holdings in just the top tier of those attractive companies (see the table and graph below).
available at acceptable prices.
Our strategy to “hold for the long term” naturally minimizes
trading turnover and maximizes long term gains. Appreciation PCI vs S&P 500
translates into wealth creation without taxation until % PERFORMANCE COMPARISON
disposition – and even then, long term capital gains are 300 PCI vs S&P 500 299.6%
generally taxed at more favorable rates than on income. 280
260
240
PCI
220
S&P 500
CUMULATIVE, COMPOUNDED RETURN*
Performance as of 12/31/09
Since Inception*
PCI S&P 500 Difference 24.3%
Total (11 3/4 years) 299.6% 24.3% 275.3%
Annualized IRR 12.2% 1.8% 10.4%
-50 1998** 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
** 9 months only YEAR
PCI performance for each year is an Internal Rate of Return measurement for that year. the year 2008, which strongly impacted the performanceof the S&P 500 Index during
1998 is a partial year. IRR is a weighted return that accounts for contributions and with- the time period shown. In addition, PCI’s performance during the year 2000 was signifi-
drawals during the period. The S&P 500 return measures the change from the start of cantly enhanced by the strong performance of one large position in its accounts under
the period to the end of the period, assuming no contributions and/or withdrawals and management. The 12/31/09 total ending balance for all accounts was approximately
includes dividends. The “Total” is for the entire period, compounded annually. PCI $191 million and approximately $41 million was in accounts of PCI principals (Leonard
results are shown net of all fees, including management fees, brokerage fees and custodial family and PCI accounts). Total number of individual accounts was 250 as of 12/31/09.
expenses, and reflect the reinvestment of all dividends and earnings. Performance results
provided herein are the aggregate of all fully discretionary accounts managed by PCI, Past performance is not a guarantee or indicator of future results, and investors should
including those accounts no longer with PCI, and include the performance of the not assume that investments made on their behalf by PCI will be profitable, and may, in
accounts of PCI’s principals (which do not incur management fees) and certain other fact, result in a loss. Investors also should not assume that PCI’s results will outperform
accounts that have reduced management fees. Minimal leverage and short selling has the S&P 500 Index or other broad market indexes in the future. The investment objec-
been used since inception for the PCI managed accounts; the effects of such leverage and tive of PCI’s managed accounts is capital appreciation. PCI’s strategy is to concentrate
short selling on PCI’s performance figures have been nominal. Results for individual its investments in a limited number of positions with certain positions representing an
accounts are varied and will vary in the future. In addition, it is not likely that the rela- intentionally large size in the accounts. This concentration is likely to result in greater
tive performance of PCI’s managed accounts will exceed the performance of the broader volatility than the overall market as measured by the S&P 500 Index, which is made up
stock market (as measured by the S&P 500 or other broad market indexes) by as large a of 500 large companies. In addition, PCI’s strategy is to “hold for the long term” which
margin as has occurred to date. The stock market faced an unprecedented decline in also reduces trading costs.
5119 El Mirlo - Rancho Santa Fe, CA 92067 • Phone: (858) 759-9970
www.PacificaCapital.Net