FCFS - Alta Fox Capital - FirstCash Holdings: Excellent Compounding Value At A Discounted Multiple

Disclaimer

Alta Fox Capital Management, LLC (“Alta Fox”) is an investment adviser to funds that are in the business of buying and selling securities and other financial instruments. This information is provided for informational purposes only and does not constitute investment advice or an offer or solicitation to buy or sell an interest in a private fund or any other security. An offer or solicitation of an investment in a private fund will only be made to accredited investors pursuant to a private placement memorandum and associated documents.

Alta Fox may change its views about or its investment positions in any of the securities mentioned in this document at any time, for any reason or no reason. Alta Fox may buy, sell, or otherwise change the form or substance of any of its investments. Alta Fox disclaims any obligation to notify the market of any such changes.

The Alta Fox Opportunities Fund’s Net Return figures (“Alta Fox Net Return”) reflect the hypothetical USD investment performance of an LP in the Alta Fox Opportunities Fund that has participated in all Special and Private investments, and are net of all Fund related expenses, a 2% management fee, and 20% performance fee. Net returns will vary by share class. 2023 returns are unaudited but have been verified by the Fund’s administrator. Each partner will receive individual statements showing returns from the Partnerships’ administrator. The Alta Fox Opportunities Fund’s Gross Return figures (“Alta Fox Gross Return”) reflect the USD investment performance of a share class subject to all Fund related expenses but are gross of any management fee and performance fee. 2023 performance returns are estimated pending the year-end audit. Past performance is not indicative of future results. Actual returns may differ from the returns presented. References to net exposure and attribution data are internally calculated estimates and could be subject to errors.

The S&P 500 and Russell 2000 are U.S. equity indices. The S&P 500 Index is one of the most commonly used benchmarks for the overall U.S. stock market, and it tracks the average performance of 500 widely held stocks including industrial, transportation, financial, and utility stocks. The composition of the S&P 500 is flexible and the number of issues in each sector varies over time. Since the Fund invests across a wide universe of companies and stocks, we provide the S&P 500’s returns as a measure for investors to compare the Fund’s returns to broader market performance. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true smallcap opportunity set. Since Alta Fox’s research process typically leads us to opportunities in the smallcap space, we provide the Russell 2000’s returns as a measure for investors to compare the Fund’s returns to broader small-cap performance. These indices’ returns are included for informational and comparative purposes only and may not be representative of the type of investments made by the Fund. Reference to an index does not imply that the Fund will achieve returns, volatility, or other results similar to the index. The Fund’s portfolios are less diversified than these indices. These indices’ returns are total returns which include dividends and do not reflect the deduction of any fees or expenses which would reduce returns.

An investment in the Fund/partnership is speculative and involves a high degree of risk. Opportunities for withdrawal/redemption and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests, and none is expected to develop. The portfolio is under the sole trading authority of the general partner. A portion of the trades executed may take place on non-U.S. exchanges. Leverage may be employed in the portfolio, which can make investment performance volatile. An investor should not make an investment unless the investor is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

The enclosed material is confidential and not to be reproduced or redistributed in whole or in part without the prior written consent of Alta Fox. The information in this material is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are uncertain and outside of Alta Fox’s control. Any statements of opinion constitute only current opinions of Alta Fox which are subject to change and which Alta Fox does not undertake to update. Due to, among other things, the volatile nature of the markets, and an investment in the fund/partnership may only be suitable for certain investors. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal and tax professionals before making any investment.

The fund/partnership is not registered under the investment company act of 1940, as amended, in reliance on an exemption thereunder. Interests in the fund/partnership have not been registered under the securities act of 1933, as amended, or the securities laws of any state and are being offered and sold in reliance on exemptions from the registration requirements of said act and laws.