The reader should not assume that an investment in the securities identified was or will be profitable.
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. The statements referenced are opinions and should not be used as a buy or sell recommendation. 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.