Aliquot Platinum Group Metals. Aliquot Precious Metals Share Classes

Aliquot Platinum Group Metals Aliquot Precious Metals Share Classes Aliquot Platinum Group Metals* Overview  Aims to provide 100% exposure to physi...
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Aliquot Platinum Group Metals Aliquot Precious Metals Share Classes

Aliquot Platinum Group Metals* Overview  Aims to provide 100% exposure to physical gold, silver, platinum, palladium and rhodium  Real assets are a hedge against inflation and the devaluation of money  Gold cost of production is $1,300; silver break-even is estimated to be $26.40; platinum cost of production is $1,800 / 2,000  Economic sensitivity (silver, platinum, palladium and rhodium)  PGM’s are essential components in catalytic converters which reduce pollution from vehicles  Geopolitical instability from South Africa may have a major impact on fundamentals  The Fund is long only, unleveraged, liquid and 100% transparent

* Aliquot Precious Metals Inc. Share Classes.

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Exposure to Physical Metals Why buy platinum group metals?

Gold 20% Silver 20%

Platinum 20% Palladium 20% Rhodium 20%

Note: The allocations are indicative and for illustrative purposes only. Allocations illustrated above are subject to change at the Fund Manager’s discretion and are dependent on fund outflows and management outlook.

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Production Cost of Gold is $1,300 Why buy platinum group metals?

2100

Gold Spot ($/oz.) Marginal Cost of Gold ($/oz.)

1900

USD/oz.

1700

1500

1300

1100

900

700

500 2007

2008

2009

2010

Source: Barclays Research & Castlestone Management. Data range 1 January 2007 – 23 May 2014. Note: Past performance cannot be relied on as a guide to future performance.

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2011

2012

2013

2014

Estimated Silver Break-Even per oz. for Q1 2013 Why buy platinum group metals?

Top 12 Silver Miners Financials & Break-Even Top 12 Silver Miners

Q1 2013

Total Revenue

$804,932,000

Production Costs

$415,933,000

Adjusted Income

$94,479,737

Net Income

$90,728,737

Silver Production

21,552,439

Silver Sold

20,366,789

By-Product Credit

$255,883,229

Estimated Silver Income

$69,325,990

ADJ-Silver Income per oz.

$3.40

Realized Silver Price oz.

$29.85

Estimated Silver Break-Even per oz.

$26.45

Source: Company quarterly reports, http://srsroccoreport.com/the-primary-silver-mining-industry-is-unsustainable/the-primary-silver-mining-industry-is-unsustainable/ Data as at 8 August 2013.

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Silver Miners Break-Even Cost Why buy platinum group metals?

$40

Top 12 Silver Miners’ Average Net Income Break-Even Cost Q1 2013 $35.26

$36.02

$35 $31.63

USD/oz.

$30 $25.96

$26.86

$28.05 $25.40

$23.97

$25 $21.60 $20

$26.31

$18.73

$21.90

$19.90

$15

Average net income break-even $25.40

$10

$5

$0

Source: Company quarterly reports, http://srsroccoreport.com/the-primary-silver-mining-industry-is-unsustainable/the-primary-silver-mining-industry-is-unsustainable/ Data as at 8 August 2013.

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Silver Prices Driven by Modern Industries Why buy platinum group metals?

260

South Korea

Germany

China

Japan

United States

Other

Million oz.

195

130

65

0 1990

2000

2010

The increasing use of silver in electrical and electronics fabrication

Source: GFMS Ltd & The Silver Institute, ‘The Future of Silver Industrial Demand’, March 2011.

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Industrial Uses for Silver Are on the Rise Why buy platinum group metals?

350

Biocide

Solar Panels

Electronics

300

Million oz.

250

200

150

100

50

0 1999

2000

2001

2002

2003

2004

2005

2006

2007

Source: Casey Research & CPM group, “2011 Silver Investing Guide,“ Jeff Clark, “Are we Running Out of Silver?”, Caseyresearch.com, 16 June, 2012.

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2008

2009

2010

2011

Production Cost of Platinum is $1,800

Cash Operating Cost $/oz.

Why buy platinum group metals?

H1 13 Platinum Operating Cost 2012 Platinum Operating Cost H1 13 Average Platinum Price

Production %

Source: Barclays Research, 20 September 2013. Note: Past performance cannot be relied on as a guide to future performance.

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Mine Supply is Likely to Remain Tight Why buy platinum group metals?

South Africa 75%

13%

5%

Russia

North America

5%

Zimbabwe 2%

Others

South Africa accounts for 75% of platinum mine supply

Source: Johnson Matthey, Castlestone Management.

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South Africa’s Platinum Supply Falls to a 12-Year Low Why buy platinum group metals?

6,000

‘000 oz.

5,000

4,000

3,000

2,000

1,000

0 2000

2002

2004

Source: Johnson Matthey, Barclays Research. Data range 1 January 2000 – 31 December 2012.

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2006

2008

2010

2012

Platinum ETP Holdings vs. Platinum Price Why buy platinum group metals?

2.8

$2,000

Platinum ETP Holdings Million oz (LHS)

Platinum Price (RHS) 2.6

$1,900

2.4

$1,800

2.2

$1,700

2

$1,600

1.8

$1,500

1.6

$1,400

1.4

$1,300

1.2 2011

$1,200 2012

Source: Bloomberg, Castlestone Management. Data range 3 January 2011 – 23 May 2014.

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2013

2014

Global Palladium Autocatalyst Demand Why buy platinum group metals?

7000

6000

‘000 oz.

5000

4000

3000

2000

1000

0 1980

1984

1988

1992

Source: Johnson Matthey, Castlestone Management. Data range 1 January 1980 – 1 January 2012.

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1996

2000

2004

2008

2012

China Palladium Autocatalyst Demand Why buy platinum group metals?

45 40

Metric tonnes

35 30 25 20 15 10 5 0 2000

2001

2002

2003

2004

2005

Source: Bloomberg & Castlestone Management. Data range 1 January 2000 – 1 January 2012.

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2006

2007

2008

2009

2010

2011

2012

Rhodium Supply and Demand Why buy platinum group metals?

1400

Supply Total Gross Demand

1200

Total Net Demand

‘000 oz.

1000

800

600

400

200

0 2003

2004

2005

2006

2007

Source: Johnson Matthey, Castlestone Management. Data range 31 December 2003 – 31 December 2012.

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2008

2009

2010

2011

2012

Global Rhodium Supply by Country Why buy platinum group metals?

900

Russia North America

800

South Africa Others

‘000 oz.

700 600 500 400 300 200 100 0 2001

2002

2003

2004

2005

2006

Source: Johnson Matthey, Castlestone Management. Data range 31 December 2001 – 31 December 2012.

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2007

2008

2009

2010

2011

2012

Unrest in South Africa’s Mines Why buy platinum group metals?

Sources: http://edition.cnn.com/2013/02/19/business/mining-south-africa/, http://www.afripol.org/afripol/item/767-photonews-41200-miners-strike-in-south-africa.html, http://www.dailymail.co.uk/news/article2189367/Marikana-strike-Police-gun-striking-South-African-miners-killing-30-leaving-scores-wounded.html

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Outperforming the S&P 500 Index Why buy platinum group metals?

400%

Gold, Silver, Platinum, Palladium, Rhodium S&P 500 Index

300%

200%

100%

0%

-100% 2000

2002

2004

Source: Bloomberg, Castlestone Management. Data range 1 September 2000 – 23 May 2014. Note: Past performance cannot be relied on as a guide to future performance.

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2006

2008

2010

2012

2014

Aliquot Platinum Group Metals* Why buy platinum group metals?  Aims to provide 100% direct exposure to the physical commodity (gold, silver, platinum, palladium, rhodium)  Precious metals have historically shown to be an ‘insurance’ when added to a diversified portfolio, acting as a safe-haven asset in times of economic and geopolitical turmoil  Silver, platinum, palladium and rhodium can be economically sensitive thus providing potential upside as the economic recovery continues  Real assets are an excellent hedge against inflation and the devaluation of money  The Fund is long only, unleveraged, liquid and 100% transparent

* Aliquot Precious Metals Inc. Share Classes.

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Client Services: Global Distribution Team About Us

EUROPE CHRIS GREEN

MIDDLE EAST CHRIS GREEN

AFRICA SAM WOOD

LATIN AMERICA CHRIS GREEN

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ASIA RICHARD WOOD TOBY FENN SAM WOOD

Castlestone Fund Range About Us

QUALITY INCOME (EQUITIES)

REAL ASSETS (PRECIOUS METALS & COMMODITIES)

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SPECIALIST EMERGING MARKETS

Fund Facts About Us

Aliquot Platinum Group † Metals Launch Date: January 2014 Minimum Investment: $/€/£10,000 Fees: Tiered Fee Structure Dealing Frequency: Weekly*

Broker dealers: Barclays Capital, Johnson Matthey PLC, Morgan Stanley Smith Barney LLC Custodian: Barclays Capital, Johnson Matthey PLC Administrator: Circle Investment Support Services B.V.

Domicile: British Virgin Islands

Auditor: Deloitte Accountants B.V. Regulator: British Virgin Islands Financial Services Commission

Source: Castlestone Management. † Aliquot Precious Metals Inc. Share Classes.* Weekly, subscriptions by 12:00 noon (GMT) on the Business Day prior to the Trading Day. For further details please refer to the Fund OM.

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Important Information Appendix This document is intended for and directed at investment professionals and is not intended for retail customer use. Persons who do not have professional experience in matters relating to investments should not rely on it. This document is not offering to sell any product. Any transaction requires our subsequent formal agreement which will be subject to internal approvals and binding transaction documents. Castlestone Management Inc. (“We”) will not be liable for any use you make of any information in this document. We are not your advisor or fiduciary. We are not recommending or making any representations as to suitability of any product or the tax, legal or accounting treatment of any product. We are not responsible for information stated to be obtained or derived from third party sources. All opinions are given as of the date hereof and are subject to change. We are not obliged to inform you of any such changes. Any projections and opinions expressed herein are expressed solely as general market commentary and do not constitute investment advice or guaranteed return. They represent the views of Castlestone Management Inc. at the time of publication and are subject to change without notice. Any simulated performance data and/or past performance data contained herein is not a reliable indicator of future performance. Income from investments may fluctuate and investors may not recoup the amount originally invested. Any forward-looking statements concerning the financial condition, results of operations and businesses of Castlestone Management expressed or implied, are based on management's current expectations and assumptions, which may change without notice, and are no guarantee of future results, performance or events. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions. This document is confidential. No part of it may be reproduced, distributed or transmitted without Castlestone Management’s written permission. Neither this document nor any copy of it may be distributed, directly or indirectly, in the United States of America or its territories or possessions (the “United States” or to any US Person as defined in Regulations under the United States Securities Act of 1933 (as amended)). Any failure to comply with these restrictions may constitute a violation of United States securities law. This is not exhaustive; other regional-specific wording may apply. If in doubt, please consult with Castlestone Management’s Compliance department. Castlestone Management Inc. is regulated by the British Virgin Islands Financial Services Commission. This scheme has been entered into the List of Restricted Schemes by the Monetary Authority of Singapore under paragraph 2(3) of the Sixth Schedule to the Securities and Futures (Offers of Investments)(Collective Investment Schemes) Regulations 2009 for distribution to institutional and accredited investors. No invitation to the public in Hong Kong to buy or subscribe for any product is permitted to be made. You should consult your own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning any of the contents of this document. This document has not been delivered for registration to the Registrar of Companies in Hong Kong, its contents have not been reviewed by any regulatory authority in Hong Kong, nor has the product been authorised by the Securities and Futures Commission. Accordingly, this document must not be issued, circulated or distributed in Hong Kong other than (1) in circumstances which do not constitute it as a “prospectus” as defined in the Companies Ordinance (Cap.32) or which do not constitute an offer to the public within the meaning of that ordinance, or (2) to professional investors as defined in the Securities and Futures Ordinance (Cap.571) and the Securities and Futures (Professional Investor) Rules made thereunder. Unless permitted by the securities laws of Hong Kong, no person may issue in Hong Kong, or have in its possession for issue in Hong Kong, this document or any other advertisement, invitation or document relating to any products other than to a professional investor as defined in the Securities and Futures Ordinance (Cap.571) and the Securities and Futures (Professional Investor) Rules made thereunder.

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