Gryphon International’s investment philosophy may be
             summarized as Growth at a Reasonable Price (GARP).
             Gryphon International places a strong emphasis on absolute 
             valuation relative to growth rates. Our investment philosophy
             is characterized by:
 
             Bottom-Up Selection
 
             Disciplined Process
 
             We believe, and have proven consistently over many years,
             that value can be added by building portfolios of select, 
             high-quality, global companies at an appropriate price. This
             approach requires patience, attention, conviction and discipline.