Granite Investment Advisors is a management owned registered investment advisor. The firm has managed investments for individuals, corporations and non-profit institutions since 1983. We are disciplined, long-term, value investors. We believe that the greatest rewards exist when the potential for cash flow and asset productivity is not accurately reflected in the current valuation of a business. By concentrating our investments in a limited number of such opportunities, we seek to deliver superior investment returns at below levels of market risk. Disclosure: There can be no assurance that any of the securities referred to herein were produced for or remain in portfolios managed by Granite Investment Advisors. A complete list of all Granite Investment Advisors’ recommendations within the preceding year is available upon request. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities described herein.