Presentación escala

January 2005

General Overview

2

1.-Current Business Portfolio

2.-Historical Data

INDEX:

3

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.)

1. Current Business Portfolio (1)

1.1.- Definition of GMAI Auctentia

4

1999: GMAI Asia (Iatoz)

2001: Heinrich Köhler-Wisbadem (100%)

2002: Finarte España (100%)

2002: Corinphila (65%)

1997: GMAI

(10%) USA

GERMANY

SWITZERLAND

CHINA

USA

1998: Teletrade

USA

1999: Spectrum

USA

1993: Ivy & Mader

2000: North American Certified Trading

USA

First entry in GMAI capital

from Afinsa


1.1.- GMAI Auctentia: Two parallel histories before the integration.

2003: GMAI acquires Auctentia´s subsidiaries

2001: Heinrich Köhler-Berlin (66%)

GERMANY

SPAIN

5


1.1.- GMAI Auctentia: A similar history after integration.

2004 February: Nutmeg (Stamps)

(100%)USA

2004 February: Kingwoods (Coins)

(100%)

2004 February: Bowers&Merena (Coins)

(100%)

2004 February: Superior (Sport Cards)

(100%)

USA

USA

USA

USA

Hong-Kong

2004 June: H.R.Hammers (Stamps)

(100%)

2005 February: John Bull (Stamps)

(100%)

List of companies acquired after integration

6

AUSTRIA Summer 2001: Dorotheum

Fall 2001: SPINK

(former division of Chrisitie´s)

UNITED KINDOM

Auctentia: Other acquisitions processes not concluded


1.1.- GMAI Auctentia: Two parallel histories before the integration.

7


1.2.- Organisational Chart

Auctentia

Deustchland (100%)

H.Köhler Auktionhaus

(100%)

H.Köhler Berliner(66.67%)

H.Köhler Verwaltung (100%)

H.Köhler Briefmarkenhandel

(100%)

Auctentia

Subastas S.L. (100%)

GMAI Auctentia

Central de Compras S.L. (100%)

CORINPHILA Auktionen AG

(65%)

GMAI Auctentia

Europa

Greg Manning

NUTMEG Auctions, Inc (100%)

PHILATELIC

Swiss Company

American Company

German Company

Spanish Company

Hong Kong Company

Spectrum Numismatic

International, Inc100%

Superior Sports, LLC

(100%)

Kensington Ass. LLC

(100%)

NUMISMATIC & OTHERCalifornia

Teletrade, Inc (100%)

Kingswood Coin

Auctions LLC (100%)

Bowers & Merena Auctions,

LLC (100%)

Spectrum Collectible Serv.

LLC (100%)

NACT/Bowers & Merena

Galleries. LLC (100%)

Spectrum Numismatic

Auctions, Inc100%

Greg Manning Auctions Inc.

NASDAQ: GMAI

GMAI Auctentia

America

GMAI Auctentia

Europe S.L. (100%)

IVY & MADER, Inc (100%)

Greg Manning

Galleries, Inc (100%)

Greg Manning Auctions

(Trade Mark).

PHILATELICNew Jersey

John Bull - Hong Kong (100%)

HR HARMERS

(100%)

8

GMAI Auctentia: Auction companies in Spain

Auctentia Subastas, S.L.

CountryCompany

Spain and Portugal

Stamp auctions (core) and coin auctions

Activity % StakeFounded

inOther info

100% 1980

Trade mark of Auctentia Subastas, S.L.

Spain and Portugal

Advertising poster and cinema poster auctions

100% 2000

Trade mark of Auctentia Subastas currently operating with Sala Retiro (Caja Madrid)

Spain Art and antique auctions in Madrid

100% 1995

•Belongs to International Auctioneers with partners in 9 countries•Its clients include the most important museums in Spain

Joined GMAI in 2003

Joined GMAI in 2003


1.2.- Operating subsidiaries: brief description

9

Heinrich Köhler Auktionshaus GmbH & Co. KG

CountryCompany

Germany: Wiesbadem

Leading auction house for classic philately in Germany

Activity % Stake Other info

100% 1913Acquired by Auctentia in 2001 and joined GMAI in 2003

Heinrich Köhler Berliner Briefmarken-Auktionen GmbH

Germany, Berlin

All manner of philatelic auctions, with a presence in Eastern Europe

66.6% 1991

Corinphila Auktionen AG

Switzer-land, Zurich

High level and prestigious stamp auctions for clients around the world

65% +

35% Call

option

(falls due

Jul.05)

1921

Founded in

GMAI Auctentia: Auction companies in Europe (philately)

Acquired by Auctentia in 2001 and joined GMAI in 2003

Acquired by Auctentia in 2002 and joined GMAI in 2003

Note: The rest of the companies in Germanyare holding companies.



10

Greg Manning Auctions Inc

CountryCompany

USA, New Jersey

Stamp auctions and supply contract with Afinsa


Head of

Group 1966Listed on

Nasdaq

since 1994

IVY & Mader, Philatelic Auctions Inc

USA, New Jersey

High level stamp auctions

100%1970

(approx.)

Acquired by GMAI in 1993

Trade mark of Greg Manning Inc.

USA, New Jersey

Auctions of collectibles, especially mid-range philately

1966 100%

Founded in

GMAI Auctentia: Auction companies in USA (philately)

GM Nutmeg Auctions Inc.

USA, Connecticut

Stamp auctions1980

(approx.)100%

Acquired by GMAI in 2004(February)



HR Harmers

USA, New York

Stamp auctions 1918100% Acquired by GMAI in 2004(June)

11

Bowers & Merena Auctions LLC

CountryCompany

USA, California

High level stamps auctions, direct sales and publication of coin books


100% 1953

Kingswood Coin Auctions LLC

USA, California

Mid-level coin auctions. Mainly distance sales.

100%

Founded in

GMAI Auctentia: Auction companies in USA (coins)



N.D.



12

Kensington

Ass.,LLC

CountryCompany

USA, California

Coins retailer, mainly via Internet


100% 1987 Joined the

group in

2000

Spectrum Numismatic

Inc.

USA, California

Coins wholesaler

100%1980

(approx.)

Joined the group in 1999

Founded in

Teletrade Inc.

USA, California

Coin and sports card auctions via Internet and telephone

1980 (approx.)

Joined the group in 1998100%

GMAI Auctentia: Retail and wholesale companies USA (coins)



13

Superior Sports, LLC

CountryCompany

USA, Michigan

American sports memorabilia auctions


100% 1970

GMAI Auctentia Central de Compras, S.L.

Spain, Madrid 100% 2003

Joint Venture

Hong Kong

Stamps auctions for Asia

2005

Manages the main stock of the group, acquisitions of new collections and the contract with Afinsa

Founded in

GMAI Auctentia: Other Companies


Joined GMAI

in 2003



100% Acquired by GMAI in 2005(February)

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1.-Current Business Portfolio

2.-Historical Data

INDEX:

15

114.122

96.48999.224

118.232

258.386

822

102.287

11.743 11.819

5.0428.811

14.519

61.491

29.366

2.823

-13.177-16.323

-3.668

-20.000

20.000

60.000

100.000

140.000

1999

2000

2001

2002

2003

2004

USD (thousands)Gross Sales Gross Profit Net Income

2. Historical Data (1)

2.1.- Sales, Gross profit & Net Income Evolution

Note: We understand “Gross Sales” to behammer price of the adjudicated lots plus selling price of own material

Pending close of December update

16

258.383

102.287114.122

96.489 99.224

118.232100.954

182.931

0

40.000

80.000

120.000

160.000

200.000

240.000

1999

2000

2001

2002

2003

2004 First Sem

.2004 Third Quarter

2004 FY

Performance of sales according to acquisitions & joint ventures



2.2.- Sales & acquired companies

Pending close of December update

17

87.034

58.64177.831

91.894104.328

24.930 28.853 21.685

18.500

14.125

15.192

12.239

23.397

151.176

4.781

9.70912.963

22 .656

9.154

2.879

74.078

21.538

2.941

3.4934.743 803

0

50.000

100.000

150.000

200.000

250.000

300.000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Coins Stamps Other collectibles

58.459

34.156

22.60821.310

63.148

12.75211.691

6.144

77.484

55.663

62.333

76.61696.922

195.235

16.34420.655

16.959

17.560

24.803

8.721

0%

20%

40%

60%

80%

100%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Auctions Sales inventory

Performance of sales by type of sale channels

Performance of sales (Gross Sales) per type of collectibles



2.3.- Sales classification

18

Stock performance

versus Nasdaq 100

(10 years, 31/01/065)

Stock performance

(10 years, 31/01/05)

5.93713.686 8.563 8.287

147.105

106.810

21.627 18.08028.662

306.000

326.810

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

31/01

/200

5

USD (thousands)

Performance of market

capitalisation

2. Historical Data (4)2.4.- Market Cap. & stock price evolution

19


2.5.-Stock Price related to corporate facts & competitors

02468101214161820

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

08/13/03Final Proxy St.

01/21/03Acquisition Contract

GMAI & Auctentia

07/01/03Fiscal Year

2004

09/08/03Efective Merger

02/03/04Record 2Q FY04

Second Rev.Guid.

12/16/03First RevisedGuidance for

FY04

Feb.04 Nutmeg Bowers & M.

Koingswood Superior Acqusitions

03/22/04Forecast Record

3Q FY04Third

Rev.Guid.

05/19/04Extension

Afinsa Contract

06/14/04H.R.HamerAcquisition

31/1/05GMAI

US$/Share: 11,53

2003 2004

Price (US$)

Share price (since Jan. 1st, 2003 to 1st of January, 2005)Share price (since Jan. 1st, 2003 to 1st of January, 2005)

Performance between Jan.2nd, 2003 and S

ept.8th, 2003: 290%

05/06/04Record 3Q

FY04

06/16/04Fourth

RevisedGuidance for FY04

06/28/04GMAI added

to Russell 2000 Index

Performance between Sept.8th, 2003 and

June 30th, 2004: 166,5

%

Share price (31/1/05)Share price (31/1/05)

GMAI: Greg Manning AuctionsCLCT: Collectors UniverseBID: SothebysSGI: Stanley Gibbons

Source: www.reuters.com

2005

20


2.6.-Trading Volume

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

2003 2004

09/08/03Efective Merger

2004 First SemesterTotal trading volume: US$392 million

Average daily US$ 3,2 million

Trading volume* (from Jan.1st, 2003 to June 30th, 2004)Trading volume* (from Jan.1st, 2003 to June 30th, 2004)USD

* Calculated to daily close prices

3.792.278

501.390

2.244.388

32.348.304

5.23452.589900.000

0

20.216.790

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

Average Maximum Minimum

USD(Vol. x Close Price)

Sothebys GMAI Collector Univ

Average trading volume from July 1st 2003 to June 30th 2004 (US$Average trading volume from July 1st 2003 to June 30th 2004 (US$))

21

2. Historical Data (7)2.7.- Comparison with public competitors

1.142

327

11375 73 71

40 24 24 22 8

Sothebys

Greg

Manning

Collectors U.

Mallett

Antiques

Finarte

ART'E' (Arte

Spa)

S. Gibbons

Partridge

F.A.

Artemis Fine

Art

Gallery of

History Inc

artnet.com

Market capitalisation (01/31/05) (million $)Market capitalisation (01/31/05) (million $)

Market capitalisation (1/31/05) (million EUR)Market capitalisation (1/31/05) (million EUR)

Comparative Market Value of GMAI and other Spanish companies

Comparative Market Value of GMAI and other International collectibles companies

1.068

725

391

283251

225 205158

51

Sos cuetara

Aldeasa

Tele Pizza

Tubacex

GMAI

Pescanova

Tudor

Adolfo

Dominguez

Bodegas

Riojanas

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