GMAI Auctentia is a global auction house network consisting of prestigious brands in collectibles auctions. It has experienced significant growth through acquiring companies focused on coins, stamps, and other collectibles. The portfolio includes companies in Europe, Asia, and the US with a variety of auction types and sales channels. While sales and profits fluctuated over the years, overall the business has expanded substantially through strategic acquisitions and partnerships.

1. General Overview
January 2005

2. INDEX:
1.-Current Business Portfolio
2.-Historical Data
2

3. 1. Current Business Portfolio (1)
1.1.- Definition of GMAI Auctentia
GMAI Auctentia is a “global collectible
auction house network” made up of a
portfolio of prestigious brands and
companies in the trade and collectibles
auction sector (coins, stamps, art, etc.)
3

4. 1. Current Business Portfolio (2)
1.1.- GMAI Auctentia: Two parallel histories before the
integration.
2003: GMAI acquires
Auctentia´s subsidiaries
2002: Corinphila (65%) 2000: North American Certified Trading
SWITZERLAND USA
2002: Finarte España
(100%) 1999: Spectrum
SPAIN
USA
2001: Heinrich Köhler-
Wisbadem (100%)
GERMANY 1998: Teletrade
2001: Heinrich Köhler- USA
Berlin (66%)
GERMANY
1993: Ivy & Mader
1997: GMAI
USA
(10%) USA
1999: GMAI Asia (Iatoz)
CHINA
First entry in GMAI capital
4
from Afinsa

5. 1. Current Business Portfolio (3)
1.1.- GMAI Auctentia: A similar history after integration.
List of companies acquired after integration
2005 February: John Bull (Stamps)
(100%) Hong-Kong
2004 June: H.R.Hammers (Stamps)
(100%)
USA
2004 February: Superior (Sport Cards)
(100%) USA
2004 February: Bowers&Merena (Coins)
(100%)
USA
2004 February: Kingwoods (Coins)
(100%)
USA
2004 February: Nutmeg (Stamps)
(100%)
USA
5

6. 1. Current Business Portfolio (4)
1.1.- GMAI Auctentia: Two parallel histories before the
integration.
Auctentia: Other acquisitions processes not concluded
AUSTRIA Summer 2001: Dorotheum
UNITED
Fall 2001: SPINK
KINDOM
(former division of Chrisitie´s)
6

7. 1. Current Business Portfolio (5)
1.2.- Organisational Chart
Greg Manning Auctions Inc.
NASDAQ: GMAI
GMAI Auctentia GMAI Auctentia
Europa America
PHILATELIC PHILATELIC NUMISMATIC & OTHER
New Jersey California
CORINPHILA Auktionen AG Greg Manning Auctions Spectrum Numismatic
(65%) (Trade Mark). International, Inc100%
H.Köhler Briefmarkenhandel IVY & MADER, Inc (100%) Spectrum Numismatic
(100%) Auctions, Inc100%
Greg Manning
H.Köhler Auktionhaus
NUTMEG Auctions, Inc (100%) Teletrade, Inc (100%)
(100%)
HR HARMERS
Spectrum Collectible Serv.
H.Köhler Verwaltung (100%) (100%)
LLC (100%)
Greg Manning
Auctentia Kingswood Coin
Galleries, Inc (100%)
Deustchland (100%) Auctions LLC (100%)
Bowers & Merena Auctions,
H.Köhler Berliner(66.67%) John Bull - Hong Kong LLC (100%)
(100%)
Superior Sports, LLC
GMAI Auctentia (100%)
Central de Compras S.L. (100%) Spanish Company
German Company Kensington Ass. LLC
Auctentia (100%)
Subastas S.L. (100%) Swiss Company
American Company NACT/Bowers & Merena
GMAI Auctentia Galleries. 7 (100%)
LLC
Europe S.L. (100%) Hong Kong Company

8. 1. Current Business Portfolio (6)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in Spain
Founded
Company Country Activity % Stake Other info
in
Auctentia Spain and Stamp Joined GMAI
Subastas, S.L. Portugal auctions (core) 100% 1980 in 2003
and coin
auctions
Trade Advertising Joined GMAI
Spain and
mark of poster and 100% 2000 in 2003
Portugal
Auctentia cinema poster
Subastas, auctions
S.L.
Trade mark •Belongs to
of Auctentia International
Subastas Spain Art and antique Auctioneers with
currently auctions in 100% 1995 partners in 9
operating Madrid countries
with Sala •Its clients
Retiro (Caja include the most
Madrid) important
museums in
Spain 8

9. 1. Current Business Portfolio (7)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in Europe (philately)
Founded
Company Country Activity % Stake Other info
in
Heinrich Germany: Leading Acquired by
Köhler Wiesbadem auction house 100% 1913 Auctentia in
Auktionsha for classic 2001 and
us GmbH & philately in
joined GMAI
Co. KG Germany
in 2003
Heinrich
All manner of Acquired by
Köhler
Germany, philatelic Auctentia in
Berliner 66.6%
auctions, with 1991 2001 and
Briefmarken Berlin
a presence in joined GMAI
-Auktionen
Eastern in 2003
GmbH
Europe
Corinphila High level and Acquired by
Switzer- 65% +
Auktionen prestigious Auctentia in
land, 35% Call 1921 2002 and
AG stamp auctions
Zurich option joined GMAI
for clients
around the (falls due in 2003
world Jul.05)
9
Note: The rest of the companies in Germany
are holding companies.

10. 1. Current Business Portfolio (8)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in USA (philately)
Founded
Company Country Activity % Stake Other info
in
Greg USA, New Stamp Head of Listed on
Manning Jersey auctions and
Auctions Group 1966
supply contract Nasdaq
Inc with Afinsa since 1994
IVY & High level 1970 Acquired by
USA, New 100% GMAI in 1993
Mader, stamp (approx.)
Jersey
Philatelic auctions
Auctions Inc
Trade mark USA, New Auctions of
of Greg collectibles, 100% 1966
Jersey
Manning especially mid-
Inc. range philately
GM Stamp auctions Acquired by
Nutmeg USA, 1980
100% GMAI in 2004
Auctions Connecticut (approx.)
(February)
Inc.
HR USA, New Stamp auctions Acquired by
100% 1918
Harmers York GMAI in 2004
(June)
10

11. 1. Current Business Portfolio (9)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in USA (coins)
Founded
Company Country Activity % Stake in Other info
Acquired by
Bowers & High level
USA, GMAI in 2004
Merena stamps auctions, 100% 1953
California (February)
Auctions direct sales and
LLC publication of
coin books
Kingswood USA, Mid-level coin
Coin auctions. Acquired by
California 100% N.D.
Auctions Mainly distance GMAI in 2004
LLC sales. (February)
11

12. 1. Current Business Portfolio (10)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Retail and wholesale companies USA (coins)
Founded
Company Country Activity % Stake Other info
in
Coins retailer,
Kensington USA, mainly via 1987 Joined the
Ass.,LLC California Internet 100%
group in
2000
Spectrum USA, Coins
1980 Joined the
Numismatic California wholesaler
100% (approx.) group in 1999
Inc.
Coin and sports
Teletrade USA, card auctions 1980 Joined the
California 100% (approx.) group in 1998
Inc. via Internet and
telephone
12

13. 1. Current Business Portfolio (11)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Other Companies
Founded
Company Country Activity % Stake Other info
in
American sports Acquired by
Superior USA, memorabilia 100% 1970 GMAI in 2004
Sports, Michigan auctions (February)
LLC
GMAI Manages the main
Auctentia stock of the Joined GMAI
Spain,
Central de group, 100% 2003
Madrid in 2003
Compras, acquisitions of
S.L. new collections
and the contract
with Afinsa
Stamps
Joint Hong auctions for 100% Acquired by
Venture Kong 2005 GMAI in 2005
Asia
(February)
13

14. INDEX:
1.-Current Business Portfolio
2.-Historical Data
14

15. 2. Historical Data (1)
2.1.- Sales, Gross profit & Net Income Evolution
258.386
USD (thousands)
Gross Sales Gross Profit Net Income
140.000
118.232
114.122
102.287
99.224
96.489
100.000
61.491
60.000
29.366
20.000 11.743 11.819
14.519
8.811
5.042 2.823
822
-3.668
99
00
01
02
03
04
19
20
20
20
20
20
-13.177
-20.000 -16.323
Note: We understand “Gross Sales” to be
hammer price of the adjudicated lots
plus selling price of own material
Pending close of
December update 15

16. 2. Historical Data (2)
2.2.- Sales & acquired companies
Performance of sales according to acquisitions
& joint ventures
258.383
240.000
200.000 182.931
160.000
114.122 118.232
102.287 100.954
120.000 99.224
96.489
80.000
40.000
0
r
99
00
01
02
03
.
FY
e
m
rt
Se
19
20
20
20
20
04
ua
t
Q
20
rs
d
Fi
ir
Note: We understand “Gross Sales” to be
04
Th
hammer price of the adjudicated lots
20
04
plus selling price of own material
20
16
Pending close of December update

17. 2. Historical Data (3)
2.3.- Sales classification
300.000
2 .8 7 9
250.000
Performance of sales
200.000
151.176
(Gross Sales) per type
of collectibles
150.000
2 .9 4 1
12 .9 6 3
9 .7 0 9 23.397
100.000 14.125 9 .15 4
18.500 2 2 .6 5 6 12.239
15.192
104.328
50.000 87.034 77.831
91.894
4 .7 8 1 74.078
4 .7 4 3
3 .4 9 3 803 58.641
21.538 24.930 28.853 21.685
0 Note: We understand “Gross Sales” to be
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 hammer price of the adjudicated lots
plus selling price of own material
Coins Stamps Other collectibles
100%
6.144
8.721 11.691
80% 12.752
55.663
Performance of sales by 62.333
type of sale channels 60%
77.484 76.616
96.922
195.235
40%
16.344
17.560 20.655
16.959
58.459
20% 34.156
24.803 22.608 63.148
21.310
0%
1995 1996 1997 1998 1999 2000 2001 2002 17
2003 2004
Auctions Sales inventory

18. 2. Historical Data (4) USD
350.000
2.4.- Market Cap. & stock (thousands)
306.000
326.810
300.000
price evolution 250.000
200.000
Performance of market
147.105
150.000
capitalisation 106.810
100.000
Stock performance
50.000 28.662
21.627 18.080
versus Nasdaq 100 0
5.937
13.686 8.563 8.287
(10 years, 31/01/065)
5
6
7
8
9
0
1
2
3
4
5
9
9
9
9
9
0
0
0
0
0
0
9
9
9
9
9
0
0
0
0
0
0
1
1
1
1
1
2
2
2
2
2
2
/
01
/
1
3
Stock performance
(10 years, 31/01/05)
18

19. 2. Historical Data (5)
2.5.-Stock Price related to corporate facts & competitors
Share price (since Jan. 1st, 2003 to 1st of January, 2005)
Feb.04 Nutmeg Bowers & M. 04: 166,5%
ne 30th, 20
2003 and Ju
Koingswood Superior Acqusitions
t.8th,
between Sep 06/16/04
Performance
06/28/04 31/1/05
Price (US$) 03/22/04 Fourth GMAI added GMAI
09/08/03 Forecast Record Revised to Russell US$/Share:
20 Efective Merger 02/03/04 3Q FY04 Guidance 2000 Index 11,53
Record 2Q FY04 Third
18 for FY04
Second Rev.Guid. Rev.Guid.
16 08/13/03
01/21/03 07/01/03
14 Acquisition Contract Fiscal Year
Final Proxy St.
12 GMAI & Auctentia 2004
2003: 290%
10 d Sept.8th,
8 n.2nd, 2003 an
between Ja 05/06/04
Performance
05/19/04
6 12/16/03 Record 3Q 06/14/04
Extension
First Revised FY04 H.R.Hamer
4 Afinsa
Acquisition
Guidance for Contract
2 FY04
0
Fecha
22/01/2003
13/02/2003
07/03/2003
31/03/2003
22/04/2003
14/05/2003
05/06/2003
27/06/2003
21/07/2003
12/08/2003
03/09/2003
25/09/2003
17/10/2003
10/11/2003
02/12/2003
24/12/2003
15/01/2004
06/02/2004
01/03/2004
23/03/2004
15/04/2004
07/05/2004
01/06/2004
24/06/2004
19/07/2004
10/08/2004
01/09/2004
24/09/2004
10/18/04
11/09/2004
12/02/2004
12/27/2004
01/19/2005
2003 2004 2005
Share price (31/1/05)
GMAI: Greg Manning Auctions
CLCT: Collectors Universe
BID: Sothebys
SGI: Stanley Gibbons
19
Source: www.reuters.com

20. 2. Historical Data (6)
2.6.-Trading Volume
USD Trading volume* (from Jan.1st, 2003 to June 30th, 2004)
35.000.000
30.000.000 09/08/03
Efective Merger
* Calculated to daily close prices 2004 First Semester
25.000.000 Total trading volume: US$392 million
Average daily US$ 3,2 million
20.000.000
15.000.000
10.000.000
5.000.000
0
2003 2004
Average trading volume from July 1st 2003 to June 30th 2004 (US$)
(US$)
USD(V ol. x Clos e Pr ice )
35.000.000
32.348.304
30.000.000
25.000.000
20.216.790
20.000.000
15.000.000
10.000.000
5.000.000 3.792.278
2.244.388
900.000 501.390
52.589 5.234 0
0 20
Average Maximum Minimum
Sothe bys GMAI Colle ctor Univ

21. 2. Historical Data (7)
2.7.- Comparison with public competitors
Market capitalisation (01/31/05) (million $)
1.142
Comparative Market Value of
GMAI and other International
collectibles companies
327
113
75 73 71
40 24 24 22 8
ART'E' (Arte
Antiques
Artemis Fine
Collectors U.
artnet.com
Sothebys
Finarte
S. Gibbons
Partridge
History Inc
Manning
Gallery of
Mallett
Greg
F.A.
Spa)
Art
Market capitalisation (1/31/05) (million EUR)
1.068
725
Comparative Market Value of GMAI
and other Spanish companies
391
283
251
225 205
158
51
GMAI
Aldeasa
Tudor
Sos cuetara
Tubacex
Pescanova
Bodegas
Dominguez
Riojanas
Tele Pizza
Adolfo
21