This is the presentation that was delivered to wealth managers and financial advisors in August 2009 at the launch of the SA Bullion IFA Platform. The presentation is in 3 Parts: 1. The Case for Gold in the 21st Century 2. How to Include Bullion in an Investment Portfolio 3. Presenting The BullionGold Facility All interest to be directed to business@sabullion.co.za www.sabullion.co.za

2. The case for Gold in the 21 st century An orderly currency in a disorderly world

7. US Household Debt 1974 – 2009 ($ billions) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

8. US Business Debt (non-financial) 1974 – 2009 ($ billions) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

9. US Private Sector Debt 1974 – 2009 ($ billions) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

10. US Private Sector Debt and GDP 1974 – 2009 The Case for Gold in the 21 st Century An orderly currency in a disorderly world

11. US Public Debt 1974 – 2009 ($ billions) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

12. US Public Debt 1974 – 2009 (as a % of GDP) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

13. Sovereign Debt in the rest of the World National Debt as a % of GDP *IMF Sources: CIA World Factbook, The Economist, OECD, IMF and SA Bullion Research The Case for Gold in the 21 st Century An orderly currency in a disorderly world 2010 2014 U.S. 95 107 Japan 200 234 Germany 77 91 Britain 100 88 France 90 90 Italy 120 129 Top 10 richest 106 114 - 150*

16. US GDP Quarterly Growth 2000 – 2009 (% annualized) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

17. US House Prices Index 2000 – 2009 (Case-Shiller Composite 20) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

18. US Unemployment Rate 2000 – 2009 (U-3 Series, official rate) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

19. US Public Debt per capita 1974 – 2009 ($) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

22. Private Sector Deleveraging Private Sector Demand For Credit is Low or negative Treasury is the only source of credit demand growth The US Liquidity Trap and the escape hatch Demand in Real Economy via tax cuts The Case for Gold in the 21 st Century An orderly currency in a disorderly world Set off by asset price defiation Despite FFR at zero Fiscal Stimulus Fed prints money Quantitive Easing Reflation Expectations of Inflation Spend not hoard

23. 2-3% nominal GDP Growth High Unemployment & Low Consumer Spending growth Increasing Government Share of Economy The US Post Reflation Low short yields The Case for Gold in the 21 st Century An orderly currency in a disorderly world Down from 5-7% Lower profit growth Up from 4-6 % to 10-15% Decreased Weath Practising austerity Weaker structure of Economy govt-backed leverage replacing private-backed leverage Weakening Dollar The story is in the long bonds

24. Has Gold taken notice of the disorder Performance of gold (% change in US $) Source: London Bullion Market Association and SA Bullion Research The Case for Gold in the 21 st Century An orderly currency in a disorderly world In US dollar 2001 2.5 2002 24.7 2003 19.6 2004 5.2 2005 18.2 2006 22.8 2007 31.4 2008 5.8 2009 to date 10.8 Average (p.a.) 16.3 Median (p.a.) 18.9

25. Gold Performance 1/1/2000 – to date (US$) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

26. Gold Performance 1/1/2000 – to date (Rand) The Case for Gold in the 21 st Century An orderly currency in a disorderly world

30. How to include physical Gold Bullion as a currency in an Investment Portfolio

44. The BullionGold Facility & Financial Advisor Support

48. The BullionGold Facility and Financial Advisor Support

58. Fee Structure : Redemption Fees Cash Redemptions Perfect Liquidity - No fee applies No time restiction applies Physical Redemptions Perfect Liquidity – No fee applies in respect of redemptions after 3 years Redemptions within 3 years from date of acquisition subject to an early redemption fee (max 6% excl. VAT) The BullionGold Facility and Financial Advisor Support

63. Def n : the process of adding value to a metal, mineral or commodity. Gold Beneficiation Chain : Role Gold Mining Companies Rand Refinery Limited & SA Mint SA Bullion SA Bullion Financial Advisor Extraction Manufacturing Wholesale/Retail Distribution & Sales Regulated By: The SA Bullion Gold Beneficiation Chain The BullionGold Facility and Financial Advisor Support Copyright 2009 Department of Minerals & Energy South African Reserve Bank Financial Services Board South Africa