FAIRHOLME FUNDS CONFERENCE CALLS

Please consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The prospectus for the Funds contains this and other information about the Funds. You may obtain a copy of the prospectus by clicking here or by calling 1-866-202-2263. Please read the prospectus carefully before investing.

The opinions herein expressed are those of Fairholme Capital Management, L.L.C., the portfolio manager(s), and/or unaffiliated companies, and should not be considered a guarantee of future events or future results, or investment advice. Fairholme Capital Management is not responsible for information provided by unaffiliated companies.

Any references to past performance should not be construed as an indicator of future performance. Any projections, market outlooks or estimates that may be included in this material are forward looking statements and based upon certain assumptions. Other events that were not taken into account may occur, and may significantly affect the returns or performance of the Funds. Any assumptions should not be construed to be indicative of the actual events which will occur.

FAIRHOLME CONFERENCE CALL WITH BANK OF AMERICA August 10, 2011

Please click here for important disclaimer information about our funds and a copy of the Bank of America Conference Call transcript.

FAIRHOLME SHAREHOLDER CONFERENCE CALL WITH BRUCE BERKOWITZ May 9, 2011

Please click here for important disclaimer information about our funds and a copy of the Shareholder Conference Call transcript.