Message from the Chairman

Dear Investor,

In today’s rapidly expanding investment arena, asset management firms abound. Selecting the right firm to manage your assets requires significant thought and analysis. A firm with integrity, one that is committed to your best interests and one that has a history of making careful and intelligent investment decisions for its clients, is of the utmost importance.

Since the 1800s, Arnhold and S. Bleichroeder Advisers, LLC has been in the business of providing conservative investment advice and counsel to governments, to institutions, and to individuals. Since our inception, we have earned a reputation for sound money management and dedicated client service that has set us apart from other asset managers. Over the years, we have built a world-class global investment management business with a primary focus on preserving capital for our clients. Today, our client commitment, resources, and international reach enable us to provide the most comprehensive, innovative investment solutions to our individual and institutional clients.

At Arnhold and S. Bleichroeder Advisers, LLC, we partner with our clients throughout the investment management process to ensure that together we can meet new challenges, pursue new opportunities and succeed over the long term. As our clients' needs evolve, we remain firmly grounded in our expertise and in our commitment to traditional values.

John P. Arnhold
Chairman and CEO

Biography

John P. Arnhold is Chairman and Chief Executive Officer of Arnhold and S. Bleichroeder Advisers, LLC ("ASB"), as well as Co-President and Co-Chief Executive Officer of Arnhold and S. Bleichroeder Holdings, Inc. He is also the President of and a Trustee of the First Eagle Funds.

John began his career in 1975 in the credit training program at Chase Manhattan Bank. From there, he joined Chase's Corporate Lending and then Merchant Banking Groups, where he structured project finance transactions globally. In 1981 he joined Lehman Brothers Kuhn Loeb's Merger Arbitrage Department as a research analyst. Two years later John joined ASB where — as a fourth-generation member of the Firm’s founding family — he launched its Merger Arbitrage business as a Portfolio Manager.

In 1988, he was appointed Co-Director of ASB's institutional securities business. In 1994, John became Co-CEO of the Firm, where he led ASB's investment management, brokerage and global securities businesses. After the sale of the Firm's investment banking and global securities business in 2002, John took over full responsibilities for all aspects of ASB.

In addition to his directorships at Arnhold and S. Bleichroeder and its affiliates, John is a Director of Arnhold Ceramics, Hanseatic Asset Management LBG, and the Quantum Endowment Fund. He is a Director of the Arnhold Foundation, which focuses on education, conservation and the arts; and the Mulago Foundation, which advances global health initiatives. John is a member of the board of trustees and the investment committees of Trinity Episcopal Schools Corporation, where he was a past president, as well as Vassar College. He is on the board of trustees of the Sports and Arts in Schools Foundation, and is on the board, chairman of the education committee and a co-chair of the finance committee of Jazz at Lincoln Center. He is also a trustee of WNET.org, where he chairs the programming committee.

John received his BA from the University of California, Santa Barbara. He and his wife have two children, and reside in New York City.