Charteris Treasury Portfolio Managers Ltd

The WAY Charteris Gold & Precious Metals Fund

Fund presentation

April 2015

For Professional advisers only. Not to be shown or given to any retail investors

Charteris Treasury Portfolio Managers was established in 1984 as an Investment Management Company.

The strong investment team have in aggregate over 250 years experience of global financial markets withThe strong investment team have, in aggregate, over 250 years experience of global financial markets with offices in London, Exeter & Gibraltar

Charteris is fully authorised by the Financial Conduct Authority (FCA) & the Gibraltar Financial Services Commission.

Funds under management

• Private Clients

Funds under management

• Personal Pension Funds (SIPPS, SSAS, ISA’s & JISA’s

• Managed the Top Performing UK Gilt Fund calendar year 2007, 2009 & 2013*

• Top Quartile performance in (07/08/09/10*) for the Elite Charteris Premium Income Fund in the IA UK

(*Source Prof. Adviser & Lipper)

• Top Quartile performance in (07/08/09/10*) for the Elite Charteris Premium Income Fund in the IA UK Equity Income Sector - Morningstar 1* rated Fund & FE Single Crown Rated

• WAY Charteris Gold & Precious Metals Fund – Morningstar 1* rated Fund & FE Quintuple Crown Rating

• FP Charteris Property Fund – Morningstar 2* rated & FE Single Crown Rating

• FP Charteris Global Macro Fund & FP Charteris Strategic Fixed Income Fund launched Q1 of 2015

(as at 31st Mar 2015)

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• Available on the web (www.charteris.co.uk), Facebook, YouTube. Twitter and LinkedIn.

• Ian Williams became a Chartered Wealth Manager in 2013, awarded Trustnet Alpha Manager in 2011 & accomplished a CityWire A rating in 2009, 2010 & 2011accomplished a CityWire A rating in 2009, 2010 & 2011

• The Fund has a very high level of Volatility

• Top Mutual Fund in the UK in maiden four months*  *(Source Financial Express and Professional Adviser)

• Outperformed IMA Specialist Sector by 31% in first year of trading  *(Source Financial Express and Professional Adviser)

• Fund has 61% Exposure to Silver Miners & 39% Exposure to Gold Miners *(as at 31st Mar 15)

• We understand that NO other UK Fund has such high Silver Exposure g p

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• The Fund is “Long‐only”.  It will not “short” or “hedge” Bullion in any way. 

• The Fund gives investors exposure to the Gold and Silver markets under a regulated NURS• The Fund gives investors exposure to the Gold and Silver markets under a regulated NURS (Non Ucits Retail Scheme)

Th F d ill i t d i t l i “Bl Chi ” G ld d Sil i i i• The Fund will invest predominately in “Blue Chip” Gold  and Silver mining companies

• The Fund can also invest in smaller Gold and Silver mining companies

• The Fund can hold up to 10% in other funds i.e. Gold and Silver ETF’s (Exchange Traded Funds)

• The Fund can also invest in Gold and Silver ETC’s (Exchange Traded Certificates)

• Custodian – State Street Bank and Trust• Custodian  State Street Bank and Trust

• Fund Administration  (ACD) – Fund Partners (previously known as WAY Investment Managers)

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• The quality of the company i.e. Quality of Management etc

• The Quality of the Asset Base i.e. Proven & profitable Gold and Silver Reserves

• The “Beta” to a given move in the underlying commodity i e Cost of• The  Beta  to a given move in the underlying commodity  i.e. Cost of production relative to the current price

• Geographical Location of the Asset Base and Domicile of the  Company

• No stock will represent more than 10% of portfolio

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• Gold and Silver Shares traditionally outperform Bullion in a Bull Market due to the operational gearing (i.e. Fixed or semi‐fixed costs vs. rising revenue stream)

• Gold and Silver shares have the ability to pay dividends to shareholders

• Gold and Silver mining companies can make discoveries due to their exploration activitiesexploration activities

• Gold and Silver mining companies can be subject to take‐over activity from larger miners

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Source: Bloomberg

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(as at 31st Mar ‘15)Last Price 1,183.68

Source: Bloomberg

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(as at 31st Mar ‘15)Last Price 16.6595

Source: Bloomberg(as at 31st Mar ‘15)

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Source: Bloomberg(as at 31st Mar 15)

Silver in BlackGold in YellowHUI in Green

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Source: Bloomberg(as at 31st Mar 15)

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This chart shows the Gold shares ratio relative to the Gold price, showing that gold shares are the cheapest they have been in history.

(as at 31st Oct ‘13)

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Source: Kitco

10 – 10 ½ Yearly Cycle

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Source: Bloomberg

Source: Bloomberg

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Peaks in the Gold/Silver ratio – correlate to 10 year cycle in SILVER (see previous page P.13)

T i G ld F t i hl

Futures Daily VolumeTurnover in Gold Futures is roughly 10 times the volume witnessed in the Gold Physical Market y( Tail Wagging the Dog )

Physical Gold Daily Volume

COMEX Features COTT ReportThe COTT report is widely analysed as it shows the Balance between of Open Interest in the futures market between speculatorsand commercials Speculation are defined as say traders hedge funds etc whilst commercials are defined as Bullion banksand commercials. Speculation are defined as say traders, hedge funds etc, whilst commercials are defined as Bullion banks, mining companies etc (i.e. the trade). At major turning points, History shows time and time again that speculators tend to be onthe wrong side of the move and commercials tend to be on the correct side of the market. I.e. at major lows, expect to see record

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MV PTMV = PTM is Money Supply (M0 M1 M2 M3 M4?)M is Money Supply (M0, M1, M2, M3. M4?)

V is Velocity of Circulation (the amount money changes hands)

P is Price (Average Price Level)

T is Total Output (Volume of transactions of Goods & Services)

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(as at February‘15)

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(as at 31st July‘14)

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Source: Bloomberg

Supply Metric Tonnes

Mine Production 2,600 Tonnes (Net 2,200 Tonnes)

Geographical Demand

Mine Production 2,600 Tonnes (Net 2,200 Tonnes)

Scrap 1,400 Tonnes

Miscellaneous /

China – 1200 TonnesIndia – 800 TonnesJapan – 250 Tonnes

Miscellaneous /

Total Supply 4,000 TonnesTotal – 2,250 Tonnes

Demand Metric Tonnes

Jewellery and other Fabrication 2,400 Tonnes

Central Bank Purchases 900 Tonnes

Bar Investment 500 Tonnes

Net Producer De‐Hedging 100 Tonnes

Miscellaneous 100 Tonnes

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(as at 31st December)Total 4,000 Tonnes

Source: China Gold AssociationThe Wall Street Journal

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(as at 31st December)

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G ld C lGold Cycles

Year Month Weekly Day

40 480 2080 14600

10 120 520 3650

5 60 260 1825

3.36 40.4 173 1212

2.7 33.6 404 28282.7 33.6 404 2828

.83 10 43 300

52 6 3 27 190.52 6.3 27 190

Bold print denotes the cycle under which it is commonly known as

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Bold print denotes the cycle under which it is commonly known as.

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(as at 31st Mar ‘15)

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Source: World Gold Council

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(as at March ‘15)

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Ian Williams – Chartered FCSI, Chartered Wealth Manager, Chairman and CEOIan has spent the past 35 years trading equities, commodities and G7 government bonds, covering sales, research, market making and proprietary trading. He was a member of the London Stock Exchange for many years before joining Chase Manhattan Bank (now JP Morgan). He then worked for Dresdner Kleinwort Benson and Guinness Mahon (now Investec) before becoming Chairman & Chief Executive of Charteris Treasury Portfolio Managers. Ian also manages the WAY Charteris Gold & Precious Metals Fund (which was the top Fund in the country across all sectors in its first four months of trading) a Charteris managed Gilt fund was the top UK Gilt Fund in 2007 & 2009 & 2013* & The Elite Charteris Premium Income Fund. Ian Williams awarded Trustnet Alpha Manager in 2011 & accomplished a CityWire A 

i i 2009 2010 & 2011 H h b l ib h i l i d i l i i k i l di Bl b CNBC RT drating in 2009, 2010 & 2011. He has been a regular contributor to the national written press and various television networks including Bloomberg, CNBC, RT and Thomson Reuters.

Nick Taylor – Chartered FCSI & Head of Private Client Wealth Management, DirectorNick Taylor has 38 years of international investment management experience, gained at Morgan Grenfell, Invesco, and was Managing Director at Cigna International Investment Advisors and Matheson Investment ManagementInvestment Advisors and Matheson Investment Management. An award‐winning manager, Nicholas has run equity portfolios for a broad range of investors, including institutional pension funds, such as the Cadbury Schweppes Pension Fund alongside running several million pounds of private client portfolios and investment trusts. Nick is also a Chartered Fellow of the Chartered Securities Institute.

T F Ch t d MCSI A C I B APFS C F PTerry Farrow – Chartered MCSI, A.C.I.B. APFS C.F.P.Terry has over 40 years experience in the investment markets having worked for Barclays Bank and Standard Chartered Merchant Bank. Terry became an IFA in 1990. Terry is qualified at Level K10 Retirement options – covering all types of pension advice. Terry is also qualified both to G60 and G70 level to cover both Pension advice and Investment Management. There are only a handful of Investment professionals in the UK that hold the G70 qualification.

Richard Fremantle – DipPFS, AIFPRichard has worked in the financial services industry for nearly 40 years. Richard worked initially in the treasury department of Lloyds Bank, then in advising directors and senior executives of the corporate clients at Noble Lowndes (a leading firm of employee benefit consultants and actuaries); subsequently he was appointed a senior manager in the personal tax department of Deloitte & Touche, and then manager of the South East region of the financial services decision of merchant bank, Guinness Mahon (latterly Abbey National Benefit Consultants) before co‐founding his own practice. Richard is a member of the Personal Finance Society and an

Peter Sheehan – Investment ManagerPeter has specialised in the detailed analysis of leading UK companies in the past 30 years. He joined leading City stock brokers Simon & Coates straight from the L d S h l f E i (LSE) t i li i i th l i d fit bilit f th 500 l di UK i f l di UK i tit ti l

Guinness Mahon (latterly Abbey National Benefit Consultants) before co founding his own practice. Richard is a member of the Personal Finance Society and an Associate of the Institute of Financial Planning.

London School of Economics (LSE) to commence a career specialising in the analysis and profitability of the 500  leading UK companies for leading UK institutional shareholders

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IA Sector : IA UK SPECIALIST SECTOR

Bloomberg Ticker Code : WCHGERI LN EQUITY (Retail Inc): WCHGERA LN EQUITY (Retail Acc): WCHGEII LN EQUITY (Inst Inc): WCHGEIA LN EQUITY (Inst Acc): WCHGEIA LN EQUITY (Inst Acc)

Thomson Reuters Codes : LP68043027 (Retail Inc): LP68043026 (Retail Acc): LP68043029 (Inst Inc)

LP68043028 (Inst Acc): LP68043028 (Inst Acc)

ISIN number : GB00B600VY23 (Retail Inc): GB00B3NGYG95 (Retail Acc): GB00B3ND2W21 (Inst Inc): GB00B3PSGY57 (Inst Acc)

SEDOL number : B600VY2(Retail Inc): B3NGYG9 (Retail Acc): B3ND2W2 (Inst Inc): B3ND2W2 (Inst Inc): B3PSGY5 (Inst Acc)

CUSTODIAN : STATE STREET BANK & TRUST

Authorised Corporate DirectorAuthorised Corporate Director {ACD} and Registrar: : Fund Partners Limited

Auditor : GRANT THORNTON UK LLP

AMC 1 5%

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: AMC 1.5%: INSTITUTIONAL AMC 1%

Gibraltar Office66a Main Street

London Office8-9 Lovat Lane,

Exeter OfficeSouthernhay Lodge,

GibraltarFor Enquiries contactiw@charteris.co.uk

London, EC3R 8DWT: +44 (0) 20 7220 9780Fax: +44 (0)20 7929 6925

1a Barnfield Crescent,Exeter, EX1 1QTTel: +44 (0)1392 422 184F 44 (0)1392 413 222Fax: +44 (0)20 7929 6925 Fax: +44 (0)1392 413 222

For all enquiriesJames SiddallE. js@charteris.co.ukT. +44 (0)20 7220 9780

You can find us on Twitter, LinkedIn, Facebook and YouTubeAuthorised and regulated by the Financial Conduct Authority

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Authorised and regulated by the Financial Conduct Authority & the Gibraltar Financial Services Commissionwww.charteris.co.uk

This presentation is issued by Charteris Treasury Portfolio Management Ltd which is authorised and regulated by the Financial Conduct Authority & the Gibraltar Financial S i C i iServices Commission

• Past performance is not a guide to future performance and investors may not get back the full amount invested

• The price of shares and any income from them may fall as well as rise

• On redemption of holdings investors may not receive back the full amount invested. Management and other fees may reduce the capital investedManagement and other fees may reduce the capital invested

• The information provided does not constitute advice or a personal recommendation for which the duty of suitability would be owed by us and you should seek your own advice as to the suitability of any investment matter mentioned heresuitability of any investment matter mentioned here

• Professional advisers should be aware that this document is intended for their use only and this document is not to be shown or given to any retail investors

• The presentation is made on the basis of our current understanding of United Kingdom Tax laws, which may be subject to change in the future

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