Performance

The following is the performance of Classic Value Investors investment management firm.

2012 was volatile as usual. By the end of January 2012, we were up almost 30 percent. Then, within a few days, all the gains were wiped out. The first quarter was still about 10 percent in the black. By the second quarter, we were down for the year. By the third quarter, we were up for the year by about 5 percent. We held up fine until December came. Within literally 20 days during the month of December we went from being up for the year to being down 19 percent for the entire year.

Sincerely,

Mariusz Skonieczny