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I understand that the Rochon portfolios correspond to a private group of family accounts managed by François Rochon, the president of Giverny Capital. The Rochon Global portfolio serves as a model for Giverny Capital’s clients; but client’s portfolios can be different.

I understand that the returns of the Rochon portfolios include trading commissions and dividends (including possible foreign withholding taxes) but do not include management fees. Moreover, returns of the Rochon Global portfolio have been generated in a different environment than Giverny Capital’s clients and this environment is considered controlled. For example, cash deposits and withdrawals can increase the returns of the Rochon Global portfolio. Thus, the portfolio returns of the Rochon Global are often higher than the returns realized by clients of Giverny Capital.

I understand that the Rochon portfolios have existed since 1993. The returns from the period between 1993 to 1999 were realized before registration of Giverny Capital Inc. with the AMF in June of 2000.

I accept to consult the contents that follow for informational purposes only.

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