Taken from Fairholme Transcript, 30 Sept 2009.

On a separate note, we are proposing to
the fund board that the minimum new account size increase to $10,000, effective December first. Over the past ten years, the all-in costs no longer allow for accounts
below 10,000. Of course, we are also recommending that all current shareholders below the new minimum be grandfathered, as long as their accounts maintain the FAIRHOLME CAPITAL MANAGEMENT minimum agreed to, at the time of the account opening. And that's obviously adjusted for inflation. Excuse me. Adjusted for the performance.