Incrementum advisors AG

1. Incrementumadvisors AG Baar/Zug - June 2010

2. Incrementumadvisors AG, Baar/Zug Disclaimer: • Investment Fund(s) mentioned in this presentation are not certificated to the public selling, except in Liechtenstein. They do not represent an offer at investors outside of Liechtenstein in this sense. • All information about the fund was created to the best of our knowledge and ability and are based on conditions prevailing at the time of publication. We can, however, not accept any liability for its correctness or completeness. • The client shall be responsible exclusively for the fulfillment of taxation regulations prevailing for the time being in the country in which the client is liable for taxation. In case of need, we recommend the employment of a taxation adviser. • Any information that goes beyond the content of this documentation is not authorized by the publisher. The publisher expressly rejects any liability. • This fund information represents neither an offer nor an invitation to purchase. It serves for information purposes of the recipient only and is not directed to persons to whom such offers and invitations may not be made by law. The circulation of this documentation may be restricted by law in certain countries. Any person coming into possession of this publication is requested by Incrementum advisors AG to obtain information on the relevant legislation and to comply with it. In those countries in which such an offer or invitation to purchase securities is not permitted, this publication may not be used for such purposes. • This publication may not be used for advertising purposes in the USA or circulated to US residents

3. Incrementum advisors AG, Baar/Zug Incrementum advisors AG is an independent financial services company founded in 2008 in Zug, Switzerland. The partners of Incrementum advisors AG are highly qualified and have over 60 years of combined banking experience. Prior to founding or joining the company the partners held either high-ranking Wealth Management positions within UBS Switzerland and Latin America or high-ranking Investment Banking Management positions with Lombard Odier Darier Hentsch & Cie and Bank Sal. Oppenheim (Schweiz) AG. ./.

4. Incrementumadvisors AG, Baar/Zug Incrementum advisors AG provides you with access to an international network of highly qualified financial intermediaries, international lawyers, chartered accountants, and depository banks. Our strength lies in finding solutions to protect and increase your wealth. We strongly believe in customizing every investment solution according to the needs, risk appetite and investment return expectations of every single client.

5. Incrementum Fund uno Fund data: Fund Administrator: IFM, Vaduz Liechtenstein Custody Bank: Liechtensteinische Landesbank, Vaduz Asset Manager: Incrementum advisors AG, Zug Auditor: Ernst & Young, Bern Type of Fund: Fund for qualified investors for distribution in Liechtenstein ISIN Nr.: LI0022899566 Valoren Nr.: 2.289.956

6. Incrementum Fund uno Incrementum Fund uno is mainly invested in Precious Metals and Energy related commodities. The main goal of the fund is to give qualified investors the possibility to invest in an investment fund with a focus on Precious Metals and Energy. The fund enables qualified investors to participate in a fund that is actively managed in a very conservative way, without taking excessive risk, apart from being invested in the respective asset classes. Furthermore the fund allows qualified investors to hold physical gold and to have the liquidity deposited with a sound bank with state guarantee. The fund is registered, audited and managed in politically and financially stable countries with long-time experience in providing fund services.

7. Incrementum Fund uno Investment policy The fund will mainly invest in precious metals and energy related investments. Funds not invested will be held in an overnight deposit with a top bank, mainly with the custodian bank. It is planned to hold at least 30% in physical gold in the form of 12.5 kilo standard bars which will be held in custody with the custodian bank but will be allocated to the fund by using the respective registered number of each gold bar. Further physical fund positions are planned to be held in a more liquid vehicle holding physical gold or silver, namely an ETF of a prime Swiss Bank.

8. Incrementum Fund uno Investment category: minimum maximum Cash 0% 100% Gold 0% 100% Silver 0% 100% Oil 0% 75% Natural Gas 0% 75% Other commodities 0% 50%

9. Incrementum Fund uno • Investment restrictions: • Derivatives only to be used in a very conservative way • Structured products should be avoided whenever • possible • Hedging not planned but possible • No leverage by using credit facilities therefore no risk • for collateral calls • Cash not invested would be held in overnight either • USD or Swiss Francs

10. Incrementum Fund uno • asset allocation June 2010: • Gold 53.1% • physical bars (46,1%) • ETF Julius Baer • Silver 39.6% • Physical silver bars (4.9% • ETF ZKB • Gold/Silver ETF • Central Fund of Canada 1.9% • Gold/Silver derivatives 2.6% • Oil 0% • Natural Gas 0% • Food 0% • Cash 2.8%

11. Incrementumadvisors AG, Baar/Zug Gold and Silver Is it too late to invest?

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14. Incrementumadvisors AG, Baar/Zug • Governments overspending • Lack of fiscal discipline • Quantitative Easing • bad debt / toxic assets • Sovereign risk

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24. Incrementum Fund uno Why commodities: Gold bull market since 2001

25. Incrementum Fund uno Why commodities: Silver bull market since 2003

26. Incrementum Fund uno Why commodities: Brent Oil bull market since 2001

27. Incrementum Fund uno US M3

28. Incrementum Fund uno And Inflation?

29. Incrementum Fund uno And GDP?

30. Incrementum Fund uno History of commodity bull markets:

31. Incrementum Fund uno History of commodity bull markets: • Commodity Bull Markets last between 20-30 years • Shortest Commodity Bull Market lasted 10 years • In the current Bull Market, most Commodities have not yet increased considerably • First major correction due to deleveraging seems to be ending

32. Incrementum Fund uno Precious Metals

33. Incrementum Fund uno Gold bull market

34. Incrementum Fund uno Gold bull market • Is the Gold Bull Market near the end? • Is it time to Buy or Sell?

35. Incrementum Fund uno Gold bull market Taking into account that the shortest Commodity Bull market was 10 years it is possibly not yet the time to sell and most probably still the time to buy

36. Incrementum Fund uno Gold bull market Gold in CHF: Gold did not enter the bull market in non USD terms until 2005

37. Incrementum Fund uno Gold bull market 2001-2008: Depreciated USD or Gold Bull market? Gold:USD Performance 5 years: +193% Gold:CHF Performance 5 yrs: +140%

38. Incrementum Fund uno Gold has more than 3000 years of history and history tells us gold, not paper, is “real money” • Gold is the ultimate store of value and unique due to: • Gold is rare, durable and easily divisible with a high per unit value • Value is recognized globally and is traded in a continuous market • Gold is produced for accumulation mainly • Gold is the only form of money that cannot be debased by the same authorities who print paper currency • Gold is the only financial medium of exchange that is not someone else’s liability

39. Incrementum Fund uno Gold as currency • The role as a currency appears to have been forgotten • The Gold Standard ended in 1971 (Gold at USD 35/oz.) • The prolonged bear market of 20 years since gold hit USD 850.– in 1980e • Persistent disinvestment by central banks over the last few years (mainly European Central Banks) • History shows that FIAT currencies eventually fail

40. Incrementum Fund uno Gold as currency II • Gold used as currency helped to maintain economical stability • Gold money gave prosperity to its users • Babylon • Roman Empire • Byzantine Empire • Arab Empire • Florence, Genua and Venice started to prosper once they introduced gold coins as currency • Europe was in the dark ages before using gold as currency

41. Incrementum Fund uno Gold as hedge against inflation Since the creation of the FED, the purchasing power of the USD has fallen to less than 3% of its 1913 level (taking the official inflation not the real inflation) Gold price has risen in the same period 42.6 times from USD 20.67 to USD 860.– oz. With one ounce of gold one could buy a suit, a pair of shoes and leather belt today and could do so 100 years ago

42. Incrementum Fund uno Gold versus CPI, 1970-79

43. Incrementum Fund uno Gold versus CPI, 1980-2000

44. Incrementum Fund uno Gold in times of uncertainty • Actual Financial crisis, massive outstanding Derivatives • In today’s world of massive deficit spending, inflating currencies (excessive growth in the money supply) and financial imbalances, gold’s monetary role is reasserting itself. • Investment demand for gold is increasing • Institutional investors started to invest in gold • Individuals still show almost no interest

45. Incrementum Fund uno Gold in times of uncertainty II • Gold price acts as an early warning of potential crisis • Rising inflationary/deflationary pressures • Loss in general confidence in paper currencies, especially USD • Central banks have loaned out 10,000 – 15,000 tonnes of their gold reserves • Gold and precious metals are the only asset class that should perform well in either an inflationary or deflationary scenario

46. Incrementum Fund uno Reasons for the ongoing strength in Gold • Banking and liquidity crisis • Rising inflation concerns • Rising geopolitical risk • Rising commodity prices in general • Fears over dollar weakness • Increase in Commodity prices in general • Record trade y current account deficit in the US • Sky high debt levels in developed nations, only option is to inflate the currencies • A major Bull market in crude oil due to rising demand and tight supply • Inexpensive in real terms (inflation-adjusted basis)

47. Incrementum Fund uno Physical market of Gold There is a shortage of physical Gold • Supply deficit of 1,300 tons before central bank selling and perhaps 700 tons after central bank selling • Miners cannot boost production to meet rising demand • Gold production flat to declining • Production held back by lack of technological development and low exploration spending • To bring new mines online takes several years

48. Incrementum Fund uno Physical market of Gold There is a shortage of physical Gold • Supply deficit of 1,300 tons before central bank selling and perhaps 700 tons after central bank selling • Miners cannot boost production to meet rising demand • Gold production flat to declining • Production held back by lack of technological development and low exploration spending • To bring new mines online takes several years

49. Incrementum Fund uno Gold and Central Banks • In the 1980’s, Central Banks started to lend or deposit part of their holdings with bullion banks in return for a fee • In the 1990’s, Central Bank gold lending and sales depressed the gold price… • to help calm financial markets in times of actual or feared economic/political crisis (Asian financial crisis, Russian crisis, collapse of LTCM and 9/11 attack) • to create a positive perception of US monetary policy (suggest that US Inflation is under control and is therefore supportive of a stronger USD and lower nominal interest rates) • to prevent major commercial and investment banks from incurring substantial losses from the “gold carry trade”

50. Incrementum Fund uno Gold Outlook • possibly USD 1,600 oz. by end of 2010 • Spike to above USD 4,000 oz. possible (over 5 years) • Shorts have to be covered • Russia and China competing to increase their gold reserves • Several central banks increasing gold reserves • Traders will know more about the physical deficit holdings of central banks and the outstanding shorts and will trade against it • Physical prices are much higher than paper prices (decoupling of physical vs. paper)