Focused Investors LLC

Focused Investors LLC, established in 2006, is a Los Angeles-based financial advisor firm specializing in managing fully invested, concentrated common stock portfolios of high-quality, U.S.-based large market capitalization companies. The firm's investment strategy focuses on long-term capital appreciation by investing in companies selling at discounts to intrinsic values. Managed by Bruce G. Veaco and Nugroho (Dédé) Soeharto, the firm offers investment advisory services through separately managed accounts and a limited partnership fund. Clients can invest in the Fund with a minimum of $5 million or open a separately managed account with a minimum of $250 million. Focused Investors charges fees based on a tiered structure for separate accounts and the Fund. The firm has discretionary investment authority over client accounts, with a focus on fundamental financial analysis and a long-term perspective. Focused Investors does not participate in wrap fee programs and has no performance-based fees or side-by-side management arrangements. The firm acts as a fiduciary, with no disciplinary history, and does not receive commissions or referral fees. Clients receive regular reporting and have the option to impose restrictions on their portfolios. The firm votes proxies on behalf of clients and maintains financial resources to meet contractual commitments.