At the very minimum, the two things that investors will get every year are:

1. An Annual Letter to Limited Partners stating the performance achieved and Mohnish Pabrai's perspectives on the past performance and future outlook.

2. An annual meeting and dinner hosted by Mohnish Pabrai where existing and potential future limited partners and their spouses are invited. The meeting and dinner costs are borne by Mohnish Pabrai and are not expenses charged to the funds.

The navigation to the right links to the entire contents of each letter. Investor names and amounts invested have been withheld for confidentiality reasons.

Past performance is not indicative of future results. Returns are presented net of all fees and expenses, include the reinvestment of income and are calculated using a simple rate of return. The securities discussed do not represent all securities recommended for the Funds. It is also not a recommendation to buy or sell and one should not presume they will be profitable.

Please be aware that our past newsletters may discuss specific securities that have performed well without necessarily addressing those that have underperformed within our Fund(s). Readers should not infer that all investment decisions within the Funds were profitable.