Investment Policy Long-term capital growth focused on equity securities. Annualized Results GAM investment results relative to the S&P 500. Five-Year Results NAV and stockholder returns assuming a $10,000 initial investment. Twenty-Year Results NAV and stockholder returns assuming a $10,000 initial investment. Premium/Discount History GAM share price relative to NAV, over the past 12 months (weekly) and 10 years (quarterly). The primary investment objective of the Company is long-term capital appreciation with lesser emphasis on current income. We focus on equity securities with growth potential at reasonable valuations. More specifically, we seek investments worldwide in leading public and private companies with significant long-term opportunities, defensible competitive advantages, prudent and profitable business models, and committed first-class management teams with the vision and energy to succeed. Our research effort is grounded in a rigorous due diligence process, which has been in place since the inception of the Company. Fundamental security analysis is conducted by five members of the research staff who review their findings with the portfolio manager, Spencer Davidson, our Chaiman, President and CEO. The entire process is carried out under the oversight of the Board of Directors whose members provide the staff with the benefit of their wisdom and guidance gained from many years of experience in business, financial, scientific and academic affairs. A listing of our directors and their principal affiliations can be found under Board of Directors.