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). For the period 7/1/2003-6/30/2008. Assuming an initial investment of $10,000. The GAM Stockholder Return is the return a common stockholder of GAM would have achieved assuming reinvestment of all optional dividends and distributions at the actual reinvestment price and reinvestment of all cash dividends and distributions at the average (mean between high and low) market price on the ex-dividend date. The GAM Net Asset Value (NAV) Return is the return on shares of the Company’s common stock based on the NAV per share, including the reinvestment of all dividends and distributions. The S&P 500 Return is the time-weighted total rate of return on this widely-recognized, unmanaged index which is a measure of general stock market performance, including dividend income. The results illustrated are a record of past performance and may not be indicative of future results.