M-Bullion Fund

1. M-Bullion Fund Miraj International Investment Ltd Tel 514.876.0144 Fax 514.876.9600 Email: manager@miraj.com M Bullion - Miraj International Investment Ltd

2. M-Bullion Fund ‘’There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is externally and universally accepted as the unalterable fiduciary value par excellence ’’ - Charles de Gaulle M Bullion - Miraj International Investment Ltd

3. Introduction: • Today’s investor must contend with: • Low bond returns and negative real interest rates • Expensive and unpredictable equities. Hedge fund activity is on the rise and has a destabilising influence on financial markets • A sliding US$ and rising US deficits. High oil prices and strong US economic growth are exacerbating trade deficits • Geopolicital tensions, with deteriorating conditions in the Middle East, US war on terror and North Korea-Iran nucleare stalemate • Record oil prices and emergence of inflation M Bullion - Miraj International Investment Ltd

4. Introduction: A golden opportunity • Precious metals can offer investors: • Portfolio diversification, precious metals move independently of equities and/or currencies. A reasonable allocation in a conservative diversified portfolio is 10-20% • Absolute returns and attractive fundamentals, underinvestment from 1997 to 2003 means primary supply cannot keep pace with today’s growing demand • An intrinsic value which is recognised around the world. Cannot be produced by authorities like currencies • Gold, Silver & Platinum is the ultimate safe haven in times of inflation, political instability and economic and financial uncertainty • Commodities are increasingly being recognised as an alternative invesment class. Products specialising in commodities are on the rise to meet the demand of capital seeking to invest in commodities M Bullion - Miraj International Investment Ltd

5. “Currency Without a Country” - World Gold Council • Not dependent on any corporation or government’s “promise to pay”. • Hedges against: • bank failures • foreign-exchange controls • currency devaluation M Bullion - Miraj International Investment Ltd

6. Fund Highlights • The M-Bullion Fund's investment objective is to provide a secure, convenient, low-cost, low-risk alternative for investors seeking the benefits of capital preservation, appreciation, portfolio diversification and hedging that only bullion ownership can offer • Open-End Mutual Fund TrustUnits can be purchased or redeemed daily at Net Asset Value. The Fund’s NAV is based upon the price of gold, silver and platinum, without premiums or discounts. The Unit price is not influenced by movements in the equity markets or the daily volume. • LiquidityBullion is bought or sold directly into the global bullion markets.  Purchases or redemptions of any size can be accommodated without affecting the Net Asset Value per Unit. • Internal DiversificationBy purchasing all three metals, the Fund achieves internal diversification.  The investment objective is to maximize returns while reducing volatility over the long term. Platinum is primarily an industrial metal. Gold is primarily a monetary metal. Silver has both attributes.  • Cost Effective and ConvenientRetail bid-ask spreads, bar charges, commissions and delivery costs can account for upwards of 15% of the cost of investing in bullion. The availability of allocated storage is limited and insurance is unavailable or very costly for investors. Conversely, the Fund purchases bullion at a minimal buy/sell spread to the prevailing spot price, net of commissions. The bullion is stored on a fully allocated basis with Scotia Mocatta and is insured against all perils except for war, nuclear incident and government confiscation. • TransparencyAs a public mutual fund approved in the BVI, the Fund must comply with all securities regulations, including filing and reporting requirements.  The NAV and the NAV per Unit, as well as Fund performance and other key facts, will be reported with news services. M Bullion - Miraj International Investment Ltd

7. Making the case for gold & precious metals M Bullion - Miraj International Investment Ltd

8. Primary Reasons to Own Gold • Important factors helping gold prices are: • Global Currency Debasement with building U.S. financial disarray as the lynch pin • Huge Supply-Demand Imbalance without account for any new investment demands • Central Banks, whose bullion has to date filled the gap, are reaching an inflexion point • Huge Anticipated Increase in Chinese Demand. • The Relative Size of the Gold Market vs. Financial Assets – a small shift from financial assets to gold will have an outsized impact. M Bullion - Miraj International Investment Ltd

9. Making the case for other precious metals: • Silver • Balanced market depends on drawdown of finite inventories and Central Bank sales • Physical demand is growing through industrial and jewellery usage • Mining companies are buying silver on the open market to close hedge positions M Bullion - Miraj International Investment Ltd

10. Making the case for other precious metals: • Platinum • Demand growth is underpinned by tightening enviromental legislation requiring increasing use of catalytic converters • Jewellery demand for white metals in China and the Far East is strong • Supply is rising to meet demand growth but is limited by scarcity of deposits, geological complications and rising costs in the case of platinum. Palladium supply is currently being met by finite inventories • Platinum group metals (PGMs) have become indispensable in modern industrial society for a number of important applications, and the demand for PGMs has greatly increased in the last twenty years. As a result of the development of new technologies (for example, fuel cells), new markets are emerging, which will lead to further expansion in demand • The amount of platinum mined annually is less than 1/15th of annual gold production, and less than 1/150th of annual silver production. Approximately 90% of newly mined platinum comes from South Africa and the former Soviet republics. M Bullion - Miraj International Investment Ltd

11. Why invest in the precious metal Bullion sector? • Investing primarily in gold and precious metal silver and platinum bullion Fund • The precious metal Bullion sector offers fully allocated gold, silver and platinum bullion. • The bullion market supply/demand fundamentals are favorable • Bullion is regaining its status as an alternative financial asset • Bullion is a currency without borders • Bullion is unique as an asset that is no-one else's liability • Bullion has negative correlation to the US dollar • Bullion is a proven hedge against inflation and deflation • Bullion shows all the signs of a long-term secular bull market M Bullion - Miraj International Investment Ltd

12. Why Invest in Bullion? • Important factors helping bullion prices are: • Under-performing equity markets‒gold is negatively correlated with the S&P 5001. • Deficit spending and zero real rates of return on T-Bills trigger a weaker dollar. • Gold mining companies have announced a continued reduction of hedge programs. • Continued presence of physical demand despite real price rises. • Changes in the supply side due to falling new gold mine production are bullish for bullion prices. M Bullion - Miraj International Investment Ltd

13. Making the case for bullion • Attractive supply & demand fundamentals • The mining industry is characterised by heavy capital investment and long lead times. Industry wide underinvestment from 1997-2003 means production is static to declining, despite record metal prices • Large low cost deposits are becoming rarer and metal prices have to rise to attract new capital into the industry • Central banks are more responsible and have restricted gold sales • Mining companies have pledged to end forward selling gold and must buy gold on the open market to close existing hedge positions • Jewellery & industrial demand is rising along with broader economic growth • Investment demand is increasing along with growing geopolicital and financial uncertainty • Liberalisation of China’s gold market is opening up a vast untapped market for jewellery and investment buying M Bullion - Miraj International Investment Ltd

14. Putting today’s gold price in perspective? • In the early 1970’s, the US was stuck in the Vietnam war and started to print money; today, we have Iraq and the Fed has been printing money like crazy over the past two years. • The oil price went up to a new paradigm price range; we are seeing the same thing now. • The US baby-boomers’ appetite for commodities is now being replaced by the insatiable Chinese. • The US ran its first current account deficit in the early 1970’s at US $4bn a year; it is now US $60 billion a month. • In 1971, Charles de Gaule gave the American’s back their dollars and asked for the gold equivalent (at the time the US$ was convertible into gold) … effectively triggering a massive depreciation in the US$ which lasted from 1971 to 1979. What will happen when the Asians start selling their US $1.2 trillion in US $ reserves? M Bullion - Miraj International Investment Ltd

15. Russia Increases Reserves • In November, Russia said gold reserves as a portion of all reserves may be doubled – increasing from 5% to 10% of all reserves. • Russia currently has 500 tonnes (17.64moz) of gold. • Doubling its reserve in gold would consume the country’s annual gold output for approximately 3 years. • Overall reserves should continue to grow as a result of profits from oil and gas. M Bullion - Miraj International Investment Ltd

16. China’s Gold Demand • The new Shanghai Gold Exchange and liberalization of citizens to freely buy gold and a cultural affinity towards gold, makes gold an attractive asset class. Grams Source: World Gold Council, CEIC, Merrill Lynch APR Economics Team M Bullion - Miraj International Investment Ltd

17. What’s Driving Gold? We have a unique situation where all the critical drivers for gold are pointing in the same direction. M Bullion - Miraj International Investment Ltd

18. The Effects of Proper Diversification The importance of proper diversification in gold is shown clearly in a financial review of 2002. Figures are from the Wall Street Journal 2002 year end review. M Bullion - Miraj International Investment Ltd

19. Making the case for gold M Bullion - Miraj International Investment Ltd

20. Gold’s Relationship to the US$ M Bullion - Miraj International Investment Ltd

21. US Dollar Trends Source: M. Murenbeeld & Associates Inc. M Bullion - Miraj International Investment Ltd

22. Comparing the DJIA, GOLD & SILVER July 1, 2003 and November 30, 2006, the price of gold increased approximately 84%, while the price of silver increased more than 200% M Bullion - Miraj International Investment Ltd

23. Gold/MSCI World Stocks Comparison M Bullion - Miraj International Investment Ltd

24. Silver/MSCI World Stocks Comparison M Bullion - Miraj International Investment Ltd

25. Platinum/MSCI World Stocks Comparison M Bullion - Miraj International Investment Ltd

26. Performance of Gold & the DOW1970-2004 On a cumulative basis since 1971, gold has outperformed the DOW. Gold’s rise from $35 per ounce in 1971 to its recent $415 level amounts to a 1,086 percent increase versus the DOW’s 1,046 percent increase from 868 to 9,950 today. In the past four years, gold’s performance has dramatically outperformed that of equities. While gold has increased 63 percent, the DOW has lost 13 percent and the tech-heavy NASDAQ is down 62 percent. M Bullion - Miraj International Investment Ltd

27. DOW:Gold RatioSince 1900 As for the future, gold is poised to outperform equities. The DOW: gold ratio has averaged 10:1, peaking at 44:1 in 2000. Today, theratio has dropped to 24:1 and has decisively broken below the 200-day moving average. A number of respected analysts expect to see a 1:1 DOW: gold ratio, as occurred in 1980 and in 1935. The only question that remains is will the ratio be 1:1 at 6,000, 4,000 or 1,000? M Bullion - Miraj International Investment Ltd

28. Supply and Demand Trends Source: DB Global Markets Research, CFTC, Bloomberg M Bullion - Miraj International Investment Ltd

29. Fundamental Driver—Net Demand Source: Bloomberg M Bullion - Miraj International Investment Ltd

30. Gold and Silver Patterns Source: Merrill Lynch, Bloomberg M Bullion - Miraj International Investment Ltd

31. Gold and Oil Patterns Source: M. Murenbeeld & Associates Inc. M Bullion - Miraj International Investment Ltd

32. Gold/Dollar/Oil Relationship Source: Bloomberg M Bullion - Miraj International Investment Ltd

33. Reasons to Own M-Bullion Fund • Investment experts have long-recommend portfolio diversification and that 10% to 20% (and sometimes more) of an investor's assets be devoted to tangible assets such as gold, silver and platinum bullion. • That's prudent asset diversification strategy at any time. But in today's uncertain political and economic environment, there are many (and very sound) reasons to consider investing in M Bullion precious metals. M Bullion - Miraj International Investment Ltd

34. Reasons to Own M-Bullion Fund • Precious Metals Have Been a Solid Hedge Against A Declining U.S. Dollar. The value of the U.S. Dollar declined more than 30% from 2001 through 2004, . For a long list of reasons, including massive increases in U.S. government deficits totalling trillions of dollars, the cost of a prolonged war and a massive trade imbalance, this trend may be just the beginning. This means U.S. Dollars could now be worth less and less every day. Which also means that investments pegged to the U.S. Dollar could be worth less and less every day. Gold, silver and platinum, though, are held and traded throughout the world . . . and their true value (that is, their purchasing power) is not solely or directly dependent on the falling fortunes of the U.S. Dollar. Precious metals, therefore, can be a form of protection against a falling U.S. Dollar. As demonstrated during 2003 and 2004, as the value of the U.S. Dollar declined, gold and silver prices and the value of precious metals expressed in dollars increased. M Bullion - Miraj International Investment Ltd

35. Reasons to Own M-Bullion Fund • Precious Metals Have Been a Proven Safe-Haven in Times of War, Political Strife and Uncertainty. Today's financial markets are increasingly at risk from political instability and war. Whenever and wherever tension or hostilities break out, people everywhere quite naturally gravitate toward the assets they trust most. And today, even in our high-tech driven 21st century, the asset class millions rely on in times of trouble is gold, silver and platinum. Precious metals have always been, and likely will continue to be, a valued form of "wealth insurance" in good times and bad. M Bullion - Miraj International Investment Ltd

36. Precious Metals Can Offer Outstanding Price Appreciation and Profit Potential • After the infamous stock market "bubble" debacle in early 2000 wiped out trillions of dollars of investor equity, the major stock indices have failed to return to anywhere close to their previous highs. Gold and silver prices, on the other hand, have increased dramatically - more than 40% - during that same time period. Which means precious metals can produce impressive investment returns even when (and sometimes, especially when) returns from stock, bond and other paper investments decline in value or evaporate completely. The M Bullion a way to invest precious metals. using up to 5-to-1 investment leverage,  And many financial experts have predicted and continue to forecast rising gold, silver and platinum prices in the months and years ahead M Bullion - Miraj International Investment Ltd

37. Precious Metals Can Offer Outstanding Price Appreciation and Profit Potential • Bullion Precious metals investments are specialty products designed for investors that precious metals act as “fire insurance” for a portfolio • The Fund will also appeal to investors seeking the opportunity to increase their exposure to precious metals Bullion. . • Gold has a low to negative correlation to the rest of the mainstream asset classes such as stocks and bonds. In other words, gold can reduce portfolio volatility • The defensive role that Bullion gold plays in a portfolio should not be ignored. M Bullion - Miraj International Investment Ltd

38. Secular Bull Market in Commodities • Demand Drivers: • Global “synchronicity” of economies • Asia’s strong GDP & IP growth rate • Global population +6 billion people • Supply Drivers (Restrictions): • Higher barriers to entry due to global environmental and governmental regulations • Long lead time from exploration to production • Geopolitical events M Bullion - Miraj International Investment Ltd

39. For more information: Miraj International Investment Ltd Tel 514.876.0144 Fax 514.876.9600 Email: manager@miraj.com M Bullion - Miraj International Investment Ltd