Opportunity • The investment advisors believe we are at an inflection point in the adoption of

low-carbon technologies either for generation purposes (nuclear, solar, wind etc.) or emission

reduction via improved efficiency (hybrid cars etc.). Many such technologies are dependent on

the specific properties of unique or ‘speciality metals’, for which there are few or no alterna-

tives. Given a low base, demand for these metals will be exponential in this decade leading to

shortages. Demand will be insensitive to prices, and asset values will rise sharply as a result.

Strategy • The Fund will invest in the equities of listed companies which produce or hold title

to/are developing deposits of rare earth metals, lithium, uranium and tantalum. Stock picking

will be used to enhance performance. The Fund may hold an unlimited amount of cash.

Objective • Long term capital appreciation.

Fund features • The fund is unique in that it invests in the materials required for environ-

mental technologies to work rather than the technologies themselves—which is complex and

has potentially long payback periods. Fund advisor is a specialist resource investment group.

Page 1/2

UR Beyond Carbon Metals Fund • Fact sheet, May 2010 Unique metals, critical to the new energy economy

Fund Facts

Investment advisor : URAM S.A.

Fund manager : BB Asia Investments

Custodian : Bank Julius Baer, Zurich Administrator : Swiss & Global Fund Administration,

Cayman

Auditor : Deloitte & Touche Benchmark : None (absolute returns)

Liquidity : Weekly

Currency : US$

Fees : Management fee 1.5% Performance fee 20.0% (The manager shares in the

positive performance above a high water mark)

Launch date : 26 March 2010

Initial NAV : US$100.00

Last NAV : 90.1322 (31/05/2010)

Fund size : US$17m Minimum Subscription : US$100,000, US$10’000 there-

after ISIN : KYG9299S1369

Bloomberg: URBCARM KY Swiss Valoren : 10959024

Performance % (net of fees)

Performance in USD (weekly NAV)

Asset Allocation %

Top 10 Positions

80

90

100

110

120

Mar 10 Apr 10 May 10

Fund Benchmark

1m 3m 6m 1yr Launch

Fund -8.3 -9.9

Benchmark 0.0 0.0

YTD

Fund -9.9

Benchmark 0.00.0 20.0 40.0 60.0 80.0 100.0

Cash

Uranium

Rare Earths

Lithium

Tantalum

58

Ce

1

40

.12

59

Pr

14

0.9

1

60

Nd

1

44

.24

61

Pm

1

44

.91

62

Sm

1

50

.36

63

Eu

1

51

.97

64

Gd

1

57

.25

65

Tb

15

8.9

3

66

Dy

1

62

.50

67

Ho

1

64

.93

68

Er

16

7.2

6

69

Tm

1

68

.93

70

Yb

1

73

.04

71

Lu

17

4.9

7

92

U

23

8.0

3

3

Li

6.9

4

73

Ta

18

0.9

5

Lig

ht

Ra

re E

art

hs

He

avy

Ra

re E

art

hs

Nu

cle

ar

Lith

ium

T

an

talu

m

CASH 46.2%

GALAXY RESOURCES LTD 4.7%

PALADIN ENERGY LTD 3.6%

LITHIUM ONE INC 3.6%

CANADA LITHIUM CORP 3.4%

OROCOBRE LTD 3.3%UR-ENERGY INC 3.0%

URANIUM ONE INC 2.9%

URANIUM PARTICIPATION CORP 2.8%

AVALON RARE METALS INC 2.8%

Total 76.3%

Important legal information: The details do not constitute an offer. They are given for information purposes only. No liability is assumed for the correctness

and accuracy. Any recommendations or opinions regarding particular funds, sub-funds or share categories, markets, market developments or the like, solely

reflect the personal opinion of the respective author and shall not be binding on Julius Baer. The translation into action of fund recommendations contained in

these documents shall always lie in the sole responsibility of the intermediary or investor. The value of the units and the return they generate can go down as

well as up. They are affected by market volatility and by fluctuations in exchange rates. Past performance is not an indicator of current or future performance.

• Fossil fuels create geopolitical tensions, climate change issues + increasingly expensive to produce

• The cost of alternative energy is falling, and is being strongly incentivised in the USA and Europe

• Potential adoption rates are forecast to be exponential in this decade

• None of the proposed technologies can exist without certain unique metals

• Mine supply is forecast to lag demand, creating a strong pricing environment

Page 2/2

UR Beyond Carbon Metals Fund • May 2010

U S P e tr o le u m im p o rt s b y c o u n tr y o f

o r ig in , 2 0 0 8

S o u rce : E IA

G H G e m is s io n s b as e d o n g lo b al

w a rm in g p o te n tia l

Incentive price of oil (1999 to 2008)

58

Ce

1

40

.12

59

Pr

14

0.9

1

60

Nd

1

44

.24

61

Pm

1

44

.91

62

Sm

1

50

.36

63

Eu

1

51

.97

64

Gd

1

57

.25

65

Tb

15

8.9

3

66

Dy

1

62

.50

67

Ho

1

64

.93

68

Er

16

7.2

6

69

Tm

1

68

.93

70

Yb

1

73

.04

71

Lu

17

4.9

7

92

U

23

8.0

3

3

Li

6.9

4

73

Ta

18

0.9

5

Lig

ht

Ra

re E

art

hs

He

avy

Ra

re E

art

hs

Nu

cle

ar

Lith

ium

T

an

talu

m