Item 1 Cover Page Brochure Supplement of Underhill Investment Management LLC 781 Lincoln Avenue, Suite 340 San Rafael, California 94901 Tel: (415) 785-3670 Fax: (415) 785-3675 www.underhillmgmt.com November 1, 2013 This brochure supplement provides information about Roland D. Underhill, Michael Tannenbaum, and Benjamin H. Miller, and supplements the brochure of Underhill Investment Management LLC ( UIM ). You should have received a copy of that brochure. Please contact Bonnie George, UIM s Chief Compliance Officer, if you did not receive the firm s brochure or if you have any questions about the contents of this supplement. Additional information about Mr. Underhill, Mr. Tannenbaum and Mr. Miller is available on the SEC s website at www.adviserinfo.sec.gov.
Roland D. Underhill, born 1937 University of California, Los Angeles, CA -- B.S., Business Administration (1960) 2009-present Underhill Investment Management LLC (formerly Llenroc Capital LLC); San Rafael, CA; Managing Member, Principal Managing Director and Portfolio Manager 1994-2007 Lateef Investment Management; Greenbrae, CA; General Partner 1991-1993 Van Kasper & Company; San Francisco, CA; Principal and Senior Vice President 1989-1990 Wilkinson & Underhill; Los Angeles, CA; Principal 1985-1988 Dillon Read & Company; New York, NY; Principal and Senior Vice President 1964-1985 Crowell Weedon & Company; Los Angeles, CA; General Partner and Director of Research certain criminal charges or convictions. Mr. Underhill has no legal or disciplinary events that are required to be disclosed. Mr. Underhill has no other investment-related business or occupation that is required to be This item requires certain disclosure if Mr. Underhill receives compensation or economic benefits other than fees from clients with respect to his advisory activities, such as sales awards or prizes. Mr. Underhill does not receive any such additional economic benefits. 2
Michael Tannenbaum, born 1974 Haverford College, Haverford, PA -- B.A., Growth & Structure of Cities (1996) Haas School of Business, University of California, Berkeley, CA -- M.B.A. (2007) Chartered Financial Analyst -- The CFA designation is an international professional certification offered by the CFA Institute to financial analysts who complete a series of three examinations. Generally, to become a CFA Charterholder, candidates must pass each of three six-hour examinations, possess a bachelor's degree from an accredited institution (or have equivalent education or work experience) and have 48 months of qualified, professional work experience. 2007-present Underhill Investment Management LLC (formerly Llenroc Capital LLC); San Rafael, CA; Member, Managing Director and Portfolio Manager 1996-2005 Bernard L. Madoff Investment Securities, New York, NY; Proprietary Trader certain criminal charges or convictions. Mr. Tannenbaum has no legal or disciplinary events that are required to be disclosed. Mr. Tannenbaum has no other investment-related business or occupation that is required to be This item requires certain disclosure if Mr. Tannenbaum receives compensation or economic benefits other than fees from clients with respect to his advisory activities, such as sales awards or prizes. Mr. Tannenbaum does not receive any such additional economic benefits. 3
Benjamin H. Miller, born 1964 Oberlin College, Oberlin, OH; B.A., Economics (1986) Oct. 2013-present Underhill Investment Management LLC (formerly Llenroc Capital LLC); San Rafael, CA; Managing Director Jan.-Sept. 2013 and Perigon Wealth Management; San Francisco, CA; Portfolio Manager 2005-2006 2012 Llenroc Capital LLC; San Rafael, CA; Director 2011 Fovea Capital; San Francisco, CA; Portfolio Manager 2007-2010 Seasons Capital; San Francisco, CA; Portfolio Manager 2003-2005 Compass Technology Group; Menlo Park, CA; Portfolio Manager 1998-2002 Astrum Capital; San Francisco, CA; Portfolio Manager 1992-1998 Cowen and Company; San Francisco, CA; Vice President 1986-1991 Sailways and Performance Snowboarding; Fairfield, CT; CEO certain criminal charges or convictions. Mr. Miller has no legal or disciplinary events that are required to be disclosed. Mr. Miller has no other investment-related business or occupation that is required to be This item requires certain disclosure if Mr. Miller receives compensation or economic benefits other than fees from clients with respect to his advisory activities, such as sales awards or prizes. Mr. Miller does not receive any such additional economic benefits. 4
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