CENTRAL SECURITIES Business Summary

Central Securities Corp (CET) operates as a non-diversified, closed-end management investment company that generates revenue primarily through long-term capital appreciation and dividend income from a concentrated portfolio of equity and debt securities. Unlike open-end mutual funds, CET trades on the NYSE American at market-driven prices, often at a persistent discount to its Net Asset Value (NAV). The company’s business model is defined by a low-turnover, "buy-and-hold" investment strategy, with its primary business segment focused on a high-conviction portfolio of public equities and significant private equity holdings, most notably a substantial long-term stake in the private insurer The Plymouth Rock Company. Within the competitive landscape of established closed-end funds, CET competes directly with the Adams Diversified Equity Fund (ADX), General American Investors Company (GAM), and Tri-Continental Corporation (TY). CET occupies a distinct market niche by offering one of the lowest expense ratios in the industry (approximately 0.55%) and providing retail investors with rare, indirect exposure to large-scale private insurance assets. Founded in 1929, the corporation is currently led by President and CEO John C. Hill, who assumed his role in 2022 following a tenure as an analyst at Davis Selected Advisers and serving as a Vice President at CET since 2016. He works alongside Chairman Wilmot H. Kidd, who has guided the firm for over 50 years and is the primary architect of its disciplined, multi-generational capital allocation framework. The executive suite is further supported by Marlene A. Krumholz, Vice President and Chief Compliance Officer with over two decades of tenure, and Joseph T. Malone, who was appointed Vice President and Treasurer in 2024. The firm is notable for its exceptional insider alignment, as the Kidd family remains the largest shareholder, ensuring that management’s incentives are strictly tied to long-term NAV performance. The Board of Directors, which includes Lead Independent Director L. Price Blackford and Wilmot H. Kidd IV, provides seasoned oversight that emphasizes capital preservation and consistent shareholder distributions over short-term performance metrics.