Day 1 - Session 1: Strategic metals and the clean-tech revolution Outlook for commodity prices Objective Capital Global Mining Investment Conference 2010 Stationers' Hall, City of London 28-29 September 2010 Speaker: Christoph Eibl - Tiberius Asset Management

1. day 1 - session 2: SPECIALITY METALS Outlook for commodity prices ChristophEibl– Managing Partner,Tiberius Asset Management

2. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations:

3. CommoditiesMarket Outlook Global Mining Investment Conference 2010

5. Expertise in fixed-income management on the basis of institutional funds.

6. 33 employees with wide-ranging experience in commodity trading, portfolio management and research.

7. A model-supported, quantitative investment philosophy with a structured and transparent investment process.

8. The firm’s core competence lies in the active management of long- only and long/shortportfolios.

9. Total assets currently under management by the Tiberius Group: 2.2 billion USD

10. Tiberius is regulated by FINMA (Swiss Banking Supervisory Authority)4

11. Tiberius Leading Indicator Index - despite slight decline at a very high level 5 Market Outlook Cyclical trend

12. Market Outlook Evaluation of forward curves Forward curves have improved steadily since Q2 2009 6

13. Speculative sentiment has improved again 7 Market Outlook Short term capital flows

14. Continued buying interest of institutional market participants 8 Market Outlook Long term capital flows

15. Market Outlook Conclusion 9 The Lights for commodity investments mainly give positive signals 1. Ecomomic Cycle- Uptrend in industrial production is intact 2. Forward Curves- Gradual improvement 3. Spot Price Level- After correction many markets at attractive entry level 4. Short Term Speculative Capital Flows- Sentiment has turned especially in the agricultural sector 5. Long Term Insitutional Capital Flows- Sustained Interest in Commodities 6. Market Technicals- Lately first technical buy signals Conclusion: Outlook has recently improved significantly

16. Our yearend forecast is still the same 10 Market Outlook Long term market analysis

17. Market Outlook Crude oil Cruide Oil globally attractive; in the US, especially in Cushing, still high excess inventories 11

18. Market Outlook Crude Oil Despite constant demand high increasing excess inventories 12

19. Market Outlook Gasoline US Gasoline consumption is now at the level of 2008 13

20. Market Outlook Natural Gas Enhanced storage capacity and high short-exposure argue against a price decline; like in 2009 sudden price reversal is expected in 2010 14

21. Market Outlook Distillates US distillate consumption is disappointing given the economic upswing 15

22. Market Outlook Industrial Metals High correlation of industrialmetalsbased on a constant demand; average of the six at the LME trated metals approximantely +0.69 in 2010 16

23. Market Outlook Base Metals Rolling correlation of base metals and stock market currently near top 17

24. Market Outlook Base Metals Tin and copper - the only base metals showing market deficit in 2011 18

25. Market Outlook Copper Structural deficit of copper since turn of the millennium 19

26. Market Outlook Precious metal Price ratio between platinum and palladium again on a long-term average 20

27. Market Outlook Gold Gold benefited by the end of Q2 2010 from excessive risk aversion 21

28. Market Outlook Gold The original selling points for gold have disappeared In the year of 2000 Gold market in comparison In the year of 2010 1. Physical market balance High surplus Market deficit 2. Strategic positions 30% of production hedged Mines are unhedged Extreme net-long 3. Spekulative positions Net-short Excessively positive 4. Sentiment/Market penetration Extremely negative Too high 5. Relative Value (CPI, Commod.) Too low 6. Macro-environment - Inflation risks Low/middle Low/middle - Deflation/systemic-risk Middle High 22

29. Market Outlook Gold Seasonal tendence of gold purchase at the futures market and ETFs in the last years 23

30. Market Outlook Softs Increasing Net-Long volume of the Non-Commercials in grain sector 24

31. Market Outlook Wheat Significant production losses compared to previous year caused by extreme weather events 25 USDA: expected declines in wheat production and exports in million tonnes Exports Production

32. Market Outlook Wheat Wheat stocks are still well above critically low level of 2007/08 26

34. Potential for higher U.S. corn exports

35. Global corn market tighter than soybeans

36. Market Outlook Cotton Continuous improvement of the fundamental data due to rising demand 28

37. 29 Market Outlook Conclusion Metals will stay in contango in the course of the next 12 months Backwardation Contango Market surplus High inventories Market deficit Low inventories

38. Contact Tiberius Asset Management AG Baarerstr. 53 CH-6300 Zug Schweiz +41 41 560 00 81 (Phone) +41 41 560 00 82 (Fax) info@tiberiusgroup.com www.tiberiusgroup.com

40. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations: