"THE UNTRODDEN PATH."

The discerning truffle hunter does not hesitate to take an untrodden path in search of a good end—and neither do we.

We take a longer view than most investment bankers—a time frame aligned with our clients' strategic horizons—and often suggest non-traditional changes if we feel they are appropriate. We also stay involved longer than other advisors, with the goal of assuring the successful implementation and integration of the changes at hand.

Our clients appreciate our honesty and ongoing presence, as well as the in-depth, high-level attention that derives from our policy of working with only a limited number of advisory clients. We select our clients carefully, choosing firms whose business models and management teams we can endorse, and become trusted advisors to them in the truest sense of the term. That bond is strengthened by the fact that we align our interests with our clients' long-term success, basing our remuneration on metrics associated with optimal strategic outcomes.

Grail's service ethic: Involved early, staying longer

• Clients benefit from our focus on a select group of clients
• Firms we know well and can continue to understand intimately
• Firms with leadership we can endorse and where we can be a "trusted advisor"
• Clients benefit from our unconventional wisdom
• We take a longer view than invesment bankers—aligned to clients' strategic horizon
• We will suggest non-traditional change
• Clients benefit from the fact that we stay involved to assure successful integration and implementation of promises on both sides
• Clients benefit from our aligned interests: we are renumerated based on clients metrics for optimial strategic outcome