Sample - Competition Analysis Study_1_Feb 14 by Sutherland Global Services

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10 fund houses account for more than 50 percent of the global natural resources funds under management Region Wise Split of FUM of the top ten fund house (Figure in US$ billion except # of funds)

Fund House Blackrock

Asia Pacific

Canada

Europe

Others

USA

Total

# of Funds

0.754

38.944

5.498

45.197

16.000

World Gold Trust Services LLC/USA

18.907

1.000

Fidelity Management

15.281

12.000

Ivy Investment Management Co

8.297

2.000

0.025

6.668

6.693

3.000

Barclays

0.394

6.211

6.605

9.000

Merril Lynch Investment Managers

5.815

2.000

Vanguard

5.232

1.000

Investec Asset Management

0.004

3.426

1.507

4.937

11.000

3.229

1.200

0.449

4.878

8.000

JP Morgan Asset Management

Colonial First State Asset Management

Source: Lipper; Sutherland Analysis

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Top 10 fund houses according to one, three and five year returns Global Top 10 Natural Resources Fund Houses by 1, 3 & 5 Years Annualised Returns Fund House Reliance Macro Securities Depositor GS JBWere American Express IAM Creststrret Colonial First State SISF AIA Singapore BT Classic Investment Funds

% Return 1 Year 80.07 75.66 57.68 47.85 46.42 46.06 43.54 42.97 42.62 42.47

# of Funds 1 1 1 1 1 1 3 1 1 1

• 5 of the top 10 fund house by 1 year performance are from Asia Pacific • Around 80 percent of the funds of the top fund houses are diversified natural resources fund

Fund House Reliance VCH IAM Odin Signature Cominv First State Clarica Colonial First State RBC

% Return 3 Years 70.81 51.17 47.68 45.54 44.84 44.45 43.90 43.51 42.02 41.63

# of Funds 1 2 1 1 1 3 3 1 3 3

• European fund houses dominate 3

Fund House Odin JP Morgan BT Classic Investment Funds Signature IAM Clarica Mackenzie Ci Investments IG Investment Management Colonial First State

# of Funds 1 2 1 1 1 1 3 1 1 3

• North American fund houses dominate

year performance followed by North America

% Return 5 Years 54.35 48.21 47.07 43.96 42.75 42.46 42.31 41.28 40.88 40.50

5 year returns • Of the above fund houses, majority of

• The above fund houses have funds more than 50% funds with energy or

the funds are diversified natural resources funds

precious metal focus

• Colonial First State is the only fund house featuring in all the 3 years top ten list, while Reliance features in 1 year and 3 years returns • Most of the funds houses in top 10 list are with single natural resource fund

Source: Lipper; Sutherland Analysis

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Commodity-Asset Class Natural Resources funds have shown the best one-year returns Global Top 10 Natural Resources funds by 1-year Annualized Returns (%)



Rank

Fund Name

Domicile Country

Inception Date

1 Year Total Return (%)

3 Year Total Return (%)

Reliance Divers Power- Bonus

India

10-May-2004

80.1

70.8

United States Oil Fund

USA

10-Apr-2006

78.2

MACROshares:Oil Up Tr

USA

29-Nov-2006

75.7

PowerShares DB MS Oil

USA

5-Jan-2007

63.8

GS JBWere Resources

Australia

30-Nov-1994

57.7

American Express Global Energy

Luxembourg

1-Aug-2004

57.3

37.4

Global Mining Investments

Australia

8-Apr-2004

56.1

41.6

Fidelity Focus Natural Resources

Canada

5-Jun-1997

55.6

35.7

Global Energy Petrochemical and DI

Bahrain

1-May-2006

49.4

Investec Global Commodity and Resources

Guernsey

31-Jan-2007

49.2

5 Year Total Return (%)

32.1

Three out of the top ten funds by one-year annualized returns are funds which have been classified in the commodity asset class



Interestingly, all of these commodity funds are newly incepted and are domiciled in US, which shows that commodity funds have been doing well in recent times in the US



Again, 50 percent of the top ten funds belong to the energy sector indicating that energy continues to be a popular sector not only for investors but fund management companies as well

Source: Lipper; Sutherland Analysis

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Diversified Natural Resources funds have provided the best five-year returns Global Top 10 Natural Resources funds by 5-year Annualized Returns (%)



Rank

Fund Name

Domicile Country

Inception Date

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Odin Offshore

Norway

18-Aug-2000

13.1

45.5

54.4

ING OA Inv Pf ING Res Oppty EF

Australia

1-Oct-1994

19.6

44.1

49.3

Blackrock Global Fund World Mining

Luxembourg

24-Mar-1997

45.8

54.2

48.6

JPMorgan Natural Resources

1-Jun-1965

15.9

38.9

48.2

CLI JPM Natural Resources

28-Mar-2003

17.2

38.7

47.9

BT ClassicIF-Natural Resources

Australia

30-May-2004

42.5

37.8

47.1

RBC Global Resources

Canada

29-Dec-2000

23.7

49.8

46.4

USGI Global Resources

USA

3-Aug-1983

28.4

32.7

45.2

CFS Wholesale Global Resources

Australia

3-Jun-1997

45.3

37.5

43.8

Signature Canadian Resources

Canada

19-Dec-2001

41.3

45.9

0.0

In terms of five-year returns, except for the top-rated fund, which is an energy fund, all the funds are diversified natural resources funds



Also, it is interesting to note that the top ten funds belong to different regions meaning that diversified natural resources funds have done exceptionally well, all across the globe

Source: Lipper; Sutherland Analysis

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Precious Metals funds have received the highest net flows in recent years Global Top 10 Natural Resources funds by Net Flows’07 (US$ mn)



Rank

Fund Name

Domicile Country

Inception Date

Net Flows'07

Net Flows'06

Streettracks Gold Trust

18-Nov-2004

4129.1

3152.3

Market Vectors Gold Miners

22-May-2006

869.4

413.8

Oppenheimer Gold & Special Minerals

19-Jul-1983

459.6

252.4

Blackrock Gold & General

7-Apr-1988

360.0

66.6

Jennison Natural Resources

28-Sep-1987

331.1

588.7

Gold Bullion Securities Ltd

Australia

17-Sep-2002

287.3

Reichmuth Alpin

Switzerland

1-Aug-2003

268.1

102.9

IMPAX Environmental Market

1-Jul-2002

245.1

165.2

KBC Eco Fund-Alternative Energy

Belgium

31-Oct-2000

224.9

162.0

Evergreen Precious Metals Fund

29-Feb-2000

177.8

127.8

Six out of the top ten funds with the highest net flows belong to the precious metals category which might be an indication that investors are expecting better long-term returns from the metals and mining sector



Also, seven of the top ten funds are domiciled in US and UK, which are two of the most mature mutual fund markets across the globe and this trend might well be replicated in other developing mutual fund markets, in the coming years

Source: Bloomberg; Sutherland Analysis

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Natural Resources funds of all categories have been doing well in terms of % change in AUM over 2007 Global Top 10 Natural Resources funds by % change in AUM over 2007



Rank

Fund Name

Domicile Country

Inception Date

AUM May 2008 (US$ mn)

Fidelity Select Natural Resources

3-Mar-1997

2419.1

958.4

152.4%

8.8%

First State Global Natural Resources

27-Oct-2003

1091.1

539.8

102.1%

30.5%

JPMorgan Natural Resources

1-Jun-1965

3645.9

1822.1

100.1%

93.1%

Sarasin New Power Fund

Luxembourg

30-Apr-2007

500.2

262.5

90.6%

Blackrock Global Resources

2-Mar-1990

1264.0

685.6

84.4%

0.3%

Mackenzie Universal World Resources

Canada

1-May-2002

196.4

107.7

82.4%

64.9%

Fidelity Select Energy Services

16-Dec-1985

2225.8

1221.4

82.2%

-29.6%

Streettracks Gold Trust

18-Nov-2004

18906.8

10644.5

77.6%

71.7%

Oppenheimer Gold & Special Minerals

19-Jul-1983

2374.8

1399.8

69.6%

65.9%

ISHARES Silver Trust

28-Apr-2006

3090.0

1838.5

68.1%

35.0%

AUM 2007 (US$ % change in mn) AUM over 2007

% change in AUM over 2006

US-based natural resources funds have registered the highest percentage increase in AUM’s over 2007 indicating that these type of funds are quite popular in US



Four of these top ten funds are growth-based large-cap focused funds hinting that larger companies in the natural resources sector are more popular with fund managers



Interestingly, all categories of natural resources funds i.e. energy-based, precious-metals based as well as diversified natural resources funds have equal representation in the top 10

Source: Bloomberg; Sutherland Analysis

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BlackRock USA FUM & Performance

Products

2. Blackrock all-cap global resources Long Only, Growth – Large-Cap $1.5Bn FUM, 4 * rated (Morningstar), MER 1.31% 3. Blackrock natural resource Long Only, Growth – Large-Cap - $0.6Bn FUM, 4 * rated (Morningstar), MER 0.83% 4. Blackrock global resources Long Only, Growth – Mid-Cap - $1.3Bn FUM, 4 * rated (Morningstar), MER 1.29%

5. Blackrock utilities & telecom Long Only, Blend – Large-Cap - $0.2Bn FUM, 4 * rated (Morningstar); MER 0.96% 6. Blackrock real asset equity Long Only, Growth – Large-Cap - $1.0Bn FUM; Not Rated; MER 1.20% Benchmark S&P 500 Index, Lipper Natural Resources Funds, S&P Utilities & Telecom Index Number of Stock

in US$ Billion

1. Blackrock global energy & resources Long Only, Growth – Mid-Cap $1.02Bn FUM, 4* rated (Morningstar), MER 1.07%,,

FUM and Net Fund Flow ($Bn)

5 5 4 4 3 3 2 2 1 1 0

FUM Net Fund Flow

• Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), an affiliate of MLIM • BlackRock Distributors, Inc • Aladdin, BlackRock's proprietary trading and transaction-settlement platform

Team – 7 Portfolio Managers and team of product specialist and analyst Location – USA Pricing – NA (Wholesale MER Not Available)

4.7

0.6 0.5

3.7

0.4 2.2

0.3 0.2 0.14

0.1 0.0

2005

2006

2007

* Does not include new fund flow for Blackrock global energy & resources Fund and Blackrock Real asset Equity as they are closed-ended funds

Performance 1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Blackrock global energy & resources

24.70

22.80

Blackrock all-cap global resources

43.27

39.15

Blackrock natural resource

39.11

36.42

34.10

Blackrock global resources

41.93

37.17

42.03

Blackrock utilities & telecom

7.47

19.19

20.74

Blackrock real asset equity

17.5

Name of the Fund

70-100 (varies from fund to fund) Distribution

0.51

in US$ Billion

Key Facts

Ratings

• Morningstar ****

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BlackRock

Key success factors •

Strong product portfolio comprising diversified range of resources funds

•

BlackRock has one of the strongest and most experienced natural resources teams. It emphasizes understanding companies and visiting them onsite. Three members of the team are geologists

•

Global distribution network expanding to more than 31 countries. BlackRock is expanding internationally through key partnerships with the likes of Westpac in Australia and Nomura Asset Management in Japan

•

Prominent acquisitions in investment management spectrum including Merrill Lynch Investment Managers, SSRM Holdings Inc, Obsidian Enterprises, Inc. and

State Street Research •

BlackRock has succeeded by leveling the playing field, by bringing sell-side analytics to the buy side

•

Blackrock has one of its industry's lowest personnel-turnover rates, and that's likely to stay that way, with a new incentive system that locks in top executives by awarding them restricted stock that vests over time.

•

Unlike some money-management firms, BlackRock forgoes personalities to follow a brand strategy

•

BlackRock has done particularly well by capitalizing on the technological advantage. It has allowed clients to rent BlackRock's proprietary trading and transaction-settlement platform, called Aladdin, which allows clients to understand how their portfolio is positioned in the market

•

BlackRock has been able to gain share during periods of market dislocation due to its focus on relative-valuation strategies, rather than larger global bets, and its expertise in asset and liability management

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Colonial First State- Australia Key Facts Products 1.

Australian Global Resources Long Only - $1.7bn FUM; A rated (VE); Wholesale MER 1.16%

FUM & Performance FUM & Net Flows* ($Bn)

4.0 FUM

3.5

Net Flows

3.0

2.5

Global Resources Long Short - $473mn FUM; B rated (VE); MER 2.01%

2.0

Other Global Resources Long only - $417.3mn FUM; MER 2.25%

1.5

Benchmark Customized BM HSBC Global Mining (75%) and MSCI All Country World Energy Index (25%)) Number of Stock 40-90 (varies from fund to fund)

1.9 1.0

1.0 0.5

0.4 2005

2006

•

Australia Platforms - First Choice, Asgard, Asteron, BT Wrap, BT Wrap Advantage, Fiducian, ING, IOOF, Macquarie Wrap, MLC Masterkey, Navigator Overseas – UK ($450M); Japan mandate ($296M)

Team – 4-5 Portfolio Managers, 2-3 analysts

2007

Note: Net Flows for 2006 and 2007 include flows for Wholesale and Managed Investments only;

Performance

Distribution •

0.1

0.0

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Australian Global Resources Long only

26.58

30.50

30.98

Global Resources Long Short

25.50

29.44

29.70

Other Global Resources Long only

25.25

29.13

29.62

Name of the Fund

Location – Sydney and London Pricing – Wholesale MER 1.16%

Ratings

• Van Eyk • S&P

A Rated ****

Note: Australian Global Resources Long Only FUM include size of Investments, Personal Super and Pension plans; Global Resources Long-Short FUM includes size of investments, Personal Super and Pension plans: Other Global Resources Long Only FUM includes size of Managed Investments and Roll-over and Super plans; Net Flows for 2006 and 2007 include flows for Wholesale and Managed Investments only;

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First State Investments- Europe Key Facts

FUM & Performance FUM & Net Flows ($Bn)

Products 1. Global Resources Long Only - $1.2 bn FUM; A (Crosby Forsyth); MER 1.57%

1.20

2. Global Resources Long-Short fund - $385.4 mn FUM Not Rated; Management Fee – 1.5%; Performance Fee - 20%

0.90

3. Energy Long-Short fund - $31.7mn FUM Not Rated; Management Fee – 1.5%; Performance Fee – 20%

0.60

4. Gold and Precious Metals Long-Short fund - $31.7 mn FUM Not Rated; Management Fee– 2.0%; Performance Fee - 20%

0.30

Benchmark Global Resources Long Only and Global Resources Long-Short - HSBC Global Mining (75%) and MSCI World Energy Index (25%) Energy Long Short – MSCI World Energy Index Gold and Precious Metals Long Short – HSBC Global Gold Mines Index Number of Stock

1.08 FUM

Net Flow s 0.79

0.31 0.05

0.12

0.00 2005

2006

2007

Performance Name of the Fund

2005 Total Return (%)

2006 Total Return (%)

2007 Total Return (%)

40-90 (varies from fund to fund)

Global Resources-Long only

27.60

56.50

30.20

Distribution

Global Resources Long Short

23.50

16.30

12.10

Energy Long Short

3.7

18.8

Gold and Precious Metals Long Short

19.3

• UK Fund Supermarkets: Interactive Investor; Fidelity; Hargreaves Lansdown; Fundsnet Team – 6 Portfolio Managers Location – UK and Cayman Islands Pricing – Different classes of shares for Global Resources Long Only fund and different currency class for the three long-short funds available

Ratings

• •

First State Global Resources Long Only Hedge Funds have not been rated

Crosby Forsyth A rated

Note: Global Resources Long-Short Fund, Energy Long-Short Fund and Gold and Precious Metals Long-Short Fund are Hedge Funds; FUM and Flows for 2007 available for interim period till June 2007; FUM for 2005 and Flows for 2006 and 2007 for Global Resources Long-Only Funds are not available and are not accounted for in the represented graph for FUM and Performance; Energy Long Short fund inception is in 2006; Gold and Precious Metals Long-Short Fund Inception in 2007

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Colonial First State

Key Success Factors •

The company has adopted a collaborative strategy for launching niche products in regional markets. E.g. It has established a joint venture with CRI Australia to launch a series of unlisted closed-end diversified property development funds targeting investment opportunities throughout Australia. Previously, it had tiedup with Newport Pacific Management - a San Francisco-based investment management firm that focuses exclusively on the Asian equity markets – to launch Colonial Newport Japan Fund and Colonial Newport Tiger Cub Fund focusing on Asian equity markets

•

As per Wealth Insight’s 2008 survey of more than 850 advisors, administrative efficiency backed by strong technology are the key success factors for Colonial First State. Administrative efficiency referred to the speed with which redemption processing and delivery to investors were made

•

The same survey also revealed that another factors for Colonial Fist State’s success was its strong relationships with research houses, dealer groups and advisers

•

Apart from this company has developed its proprietary distribution platform ‘FirstChoice’. Key reasons for success for FirstChoice are value for money, exceptional customer service and relevant investment choice of both well-known investment brands and specialist boutiques

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Fidelity USA Key Facts

Benchmark

Products

S&P 500 Gold Index, S&P 500 Index, Citigroup BMI Global Gold Index, LGC Equity Sector Commodities & Energy, Russell 3000 Utilities Index, GSSIUT, GSSINR

Fidelity select gold fund- Long Only, Growth – Large-Cap - $2.4Bn FUM, 3 * rated (Morningstar); MER 0.81%

Fidelity advisor energy fund - Long Only, Growth – Large-Cap - $1.1Bn FUM, 3 * rated (Morningstar); MER 1.39%

Fidelity select natural resources fund- Long Only , Growth – Large-Cap $2.4Bn FUM, 4 * rated (Morningstar); MER 0.85%

Fidelity select energy service fund- Long Only, Growth – Large-Cap $2.2Bn FUM, 2 * rated (Morningstar); MER 0.83%

Fidelity select natural gas fund - Long Only , Growth – Mid-Cap - $1.6Bn FUM, 3 * rated (Morningstar); MER 0.85%

Fidelity advisor utilities fund - Long Only, Blend – Large-Cap - $0.3Bn FUM, 2 * rated (Morningstar); MER 1.54%

Distribution • Distribution channels comprises of financial planners, investment dealers, banks, and insurance companies.

Fidelity select energy fund - Long Only, Growth – Large-Cap - $3.1Bn FUM, 3 * rated (Morningstar); MER 0.89%

60-80 stocks (varies from fund to fund)

• Fidelity TrustNet and Fidelity WealthCentral • Online retail distribution channel - Amazon.com Team – 13 Portfolio Managers and team of analysts (Usually 2-3 Analysts) Location – USA Pricing – NA (Wholesale MER Not Available) FUM and Net Fund Flow ($Bn)

Fidelity utilities fund - Long Only, Value – Large-Cap - $1.2Bn FUM, 2 * rated (Morningstar); MER 0.84% Fidelity select paper & forest fund, Value – Small-Cap - Long Only $0.02Bn FUM, 1 * rated (Morningstar); MER 1.09%

10. Fidelity select utilities fund - Long Only, Blend – Large-Cap - $0.6Bn FUM, 3 * rated (Morningstar); MER 0.87% 11. Fidelity advisor gold fund- Long Only, Growth – Large-Cap - $0.06Bn FUM, Not rated (Morningstar); MER 1.10% 12. Fidelity select materials portfolio - Long Only , Growth – Large-Cap $0.4Bn FUM, 2 * rated (Morningstar); MER 0.90%

12 10

in US$ Billion

Number of Stock

FUM

11.2

10.7 3.0

Net Fund Flow

3.0 2.9

6.3 2.8

6 2.8

2.7

2 0

in US$ Billion

2.6 2005

2006

2007

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Fidelity USA Performance

Key success factors • The key to the success of Fidelity portfolios is an intensive and disciplined research process

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Fidelity select gold fund

37.02

41.11

24.56

Fidelity advisor energy fund

32.29

36.89

32.10

Fidelity select natural resources fund

15.06

39.29

34.19

Fidelity select energy fund

33.20

35.86

33.16

Fidelity select energy service fund

37.49

39.34

29.96

Fidelity select natural gas fund

31.94

33.77

31.69

Fidelity advisor utilities fund

-2.70

0.18

0.17

Fidelity utilities fund

-7.31

14.69

15.75

-18.75

3.09

4.87

• While managing business growth due consideration is given to avoid disruption to existing client relationships

Fidelity select utilities fund

-2.90

17.27

17.34

• Fidelity has successfully leveraged the resources of strategic partners

Fidelity advisor gold fund

36.57

Fidelity select materials portfolio

10.12

26.93

25.89

Name of the Fund

Fidelity select paper & forest fund

Awards

• They begin at the macro level, evaluating the economic and market environment for 6-18 months • They continue the process down to the micro level, evaluating the qualities and skills of individual mutual fund managers. Though the actual process is quite involved, it can be summarized as three steps.

•

Determining the right asset mix for the current market

•

Choosing the best mix of investment styles

•

Selecting the best mutual funds for each style

• Also, Fidelity develops broad and deep relationships with all its clients by managing as much of their financial life as possible

• It offers one of the biggest supermarket for funds in USA for distribution of its mutual funds

• Fidelity Natural Resource Fund – Lipper One-year award winner : Natural resources Equity

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RBC Asset Management – North America Key Facts Products 1. 2. 3.

RBC Global Energy Fund Long-only - $569mn FUM; 4-star (MS); MER 2.07% RBC Global Precious Metals Fund Long-only- $743mn FUM; Not Rated; MER 2.04% RBC Global Resources Fund Long-only- $328mn FUM; Not Rated; MER 2.20%

Benchmark RBC Global Energy- S&P/TSX Capped Energy Index RBC Global Precious Metals- S&P/TSX Capped Gold Index RBC Global Resources- 65% MSCI World Index – Energy; 35% MSCI World Index – Materials

FUM & Performance FUM & Net Flows ($Bn) 2.5 FUM

Net Flows

2.0 1.6 1.3

1.5 1.1 1.0 0.5

0.1

0.0

0.0 2005

2006

2007

Performance

Number of Stock 50-120 (varies from fund to fund)

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

13.60

21.00

24.20

RBC Global Precious Metals Fund

9.00

27.70

23.20

RBC Global Resources Fund

33.40

39.30

32.10

Name of the Fund

Distribution •

Royal Mutual Funds Inc., RBC Direct Investing Inc. and RBC Dominion Securities Inc. are principal distributors

•

3,500 financial advisors and 7,500 branch representatives distributing RBC products

•

RBC Dominion Securities Inc

RBC Global Energy Fund

Team – 3 Portfolio Managers Location – Toronto, Canada Pricing – Different classes of shares for both the funds are available for investors to choose from

Ratings • RBC Global Energy Fund- Morningstar • RBC Global Precious Metals Fund- Morningstar • RBC Global Resources Fund- Morningstar

**** **** *****

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RBC Asset Management – North America

Key success factors •

High Market Share: RBC Asset Management is one of Canada’s most trusted money managers with over 11% market share of Canada’s fund AUM in 2007 and has highest net sales of long-term funds for 14 consecutive quarters

•

Strong Partnership with RBC’s Canadian Banking Segment: Approximately, 75% of RBC Asset Management’s sales come through Canada’s largest branch investment network in the form of Royal Bank of Canada. The bank holds a sales force of over 10000 licensed sales people, which include over 1650 Certified Financial Planners (CFP’s)

•

Dedicated Sales and Service Support for other distribution channels: Approximately, 25% of RBC Asset Management’s sales come through their strong network

of brokers and independent dealers, which receive dedicated service support from RBC Asset Management •

Client focused products: RBC Asset Management provides a wide range of products for investors to choose from and are continuously bringing out innovative products. In addition, over 95% of the funds have MER’s which are below industry average.

•

Strong Performance of Funds: Additionally, over 90% of the funds assets are in the top 2 quartiles based on 3 year and 5 year returns

•

Largest Full-service brokerage firm in Canada: RBC also owns Canada’s largest full-service brokerage house- RBC Dominion Securities- which has over 1300 Investment Advisors

•

Developing Partnerships with leading firms: In May 2008, RBC Asset Management has joined forces with Philips, Hager & North (PH&N) Investment Management Limited, which is one of the leading investment management firms in Canada with over US$68 bn in AUM

•

Experienced Portfolio Managers for Resources Funds: The Portfolio managers come from strong backgrounds and all of them have over 15 years of experience in the financial services industry with excellent academic qualifications

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JPMorgan Asset Management Europe Key Facts

FUM & Performance

Products 1. JPM Natural Resources Fund Long Only Growth Mid-cap - $3.6bn FUM; AA rated (S&P and OBSR), 5-star rated (Morningstar); MER 1.68%

Benchmark HSBC Gold, Mining & Energy Index Number of Stock

4.0 3.0

2.5

2.0

1.5

1.0 0.0

NA Distribution • Funds are registered for sale in: Austria, Bahrain, Belgium, Chile, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan, and UK

4.9

FUM

5.0 in US$ Billion

2. JPMorgan Global Natural Resources Fund Long only Growth Mid-cap $3.9Bn FUM; AA rated (S&P); MER 1.90%

FUM & Net Flows ($Bn)

6.0

2005

Fund Flow ($ Bn)

2006

Pricing – NA (Wholesale MER Not Available)

1.328

Performance 1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

JPM Natural Resources Fund

17.0

39.2

42.0

JPMorgan Global Natural Resources Fund

30.5

29.1

Name of the Fund

• Other Sales Platform: Sterling, ishare, AM Financials, SNS Fundcoach

Location – UK

0.122*

* Fund flow for 2006 is available for only JPM Natural Resources Fund

• Pension Platform of Norwich Union, Winterthur, Standard Life, Friends Provident

Team – Fund Manager - Ian Henderson

2007

Ratings

• OBST • S&P

AA Rated AA & AA Rated

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Allianz Global Investors Europe

Key Facts

FUM & Performance

Products 1. Allianz-dit Energiefonds Blend Large-cap - $473.8Mn FUM; 3-star rated

2. Allianz-dit Rohstoffonds Growth Large-cap - $1.5Bn FUM; 5-star rated (Morningstar); MER 1.46% Benchmark

FUM

2.0 in US$ Billion

(Morningstar); MER 1.55%

FUM & Net Flows ($Bn)

2.5

1.8 1.5

1.5 1.0

0.8

0.5

MSCI World/Energy Index, MSCI Materials 0.0 2005

Number of Stock Fund Flow ($ Bn)

2006

2007

0.034

Distribution • Funs are registered for sale in: Austria, Chile, Germany, Singapore,

Performance

Ireland, Taiwan and Switzerland

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Allianz-dit Energiefonds

12.0

18.0

19.0

Allianz-dit Rohstoffonds

19.0

98.0

31.0

Name of the Fund

• Platforms: Futures Handles Sytems, Grell, fit4funds, Fondsvermittlung24, ING Bank, Termine Finanzplatz Team – One portfolio manager per fund supported by team of Analysts Location – Germany Pricing – NA (Wholesale MER Not Available)

Ratings

• Allianz-dit Energiefonds - Morningstar • Allianz-dit Rohstoffonds – Morningstar

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www.sutherlandglobal.com February 14, 2013

Ivy Investment Management – North America Key Facts Products

1. Ivy Global Natural Resources Fund Long-only Growth Large-cap - $8.2bn FUM; 4-star (MS); MER 1.29% 2. Ivy Energy Fund Long-short Growth Large-cap - $37mn FUM; Not Rated; MER 1.60%

FUM & Performance FUM & Net Flows ($Bn) 12.0 FUM

Net Flows

10.0

8.2

8.0 5.1

6.0

Benchmark

4.0

Ivy Global Natural Resources Fund- MSCI Commodities

2.0

related, Ivy Energy Fund - S&P 1500 Energy Sector

0.0

3.5 2.4 1.4 2005

2006

2007

Number of Stock Ivy Global Natural Resources Fund- 124

Performance

Ivy Energy Fund- 65 Distribution

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

Ivy Global Natural Resources Fund

26.65

27.21

34.05

Benchmark Index-1

31.39

25.42

31.31

Ivy Energy Fund

32.27

N/A

Benchmark Index-2

22.59

N/A

Name of the Fund

• Ivy Funds Distributor Inc are principal distributors • American Platforms: American Century Investments, Waddell & Reed, Schwab, MFEA, Team – 2 Portfolio Managers Location – Shawnee Mission, USA and Toronto, Canada Pricing – Different classes of shares for both the funds are available for investors to choose from

Ratings

• Ivy Global Natural Resources Fund- Morningstar **** • Ivy Energy Fund- Not Rated

www.sutherlandglobal.com February 14, 2013

US Global Investors Inc FUM & Performance FUM & Net Flows ($Bn)

Products 3.0

1. World Precious Minerals Fund Long Only Growth Mid-cap - $1.6bn FUM; 5-Star rated (Morningstar); MER 1.01%

3. Gold and Precious Metal Fund Long Only Growth Mid-cap - $0.3Bn FUM, 4-Star rated (Morningstar); MER 1.33% Benchmark AMEX Gold Bugs Index, Philadelphia Stock Exchange Gold & Silver

Index, S&P Energy and Materials Index

in US$ Billion

2. Global Resources Fund Long Only Growth Large-cap - $1.56Bn FUM; 5Star rated (Morningstar); MER 0.96%

2.5

1.8 FUM Fund Flow

2.0

1.6

1.6 2.5

2.4

1.2 1.0

1.5

0.8

1.0 0.5

1.4

0.6

in US$ Billion

Key Facts

0.4

0.8 0.1

0.0

0.2 0.0

2005

2006

2007

Number of Stock NA

Performance

Distribution • USGI fund are no-load funds and company’s gold funds help the customers to save on the broker fees, dealer markups, and the costs of shipping, storage and insurance associated with an investment in gold bullion.

World Precious Minerals Fund

• US Distribution Platform – Schwab

Global Resources Fund

• USGI funds are domestic (marketed in US only)

Gold and Precious Metal Fund

Team – One Chief Investment Officer (Frank Holmes) and team of three analysts Location – US Pricing – NA (Wholesale MER Not Available)

Name of the Fund

1 Year Total Return (%)

3 Year Total Return (%)

5 Year Total Return (%)

18.9

17.9

25.8

6.3

37.6

28.3

Ratings • World Precious Minerals Fund -Morningstar • Global Resources Fund –Morningstar • Gold and Precious Metal Fund

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