Company Background

AgAu Capital Pty Limited (AGAU) is a privately owned active investment management company established in March 2006 in Sydney, Australia. AGAU specialises in the provision of absolute return strategies that focus on the precious metals sector of the financial markets. Laurence McGuirk and Kyle Shortland are the directors and responsible officers of AGAU and, as the principals, are also responsible for all trading decisions and the day to day management.

AGAU was granted an Australian Financial Services License (AFSL No: 306152) in November 2006 by the Australian Securities and Investments Commission who are charged with the regulation of the Australian Financial Markets and therefore fund managers operating in Australia. As such, AGAU is required to satisfy a number of regulatory requirements on an ongoing basis, something that is not required in most other jurisdictions throughout the world.

The investment strategy of the AgAu Global Producer Fund and the AgAu Global Producer (Master) Fund is a strategy that aims to provide better than market returns from positive movements in precious metals, whilst aiming to limit losses when precious metals markets decline. This is achieved through the combination of a number of financial market instruments, proprietary risk management models and extensive market knowledge.

The underlying Philosophy of AgAu is that of patience. The Investment Manager will be strategically positioned to best take advantage of what we see as the massive Global-Macro and financial market imbalances created over the last 20 years, whilst simultaneously retaining tactical agility via the use of futures, options and warrants to reduce draw-downs and enhance performance when deemed appropriate.

AgAu further recommends that Investors have a proportion of their allocation to the sector in Physical Precious Metals in an allocated account at an appropriate depository and are happy to advise on such matters.

In July 2008, AgAu Capital Pty Limited appointed a vastly experienced Advisory Board, independently Chaired, to oversee and advise on many aspects of the business including Risk Management, Strategic Planning and Development, Compliance and Regulatory policies. It must be noted that The Board will not be consulted in matters directly regarding Investment Management or Allocation decisions under the Mandate. The Board will convene monthly with AgAu Capital Management.

Members of the Advisory Board are:

Mr Chris Fehon. B. Commerce (Economics) Hons, UNSW.

Chris brings to AgAu Capital Pty Ltd over 30 years of Investment Banking and Business Management experience. Recently retired from Citigroup as Global Head, Commodity Trading and Sales, New York, heading the merged commodity activities of Citibank and Salomon Smith Barney. Prior to that he was Head of Financial Markets for Australia, responsible for all Sales and Trading activities. His highly regarded career includes 9 years at the Reserve Bank of Australia. Founder and Chairman of Privest Limited, a publicly listed venture capital company. Head of Treasury, Dominguez Barry Samual Montague, Sydney. Chris holds Directorships of Private companies and charitable trusts and is currently pursuing his own business initiatives.

Mr Ross Adams. B.Com UNSW.

Member of the Group Executive of the Financial & Energy Exchange (FEX) Pty Ltd. FEX is establishing a new ETC and OTC trading hub for the Asia Pacific region. Ross joined FEX in January 2008 when they acquired his company Mercari Pty Ltd. Mercari was formed by Ross and 2 partners, in 2004, to develop Australia’s first electronic Interest Rate Derivatives trading platform. Prior to this he worked for Citigroup for 17 years as an Interest Rate Derivatives trader both in Sydney and London. In addition to trading Ross was the original developer of the risk management system still used by Citigroup Globally in their STIRT business.

Mr Mark Long.

Managing Director and Head of Commodities for Merrill Lynch in Asia Pacific. His current responsibilities include trading, client coverage, product development as well as Principal Investment and Physical commodity trading. Mark has over 20 years experience in the commodity markets covering energy as well as metals markets.

Prior to this appointment he spent 8 years trading and managing within Citigroup’s Commodity business and was formerly Treasury Risk Manager of Australian Gas Light Ltd, a top 50 listed Australian Energy Company for 10 years.

Investment Management Team

Laurie McGuirk – Founder, Chief Executive Officer, Joint CIO

Previously Mr McGuirk was instrumental in raising capital for Endeavour Funds Management’s Global Opportunities Fund based on his macro-economic analysis, before leaving in 2004 to develop and test the current investment approach.

Prior to this Mr McGuirk was Chief Investment Officer for the privately owned Trans Media Group where he developed, implemented and managed the group’s investment strategy- focussed predominantly on Precious Metals Equities and Physical Metal.

Mr McGuirk also worked for Citigroup Australia Limited for 15 years and was responsible for advising, structuring, implementation and management of Precious Metals and Energy Hedge Programs for producers and a number of Central Banks. Precious Metal derivative exposures and the associated risk management were his specialty. Further, he gained valuable experience in Mining Project Financing and Project Assessment as part of the Global Metals and Mining Group.

During his time at Citigroup, Mr McGuirk was 3 times voted the Number 1 Derivatives Dealer in Australia for Strategic Advice and Pricing by the BRW – KPMG annual survey of the top 200 corporations in Australia. In addition to his wealth of practical financial markets experience Mr McGuirk has lectured at the Securities Institute of Australia on Financial Risk Management and continues to use his extensive knowledge and experience of investment, risk management and trading (covering currencies, securities, bonds and in particular Precious Metals markets) to provide regular highly regarded articles for US financial markets websites including www.minyanville.com.

Mr Mark Long – Executive Chairman

Mark joins AgAu Capital as a Principal and Executive Chairman upon his return to Australia after 7 years in Singapore and Hong Kong. Formerly Managing Director and Head of Commodities for Merrill Lynch in Asia Pacific, his responsibilities included all commodity derivatives trading, client coverage, product development as well as Principal Investment and Physical commodity trading. Mark has over 20 years experience in the commodity markets covering energy as well as Precious and Base metals markets.

Prior to this appointment at Merrill Lynch in 2004, Mark spent 8 years trading and managing within Citigroup’s Commodity business in Sydney, Hong Kong and Singapore and was formerly Treasury Risk Manager of Australian Gas Light Ltd, a top 50 listed Australian Energy Company for 10 years.

Mark Long and Laurie McGuirk have worked together for 13 of the last 20 years. Their partnership combines diverse yet highly complementary professional skills and experience across all Commodity markets, most specifically, Precious Metals.

Kyle R Shortland – Chief Investment Officer

Mr Shortland has over 15 years of investment management and financial markets experience and is responsible for the implementation and management of the AgAu Global Producer Fund and the AgAu Global Producer (Master) Fund strategy as well as the development of trading models and systems.

Prior to joining AgAu, Mr Shortland worked in an investment management capacity on the NY shift for Endeavour Funds Management for 3 years before leaving in early 2005. Further funds management experience was gained whilst Mr Shortland was employed by Suncorp Metway Investment Management Limited in a Tactical Asset Allocation team where he was responsible for the management of the group’s currency risk management as well as sharing the day to day rebalancing decisions across all portfolios.

In addition to his investment management and funds management experience, Mr Shortland previously worked for Colonial State Bank as a Senior Currency Trader and to date has considerable currency, derivatives and commodities trading experience. Whilst at Colonial Mr Shortland was also responsible for presenting live financial market commentaries on Sky News as well as writing currency and interest rate commentaries for external and internal use.

Mr Shortland holds a Masters of Applied Finance degree from Macquarie University, a Bachelor of Commerce degree from Newcastle University and is currently completing the Chartered Financial Analyst (CFA) qualification.

Dr Glenn Kentwell - Consultant Quantitative Commodity Specialist

University N.S.W. Sydney, N.S.W., Australia

PhD 1983. Theoretical Physics

BSc (1st Class Honours) 1979. Theoretical Physics.

University Medal.

Feb 2009- Goldman Sachs JB Were, (Commodities), Sydney, Australia,

2006-2009 Merrill Lynch, (Global Commodities), Sydney, Australia,

2000-2006 CitiGroup, (Global Commodities), Sydney, Australia,

1998-1999 Macquarie Bank (Treasury & Commodities), Sydney, Australia.

1990-1998 Bankers Trust Australia (Derivatives) Sydney, Australia.