Founded in 1992, we are a privately held money management firm in Minneapolis, specializing in institutional and family asset management. COMMITTED Principals are co-investors, reflecting their commitment to our investment approach and clients. PHILOSOPHY We invest in good cultures and good businesses that meet our high standards for "well-managed, financially powerful and attractively priced." FOCUSED We focus on a single, time-tested fundamental investment approach: high quality, classical value applied in the mid to small cap sectors of the market. •Separate account management is available with a minimum investment of $5 million. •Commingled management is available to accredited investors in the form of the Speece Thorson Capital Group Value Fund with a minimum investment of $1 million. ADDING VALUE Our ability to add value over the index is demonstrated by our: •Long-term investment horizon •Independent research and portfolio management team •Disciplined valuation methods •Concentrated portfolio •In depth knowledge of our companies, their culture, business and management www.stcapital.com Firm Investment Team Clients