Cumulative 230.8% 182.6% 495.9% 180.2% 50.6% 315.7% Since Inception Annualized Since Inception 6.7% 5.8% 10.1% 5.7% 1.0% 4.4%

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1 TOTAL RETURN COMPOSITE (C-1) ANNUAL DISCLOSURE PRESENTATION Year Composite Performance Composite Details End Gross of Gross of Percent of Composite 3 Benchmark 3 Gross of Net of Equities Only* S&P 500 Relative to S&P 500 Composite Asset USD (millions) Non-Fee Paying Assets Percent of Firm Assets # of Accounts Year Std Deviation (%) Year Std Deviation (%) Composite Dispersion % 8.13% 29.02% 21.06% (12.10)% $ % 13.4% 16 N.A. N.A. 6.26% % 14.20% 29.90% (9.09)% 25.31% $ % 26.5% 24 N.A. N.A. 3.88% % 11.46% 19.68% (11.87)% 25.47% $ % 36.8% % 16.71% 3.76% 2002 (11.11)% (12.17%) (24.09)% (22.10)% 10.99% $ % 39.7% % 18.55% 4.17% % 13.59% 38.85% 28.69% (14.66)% $ % 48.1% % 18.07% 4.70% % 6.56% 12.72% 10.87% (3.63%) $ % 56.1% % 14.86% 1.22% % 4.57% 6.43% 4.91% 0.33% $ % 56.5% % 9.04% 1.27% % 11.51% 17.36% 15.80% (3.53)% $ % 62.4% % 6.82% 2.60% % 2.80% 2.68% 5.49% (1.98)% $ % 63.8% % 7.68% 2.69% 2008 (18.80)% (19.66%) (21.12)% (37.00)% 18.20% $ % 72.9% % 15.08% 4.48% % 19.64% 27.29% 26.46% (5.94%) $ % 75.3% % 19.63% 4.47% % 11.26% 14.40% 15.07% (2.90)% $ % 76.7% % 21.85% 1.89% % 5.46% 6.60% 2.12% 4.08% $ % 81.0% % 18.70% 2.17% % 5.87% 7.06% 15.98% (9.37)% $ % 85.2% % 15.09% 1.61% % 13.86% 16.64% 32.39% (17.73)% $ % 84.9% % 11.94% 2.30% % 3.71% 4.99% 13.69% (9.26)% $ % 87.5% % 8.98%.85% 2015 (8.70)% (9.33)% (10.36)% 1.38% (10.08)% $ % 89.5% % 10.47% 1.27% % 20.84% 27.64% 11.96% 9.68% $ % 91.3% % 10.59% 3.22% 2Q % 4.32% 6.05% 9.34% (4.68)% $ % 93.9% 103 N.A. N.A. N.A. Cumulative Performance Presentation Gross of Net of Gross of Equities Only* S&P 500 Gross of Relative to S&P 500 Gross of Equities Only* Relative to S&P 500 Cumulative 230.8% 182.6% 495.9% 180.2% 50.6% 315.7% Since Inception Annualized Since Inception 6.7% 5.8% 10.1% 5.7% 1.0% 4.4% N.A. - The 3-year standard deviation is not presented for 1999 and 2000 because there are less than 36 months of composite and benchmark returns available and is not presented for 2Q17 as the information is not statistically meaningful due to partial period reported. *This is supplemental information. This is presented as supplemental information to the fully compliant GIPS presentation.

2 Composite Description: The Semper Augustus Total Return Composite consists of portfolios managed for Semper Augustus institutional and individual clients according to the firm s published investment strategies. Our investment strategies are centered on the belief that stocks are a superior long-term asset class to other assets and should normally be over weighted in portfolios. Equity investments are only made in publicly traded marketable common stocks and for lack of a better term would be considered in the value style. Our equity portfolios are generally concentrated in fewer than 30 securities, are not equal weighted and have been concentrated in a handful of large positions. The composite includes the income and performance derived from its use of various option writing strategies. In some cases we manage portfolios with a long-term allocation to fixed-income securities. Allocations to fixed-income have generally been immaterial to the overall allocation of the composite. Allocations to cash equivalent and money market instruments are made as a byproduct of the investment process (receipt of cash deposits, income from dividends and interest and from sale proceeds). At times, mostly in the early years of the composite, cash allocations were intentionally made due to our determination of market overvaluation. At other times, cash is held until acceptable investment opportunities present themselves. Management : Returns net of fees represent gross returns less management fees less any performance fees in periods where they have been applied. Management Composite management fees have been calculated as if the fees were charged each month based at the actual client contract rate on the month-end composite assets for each client. The current fee schedule (and the maximum during the period) is 1.25% of assets under management plus any applicable performance fees (as discussed below under Performance Since June 30, 2003). are generally billed quarterly in arrears. Actual management fees incurred by clients may vary. In addition, certain client accounts subject to a performance fee must be qualified clients under federal securities laws. Actual management fees are normally charged on a pro-rata basis and calculated on an account s fair market asset value as of the last business day of the period. In certain circumstances, our total fee is negotiable. All accounts may be terminated upon written notice or by mutual consent. In this event, fees are prorated accordingly and no additional fees are charged upon termination. No fees are collected in advance. Performance Composite performance fees have been calculated on a monthly basis using the contractual performance fee rate and average monthly composite assets subject to the same carry forward provisions as outlined below. From June 30, 2000 to June 30, 2003 performance fees were charged for certain qualified accounts and were based on the annual total return of each account compared to a 50/50 blend of the S&P 500 Total Return Index and the Wilshire 5000 Total Return Index. The contractual performance fee rate was 10% of the outperformance above this blended index. Actual performance fees for these accounts were based on the one-year return ending at June 30.

3 Since June 30, 2003 performance fees are based on the monthly gross total return of the account/limited partner interest versus the S&P 500 Total Return and are 20% of this outperformance for qualifying clients (the contractual performance fee rate). Underperformance is carried forward. In periods of underperformance where previous month s outperformance is subject to recapture by contract, net fees may be negative. Monthly outperformance is subject to recapture up to a calendar quarter-end. Actual performance fees are used for composite purposes. GIPS Verification: For the purpose of complying with GIPS, SAI defines itself as Semper Augustus Investments Group, LLC, an independently registered investment adviser. For purposes of determining firm assets under management, SAI includes all discretionary and non-discretionary assets as well as all fee paying and non-fee paying. Semper Augustus Investments Group LLC claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Semper Augustus Investments Group LLC has been independently verified for the period January 1, 1999 through June 30, The verification report(s) is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Firm Overview: SAI is an independent SEC registered investment advisor. The firm maintains a complete list and description of composites, which is available upon request. Furthermore, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Underlying Account Information: Certain accounts in the composites have employed modest levels of leverage from time to time. These margin balances have not been material to the Composite. There is no minimum portfolio size for inclusion in the Composite. Index Return Information: The S&P 500 returns are gross of any fees required to replicate the index and are also pre-tax. The index is theoretically passive (unmanaged) but in reality, replication requires trading costs and some management fees. The Total Return Composite may differ materially from the index as the Total Return Composite owns concentrated positions and the S&P 500 has a bias towards large cap stocks. The Total Return Composite has included varying investments in small, mid and large cap stocks in addition to investments in cash and fixed income securities. The S&P 500 is broadly used as an investment benchmark. Composite Return Details: Supervised assets are defined as assets acquired by SAI in client accounts based on the discretion granted in client agreements. This process involves the establishment of a model security and the dates whereby the security is held. For securities received into an account prior to or after the model period; directed purchases by a client;

4 or corporate actions arising from non-model securities; these securities have been excluded from the supervised assets. SAI must have initiated the trade or the security was a model security when transferred into an account for its performance to be included in the Composite. Returns are presented both gross of management fee and net of management fees and performance fees and include the reinvestment of all income. See Management above. Returns are presented net of all commissions and any margin interest expense incurred in the management of portfolio accounts. Actual returns will be reduced by investment advisory fees and any other expenses that may be incurred in the management of the portfolio accounts. The collection of fees produces a compounding effect on the total rate of return net of management fees. Gross of Equities Only: Represents the actual performance of all equity securities included in the composite, including reinvested dividends. It is a pure equity only return and does not have any cash equivalents or fixed income securities included. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation. Past performance is not indicative of future results. The Composite was created on June 1, The U.S. Dollar is the currency used to express performance. Composite Dispersion: Composite dispersion is defined as the standard deviation asset weighted gross returns within the composite and includes only portfolios managed for the full annual period.

5 Semper Augustus Investments Group LLC Verification Report June 30, 2017

6 Semper Augustus Investments Group LLC Verification Report We have verified whether Semper Augustus Investments Group LLC (the "Firm") (1) has complied with all the composite construction requirements of the Global Investment Performance Standards (GIPS ) on a firm-wide basis for the periods from April 1, 2017 through June 30, 2017, and (2) designed its policies and procedures to calculate and present performance in compliance with the GIPS standards as of June 30, The Firm's management is responsible for compliance with the GIPS standards and the design of its policies and procedures. Our responsibility is to express an opinion based on our verification. We conducted this verification in accordance with the required verification procedures of the GIPS standards. We also conducted such other procedures as we considered necessary in the circumstances. In our opinion, the Firm has, in all material respects: Complied with all the composite construction requirements of the GIPS standards on a firm-wide basis for the periods from April 1, 2017 through June 30, 2017; and Designed its policies and procedures to calculate and present performance in compliance with the GIPS standards as of June 30, A verification covering the periods from January 1, 1999 through March 31, 2017 was performed by another verification firm, whose report expressed an unqualified opinion thereon. This report does not relate to or provide assurance on any composite compliant presentation of the Firm and does not ensure the accuracy of any specific composite compliant presentation. ACA Performance Services, LLC July 28, 2017 ACA Performance Services, LLC 1370 Broadway, 12 th Floor New York, NY Phone: (212)