INVESTMENT iNTELLiGENCE ENHANCED BY AN UNPARALLELED iNSiGHT iNTO PHYSiCAL COMMODiTiES

KEY FACTS

ACCESS
Investors in Galena Asset Management benefit from privileged access to Trafigura Groups valuable market analysis. The activities of Galena remain independent of the Group.

GALENA ASSET MANAGEMENT

+2.5
USD billion in managed assets

2003
Established

27
Investment professionals

44
Employees

3
Worldwide offices (Geneva, London and Singapore)

INVESTMENT
Galenas funds focus on liquid commodity markets. We do not trade physical commodities but access opportunities through derivatives and equities.

TRAFIGURA GROUP

120.4
USD billion turnover in 2012

1993
Established

+40
USD billion in available financial lines

EXPERTiSE
Specialist knowledge in commodities has given Galena an enviable track record.

+9,500
Employees

81
Worldwide offices in 56 countries

ACCESS

HOW DO WE GENERATE PROFiTABLE iDEAS AND TRANSFORM THEM iNTO VALUE FOR OUR iNVESTORS?
Galena Asset Management provides investors with specialised alternative investment solutions. We leverage the Trafigura Groups leading position and market intelligence of supply and demand in the global commodity markets. This allows us to consistently deliver above-average returns, yearon-year, from solid investment and risk management processes.

10 years of success
Since 2003, Galena has been delivering investment opportunities through an array of specialised absolute return commodity funds.

One-way information
Galenas funds operate independently from the Trafigura Group. We share no investment data and retain absolute client confidentiality at all times. Our one-way information channel operates solely to leverage the Trafigura Groups knowledge. We accrue a deeper market understanding via joint weekly meetings, focused market research and targeted local insight.

Unique insight into physical markets

Galena has a unique insight into physical arbitrage and relative value across global markets. As a wholly-owned company within the Trafigura Group, we have access to in-depth market knowledge related to supply-and-demand imbalances. The Trafigura Group is the worlds second largest independent non-ferrous trading company, the third largest independent oil trader, and its global operations have helped redefine physical commodities markets. Galena benefits from the Trafigura Groups leading position and unrivalled understanding of the energy, metals and minerals space.

Globally regulated
Galena is authorised and regulated by the Financial Conduct Authority in the United Kingdom, however, we also comply with regulations across multiple jurisdictional boundaries. Our funds attract high-profile investment institutions from around the world, and include family offices, pension funds, endowment funds, insurance companies and sovereign wealth funds.

TRAFiGURA GROUP Industry knowledge Experience and insights

GALENA ASSET MANAGEMENT Investment advantage

One-way information sharing

HEDGE FUNDS

iNVESTMENT

SECTOR FOCUsED:
Galena Metals
Established in June 2004 to invest in base and precious metals using futures and options. The fund invests using a directional and relative value approach. It benefits from unparalleled insight into the physical metals market. (Fund closed to new investors.)

MULTI-sECTOR:
Galena Special Situations
Established in August 2006 to invest in mining and energy projects. The fund leverages the informational edge coming from Trafiguras expertise in dealing with companies in the metals and oil and gas sector. (Fund available to investors.)

stance considering macro trends in commodities together with short-term opportunities. (Fund available to investors.)

Galena Commodity Feeder

Established in February 2012 to offer access to four underlying highly specialised Galena Funds: Galena Metals Fund, Galena Energy Fund, Galena Special Situations Fund, and Galena Commodity Macro Fund. Allocation to the funds is volatility weighted and rebalanced quarterly. (Fund available to investors.)

Galena Commodity Macro Galena Energy

Established in April 2009 to invest in the hydrocarbons markets. The fund combines a long-term strategic view with a shorter-term one. It relies on Trafiguras research and strong experience in the physical markets in oil and petroleum products. (Fund available to investors.) Established in February 2012 to profit from cross-commodity opportunities. The fund is the only investment opportunity that leverages cross-commodity exposures along Trafiguras core business lines, considering FX and fixed income. It successfully takes a relative value

LONG ONLY

CREDIT

Galena Malachite
Established in May 2007 to provide a long only metals derivatives fund with performance indexed to the GSCI Metals Sub Index. This fund has been built for and is exclusively dedicated to a single investor. (Fund closed.)

Galena Commodity Trade Finance

HOW DO GALENAS iNVESTMENT MANAGEMENT ACTiViTiES CONVERT STRATEGiC AND OPPORTUNiSTiC APPROACHES iNTO PROFiT FOR THE SHORT, MEDiUM AND LONG-TERM?
Galenas funds focus on liquid commodity markets. We do not trade physical commodities but access opportunities through commodity derivatives and equities. We combine our extensive knowledge of commodity market fundamentals with the unique research afforded to us by the Trafigura Group. The result is a balanced, yet dynamic, investment strategy covering directional, relative value and volatility.

Proven portfolio managers

Galena has ambitious growth targets for the future. With this in mind, our portfolio managers are carefully selected for their proven ability to exploit both directional and relative value investment opportunities. We set them a flexible mandate and allow them a discretionary investment strategy in order to profit in the short, medium and long-term.

USD billion in managed assets

+2.5

Galena Azurite
Established in April 2008 to provide a long only base and precious metals derivatives fund. This fund is performance indexed to the GSCI Precious Metals/Industrial Metals Sub Index. (Fund available to investors.)

Diversified offering for investors

Galena funds span metals, energy and commodity equities. Our funds represent a deep and broad offering of investment opportunities that consistently deliver above-average returns. Our fund managers identify the best approach dependent on fundamentals and momentum in physical and derivatives markets. What makes Galena different is that it determines relative value. It does not follow a high-octane investment strategy. This allows us to take a coordinated and controlled approach towards profiting from inefficiencies thus unlocking longer-term strategic value.

Established in September 2010 to offer access to an exclusive asset class. This fund leverages Trafiguras solid relationship with top tier commodity trade finance banks. It participates in syndications thus opening an investment class historically reserved for banks/select trading houses. This fund provides stable returns, not correlated to other asset classes, and all transactions are secured on underlying assets or commodity flows. (Fund available to investors.)

Galena Private Equity Resources

Established in December 2012 to leverage Trafiguras investment expertise in junior mining companies. The fund provides capital to companies needing to raise equity for development or expansion. The fund involvement enhances the opportunity for growth and M&A activities in the future. (Fund available to investors.)

Strict risk management controls

Galena abides by strict risk management controls. Each fund has an appointed risk committee and independent risk manager. Pre-agreed risk return targets are set. We implement daily monitoring of VAR limits and undertake daily position reconciliation. We operate a dedicated in-house compliance function as per FCA requirements and employ an external compliance consultant (Kinetic Partners). Galenas annual statutory audit is undertaken by Deloitte & Touche.

PRIVATE EQUITY

Gerard Lynch COO, Head of Compliance

EXPERTiSE

Gerard joined Galena Asset Management in December 2006 with responsibility for finance, tax, legal, operational and compliance matters. Prior to Galena, he was with the FSA managing a team responsible for the supervision of wholesale market brokers and asset managers. Other responsibilities at the FSA included supporting supervisors in the wholesale firms division with the implementation of the financial rules based on the Capital Requirements Directive. Gerard holds a Bachelor of Arts (Accountancy) degree from the University of Liverpool. He is a Chartered Accountant and Chartered Member of the Chartered Institute of Securities and Investment. He began his career at Ernst & Young.

and Cadillac Ventures. Prior to joining the Trafigura Group, he worked in the project finance team at International Power plc in London. Jesus has a Master of Science (Finance and Investment) from the University of Exeter and a Licenciatura (Economics) from the Universidad de Cantabria, Spain.

Wissem Bourbia Team Head Commodity Trade Finance Fund

Wissem joined Galena in 2009 and has more than 15 years of experience in credit, commodity and structured finance. He has accumulated an expertise over a variety of credit assets. Prior to Galena he held positions at Societe Generale and Natixis in their Commodity and Trade Finance departments, spearheading at the latter their commodity and trade finance fund project from 2007 to 2009. He spent 13 years at Societe General as Head of the European CDO Structuring Group and as Head of Alternative Finance Commodity and Trade Finance Department. Wissem holds an engineering degree from Ecole Centrale in Paris, a Bachelor of Science (Mathematics) and an MBA from San Diego University.

Marek Lacko Portfolio Manager Galena Commodity Macro Fund

Marek joined Galena in 2011 and has 11 years of experience in commodity markets. He worked previous to Galena at Morgan Stanley (London) as the Metals Desk Head of Options on Base Metals and before that at Morgan Stanley (Singapore) as the Head of Energy Options. Marek attended the HEC School of Management in Paris where he graduated with a degree in finance.

Alan Williamson Trafigura Chief Economist

Alan joined Galena in 2006 and has 26 years of experience in commodities research. He is responsible for macro and micro analysis in the Trafigura Group, including supply and demand balances. He has held previous roles as Head of Commodities Research at HSBC, Senior Commodity Analyst at Deutsche Bank and Senior Commodity Consultant at CRU Group. Alan hold a Master of Arts (Economics) from Cambridge University.

Jaakko Ahmala Senior Portfolio Manager Galena Energy Fund

Jaakko joined the Trafigura Group in 2008 and has 23 years of experience in oil derivatives and physical markets. He has been the Head of the Oil Derivatives Group since 2010. In January 2013, he moved to Galena as Senior Portfolio Manager on the Galena Energy Fund. Before joining the Trafigura Group he spent nine years with Morgan Stanley in commodities heading the North Sea crude oil trading. He started his career in 1989 at Neste Oil (London and Helsinki) taking responsibility for the supply management of the Porvoo and Naantali refineries, and risk management operations. He holds a Master of Science (Economics) from the Helsinki School of Economics.

Christoph Gugelmann Portfolio Manager

Christoph joined Galena in 2012 and offers 17 years of experience in fixed income, currency and commodities. Prior to Galena he was Head of European Market Solutions Group at Bank of America Merrill Lynch. He has also held positions as Head of FICC Germany/Austria at Goldman Sachs and fulfilled a Financial Institutions Advisory Role at Morgan Stanley. Christoph holds a degree in finance from University of St. Gall.

Cedric Chone Portfolio Manager Galena Special Situations Fund

HOW DOES GALENA CONTiNUE TO OUTPERFORM THE MARKET TEN YEARS AFTER iNCEPTiON?
Galena has invested in the needed talent to ensure the best outcomes for investors. Since 2003, our view has been that commodities are an asset class that hold tremendous potential for growth. We have built a team that knows themarkets, the underlying assets and product flows,and is alert to the exposure.

OUR PEOpLE
Jeremy Weir CEO, Galena & Trafigura Board Member
Jeremy joined the Trafigura Group in January 2001. He is currently the CEO for Galena Asset Management, Portfolio Manager for the Galena Macro Fund and Board member of the Trafigura Group. Jeremy has an in-depth knowledge of the metals and metal derivative markets spanning 24 years. He spent nearly nine years with N.M.Rothschild where he was responsible for establishing Rothschilds (Australia) non-ferrous metals derivatives business, and development of structured products. At Rothschilds (UK), he was promoted to the main Board where he held responsibilities encompassing worldwide metal trading activities and structured finance business. He was also a member of the Rothschilds treasury and banking executive management team.

Jeremy holds a Bachelor of Science degree (Major in Geology) from the University of Melbourne, and began his career at Pasminco Metals.

Duncan Letchford CIO, Portfolio Manager Galena (Metals) Fund & Beta Enhanced Funds
Duncan joined Galena Asset Management in October 2005 as Portfolio Manager of the Galena Metals Fund. He brings a wealth of experience from 22 years trading in the base and precious metals markets. Duncan has held previous posts at HSBC Bank London, as the senior base metals futures trader responsible for hedging the groups global metal risk with particular emphasis on corporate, producer and hedge fund trading activities; at N.M.Rothschild, as a Platinum group metals dealer focusing on forward and arbitrage trading opportunities; and at Deutsche Bank London and AIG International Limited London.

Cedric joined Galena Asset Management in October 2005 and has 16 years of experience in commodity markets. He moved from his previous post at Banque dOrsay where he was Portfolio Manager BAREP Commodity Arbitrage Fund, a relative value fund trading a diversified portfolio of industrial commodities on a discretionary portfolio. Cedric graduated from Ecole des Mines de Nancy in France as a mining civil engineer, and began his career in 1996 at Arcelor (formerly, Usinor Sacilor).

Philip Jan Kok Portfolio Manager

Philip joined Galena in 2012 and brings 16 years of experience in fixed income, currency and commodities. Prior to Galena he was Country Head (Netherlands) at Bank of America Merrill Lynch and Head of Fixed Income Netherlands at Credit Suisse. He has also held positions in Structured Solutions and Capital Markets and Corporate Finance at Merrill Lynch. Philip holds a Master of Science (Financial Economics) from Rijksuniversiteit Groningen.

Mark Heath Portfolio Manager Galena Energy Fund

Mark joined Trafigura Group in 2008 and has six years of experience in commodity markets. He has traded oil and its product derivatives, natural gas and UK power. He started at the Trafigura Group as a senior trader on the oil derivatives desk, where he was responsible for managing refinery margin exposure through OTC markets. He has been responsible for the origination of many long-term structures that the Company looks at in the downstream sector. Prior to joining Trafigura Mark traded physical jet fuel at Hetco, and started his career trading natural gas as Enron in the UK. He holds a Bachelor of Science degree from Kings College London.

Jesus Fernandez Principal Galena Private Equity Resources Fund

Jesus joined the Trafigura Group in June 2004 and has 11 years of experience in mining investments and financing. He established the Trafigura Groups mining investment arm in 2005. He is the head of the mining investment team and Chief Financial Officer of Trafigura Groups mining division. Jesus is a Board member of a number of companies including Trafigura Groups mining division, Iberian Minerals, Anvil Mining Limited, Tiger Resources

Stefano Sabbadini Portfolio Manager

Stefano joined Galena in 2012 and has 11 years of experience in fixed income, currency and commodities. Prior to Galena he was Head of EMEA Credit and Funding Structuring at Bank of America Merrill Lynch and has been a Credit Derivatives Trader at Goldman Sachs. Stefano holds a degree in economics from Bocconi University in Milan.

GALENA AUM SiNCE iNCEPTiON

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INVESTORS iN GALENA ASSET MANAGEMENT BENEFiT FROM THE LEADiNG POSiTiON TRAFiGURA HAS iN THE PHYSiCAL COMMODiTY MARKETS iN TERMS OF LOGiSTiCS, GLOBAL COVERAGE AND iNFORMATiON.
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JEREmY WEIR, CEO

UNITED KINGDOm
Galena Asset Management Ltd.
Portman House 2 Portman Street London W1H 6DU United Kingdom Tel: +44 207 173 2200 Fax: +44 207 170 7800

SINGApORE
Galena Asset Management Asia Pte. Ltd.
10 Collyer Quay Ocean Financial Centre #29-00 Singapore 049315 Singapore Tel: +65 6319 2960 Fax: +65 6734 9448

SwITZERLAND
Galena Asset Management B.V.
Geneva Branch Rue de Jargonnant 5 1207 Geneva Switzerland Tel: +41 22 594 6900 Fax: +41 22 594 6901

information@galena-invest.com www.galena-invest.com GC/0012.1e

This communication is issued by Galena Asset Management Limited (Galena) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. It is expressly understood that this promotional material is directed exclusively at Professional Clients and other persons exempt under Financial Services and Markets Act 2000 (FSMA) and the Handbook of Rules and guidance issued by the FCA (the FCA Rules) from time to time. If you are not such an institutional or professional investor, please do not read or copy this document or any part of its contents or take any action in reliance on it. Furthermore nothing in this material constitutes investment advice or an offer or solicitation for the purchase or sale of any financial instrument or as a confirmation of services transactions. This applies expressly in any jurisdiction where (by reason of that persons nationality, residence or otherwise) such activity is prohibited. You are reminded that comments, views, prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. There is no guarantee of trading performance and past performance is not indicative of future results. Galena employs speculative trading methods which involve substantial risk of loss and are only suitable for experienced investors with appropriate understanding of the relevant trading methods. Potential investors should read the terms and conditions contained in the relevant Offering memorandum carefully before any investment decision is made. Trafigura Beheer B.V. and the companies in which it directly or indirectly owns investments are separate and distinct entities. In this publication, the collective expressions Trafigura, Trafigura Group, the Company and the Group may be used for convenience where reference is made in general to those companies. Likewise, the words we, us, and ourselves are used in some places to refer to the companies of the Trafigura Group in general. These expressions are also used where no useful purpose is served by identifying any company or companies.