The Golub Group Investment Process

We begin by identifying companies that meet our investment criteria. We select industry-leading,
global businesses which exhibit:

– Strong cash flow – Solid balance sheet – History of consistent profitability – High return on equity – Proven management team – Capacity to pay and regularly increase dividends – Financial results

Next, we purchase securities that we judge to be temporarily under priced by the market.
Our goal is to buy when we believe the current market value is well below our estimate of intrinsic value.

Finally, we establish investments in many different industries and sectors. We believe that a diversified
portfolio of the best businesses, operating in growth industries, will produce superior financial returns
over the long term.