. 50% tax rate); (b) No K-is (or annual taxes on earnings) for U.S. investors; and (c) U.S. capital gains rates applied only when shares are sold. Outperformance Analysis — Since Inception (08/11/04): GLRE Price/Book Value is currently 1.22x (has been as high as 1.7x and has averaged 1.4x) Offshore Investors (Drivers