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July 25, 2016

Dear Limited Partner:


For the second quarter ended June 30, 2016, Corsair Capital was up an estimated 1.3%* net, after all fees and
expenses, bringing our 2016 performance to 0.6%*. Corsair Select was up an estimated 2.9%* net, after all fees
and expenses, bringing our 2016 performance to 1.2%*. Since inception in January 1991, Corsair Capital's
compounded net annual return is 12.6%. Since inception in January 2004, Corsair Selects compounded net
annual return is 10.8%.

Corsair Capital (net)* HFRI - EHI**


1.3%
1.4%
0.6%
-0.4%
12.6%
11.4%
1984%
1449%

S&P 500
2.5%
3.8%
9.8%
979%

Russell 2000
3.8%
2.2%
10.4%
1142%

Corsair Select (net)* HFRI - EHI**


2Q16 return
2.9%
1.4%
YTD return
1.2%
-0.4%
Annualized since inception (2004)
10.8%
4.2%
Total return since inception (2004)
258.9%
67.5%

S&P 500
2.5%
3.8%
7.4%
144.5%

Russell 2000
3.8%
2.2%
7.4%
144.2%

2Q16 return
YTD return
Annualized since inception (1991)
Total return since inception (1991)

Despite the seemingly negative geopolitical and macro-economic global headlines during the second quarter,
equity markets generally continued their rebound from mid-February's low. Only at the end of the quarter, with
the surprising final results of the United Kingdom's Brexit resolution in hand, did the U.S. stock market suffer
somewhat of a small correction. Furthermore, while the initial reaction in Europe to this vote was quite violent
(London's FTSE 2500 Index declined 7% - its worst one-day performance since the 1987 crash, the British
Pound lost 8% - its largest drop since its 1967 devaluation, and the equity markets in Spain and Italy both
declined more than 12%), much of the losses suffered were recovered as of early July.
The best explanation for equities positive performance may come from interest rates, a subject we have
discussed in many of our past quarterly letters. The United Kingdom's vote to exit the European Union seemed
to exacerbate global uncertainty and cause a continued flight to "safety" by investors into sovereign bonds
*Unless otherwise noted, performance figures included herein (which include the reinvestment of dividends, capital gains and other earnings) are for Corsair Capital Partners,
L.P. (Corsair Capital) or Corsair Select, L.P. (Corsair Select), as indicated. The figures for each such fund are based on an investment made as of the inception of such
fund, are calculated net of such funds fees and expenses, are based on unaudited data, and may be subject to adjustment. Additionally, the figures for each fund are
calculated using the highest management fee per annum rate generally offered by such fund at the time for Corsair Capital, a 1.00% rate through May 2002, a 1.25% rate
from May 2002 through 2009, and a 1.50% rate commencing January 2010; and for Corsair Select, a 2.00% rate since inception. Although the portfolios of the other funds
within the Corsair Capital family and the Corsair Select family have been substantially similar to either Corsair Capital or Corsair Select, as applicable, the actual returns of
such other funds have varied. Also, results for individual investors within a particular fund managed by Corsair Capital Management, LLC (Corsair) or its affiliates have
varied based on, among other things, the applicable fee rate and the timing of capital contributions and redemptions/withdrawals. For additional important disclosures
regarding this letter, please see the last page of this letter.
** Hedge Fund Research, Inc. - Equity Hedge (Total) Index
This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

around the world. The result being not only record low interest rates around the globe, but also asset value
inflation as the cost to finance any asset purchase continued to decline.
In fact, interest rates are not just at record lows, but they are actually negative in many countries. According to
Bank of America Merrill Lynch, $13 trillion of bonds are now priced with negative yields, up from effectively
none two years ago. This represents an astounding 30% of all sovereign bonds globally. Theoretically, this
should never happen as investors could just hold on to their cash versus lending it out. Furthermore, according
to the reference guide "A History of Interest Rates," this is the first time the world is seeing truly negative
interest rates since 3,000 B.C.
How one correctly values equities in this new interest rate world is a question few can definitively answer.
Needless to say, because there have been no other analogous time periods since the Bronze Age, statistical
analysis of how asset values have previously performed is moot. "A World Turned Upside Down" is how the
Wall Street Journal recently described things as investors are now paying for the privilege of lending money to
Germany as that country became the first Euro-zone nation to sell 10-year bonds with a negative yield. And
how should one value the price of a home in Denmark? According to the Grant's Interest Rate Observer,
interest rates are so low in "the land of Hans Christian Anderson that the mortgagees pay the mortgagors, rather
than the other way around."
The U.S. stock market is currently trading at approximately 16x-17x next years earnings. This equates to an
earnings yield of approximately 6% after-tax and 8% on a pre-tax basis - a big gap to 10-year treasury bonds
yielding just 1.5%. As long as investors believe that stocks will generally continue to earn what they currently
do (even with zero growth), equities will seem to be mathematically quite cheap compared to bonds. Of course,
just because bonds are expensive doesn't mean investors have to invest in stocks. However, if not stocks, where
will investors turn? It just seems the answer is TINA there is no alternative as all assets are historically
expensive and stocks may prove to be the proverbial "best house in a lousy neighborhood."
With the U.K.'s vote to leave the European Union, there is certainly public groundswell in other European
nations to vote for their countries to do the same. Thus, an investor likely needs to consider slower economic
growth in not only Europe but for the world as well. We believe U.S. domestically-oriented companies should
be less affected by European political upheaval and continue to focus our efforts in the mid-capitalization sector
in the U.S. As mentioned in our last letter, companies are generally reporting solid results and optimistic
outlooks. As John Stumpf, the CEO of Wells Fargo recently put it, all indicators "point to continued relative
strength in the U.S. Economy." So, while there is risk to the price of all assets should interest rates rise
significantly, we believe there remains a substantial cushion between the value and price of many U.S.
companies.
Portfolio Update
The largest contributors and detractors for the quarter were:

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

Diamond Resorts International (DRII) shares rose 23% in Q2 after Apollo Global Investments (APO)
announced a cash tender at $30.25 on June 29th. Our interest in DRII dates back to 2014 and our thesis was
underpinned by the following: DRII had a) an undervalued recurring fee stream associated with managing
timeshare properties b) a robust free cash flow profile with low corporate debt obscured by GAAP optics and c)
a highly aligned/incentivized management team. Additionally, we took comfort in the fact that a large
percentage of sales go to existing customers and that customers are willing to pay a premium price for DRIIs
vacation points. We made DRII a core position after management announced it was pursuing strategic
alternatives and we continued to add throughout Q2 as DRII continued to execute. Given its low financial
leverage and limited capex requirements, we believed DRII would be an ideal takeout candidate for either a
strategic or PE buyer. We also believed DRII had upside as a standalone company given it had the financial
flexibility to return a significant amount of cash to shareholders via a special dividend or stock buyback. The
cash tender from APO validated our thesis. DRII stock ended the second quarter at $29.96.
Olin Corporation (OLN), a company we featured in the Appendix of our Q3 2015 investor letter, rose 43% in
Q2 as chlor-alkali markets tightened and supplier pricing initiatives took hold. After experiencing chlor-alkali
price declines in Q1, North American producers saw the benefits of: a) actual and anticipated capacity
reductions in the US and Europe and b) stronger export demand thanks to lower Chinese PVC production.
Investor confidence grew when OLN affirmed FY 2016 guidance based on April index pricing. Subsequent
chlor-alkali pricing gains in May and June were incremental to OLNs guidance baseline assumptions and gave
some credence that supply rationalization was taking hold. Separately, Westlake Chemical (WLK) reached an
agreement to purchase Axiall (AXLL), a beleaguered competitor of OLN; WLKs aggressive pursuit of
AXLL suggested that it saw meaningful value in the upstream part of the chlor-vinyl value-chain, where OLN is
the largest and lowest cost producer. Our thesis remains that a) improving supply/demand dynamics in the
chlor-alkali market will be a tailwind for OLN and b) OLN will over-deliver on synergies from its acquisition of
Dows chlor-alkali assets. OLN shares finished the second quarter at a price of $24.84.
Clearwater Paper (CLW) reported strong first quarter results and guided second quarter EBITDA above sellside expectations, driving the stock up by 35% for the period. The company continued to execute on its cost
savings goals, as the Consumer Products segment posted its highest EBITDA margin in any quarter since the
second quarter of 2014. In the Paperboard segment, supply/demand fundamentals remain healthy and the
business has performed well, despite pricing pressure from the strong U.S. dollar. CLW also continued its share
repurchases, buying back 4% of the companys outstanding shares in the period. Since 2013, the company has
retired more than 25% of its outstanding shares. We believe it is also important to note that the company added
new directors John ODonnell and Alex Toeldte to its board both activist CEOs. ODonnell spent 20 years at
CLW competitor Georgia-Pacific before taking the CEO position at Neenah Paper (NP) in 2011. NP stock
has more than tripled since John arrived, fueled by stock buybacks, dividends and acquisitions. Toeldte, a
private equity executive, previously held the CEO position at Boise (BZ) before selling the company in 2013.
We welcome the new appointments as they add more value creators to the CLW team. CLW stock ended the
second quarter at $65.35.
IAC/InterActiveCorp (IAC) shares rose 20% in what was a transformational second quarter for the company.
IAC and its majority-owned Match Group (MTCH) reported very positive first quarter results for
This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

HomeAdvisor, Vimeo and the MTCH dating assets. MTCH beat consensus EBITDA estimates for the period
and also guided full year 2016 EBITDA materially above sell-side expectations. The confidence at MTCH is
being driven by improving mobile conversion at match.com and because, as CEO Greg Blatt quipped, Tinder
is really killing it. At HomeAdvisor, management revealed a path to growing revenue from $355MM in 2015
to over $1 billion in 2020. In addition to the bullish financial results and optimistic commentary on the future,
IAC announced it had repurchased 6% of its outstanding shares in the open market in just the first quarter alone.
Our view is that this large buyback, alongside an extraordinary shareholder letter by CEO Joey Levin and newly
hired CFO Glenn Schiffman, was a significant inflection point for the company. Since Schiffman joined the
team in April, there has been a concerted effort on the part of management to be more transparent and
shareholder friendly. We applaud management on writing a letter that plainly states the case for IAC shares
being materially undervalued and agree with CEO Joey Levin that we don't think it's healthy for our perception
of value to be so far off from the market (CEO Joey Levin on the Q1 2016 earnings call). IAC shares finished
the second quarter at a price of $56.30.
Voya Financial Inc. (VOYA) declined 17% during the second quarter on fears that lower interest rates for
longer will deplete excess capital at the company and cause a headwind to future earnings. The sell-off in the
stock came primarily after Brexit voters sided with the leave campaign and investors sought out safe
havens. 10-year treasury yields, a bellwether for US rates, declined to 1.47% at the quarter end, representing a
decline of almost 100bps from a year ago. While the company has been successfully moving earnings from
capital intensive and macroeconomic sensitive business lines (i.e. life insurance and annuities) into capital
light(er) businesses (i.e. retirement and asset management), they still have material exposure to interest rate
sensitivity. However, the company has provided some information regarding its sensitivity to interest rates and
we believe the current rate environment represents a manageable headwind that will not require an infusion of
capital, just less excess capital available to return to shareholders. When interest rates normalize, VOYA will be
well positioned to benefit from regaining some of this lost excess capital. As we noted in our Q1 letter, VOYA
management has executed on its previous financial goals, used excess cash to aggressively repurchase shares
and removed a large shareholder overhang. Assuming the company will need to use some of its excess capital to
replace lost income for lower interest rates, the company is still trading at under 6x 2018 estimated earnings.
Management is committed to exploring all opportunities to create shareholder value and to returning excess
capital to shareholders. We believe VOYA will actively repurchase shares of the company at these levels,
creating even further value in the long-term. VOYA closed the quarter at $24.76.
Countrywide plc (CWD) declined by 34% during the second quarter on the heels of the U.K. decision to leave
the European Union. CWD, the leading real estate broker in the U.K., will certainly be impacted by the Brexit
decision. However, among the reasons we like CWD is the diversity of its business where almost 45% of the
profits relate to recurring revenue fee-stream businesses that are unrelated to home sales. Additionally, the
company earns only ~20% of its real estate profits in London, the area likely to be the most impacted by the
Brexit decision. While this was clearly disappointing news for shareholders, we are encouraged by the
diversity and strong cash flows generated by CWD and believe the stock price movement was an overreaction.
We believe management will use the near-term turmoil to accelerate restructuring plans and focus on cash
management and shareholder returns. CWD closed the quarter at 2.45.

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

As of July 1, 2016, the five largest positions in Corsair Select were Diamond Resorts International, Aon plc,
IAC/InterActiveCorp, KAR Auction Services and Orbital ATK.
Thank you for your continued support and confidence. See the attached Appendix for a write-up of a current
core investment. Please feel free to call us with any questions you may have at 212-949-3000.

Sincerely,

Corsair Capital Management, L.P.

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

Appendix Quintiles Transnational Holdings (Q $73.00)


IMS Health (IMS), a company we featured in the Appendix of our Q4 2015 investor letter, is the global
information and technology leader in gathering, organizing and analyzing data for clients in the healthcare
industry. With the leadership of activist CEO Ari Bousbib since a 2010 leveraged buy-out by the private equity
firm TPG, IMS has successfully executed a business transformation from a data collector into a healthcare
analytics software leader, completed numerous acquisitions, re-entered the public markets in 2014 and
repurchased 4% of its outstanding shares. Bousbib is at it again, but this time in a transformational merger of
equals with Q, the worlds largest contract research organization (CRO) providing pharmaceutical companies
with clinical trial services. Because the transaction with Q is a vertical combination, many investors and sellside analysts have been slow to understand the strategic rationale of the deal and the financial benefits it could
produce. In some cases, healthcare industry investors who owned Q have sold shares because IMS is in the
business services sector, and vice versa. The dynamic of sell now and do the work later has also contributed to a
churn in the shares and the opportunity to buy a very high quality business at a material discount to its true
value.
Our view is that the merger is significantly accretive and de-leverages the IMS balance sheet, making pro forma
Q a completely new stock and even more compelling than IMS as a standalone entity. We believe that midsingle digit organic growth combined with both revenue and cost synergies will drive pro forma Q adjusted EPS
from less than $4.00 per share in 2016 to $5.75 in 2018 and $8.00 in 2020. Using a multiple of 18x-20x
earnings, Q stock could appreciate above $100 in the next 12-18 months. Ultimately, our view is that over a
period of 2-3 years the stock will appreciate to $150 or higher, making pro forma Q a compelling situation and
one of our favorite ideas.
Strategically Transformational Combination
This is a transformational merger for both companies, one that has long been a vision of Quintiles Founder
Dr. Dennis Gillings. IMS CEO and pro forma Q CEO Ari Bousbib
With a backlog of $12 billion, Q gets paid to design and manage clinical trials, including the recruitment of
physicians and patients to participate in these programs. The company knows through its own experience as a
global leader, that the name of the game is efficiency and speed. For this reason, CROs and pharmaceutical
companies spend significant time and money on research and development prior to the launch of a clinical trial,
in order to design as efficient a process as possible. A frequent stumbling block in that process has been
enlisting a sufficient number of patients to fill the sample set.
We will use the rich data assets of IMS Health and the analytic capabilities of both companies to complement
the domain expertise of the leading CRO to improve design, recruitment and execution of clinical trials. IMS
CEO and pro forma Q CEO Ari Bousbib
That is where IMS fits in vertically with Q. With comprehensive health data on 530 million anonymous patients
throughout the world, IMS is able to efficiently steer the recruitment process in the direction of the appropriate
This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

patients. Additionally, in contrast with leading CROs who typically operate with limited information, IMS
holds the key to expansive treatment and outcomes data, including product-level tracking across 90 separate
markets globally. While IMS can and does sell segments of data in its recurring revenue Information segment,
no customer has access to the full breadth of records on drugs and patients throughout the world. The new Q
will.
Our newly-combined company will create a Smarter CRO. IMS CEO and pro forma Q CEO Ari Bousbib
By joining forces, Q and IMS will gain the ability to locate prime recruits at the push of a button. Q will not
only burn through its robust backlog quicker, it will also gain market share. The R&D market for clinical
development is approximately $180 billion annually and growing mid-single digits. However, only $22 billion
worth is outsourced to CROs, and Q has the #1 market share at approximately 15%. Management believes it
can grow its market share substantially above 15%, convert more internally-managed clinical trials into
outsourced opportunities and raise prices as it proves the efficacy of its offering. Testing the vision of Dr.
Gillings, the two companies formed a partnership in September 2015 in order to assess the strategic rationale of
the combination. After successfully demonstrating the great value of the merger to its customers, management
gained tremendous conviction that this deal would be a total game-changer.
Financial Rationale
Now, let's talk about synergies as there are two main value-creation levers created by this transaction.
IMS CEO and pro forma Q CEO Ari Bousbib
For the first time at IMS, Bousbib is touting the revenue synergies created by a combination. He believes that
taking into account the feedback from clients during the partnership and given Qs $12 billion backlog, this
merger offers what he calls real revenue synergies. Management believes $500 million in annual incremental
revenue at high incremental margins is conservative and achievable by 2019. Combined with $100 million in
visible cost synergies, the annual merger synergies are 25% accretive to 2016 pro forma earnings. Based on
Bousbibs execution against his cost synergy guidance following an April 2015 acquisition, where IMS has
already captured 40% more in annual cost synergies than expected, we think the $100 million guidance could be
very conservative when all is said and done.
From a balance sheet perspective, IMS actually improves its standing as a result of this all-stock deal. IMS is
currently leveraged over 4x 2016 EBITDA on a net basis, versus about 3x leverage for pro forma Q. Ultimately,
we believe if the market does not reward pro forma Q shareholders for the value being created, management
will have significant excess free cash flow to put towards repurchasing shares, as it has done in the past.
Valuation
And, of course, this merger is about creating significant incremental value for shareholders of both
companies. IMS CEO and pro forma Q CEO Ari Bousbib

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

Our view is that once the deal closes in Q4 2016, the strategic and financial rationale for the merger will
become clearer as the pro forma company executes over several quarters, leading to increased earnings
estimates and multiple expansion. With earnings power growing to $8.00 over time, we think upside for this
stock over the next couple of years is a price of $150 or higher. In the medium term, we expect the shares to rise
as the market better understands the merger, and expect a stock price of $100 or more in 2017 based on a
multiple of 18x-20x earnings.

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000

IMPORTANT DISCLOSURES
An investment in any Corsair fund is speculative and involves a high degree of risk. Past performance is not
necessarily indicative of future results. There can be no assurances that any Corsair fund will continue to have a
similar return on invested capital because, among other reasons, there may be differences in economic and
market conditions, regulatory and political climate, portfolio size, investment opportunities, expenses and
structure.
References to benchmarks are for illustrative purposes only. Comparisons to benchmarks have limitations
because characteristics of such benchmarks, such as level of volatility and position concentration, among other
things, may differ from those of the applicable Corsair fund. The Corsair funds do not attempt to track a
benchmark.
The information in this letter is as of the date set forth on the cover page hereto and is subject to change without
notice. The delivery of this letter at any time does not imply that the information or opinions contained herein
are correct at any time subsequent to the date set forth on the cover page hereto.
Any forward-looking statements included in this letter represent the subjective views of the portfolio managers
of Corsair, including the future performance of the market generally and portfolio companies specifically, based
on assumptions that may or may not prove to be correct. There can be no assurance that these views are
accurate or will be realized, and nothing contained here is, or should be relied on as, a promise as to the future
performance or condition of any Corsair fund, any portfolio company or the market generally. Industry experts
and the portfolio companies themselves may disagree with these views and/or assumptions.
Certain information contained herein has been obtained by Corsair from third parties. While Corsair believes
that such sources are reliable, it cannot guarantee the accuracy of any such information and does not represent
that such information is accurate or complete.
The Opinions expressed herein are those of Corsair Capital and are not a recommendation to buy, sell or hold
any of these securities.

This letter is not a research report or recommendation to buy or sell the securities mentioned herein. The examples herein are illustrations of ways in which Corsair and its
affiliates have examined or may examine opportunities. Additionally such examples do not represent Corsair Capitals entire portfolio and in the aggregate may represent only
a small percentage of Corsair Capitals portfolio holdings. Corsair and its affiliates may, at any time, buy or sell any of the securities mentioned in this letter and may change
its long or short position at any time without providing any notification of such changes. It should not be assumed that any trading activities pursued either now or in the future
will be profitable. Such activities may in fact result in losses.

Corsair Capital Management, L.P. | 366 Madison Avenue, 12th Floor | New York, NY 10017 | 212.949.3000