February 20th, 2017

Dear Partner:

We have reached a fulcrum point, better known as the tipping point. This upcoming year is abundant with change. Ranging
from politics and wages to regulations and investing, we should only expect the unexpected. Many of these changes can
be difficult to anticipate; you cannot hedge against it. The word of the year is uncertainty. Anyone you ask is uncertain of
what the future beholds. Fortunately for us, this is not new. In times of uncertainty, as your investment managers, it is our
job to predict and capitalize on change.

Over the past few months, you may have noticed that market pessimism has been dying down. The primary reason is
reporters are running out of negative news and do not know how to properly value good growth stories. Hindsight can be
easy to report but leaders are more focused on foresight. With that said, let us begin our letter covering 2016 and then
transition into our thoughts for 2017.

Quarterly performance
In 2016, we delivered a 14.08% return while maintaining roughly 44% of our portfolio in cash. We successfully met our
objective to deliver the best risk-adjusted returns for investors. Given the true political uncertainty that was witnessed,
we are very happy with these results.

Below is a summary of a few of Golden Doors investment picks for 2016:

Quorum Health Corporation (QHC) - This was a roller coaster stock which eventually became the best performing small
cap stock since the election. Immediately after Trump won the election, this stock nearly doubled going into year end from
our ~$5 cost basis. As the company nears our intrinsic valuation, we will begin monetizing our gains.

Quorum was a spinoff of Community Health Systems, which we wrote about in May 2016. Healthcare was the worst
performing sector last year, mostly because Hillary Clinton was anticipated to become President of the United States.
Many investors shied away from the industry, giving us an opportunity to buy a distressed asset for 30 cents on the dollar.
This was our contrarian mindset at work.

The market capitalization for the company went as low as $130 million and well below an institutional investors threshold.
Their disadvantage was our advantage. After reading numerous company filings and attending conference calls, we
uncovered that the company had a solid plan to sell off unprofitable hospitals and focus more on its core cash flowing
business. Our thesis was simple: after a successful sale of its first hospital, the companys balance sheet would strengthen,
making it an attractive investment for many other small cap investors.

Healthequity (HQY) - Another post-election winner. Health savings accounts are extremely underrated in the marketplace
today. It is an excellent product that can save consumers money over the short and long-term. Institutional banks simply
do not have the resources to compete with Healthequity. With Trump planning to reverse Obamacare, we can anticipate
this company having accelerated growth in the upcoming years.

Amerco (UHAL) - Classic low-value stock with a lot of room to grow. Better known as U-Haul, this company is a well-known
American brand. Real estate is becoming bullish, translating into more moving across the country. We are suspect
Amercos equity will also greatly benefit from the Trump tax cuts in the future.

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Buffalo Wild Wings (BWLD) A fellow activist pushes for the win. This is a personal favorite and we recommend every
reader to try the wings this spring season. Marcato Capital, an offspring from Pershing Square Capital, is heavily invested
in this company and on track to control the board. Fantastic product and a truly unique offering in the marketplace.

It should be noted that we appraise our performance based on the underlying businesses we own, not the stocks short-
term performance. As value investors, we believe the intrinsic value of a business and its stock price will eventually
converge. With that said, it is important to review our performance on a five-year basis. The reason being we are long-
term investors. In exchange, we have long-term partners investing alongside us.

You will never see us abandon our proven investment strategy to simply outperform the index in the short run. Our
strategy has always been to concentrate on a few stock investments with the objective of delivering a higher absolute
return over time with less market risk than a diversified portfolio. This has been successful strategy for many wealth
builders in the past.

Macroeconomics
Recent economic numbers are showing signs of strength. With our focus on domestic companies, we are fortunate the
U.S. is still considered a highly-rated economy. The biggest unknown we face today is our new President and how he will
manage the country.

President Donald Trump was inaugurated on January 21st, 2017 and has been very active in his first 30 days. From the
immigration ban to repealing the Affordable Care Act, the newly appointed President has created an upheaval across the
country, for many good reasons. The good news is many top tier executives have supported or endorsed President Trump
post the election. These businessmen include Warren Buffett, Rex Tillerson, Wilbur Ross, Carl Icahn and Peter Thiel.

Politics and technology can be destabilizing forces, leading to good or bad disruption. Challenging the status quo is how
this country was built. Today we are re-entering an unregulated environment, ripe with opportunities. While it may seem
chaotic, America and its people will come out stronger from this.

Rising interest rates will create a stock pickers environment. A rising tide will lift all boats. With increasing rates, inflation
will come back simultaneously. Companies will begin having pricing power and wages will rise in tandem. This is a positive
note for the American consumer. Higher wages and low energy prices will result in more consumer spending across the
nation. Also with Trumps initiative to bring back jobs to the U.S. and increase infrastructure spending, certain areas of the
country will start to revitalize.

The repeal of the Affordable Care Act may not help every consumer but it will help small businesses. Health insurance
premiums and employee-related penalties are stagnant. The net profit margins for small and midsize businesses should
increase, giving them more room to spend on cash flow assets. Certainly, a positive boost for the economy overall.

We have found that exercising patience will prove worthwhile in the long run. The reason we have a high cash position is
because we have not found enough opportunities to allocate capital behind. Valuations are too high in many industries
for us to meet the minimum internal rate of return we expect from each investment. During a growing market, there is
always a fear of missing out of the next big investment. As stewards of your capital, we are diligently looking to allocate
funds into the most valuable investment opportunities. While we cannot promise returns for 2017 given the uncertainty,
we can assure that managements net worth is directly aligned with our investors. We feel the same investment pain
points you do.

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Finding Value in Growth
At Golden Door, we are constantly on the hunt for new investment opportunities and are open to ideas from our fellow
partners. Below is our simple, yet concise list of investment criteria that we use to evaluate stocks:

Strong management team Increasing margins Simple businesses

Consistent earnings power High free cash flow Growth industry
High returns on equity (+10%) Stable market economics Industry leaders

Our objective is to discover undervalued companies that will deliver long-term value for our portfolio and invest in these
companies with timely execution. As other investors look for new opportunities, we plan to stick with a proven strategy:
invest in high free cash flow assets. In 2017, we have continued screening for low-priced value stocks with the ability to
organically grow cash flows. Higher future cash flows result in a higher intrinsic value. Our simple formula for success.

Operational updates
Entering our fourth year of business, we are more than excited to start the year strong. We are happy to say that we
passed the mid seven figure mark for total assets under management in 2016. Although important to our business, our
primary objective is not to gather assets but deliver high quality, sustainable returns. We believe a return-focused
objective is the best option for us and our partners.

In 2016, we made many new friends and new investors. For individuals, hesitant to invest, 2017 is the start of a secular
growth market. Rates are rising and more opportunities are opening every day. Sitting on the sidelines is no longer a viable
strategy. Our most significant update this past quarter has been ramping up our investments and refining our strategy.

We look forward to building a valuable investment portfolio and relationship with you. We are here to cater directly to
your investment needs, so please do not hesitate to reach us at any time. Our focus as always will be on long-term value
creation. If you or anyone you know shares that vision, we welcome you as a Golden partner.

Best Regards,
Golden Door Asset Management

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The information contained herein reflects the opinions and projections of Golden Door Asset Management L.L.C. and its affiliates

(collectively GDAM) as of the date of publication, which are subject to change without notice at any time subsequent to the date

of issue. Golden Door does not represent that any opinion or projection will be realized. All information provided is for informational

purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security.

Golden Door has an economic interest in the price movement of the securities discussed in this presentation, but Golden Doors

economic interest is subject to change without notice. While the information presented herein is believed to be reliable, no

representation or warranty is made concerning the accuracy of any data presented.

Golden Door and Golden Door Asset Management with the lion logo are registered trademarks of Golden Door Asset Management

L.L.C. or affiliated companies in the United States, European Union and other countries worldwide. All other trade names,

trademarks, and service marks herein are the property of their respective owners who retain all proprietary rights over their use.

This communication is confidential and may not be reproduced without prior written permission from Golden Door.

Performance returns are estimated pending the year-end audit. Past performance is not indicative of future results. Actual returns

may differ from the returns presented. Each partner will receive individual returns from the Partnerships administrator. Reference

to an index does not imply that the funds will achieve returns, volatility or other results similar to the index. The total returns for the

index do not reflect the deduction of any fees or expenses which would reduce returns.

Positions reflected in this letter do not represent all the positions held, purchased, or sold, and in the aggregate, the information

may represent a small percentage of activity. The information presented is intended to provide insight into the noteworthy events,

in the sole opinion of Golden Door, affecting the Partnerships.

THIS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN ANY FUND

MANAGED BY GOLDEN DOOR OR ANY OF ITS AFFILIATES. SUCH AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY

INTERESTS MAY ONLY BE MADE PURSUANT TO DEFINITIVE SUBSCRIPTION DOCUMENTS BETWEEN A FUND AND AN INVESTOR.

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Office: 646-820-5672 www.goldendoorasset.com