Investment Manager Presentation July 11

Evy Hambro, Joint Chief Investment Officer Catherine Raw, Portfolio Manager

Disclaimer
1. Issued by Global Mining Investments Limited, ABN 31 107 772 467, (GMI) in conjunction with BlackRock Investment Management (UK) Limited (BlackRock), authorised and regulated by the Financial Services Authority. Registered office: 33 King William Street, London, EC4R 9AS. Tel: 020 7743 3000. Registered in England No. 2020394. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. GMI has made every effort to ensure the accuracy and currency of the information contained in this document. However, no warranty is made as to the accuracy or reliability of the information. The presentation does not take into account a reader's investment objectives, particular needs or financial situation. It is general information only and should not be considered as investment advice and should not be relied on as an investment recommendation. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your investment objectives, particular needs and financial situation . In particular, you should seek independent financial advice and read offer document prior to acquiring a financial product. To the maximum extent permitted by law, none of GMI and its directors, employees or agents accepts any liability for any loss arising from the use of this document or its contents. Any research in this document has been procured and may have been acted on by GMI and BlackRock for their own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of GMI or any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. GMI may invest in emerging markets which are typically those of poorer or less developed countries. The prospects for economic growth in a number of these markets are considerable and equity returns have the potential to exceed those in mature markets as growth is achieved. However, there are risks to the Company from political, economic and market factors in emerging markets which are of particular significance. These include the possibility of various forms of punitive or confiscatory government intervention, reduced levels of regulation, higher brokerage and transaction commissions, less reliable settlement and custody practices, loss of registration of securities, lower market liquidity, higher market volatility (causing substantial increase in price and currency risks) and less reliable financial reporting. GMI does not hold physical gold or other metals. Investors should be aware of the above-average volatility inherent in mining shares and the low correlation between this sector and equity markets as a whole. Shares in smaller companies can be more volatile and less liquid than those of larger companies. When a portfolio of high yielding bonds is held, there is an increased risk of capital erosion through default or if the redemption yield is below the income yield. Economic conditions and interest rate levels may impact significantly the values of high yield bonds. Where a Company has a particularly concentrated portfolio and a particular investment declines or is otherwise adversely affected, it may have a more pronounced effect than if the Company held a larger number of investments. Subject to the express requirements of any client-specific investment management agreement or provisions relating to the management of a fund, we will not provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this document. Unless otherwise specified, all information contained in this document is current as at 31 May 2011.

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Why Gain Exposure to Global Resources?

We believe that the global resources sector is the place to be, for at least the next decade and should be included in a diversified portfolio as a sector specific investment.
Supply-demand fundamentals support this proposition and should not be confused with short run speculative volatility in commodity pricing. Investing in global resources is a specialised activity requiring detailed industry and market knowledge. Resource portfolio construction should represent diversity across markets, commodities and companies. GMI as an ASX listed stock provides this diversity through a single market entry point, combining solid exposure to BHP & Rio plus a further 76 stocks listed across 10 stock exchanges including most of the major global resources companies.

Evolution of World GDP

A History of World GDP

*Purchasing power parity

Sources: Angus Maddison, University of Groningen; The Economist for years 1-1970; IMF World Economic Outlook for 2008-2010

Dj vu have we been here before?

Performance of mining sector in 2010 versus 2011 year-to-date Familiar seasonal pattern so far year to date

Similar macro concerns relating to:

Chinese monetary tightening US economic growth European sovereign debt issues

Performance of mining sector versus general equities year-to-date 1. 2. 3. 4. Concerns over Chinese economy slowing Japanese earthquake Sovereign debt issues re-surface Market fears over US economy as QE3 appears less likely

Source: DataStream to 1st July 2011 HSBC Global Mining Index used as representative of mining sector

Demand-side dynamics
2009 regional breakdown of global commodity demand Copper Demand

Chinese and Indian Thermal Coal Imports

Sea-borne Iron Ore Demand

Source: Deutsche Bank, March 2011. *Forecast data

Supply-side dynamics
Supply constrained by: Average mined grades falling Infrastructure challenges Discovery rates falling Shortage of skilled labour Long lead times on equipment Geopolitical challenges Challenges to forecast bulk commodity production: Growth constrained by congestion on roads, rail and at ports

Short term events driving spot prices higher

Markets are tight across a number of key commodities Short term disruptions such as flooding and snow have magnified impact on prices So far in 2011 this has impacted coking coal iron ore thermal coal (to a lesser extent) Flooding in Queensland impacting coking coal operations

Snow impacting supply routes in Canada

Supply-side dynamics: Resource nationalism

Wave of resource nationalism as governments look to mining companies as source of revenues Peruvian elections Humala victory Humala proposing to double mining royalty, introduce windfall tax and increase corporate tax Greatest impact on outlook for copper country represents ~7% of global copper production but ~20% of production growth from 2011 to 2020 Also significant for gold: ~8% of global production; and zinc: >5% of production New projects are at risk while companies wait for clarity on investment environment in Peru Other countries also exhibiting nationalistic predilections include: Australia: mineral resources rent tax and potential carbon tax Canada: BHP Billiton bid for Potash Corp blocked by government on strategic grounds Chile: increase in mining royalty to pay for earthquake rebuild DRC: mineral license review and expropriation of producing mines Guinea: renegotiation of mining license agreements South Africa: talk of nationalisation of the mining industry by elements within the ruling party Zimbabwe: requirement for 51% indigenisation of all foreign-owned operations Longer term impact: Slows down the rate of investment and therefore growth in supply Mining companies require higher returns to compensate for higher degree of uncertainty Net effect is higher commodity prices

Coal prices
Coking Coal Pricing Thermal Coal Pricing

Source: Macquarie data as at 1 July 2011

Source: Macquarie data as at 24 June 2011

BHP Billiton have departed from annual benchmark for coking coal moving to quarterly in 2010. Now offering monthly pricing High quality seaborne product sufficiently differentiated from low quality Chinese supply Early settlement of thermal coal contracts shows potential of bulk producers to exert pricing power

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Iron ore
Iron ore pricing Supply curve to Chinese market for iron ore fines

Source: CLSA data as at 27 May 2011

Source: Macquarie/The Steel Index as at end March 2011

Iron ore markets changing significantly with move to quarterly pricing

This appears to be a permanent change though the exact mechanism for pricing is still evolving
Provides greater level of pricing transparency Directly references spot price driven by high cost Chinese and Indian production Marginal costs of production for iron ore have increased by over $20 to $149/t 11

Challenges facing the copper market

Challenges to forecast copper production: Increasing depth, decreasing grade and higher risk
Open-pit production 74% Average grade 1.17% Production capacity in low risk regions 88%

Copper Mine Disruptions by Type: 2004 - 2010

60%

1.03%

80%

2009

2025E

2009

2025E

2009

2025E

Source: Rio Tinto, October 2009, based on Brook Hunt data

Source: Brook Hunt, February 2011

The copper market is challenged by the following factors:

Declining open pit production

Average grade declines across the industry Declining production capacity in low risk regions

With a forecast deficit of 500kt in 2011, there is a high risk of supply side shocks in the short term In the long term these will clearly impact the ability of the copper market to significantly increase supply to meet the forecast growth in demand 12

Base metal prices and critical inventory levels

Copper
10

Zinc
20 200 150 100 50 0

Weeks of Western Consumption

Weeks of Western Consumption

400

Usc/lb

200 100

10 5 0

Mar-98

Mar-08

Mar-92

Mar-94

Mar-96

Mar-02

Mar-04

Mar-06

Mar-90

Mar-00

Mar-10

Mar-96

Mar-98

Mar-06

Mar-90

Mar-08

Mar-92

Mar-00

Critical Stocks (LHS) Excess Stocks (LHS)

Transition Stocks (LHS) Copper Price (RHS)

Critical Stocks (LHS) Excess Stocks (LHS)

Transition Stocks (LHS) Zinc Price (RHS)

Aluminium
20 150

Nickel
2500

Weeks of Western Consumption

Weeks of Western Consumption

15 10 5 0

20 15 10 5 0

Mar-10

Mar-94

Mar-04

Mar-02

2000 1500 1000 500 0

Usc/lb

50

Mar-90

Mar-96

Mar-98

Mar-06

Mar-08

Mar-92

Mar-00

Mar-10

Mar-90

Mar-96

Mar-98

Mar-04

Mar-92

Mar-06

Mar-00

Mar-08

Mar-94

Mar-02

Mar-04

Mar-94

Mar-02

Critical Stocks (LHS) Excess Stocks (LHS)

Transition Stocks (LHS) Aluminium Price (RHS)

Critical Stocks (LHS) Excess Stocks (LHS)

Transition Stocks (LHS) Nickel Price (RHS)

Source: CRU International; LME; GS&PA Research, as at 2Q 2011

Mar-10

Usc/lb

100

Usc/lb

300

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From Debt Mountains to Cash Piles

Mining sector forecast to be in a net cash position by the end of 2011 First time this has been the case in recent history
100,000

50,000

US$(m)

-50,000

-100,000

-150,000 2005 2006 2007 2008 2009 Net Cash 2010e 2011e 2012e

Use of improved spending power capex, M&A and dividends

Source: Citigroup, October 2010

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A New Trading Range for the Diversifieds?

Diversified companies have been trading in a lower PE range than during the last cycle (92-02) Mining stocks trading at a discount compared to historic levels

Source: DataStream. Weekly data to 4 July 2011.

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Corporate Events
Mining sector financial strength has returned
Dividends resumed or increased
Gold companies initiating and/or increasing dividends Dividends re-instated and increased across the mining sector Recent examples: BHP Billiton, Rio Tinto, Xstrata, Anglo American, Teck Resources, OZ Minerals Special dividends announced by Freeport, Vale and Antofagasta

2010 a record year for M&A, 2011 looks set to follow suit
In 2010, 186 deals worth US$134 billion that were either completed or live at the end of the year Top sectors for M&A: gold, coal and iron ore So far in 2011: Rio Tinto successful in its US$4bn bid for Riversdale BHP Billiton buys shale gas assets from Chesapeake Energy for US$4.75bn Equinox announces a US$4.9bn hostile bid for Lundin Mining Minmetals Resources announce U$6.3bn hostile bid for Equinox Barrick announces US$7.6bn friendly takeover for Equinox

Share buybacks
Vale announced and completed US$2 billion buyback between September and November 2010 BHP Billiton announced US$10 billion buyback Rio Tinto announced a $5 billion buyback

Debt markets are open at attractive rates

Teck refinanced high interest debt with longer dated and significantly lower interest debt Rio refinanced Alcan-related US$5bn revolving credit line

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GMI Portfolio Performance (net of management fees)

Cumulative Performance
Since launch (p.a.) 18.7% 12.6%

A$ GMI Portfolio HSBC Global Mining Index

1m -0.7% -2.6%

3m -3.2% -6.1%

YTD -3.4% -6.9%

FYTD 24.3% 13.1%

1 Yr 17.9% 7.3%

3 Yrs (p.a.) -9.3% -6.6%

5 Yrs (p.a.) 6.5% 4.3%

Source: Internal. As at end May 2011. Returns for longer than one year are annualised. Launch date 6 April 2004.

Annual Performance

A$ GMI Portfolio HSBC Global Mining Index Alpha

FYTD 24.3% 13.1% +11.2%

FY 2010 23.0% 19.8% +3.2%

FY 2009 -48.6% -38.2% -10.4%

FY 2008 23.6% 16.7% +6.9%

FY 2007 45.3% 24.7% +20.6%

FY 2006 92.3% 74.0% +18.3%

FY 2005 24.5% 14.3% +10.2%

Source: Internal. As at end May 2011. Financial Year (FY) is 30 June.

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GMI Portfolio Performance (net of management fees)

GMI Portfolio Performance vs HSBC Global Mining Index since inception (in A$)
500

400

Indexed to 100

300

200

100

0 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jul-10 Jan-11 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11

GMI Portfolio (A$)

HSBC Global Mining Index (A$)

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Current Porfolio Positioning

AUM: A$280m Gearing of 5.4% Fixed income exposure 13.4% of portfolio (83% convertible debt, 17% corporate debt) Running yield of 4.6% Yield on book cost 6.5% 4.8% of portfolio in unquoted securities Key event for portfolio: successful IPO of Glencore (7.2%) Commodity exposure of GMI relative to benchmark
50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%
O re iv er si fie d Ni ck el Co al G ol d Pl at in um Al um in iu m Co pp er Iro n O th er

GMI Portfolio HSBC Global Mining Index

Source: Internal, June 2011

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GMI Top 10 Holdings

Stock Rio Tinto BHP Billiton Glencore Vale Teck Xstrata Freeport McMoran Newcrest Anglo American First Quantum Minerals Geography Global Global Global Latin America North America Global Global Australia Global Africa Commodity Diversified Diversified Diversified Diversified Diversified Diversified Copper Gold Diversified Copper Percentage Holding 9.1% 8.1% 8.0% 6.4% 4.9% 4.5% 4.2% 4.2% 3.6% 2.8%

Number of Holdings: 78
Source: Internal, as at end May 2011

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Global Mining Investments Limited

Q&A

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Appendix

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BlackRocks Natural Resources Team, London

Evy Hambro & Robin Batchelor Joint Chief Investment Officers

Mining & Gold*

Richard Davis Catherine Raw Tom Holl

Agriculture
Desmond Cheung Richard Davis Piers Holden

Energy & New Energy

Poppy Allonby Alastair Bishop Joshua Freedman

Portfolio Manager Assistants Simon McClure & Greg Bullock

Product Specialists Malcolm Smith Fiona Stubbs & Alex Ball

BlackRock Offices worldwide 250+ equity analysts, 300+ fixed income analysts
As at June 2011. *New senior portfolio manager to join Mining and Gold sector in August 2011

BlackRock Solutions & Risk Management 1,800+ Professionals

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