1. Global Gold & Precious
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2. Table of Contents Commodities AM in a few words Too late to sell
Gold bullion: back to basics
Gold mines vs. Gold bullion
Global Gold and Precious
Investment process
Portfolio snapshots
Performance
Fund management team
Fund terms
Take-Away
Contacts
SEPTEMBRE 2009

3. Commodities AM in a few words
Fully independent French Asset Management company – Approved by AMF* under N° GP97016
Specialist of thematic equity funds:
Gold & Precious Metals
Energy & Natural Resources
Active management style, with direct allocation to listed stocks globally, which relies on the portfolio managers' industry sector expertise
12-year track-record, with first-class French industry awards
Attractive product offer that meets investment needs of institutional investors, private banking/IFAs clientele and third party asset managers acting as allocators for multi- management funds or for individual discretionary mandates.
* Autorité des Marchés Financiers / French supervisory body
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4. Too late to Sell
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
Source : Wall Street Journal, Financial Times
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5. Too late to Sell
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
Source: Bloomberg
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6. Too late to Sell
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
Source: Bloomberg
SEPTEMBRE 2009

7. Gold bullion: back to basics
Fewer Gold Discoveries and a Flat Production
Represents 189 gold deposits discovered since 1990, each with at least 1M oz. gold in reserves, or combination of reserves, resources and past production of 2 M oz. gold
Source: Metals Economics Group, Strategies for Gold Reserves Replacement 2012
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8. Gold bullion: back to basics
With no improvement in sight
Significant Gold drill results announced
Source: Metals Economics Group, Strategies for Gold Reserves Replacement 2012
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9. Gold bullion: back to basics
Based on slower activity on the fields
Pipeline activity index falling, validated by companies cutting their exploration budgets
Source: Metals Economics Group, Strategies for Gold Reserves Replacement 2012
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10. Gold bullion: back to basics
Longer Time from Discoveries to Production
Source: Metal’s Economics Group Minesearch Database & Estimates, Company Reports

11. Gold bullion: back to basics
Lower Average Grade and Higher Costs
Average gold grade of undeveloped deposits of over 1M ounces is 0.66 g/t
2012
All in costs @ USD 1 285*
* GOS Matrix
Source: NRH Research 2012 Ranking Gold Mines & Deposits
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12. Gold bullion: back to basics
While Demand remains elevated
* Q annualized (assumes 700 tonnes in ETFs outflows, or 25% of total holdings)
Source: World Gold Council
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13. Gold bullion: back to basics
Central Banks are Net Buyers
* Q annualized (109 tonnes purchased in Q1 2013)
Source: World Gold Council
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14. Gold bullion: back to basics
Confront short term ETFs investment selloff headwinds mainly from IAs
Source : World Gold Council, BofA Merril Lynch Global Commodity Research
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15. Gold bullion: back to basics
And extreme non commercial short positions (Futures only)
Source: Bloomberg, US Commodity Futures Trading Commission
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16. Gold bullion: back to basics
Structural macro issues intact...
The playground consisting of:
Competitive devaluations
Low real interest rates and
Money supply (decelerating rate of growth presently)
remains very supportive of a sustainable growth in the price of gold. Any reacceleration of the money supply will stress the depth of the uptrend.
Source : US Federal Reserve

17. Gold mines vs. Physical gold
FACTS:
Since 2000, gold mining companies outperformed gold bullion 44% of the time (6/13,5).
After 2 years of outperformance (2009 – 2010), gold mining companies underperformed gold in 2011, 2012 and YTD.
MUCH WORSE:
they delivered negative absolute returns in 2011 and 2012 while gold progressed at a double digit pace
AND
they demonstrated an erosion of their excess return in uptrend markets since 2006.
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18. Gold mines vs. Physical gold
Annual Performance (net, in USD, as of 04/30/13)
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19. Gold mines vs. Physical gold
YES, Gold mining companies are undervalued on a relative and absolute basis on many criterias:
Gold index / Gold bullion
Historical profitability levels (operating margins, net margins)
NAV multiples
US$ value of an ounce in the ground
Mkt K / oz produced
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20. Gold mines vs. Physical gold
Gold Mines are undervalued on a historical basis (20 year horizon)
Source: Bloomberg
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21. Gold mines vs. Physical gold
Gold Mines are undervalued on a historical basis (20 year horizon)
Source: Bloomberg
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22. Gold mines vs. Physical gold
Producers vs Juniors/Explorers
Uptrend vs. downtrend markets
Producer Index
GDM (NYSE Arca Gold Miners Index)
Explorer Index
MVGDXJ (Mkt Vector Junior Gold Miners Index)
Source: Bloomberg
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23. Gold mines vs. Physical gold
Juniors are close to technical capitulation levels
Producer Index
GDM (NYSE Arca Gold Miners Index)
Explorer Index
MVGDXJ (Mkt Vector Junior Gold Miners Index)
Source: Bloomberg
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24. Gold mines vs. Physical gold
So are the Seniors
Producer Index
GDM (NYSE Arca Gold Miners Index)
Explorer Index
MVGDXJ (Mkt Vector Junior Gold Miners Index)
Source: Bloomberg
SEPTEMBRE 2009

25. Gold mines vs. Physical gold
Gold mining companies have been penalized for not being able to deliver the expected historical leverage resulting from a higher gold price.
Despite a historical high profitability (19% of net margins in Q1 2013), the latter have stagnated these last two years while gold price increased by 13% over the same period.
THE REAL QUESTION: will gold mines regain their historical leverage?
many fundamental elements demonstrate that the mining industry understood the message sent by the investment community and several managerial strategic decisions made in the last few months validate this point
These decisions have a double objective: rationalize the operations and reduce the dilution that plagued the industry.
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26. Gold mines vs. Physical gold
Many board of Directors made their top executives redundant: among other names, Kinross Gold, Barrick Gold Corp. Newmont Mining Corp. or d’Agnico Eagle Mines Ltd., Centerra Gold Inc. or Great Basin Gold. Very recently, Allied Nevada Gold Corp. and Newcrest Mining Ltd. made similar announcements.
The carnage in the junior space (index down 70% from its 2011 high) triggered a wave of strategic investments by senior and intermediate producers: this is the case of Agnico Eagle Mines Ltd. making investments in Sulliden Gold Corp., Probe Mines Ltd*, or Atac* Resources Ltd.* and Teck Resources Ltd. financing True Gold Mining Inc*.  
The focus is on cost controls: Barrick Gold Corp. reduced its overhead costs by $100 million and identified $500 million of further reductions to expenditures; Osisko Mining Corp. announced a decrease of $80 million in discretionary spending; Yamana Gold Inc. targeted a costs reduction of US$150 per oz in Iamgold Corp. initiated a program to reduce annual spending by $100 million.
* 8% cumulative weight in the Global Gold and Precious fund
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27. Gold mines vs. Physical gold
Heads-up announcements are made in respect to potential closures of marginal operations should gold prices deteriorate further: this is the case of Hochschild Mining PLC.
Gold mines initiated share buyback programs: this is the case of Alamos Gold Inc. (which offered to purchase for cancellation up to 10% of the public float of its outstanding common shares) or Eldorado Gold Corp. (up to 5% of the public float).
The impact of a lower gold price already impacted Q marginal operations, with Elgin Mining Inc., Aurizon Mines Ltd., Lake Shore Gold Corp., Jaguar Mining Inc. or Gabriel Resources Ltd. releasing losses for the quarter.  
New phenomena in the precious metal industry, the involvement of activist shareholders: this is the case of the Clinton Group, Inc. which demanded changes to the strategy, operations and management at Stillwater Mining Company, mentioning a series of « strategic missteps » and « bad acquisitions »
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28. Global Gold & Precious Key facts
The Fund objective is to provide investors with quality excess return in comparison to the FTSE Gold Mines Index composite.
The Fund manager is responsible for the stock selection and focuses mainly on 'large cap' stocks listed on the North-American, Australian and South African stocks exchanges and which are engaged in the prospection, the extraction or the transformation of precious metals.
A. Corbani is managing the fund since Jan,
As of 05/29/13
NAV Global Gold & Precious: / FTSE Gold Mines (EUR) value:
Excess Return vs FTSE Gold Mines since Jan
+ 17.4%
Annualized Volatility vs FTSE Gold Mines index since Jan
29.3 vs 30.0
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29. Investment Process Portfolio Construction Sources of Value Creation
Stock Selection
To optimize the portfolio allocation between "PRODUCERS" and "EXPLORATORS"
To identify and select high potential stocks in the Gold & Precious Metal sector
Exposure to physical ETFs to benefit from upside and downside trends
CORE Bucket
50 – 80 %
SATELLITE Bucket
15 – 50 %
ETF
0 - 10%
Exposure to “SENIOR PRODUCERS"
Exposure to “JUNIORS"
CORE
Stock selection within the FTSE Gold Mines Index components (or other producing mining companies within the sector)
Selection criteria: Profitable undervalued companies
Stock weighting is different from the Index
SATELLITE
Stock selection within the 2000 listed companies of the Gold and Precious Metal sector
Selection criteria: Under-valued producing companies, undervalued assets, companies with high probabilities of above average discoveries,…
Pure Stock-Picking
20 years of industry experience for the portfolio manager
About one hundred one-to-ones per year with company management
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30. Global Gold and Precious
Investment Process
Stock picking
2 000 companies
Market Insights
Network
Sell Side Research
Conferences / Seminars
Fundamental analysis
Operations geography / Regulation
Characteristics of mines
Financial ratios
Management Meeting
Over 100 visits/one on one per year
CORE
Eligible universe
80 / 90 companies, monitored daily
Global Gold and Precious
40-50 stocks
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31. Portfolio Snapshots Portfolio breakdowns (as of 05/29/13)
Index – Out of the Index breakdown (% of AuM)
Core – Satellite breakdown (% of AuM)
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32. Portfolio Snapshots Portfolio breakdowns (as of 05/29/13)
Breakdown by Major Sector (% of AuM)
Breakdown by geography (% of AuM)
Breakdown by Type of production (% of AuM)
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33. Portfolio Snapshots Market Cap (as of 05/29/13) SEPTEMBRE 2009 Median:
675 M USD
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34. Performance Evolution of the Fund NAV (net, in EUR, as of 05/29/13)
Change of portfolio manager
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35. Performance
Evolution of the Fund NAV since Jan,1st 2009 (net, in EUR, as of 05/29/13)
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36. Performance
Manager’s Tenure Snapshot (Yearly performance, net, in EUR)
Proven ability to capture excess performance in Up Markets and to lower specific risk in Down Markets
Down Markets
Up Markets
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37. Performance Annualized statistics (net, in EUR, as of 05/29/13)
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38. Fund Management Alain Corbani - Chief Executive Officer
Lead portfolio manager of Global Gold & Precious and Global Energy & Natural Resources
EXPERIENCE
- 20 years in the Sell-Side business, notably within Dominion Securities then RBC Capital Markets, a leading Canadian Investment bank
- Founding partner of Green Oak
Alain developed strong knowledge and expertise in North- American equity investing and in the commodities sector.
BACKGROUND
MBA in ‘Management International’ - George Washington University, Washington DC, USA - Bachelor of Science in ‘Management International’ - IPESUP Paris France
Nicolas Paccioni
Co-Portfolio manager of Global Gold & Precious and Global Energy & Natural Resources
- 5 years of experience in the financial industry
After working for Cortal Bourse as a security operator, Nicolas joins Commodities AM in 2007 as a financial analyst on commodities. He is appointed portfolio manager of Global Gold & Precious in 2009.
- Inseec Paris
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39. Fund Terms SEPTEMBRE 2009 39 Global Gold and Precious ISIN code:
Asset under management as of 05/29/13: 12.1 M EUR
ISIN code:
AMF Category:
Minimum recommended holding period:
Legal structure:
Distribution policy:
Base currency:
Inception date:
Initial NAV:
Currency risk hedging:
Performance Index:
Bloomberg ticker :
Others sources:
Valuation frequency:
Sales charge:
Management fees:
Performance fees:
Custodian:
Fund Administrator:
Statutory Auditor: FR
Global Equity
5 years
French "FCP"
Capitalisation
Euro
07/21/2000
100 EUR
Optional
FTSE Gold Mines Index (en euro)
GLGOLPR FP
Morningstar, Europerformance
Daily
4 % (max)
2 % (max)
15 % of the performance above the FTSE Gold Mines Index
RBC DEXIA INVESTOR SERVICES
SOCIETE GENERALE SECURITIES SERVICES
DELOITTE & Associés
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40. Take Away – Global Gold & Precious
Positive gold sector fundamentals still in place to achieve superior return despite short term strategic headwinds.
We will NOT pick the bottom BUT the risk reward theme for holding gold mines lies strongly on the latter due to structural improvements at the corporate level
The fund has reached its optimum exposure to the junior sector with a 49% allocation
Active management style that benefits from the high-skilled portfolio manager ability to select stocks within the production and exploration sub-sectors
22 years of industry experience for the portfolio manager
12-year track-record, with first-class French industry awards
+2,58% of outperformance per year vs. FTSE Gold Mines Index (period: 07/21/00 – 05/29/13) WITH similar volatility
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41. Contacts Alain Corbani Nicolas Paccioni Mathilde de Cheffontaines
Chief Executive Officer,
Portfolio manager of Global Gold & Precious and Global Energy and Natural Resources
Tel:
Nicolas Paccioni
Co-Portfolio manager of Global Gold & Precious and Global Energy and Natural Resources
Portfolio manager of Global Euro Middle Cap
Tel:
Mathilde de Cheffontaines
Head of Administration
Tel:
Commodities Asset Management
11 rue de Téhéran
75008 Paris - France
Facsimile:
Internet:
SEPTEMBRE 2009

42. Disclaimer
This presentation is strictly for information purposes only. This document does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to conclude any transaction (whether on the indicative terms shown or otherwise). Before entering into any transaction, you should ensure that you fully understand the potential risks and rewards of that transaction and that you independently determine that the transaction is appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances.
The prospectus of the Fund is available upon request or at
Past performance is not necessarily indicative of future results.
SEPTEMBRE 2009