Products & Services Separate Accounts: Semper Augustus Investments Group LLC (“Semper Augustus”) provides investment supervisory services and investment advisory account services through a management fee based on percentage of assets under management that you have entrusted to us and through performance fees. While we do give continuous advice on the specific portfolios for which we have responsibility, it is not always that we have obtained, been granted, or otherwise have come to know the total nature and amount of other assets, insurance, liabilities, tax situation and personal/family obligations. For individually managed accounts, we strive to obtain as much peripheral information as possible from our clients. In some cases, particular, peculiar, or specific background factors related to a client are not always divulged, despite our attempt to ascertain them. We prefer not to manage securities portfolios in a vacuum of such general understanding, although in some cases we are doing just that by directive from the client. The funds and security holdings under our responsibility, as well as the client’s own appraisal of the nature and amount of other assets, investments, insurance, liabilities, tax situation, plus the nature and extent of their personal/family obligations are a part of our investment process. Third-Party Services: Semper Augustus may offer investment supervisory services and investment advisory account services on a discretionary basis to the clients of other financial services firms, such as broker-dealers and bank trust departments (“sponsors”). These sponsors typically offer comprehensive brokerage, custodial, and advisory services through a single fee, through a commissioned fee arrangement, or based on a percentage of assets under management. In some circumstances, the sponsor may pay Semper Augustus a portion of their fee in connection with the services provided by Semper Augustus. In some circumstances, the underlying client may be billed directly for services provided by Semper Augustus. In other circumstances, the sponsor and Semper Augustus may charge separate fees for their respective services. Limited Partnerships: Semper Augustus Investments Group LLC is the general partner and investment adviser to Semper Augustus Investment Partners, L.P (SAI LP). This partnership’s investment objectives are to seek long-term capital appreciation by investing in equities and related securities. Capital preservation is a secondary objective. SAI LP may be more risky than separately managed accounts (see SAI LP Private Placement Memorandum (PPM). The partnership may invest in more highly concentrated positions, may engage in short sales, more extensive options trading, investments in illiquid securities and private investments (see full detail of securities in SAI LP PPM); which may or may not be utilized in separate accounts (particularly in smaller accounts). For further risk disclosures and information, please contact Chad Christensen at [email protected].