The Vilas Fund, LP (the Fund) is a long/short equity fund that uses a value approach. Investment in the Fund is restricted to verified Accredited Investors meeting certain income or net worth thresholds. The past performance listed is no guarantee of future results and is net of all fees and expenses paid by current investors. The Securities and Exchange Commission has not reviewed the merits of, or given approval to, the securities, the terms of the offering, or the accuracy of any offering materials. The securities are being offered in reliance on a registration exemption to the Securities Act and are not required to comply with certain disclosures requirements that may apply to registered securities. The securities are subject to legal restrictions on transfer and resale. This offering involves risks described in the offering materials, including risk that the Fund will suffer significant losses or otherwise not achieve its objectives, and investors should be able to bear the loss of their investment. The Fund fluctuates daily and current results may be lower or higher than the performance presented. As a private fund the Fund is not required to follow any standard methodology when calculating and representing performance data, and may not be directly comparable to the performance of other private or registered funds. The S&P 500 Index represents 500 of the United States' largest stocks from a broad variety of industries. For more information, please call us to obtain the most recent month-end performance, confidential private offering memorandum, and subscription documents, which must be accepted by Vilas Capital Management, LLC prior to the issuance of any securities.