Corporate Overview 80 years of fundamental security analysis. Stock Issues “GAM” Common Stock and “GAM Pr B” Preferred Stock. Management Team Meet our Portfolio Manager, analysts and operations team. Board of Directors Expertise in business, scientific, academic & governmental affairs. SPENCER DAVIDSON, Chairman of the Board of Directors General American Investors Company, Inc., President and Chief Executive Officer Medicis Pharmaceutical Corporation, Director Neurosciences Research Foundation, Trustee Kiplinger Magazine, Interviews Spencer Davidson ARTHUR G. ALTSCHUL, JR. Diaz & Altschul Capital Management, LLC, Managing Member Delta Opportunity Fund, Ltd., Director Diversified Natural Products, Inc., Director Kolltan Pharmaceuticals, Inc., Chairman, Board of Directors Medicis Pharmaceutical Corporation, Director Medrium, Inc., Chairman, Board of Directors National Public Radio Foundation, Trustee Neurosciences Research Foundation, Trustee The Overbrook Foundation, Director RODNEY B. BERENS Berens Capital Management, LLC, Founding Partner Agni Capital Management Ltd., Member of Investment Committee Pendragon Capital Management Limited, Non-Executive Director Pierpont Morgan Library, Trustee and Member of the Investment Committee The Woods Hole Oceanographic Institute, Trustee and Member of the Investment Committee LEWIS B. CULLMAN Chess-in-the-Schools, Inc., Chairman Emeritus Metropolitan Museum of Art, Honorary Trustee Museum of Modern Art, Vice Chairman, International Council and Honorary Trustee Neurosciences Research Foundation, Vice Chairman, Board of Trustees The New York Botanical Garden, Senior Vice Chairman, Board of Managers The New York Public Library, Trustee GERALD M. EDELMAN The Scripps Research Institute, Member, Professor and Chairman of the Department of Neurobiology Neurosciences Institute of the Neurosciences Research Foundation, Director and President NGN Capital, Chairman, Advisory Board Promosome, LLC, Chairman, Scientific Advisory Board JOHN D. GORDAN, III Morgan, Lewis & Bockius LLP, Partner SIDNEY R. KNAFEL SRK Management Company, Managing Partner IGENE Biotechnology, Inc., Director Insight Communications Company, Inc., Chairman, Board of Directors VirtualScopics, Inc., Director Vocollect, Inc., Director DANIEL M. NEIDICH Dune Capital Management LP, Founding Partner and Co-Chief Executive Officer Capmark, Director New York Child Study Center, Director Prep for Prep, Director Real Estate Roundtable, Director Urban Land Institute, Trustee D. ELLEN SHUMAN Carnegie Corporation of New York, Vice President and Chief Investment Officer Bowdoin College, Trustee Edna McConnell Clark Foundation, Investment Advisor The Investment Fund for Foundations - TIFF Advisory Services, Director JOSEPH T. STEWART, JR., Lead Independent Director Foundation of the University of Medicine and Dentistry of New Jersey, Trustee Marine Biological Laboratory, Member, Advisory Council United States Merchant Marine Academy, Member, Board of Advisors United States Merchant Marine Academy Foundation, Trustee RAYMOND S. TROUBH Diamond Offshore Drilling, Inc., Director Gentiva Health Services, Inc., Director Triarc Companies, Inc., Director