Baron Partners Fund Fact Sheet

September 30, 2017 Institutional Shares (BPTIX)

BAMCO, Inc., Registered Investment Adviser Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

The Fund may not achieve its objectives. Portfolio holdings may change over time. ized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the Fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. TheRussell Midcap® Growth Index mea- than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns sures the performance of medium-sized U.S. companies that are classified as growth and theS&P 500 Index are less than zero. EPS Growth Rate (3-5 year forecast): indicates the long-term forecasted EPS growth of the of 500 widely held large-cap U.S. companies. The indexes and the Fund are with dividends, which positively companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth impact the performance results. Russell Investment Group is the source and owner of the trademarks, service rates for each of the stocks in the portfolio provided by FactSet Estimates. The EPS Growth rate does not forecast marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. As of the Fund’s performance. Price/Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current 8/31/2017, Morningstar calculates the Morningstar US Fund Mid-Cap Growth Category Average using its share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio Fractional Weighting methodology. The Fund’s Retail Shares have been included in the category since 4/30/03 used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing and the Fund’s Institutional Shares since 5/29/2009. As of 9/30/17, the category consisted of 641, 627, 614, 563, price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s 484, and 362 funds for the 3-month, year-to-date, 1-, 3-, 5-, and 10-year periods. © 2017 Morningstar, Inc. All price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or per share for the last 12 months. Historical portfolio characteristics are provided by Compustat and FactSet Fun- timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any damentals. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observations on use of this information. Standard Deviation (Std. Dev.): measures the degree to which a fund’s performance has the aggregate calculation by weighting them based on their size in the Fund. Interest Expense Ratio: measures varied from its average performance over a particular time period. The greater the standard deviation, the greater interest expense as a percentage of the Fund’s daily average net assets. Leverage: measures the degree to which a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of a fund is utilizing borrowed money. Long Equity Exposure: is the total value of all long positions held in the risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference portfolio divided by the Fund’s total net assets. between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. measurement of what portion of its performance can be explained by the performance of the index. Values for This information is only for the intended recipient and may not be distributed to any third party. R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annual- Not bank guaranteed, may lose value, not FDIC insured. Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

Portfolio Facts and Characteristics GICS Sector Breakdown¹² Investment Strategy Russell Midcap This is a focused Fund that invests mainly in U.S. companies Fund Growth Index of any size with significant growth potential. A substantial # of Equity Securities / % of Net Assets 25 / 120.9% - percentage of the Fund’s assets are in its top 10 holdings. It Turnover (3 Year Average) 19.21% - also uses leverage. Non-diversified. Median Market Cap† $7.52 billion $8.19 billion Weighted Average Market Cap† $23.67 billion $14.76 billion Portfolio Manager EPS Growth (3-5 year forecast)† 22.4% 15.1% Ron Baron founded Baron Capital in 1982 and has 47 years Price/Earnings Ratio (trailing 12-month)*† 30.6 26.4 Price/Book Ratio*† 4.0 5.2 of research experience. From 1970 to 1982, Ron worked for Price/Sales Ratio*† 3.5 2.2 several brokerage firms as an institutional securities analyst. From 1966 to 1969, Ron worked at the U.S. Patent Office * Weighted Harmonic Average † Source: FactSet PA – Compustat, FactSet and BAMCO. Internal valuations metrics as a patent examiner, while attending George Washington may differ. University Law School. From 1965 to 1966, Ron worked at R6 Shares are also available for this Fund. Georgetown University as a teaching fellow in biochemistry. Ron graduated from Bucknell University with a B.A. in Chemistry in 1965. Performance Based Characteristics³ Since Top 15 GICS Sub-Industry Breakdown¹² 3 Years 5 Years 10 Years Inception Investment Principles Std. Dev. (%) - Annualized 15.81 15.58 21.08 24.24 • Long-term perspective allows us to think like an owner of Sharpe Ratio 0.73 1.10 0.33 0.43 a business Alpha (%) - Annualized 0.01 -0.24 -1.03 3.86 • Independent and exhaustive research is essential to Beta 1.23 1.26 1.09 1.04 understanding the long-term fundamental growth R-Squared (%) 74.14 78.01 86.64 69.58 prospects of a business Tracking Error (%) 8.44 7.85 7.86 13.39 • We seek appropriately capitalized open-ended growth Information Ratio 0.22 0.41 -0.11 0.26 opportunities, exceptional leadership, and sustainable Upside Capture (%) 126.57 125.67 109.66 117.03 competitive advantages Downside Capture (%) 133.96 130.91 116.92 108.96 • Purchase price and risk management are integral to our

investment process

Top 10 Holdings² % of Total Investments Tesla, Inc. 15.2 Fund Facts CoStar Group, Inc. 11.8 Inception Date January 31, 1992 Arch Capital Group Ltd. 9.5 Net Assets $2.06 billion Vail Resorts, Inc. 8.5 Institutional Shares Hyatt Hotels Corp. 6.4 CUSIP 06828M405 IDEXX Laboratories, Inc. 5.6 Expense Ratio (as of FYE 12/16) 1.09% FactSet Research Systems, Inc. 5.6 Interest Expense Ratio (as of FYE 12/16) 0.43% The Charles Schwab Corp. 5.1 Total Expense Ratio (as of FYE 12/16) 1.52% Gartner, Inc. 4.2 Zillow Group, Inc. 4.0 Total 75.9 Risk/Return Comparison³

Long Equity Exposure (% of Net Assets) 120.9

Cash & Equivalents (% of Net Assets) -20.9 Colors of Sub-Industry bars correspond to sector chart above.

Specific risks associated with non-diversification and leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of loss in any given period. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

1 - Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclas- sifications are not supported by S&P or MSCI. 2 - The Fund’s top 10 holdings and the sector and sub-industry breakdowns are expressed as a percentage of the Fund’s long positions. These percentages may change over time. 3 - Source: FactSet SPAR. Except for Standard Deviation and Sharpe Ratio, the performance based characteristics above were calculated relative to the Fund's benchmark. Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

Performance as of September 30, 2017 BPTIX has outperformed the Russell Midcap Growth Index 87% of the time (since its inception and using rolling 10- year annualized returns).

Total Returns(%) Annualized Returns(%) Since Inception 3rd Q 2017 Year to Date 1 Year 3 Years 5 Years 10 Years 1/31/1992 Return + – Return + – Return + – Return + – Return + – Return + – Return + – BPTIX - Institutional Shares 1.40 30.42 30.46 11.83 17.39 7.33 13.02 Russell Midcap Growth Index 5.28 -3.88 17.29 13.13 17.82 12.64 9.96 1.87 14.18 3.21 8.20 -0.87 9.60 3.42 S&P 500 Index 4.48 -3.08 14.24 16.18 18.61 11.85 10.81 1.02 14.22 3.17 7.44 -0.11 9.55 3.47 Morningstar Mid-Cap Growth Category Average 4.63 -3.23 16.84 13.58 18.18 12.28 9.13 2.70 12.62 4.77 6.92 0.41 N/A The blue shading represents Fund outperformance vs. the corresponding benchmark. The yellow shading represents underperformance. The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been Historical Performance(Calendar Year %) lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON. You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher. Performance reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a per- BPTIX - Institutional Shares 14.37 21.55 11.34 -46.67 28.36 31.93 -5.52 16.70 48.02 10.56 -2.43 4.29 formance fee, the returns would be higher. The Fund’s shareholders will not be charged Russell Midcap Growth Index 12.10 10.66 11.43 -44.32 46.29 26.38 -1.65 15.81 35.74 11.90 -0.20 7.33 a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. Dur- S&P 500 Index 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 ing those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance. Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

Top Contributors/Detractors to Performance for the Quarter Ended September 30, 2017 Contribution to Return¹ Contributors Detractors By Sub-Industry • Shares of Vail Resorts, Inc., the largest global operator of ski • Tesla, Inc. designs, manufactures, and sells fully electric resorts in the U.S., Canada, and Australia, increased in Q3 on vehicles, solar products, and energy storage solutions. Shares strong ski pass sales for the upcoming season. Sales rose 16% fell following vehicle delivery numbers that were lower than from last year’s record levels. Vail expects additional growth in analyst estimates as a result of production mix, signs of lower season pass sales from its recently acquired Stowe and Whistler demand levels for Model S and X, and growing inventory levels. resorts. The company continues to penetrate the destination skier In addition, although management retains confidence in its market on the east and west coasts through such expansions. We ability to ramp Model 3 production, investors are still waiting believe this strategy will help Vail build a more stable revenue for confirmation of quality ramp up. On the other hand, Model base, as season passes represent 44% of its lift ticket revenue. 3 was launched successfully during the quarter with more than • Shares of global hotelier Hyatt Hotels Corp. increased as 450,000 net reservations. the company generated strong revenue per available room • Zillow Group, Inc. operates the leading online real estate sites in and continued to take market share from its competitors. The the U.S. Shares fell on a government investigation into whether company also sustained strong cash flow generation, which it mortgage brokers on the platform are allowed to pay in part for used to repurchase stock. Management indicated that, given real estate agent advertising. The profitability outlook was also Hyatt’s strong brand perception, it would continue to expand lower than investors had hoped. We believe Zillow is still in the its room base using minimal capital by entering into more early stage of penetrating the growth opportunity in online real management and franchise contracts with developers. This estate advertising. We believe long-term margins will be robust should lead the company toward a more fee-based business, in and short-term swings in profitability are less relevant as it our view, especially as it sells down more owned assets. invests against new growth initiatives. • Arch Capital Group Ltd. is a specialty insurance and reinsurance • Shares of athletic apparel and footwear company Under company based in Bermuda. The stock rose on positive financial Armour, Inc. declined in the period. Revenue growth rates results with 15% growth in book value per share. Strong are still meaningfully below historic growth levels and outlook growth in the mortgage insurance segment offset weakness in remains cautious. Store growth with existing accounts has the insurance and reinsurance segments. Damage caused by slowed, mall traffic continues to decline, and competition is

Hurricanes Harvey, Irma, and Maria, as well as the Mexico City taking share. The company is examining costs in order to improve earthquake will likely lead to higher catastrophe losses in the margins over the long term. We still believe the brand resonates third quarter, but the impact to Arch should be relatively small, with consumers and growth can return as product segmentation and industry losses could lead to better market pricing, in our expands, distribution is replaced, and the marketing campaign is view. improved. By Holdings

Top Contributors Average Weight(%) Contribution(%) Vail Resorts, Inc. 9.77 1.17 Hyatt Hotels Corp. 7.31 0.74 Arch Capital Group Ltd. 11.29 0.63 The Carlyle Group 2.99 0.61 FactSet Research Systems, Inc. 6.11 0.53

Top Detractors Average Weight(%) Contribution(%) Tesla, Inc. 18.73 -1.16 Zillow Group, Inc. 5.17 -1.08 Under Armour, Inc. 3.40 -1.00 IDEXX Laboratories, Inc. 6.93 -0.25 Robert Half International, Inc. 0.65 -0.11

1 - Source: FactSet PA. Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

When reviewing performance attribution on our portfolio, Quarterly Performance Attribution¹ please be aware that we construct the portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio if it meets our rigorous investment criteria. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to achieve a target sector allocation or to approximate an index. Our exposure to any given sector is purely a result of our stock selection process.

Consumer Consumer Information Telecom Quarterly Analysis Sector Average Weights(%) Discretionary Staples Energy Financials Health Care Industrials Technology Materials Real Estate Services Utilities Baron Partners Fund 47.40 - - 26.27 8.18 4.53 25.92 - 6.07 - - Baron Partners Fund gained 1.40% in the third quarter, trailing Russell Midcap Growth Index 17.38 4.37 2.28 6.96 14.88 16.64 27.30 6.54 3.37 0.22 0.05 the Russell Midcap Growth Index by 388 basis points due to stock Over/Underweight 30.02 -4.37 -2.28 19.30 -6.70 -12.11 -1.39 -6.54 2.70 -0.22 -0.05 selection. Total Return(%) Baron Partners Fund 0.38 - - 7.26 1.10 7.04 -3.22 - 1.34 - - The Fund may use leverage and is especially likely to do so when we believe prospects for businesses are favorable and stock prices of Russell Midcap Growth Index 2.96 -1.72 5.78 8.95 0.53 6.10 9.56 3.99 4.42 11.39 48.79 those businesses do not reflect those prospects. As of September Relative Return -2.58 1.72 -5.78 -1.70 0.57 0.94 -12.78 -3.99 -3.08 -11.39 -48.79 30, 2017, Baron Partners Fund had 120.9% of its net assets invested in securities, and the use of leverage in an up market contributed 104 basis points to relative performance. Aside from leverage, lower exposure to the lagging Health Care One-Year Performance Attribution¹ sector, lack of exposure to the declining Consumer Staples sector, and higher exposure to the outperforming investment banking & brokerage, financial exchanges & data, and asset management & custody banks sub-industries within Financials added value. Investments in Information Technology (IT) and Consumer Discretionary accounted for the majority of the Fund’s underperformance in the quarter. Stock selection in IT detracted over 300 basis points from relative performance, owing largely to

the underperformance of internet software & services holdings Zillow Group, Inc., CoStar Group, Inc., and Benefitfocus, Inc. Zillow was the second largest detractor from absolute results, while shares of real estate information and marketing services company CoStar Sector Average Weights(%) Consumer Consumer Energy Financials Health Care Industrials Information Materials Real Estate³ Telecom Utilities paused after increasing sharply in the first half of the year. Shares Discretionary Staples Technology Services of benefits software vendor Benefitfocus declined as uncertainty Baron Partners Fund 48.81 - - 28.72 10.20 7.59 24.81 - 6.52 - - around health care reform froze sales cycles with many customers. Russell Midcap Growth Index 21.61 6.30 1.57 5.76 15.37 15.15 23.82 5.53 4.54 0.32 0.02 Also, within IT, lack of exposure to semiconductor equipment Over/Underweight 27.20 -6.30 -1.57 22.95 -5.17 -7.56 0.99 -5.53 1.98 -0.32 -0.02 and systems software stocks, which were up in the index, and Total Return(%) underperformance of Gartner, Inc. hurt relative results. Shares Baron Partners Fund 28.72 - - 27.50 12.54 21.19 24.12 - 16.13 - - of Gartner, a provider of syndicated IT research, underperformed Russell Midcap Growth Index 8.43 -2.81 -12.03 33.83 16.01 17.73 33.00 18.13 12.79 11.90 44.33 after it cut the high end of profitability guidance for 2017 as a Relative Return 20.29 2.81 12.03 -6.33 -3.48 3.46 -8.88 -18.13 3.34 -11.90 -44.33 result of modestly higher integration costs associated with recent acquisition CEB. Weakness in Consumer Discretionary was mainly due to the underperformance of Tesla, Inc. and Under Armour, Inc., two of the largest detractors on an absolute basis after their Return calculations for the Portfolio are transaction based and are calculated from the underlying security-level data; they may not correspond with published performance information based on NAV per respective shares fell in the quarter. Meaningfully higher exposure share. to this underperforming sector detracted an additional 65 basis 1 - Attribution analysis for other periods or versus another index will be provided upon request. Source: FactSet PA. points from relative results. 2 - Fund total returns include cash, fees and unassigned securities. 3 - As of 9/1/2016 GICS added Real Estate as a new sector. The performance attribution figures above assume that the Real Estate sector existed during the entire time period presented. Baron Partners Fund Institutional Shares (BPTIX) September 30, 2017

Top 10 Holdings as of September 30, 2017

Company Investment Premise Company Investment Premise

Tesla, Inc. (TSLA) manufactures In our view, Tesla could continue to grow its business rapidly at IDEXX Laboratories, Inc. (IDXX) IDEXX has continued to benefit from secular growth spending on pets, due purely electric automobiles, energy least through 2020. We believe its strong engineer talent pool, is the leading provider of diagnos- to a growing human-animal bond, favorable demographics, increased use of storage, and solar solutions. It offers first mover advantage, scale with its existing facilities, $5 billion tics to the veterinary industry. diagnostics, and enhanced focus on preventative care. We think IDEXX has a sedan (Model S), a CUV (Model X), Giga battery plant, solar activity, and recognized brand could the best menu of diagnostics, which it has continuously improved by spend- and battery-based energy storage. potentially result in a market capitalization of $100 billion in five ing six times more on R&D annually than all its competitors combined. The Tesla expects to start delivering its years and more thereafter. We find the more than 450,000 pre- company’s products are sold via a razor/razorblade model, which creates mass market vehicle, Model 3, later orders for its new Model 3 to be a testament to the strong brand high retention rates and incremental margins. IDEXX generates strong cash in 2017 for a base price of $35,000. Tesla has built in its short existence. flow, which it has returned to shareholders via repurchases.

CoStar Group, Inc. (CSGP) is the CoStar has built a proprietary database through primary and data FactSet Research Systems, Inc. FactSet serves only a small part of the addressable market, which we leading provider of information collection research over a 20-year period, creating high barriers (FDS) provides financial informa- estimate is roughly $20 billion annually. The company has been taking and marketing services to the to entry. We believe the acquisitions of Apartments.com and tion to the global investment market share and offering broader data sets and more advanced port- commercial real estate industry. ApartmentFinder offer cross-sell synergies that can add $1 billion community. folio analytics than its competitors, and has a highly regarded customer of revenue and $600 million of EBITDA over the next decade. service model. FactSet has also been expanding into fixed income mar- CoStar currently has retention rates in the low 90% range, giving kets. Its products are sticky, leading to retention rates of over 95% and great visibility into the future earnings stream. We believe that high visibility. FactSet generates robust free cash flow, which it has ag- margins will improve into 40%+ given high operating leverage. gressively returned to shareholders via share repurchases and dividends.

Arch Capital Group Ltd. (ACGL) Arch Capital is led by an experienced management team with a The Charles Schwab Corp. Schwab’s emphasis on earning customer trust has made it a is a specialty insurance and rein- successful track record across insurance cycles. We believe the (SCHW) is a premier discount sterling brand in financial services, in our view. Schwab’s stabil- surance company with operations company excels at underwriting specialized policies and can nimbly brokerage firm offering securi- ity stands out, given the credit-related struggles of some of its in Bermuda, the U.S., Europe, and shift its business mix to target the most profitable lines. Arch has a ties brokerage and other financial traditional and discount-brokerage competitors. We believe the Canada. compensation system that rewards long-term profitability rather services to individual investors company’s Investor Services division is well positioned to take than short-term premium growth. In our view, management has directly and through independent share from traditional brokerages. Its institutional business has demonstrated strong underwriting discipline and capital steward- financial advisors. continued to gain RIA relationships. We expect organic growth to ship, allowing Arch to maintain industry-leading returns on equity. hold above 10% once interest rates normalize.

Vail Resorts, Inc. (MTN) is the Most of Vail’s revenues come from its ski resorts. The company Gartner, Inc. (IT) is the leading Gartner has a vast addressable market, which management estimates ex- largest operator of ski resorts has been upgrading its properties to offer new and higher quality independent provider of research ceeds $70 billion annually, implying a penetration rate of less than 3%. IT in the U.S. It owns 14 resorts, services and amenities and summer recreational activities, which and analysis on the information is rapidly changing and growing in strategic importance, leading users to including Vail and three others in we believe should help attract more visitors and allow it to raise ski technology industry. turn to third-party providers for insight into trends. The low price of Gart- Colorado; two in Utah; three in ticket prices. Vail is also focused on increasing season-pass sales ner’s research relative to its value has created strong renewal trends, with Lake Tahoe, California; Whistler and has been acquiring resorts to enhance the attractiveness of its retention rates running above 100%. We think management can improve Blackstone in Canada; Perisher in multi-resort season pass. The company generates strong free cash results with its recent acquisition of CEB, accelerating growth towards Australia; and Stowe in Vermont. flow that it is using for increased dividends and debt reduction. 15% over the next 3 years while driving $50 million of cost synergies.

Hyatt Hotels Corp. (H) is a We believe Hyatt has a significant opportunity to market more of its Zillow Group, Inc. (ZG) operates Zillow Group still represents less than 8% of the $10 billion-plus global hospitality company with brands globally, given an undersupply of rooms in developing countries. the leading residential real estate real estate advertising market. With the leading brands in each 686 Hyatt-branded proper- Compared to its competitors, Hyatt has the least brand penetration across websites in the U.S., including Zillow. of its relevant categories, we believe Zillow will continue to take ties representing 175,626 keys. the globe and the largest pipeline of unit growth. We believe its new online com, Trulia.com, StreetEasy.com, share in the online and offline real estate advertising markets for The company’s brands include availability of rooms and strong balance sheet, coupled with recovery in and Hotpads.com. The company years to come. Park Hyatt, Grand Hyatt, Hyatt the global lodging industry give Hyatt an opportunity to generate strong sells advertising on its sites to real Regency, Hyatt, Hyatt Place, and growth in the years ahead. The resulting potential increased cash flow estate brokerages, home builders, Hyatt Summerfield Suite. could be used for continued share repurchases and further acquisitions. lenders, and home service providers. We invest in people—not just buildings

Long-Term Investors • Research Driven