S WISS A SIA C APITAL

1. SWISS ASIA CAPITAL SAC GLOBAL ENERGY & MINING FUND FUNDAMENTALS CAN’T GET ANY BETTER Singapore, January 2011

2. WHAT DRIVES RESOURCES • DEMAND GROWTH • Massive government spending creates growth • SUPPLY CONSTRAINTS Credit crunch reduces project funding • MONETISATION = LOSS OF PURCHASING POWER • Currency wars and artificially low interest rates • VALUATIONS • stocks do not value minerals in the ground • INTERNATIONAL MONEY FLOWS • improving profit 2

3. Financials vs Resources Cycles Resources? Resources Financials Financials Financial Market Consolidation The Cycle Shift into Resources Resources

4. STRATEGIC INVESTMENTS • up to 10% - CONSTITUTIONAL PRECIOUS METALS • Real physical holding, no supply, premium expansion • up to 10% - STRATEGIC MINERALS Uranium, Lithium, Rhodium, PGM-Group, Rare Earth • up to 10% - UNDERVALUED BASE AND BULK MINES • High grade, strategic location including Port access • up to 20% - SILVER EXPOSURE • Trade imbalances; highly leveraged derivatives market • up to 50% - JUNIOR MINING MARKET • Development companies with growth and cheap valuations 4

5. Infrastructure spending continues to support commodity demand

6. Resources stocks remain cheap and supported by the War Cycle!

7. Structural debt issues will result in debasement of paper currencies

8. A recipe for disasterMore spending and less taxes!

9. Buy what China needs

10. CRB has tested previous break out levels and is moving up again

11. CAPEX collapse in mining industry will restrain future output

12. Cause Effect Possible Ramification Emerging Economies Rising Oil Consumption Competition for Oil Resources Higher OIL Prices Low Oil Prices in 90’s Cuts in Exploration Falling Production/ Reserves Higher OIL Prices OPEC Govt’s depend on Oil Income Cartel Restricts Supply Higher OIL Prices Geopolitical Disruption/Threat Of Disruption of Production Lower Global Spare Capacity Higher OIL Prices Green Movement Higher Barriers to Entry – More Costly Limited Drilling Access and New Refineries Higher OIL Prices Peak Oil Theory Declining Oil Production Less Supply Higher OIL Prices What is driving Energy?

13. Supply constraints and high replacement costs support prices

14. Spare capacity and inventories are at historic low levels

15. Present Environment Possible Ramification GOLD Fundamentals & M&A From an Investment Point of view GOLD & REAL Assets Protect and Enhance Investment Returns Falling US Financial Assets Geopolitical Environment Portfolio Optimisation Insurance Policy Int. Asset Allocation Shifts Critical Drivers moving GOLD The best environment for 20 years

16. PURCHASING SEASON WILL DRIVE PRICES INTO MARCH 2011

17. GOLD production shortfall remains due to a lack of new discoveries! 17 17

18. Silver looks very cheap historically Risk vs Return looks impressive! 18

19. Great opportunities in smaller metals due to supply constrains! Low Silver Inventories Low Rhodium Prices 19

20. MINING SHARES BREAK-OUT 80 to 100% returns for the Index 20

21. Resources stocks are trading at large discounts to underlying Assets! B U Y

22. Precious Metals Mining companies are at bargain valuations BUY BUY BUY 22

23. Asian Bargains – NAV valuations at 30% discounted Gold Bargain Asian Assets * 23

24. ACQUISITION IN FULL SWING AS PRICES ARE BELOW REPLACEMENT VALUES 24

25. Commodity exposure remains low whilst being the least unimpaired asset class available

26. Total Global Mining shares exposure as % of total Global Assets will increase! 26

27. Alternative Assets Real Assets Property Bonds Cash Stocks Commodities TOTAL GLOBAL FINANCE POOL OF 100 TRILLION DOLLARS OR 150 TRILLION DOLLARS TOTAL WEALTH POOL IS LOOKING FOR CAPITAL PROTECTION WITH UPSIDE PARTICIPATION Today’s Asset Allocation Asset Allocation 1970’s 15 % Cash 30 % 35 % Bonds 20 % 40 % Equities 10 % 10 % Alternatives and Real Return Funds 20 % ZERO Resources 20 %

28. Fundamental Investment Process 3rd Party Specialist Research Top-Down Investment Approach Risk Return Profile Company Meetings Field Trips Technical Research Portfolio Modelling Database Our Dynamic Investment Process enhances Performance and reduces Risk - Team based stock selection and decision making process - Ideas have to compete on a real return basis for capital - Well established fundamental based research process - Private database covering over 200 companies world-wide with a focus on participating in the liberalisation and opening of the Resource sector in Asia - Proven track record covering Global and Asian Pacific Mandates REAL WEALTH is moving from West to East - SAC is one of the few Management companies covering the resources sector in Asia!

29. Adding alpha: picking companies with high re-rating potential The fund accumulates emerging producers, companies with increasing reserves & resources: these Companies are key M&A targets in an environment of declining supply and long lead times from discovery to production.

30. GEM’s Investment Themes THE KEY DECISION FOR BUYING RESOURCE STOCKS IN A BULL MARKET REMAIN • - buy companies with a high proven reserve base, with positive earnings development and cashflow sustainability • - accumulate emerging producers, companies increasing reserve & resources, whilst increasing production numbers • - accumulate companies moving from the Junior to Mid Cap status & select M&A candidates • - little exposure to large caps and hedge books • - increasing African and Asian investment focus, which remain extremely undervalued and undiscovered • in addition, silver investments are favouredas fundamentals remain exceptional • exposure to alternative energy names

31. The Investment Approach is to focus on deep value and growth THE KEY INVESTMENT FEATURES OF GEM • - more nimble in investing in deeply-undervalued companies • - large competitors are either too large to benefit from the trend or have a tight tracking error to benchmark e.g. XAU • flexibility to invest in physical bullion and precious metal futures to enhance returns and preserve capital • Passive option writing strategy may be employed • Investment Parameters: Equities between 60 to 90%; can hold Physical bullion; Derivative exposure up to 10% • Holdings: The Fund will normally hold up to 50 holdings with a maximum limit of 10% of NAV in any one equity.

32. By Reserves & by Production 25 % Americas 30 % Africa & Europe 40 % Asia-Pacific Gradual shift as liquidity and listings increase Mining-oriented + physical bullion: global diversification, with Asia focus No exposure to any US Listings Numbers as at 29th December 2010

33. SAC Global Energy & MiningTop 10 Holdings As at 29th December 2010

34. Performance Chart15.05.2002 – 29.12.2010 Trendline Credit crunch – Shares trade below cash levels

35. A word about the Fund Structure: Cayman registered Administrator: Pictet Custodian: Pictet Investment Advisor: Swiss Asia Capital (Singapore) Pte. Ltd. Min. Initial Investment: USD 50,000 per nominee NAV Calculations: Weekly (one price only) Mgmt Fee: 1.50% Distribution Fee: Up to 5% Performance Fee: 15% over 10% high water mark Base Currency: USD Pricing availability also in GBP, EUR, CHF and AUD. Security number (ISIN): KYG667401049

36. Important Note The information contained in this document has been compiled from, or has been based on publications, reports and other sources believed by the author to be accurate, sufficient and reliable. While reasonable efforts have been made to ensure the accuracy, sufficiency and reliability of such information, no representation and assurance can be given that all such information is accurate and complete in all material respects and not misleading and all sources of information are reliable. The delivery of this document shall not in any event create any implication or constitute a representation or warranty that the information contained in this document is true and correct and not misleading as at any time subsequent to the date of this document. No disclosure of any such information shall be made by the recipient to any other persons in any circumstances except as otherwise compelled by applicable laws. If you have any doubt about the contents of this document, you should consult, and obtain independent advice from, your legal, financial and/or other professional advisors.