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Hard Core (Jan-10)

Hard Core (Jan-10)

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Published by: Broyhill Asset Management on Jan 19, 2010
Copyright:Attribution Non-commercial

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02/01/2013

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HARD
CORE
CONFIDENTIA
LINFORMATIO
N
Disclaimer

The analyses and conclusions of Broyhill Asset Management contained in this presentation are based on publicly available information. We recognize that there may be confidential information in the possession of the companies discussed in the presentation that could lead these companies to disagree with our conclusions. This presentation and the information contained herein is not a recommendation or solicitation to buy or sell any securities.

The analyses provided may include certain statements, estimates, and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies, access to capital markets, and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Broyhill Asset Management concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections, or with respect to any other materials herein.

Assets managed by Broyhill Asset Management and its affiliates have invested in common stock of Core-Mark Holding Company, Inc. (\u201cCORE\u201d). Broyhill Asset Management manages funds and separate accounts that are in the business of trading \u2013 buying and selling \u2013 securities and financial instruments. It is possible that there will be developments in the future that cause Broyhill Asset Management to change its position regarding CORE. Broyhill Asset Management may buy, sell, cover, or otherwise change the form of its investment in CORE for any reason. Broyhill Asset Management hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of and Broyhill Asset Management investment.

CONFIDENTIA
LINFORMATIO
N
Agenda

\ue001Overview
\ue001Industry Dynamics
\ue001Investment Thesis
\ue001Conclusions

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