The uranium spot price lost 43.4% in 2016 while the NAV of the TUF remained unchanged, an extraordinary performance. Fukushima: Feb 2011 High $ 63.

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1 The Timeless Uranium Fund: Investment Philosophy The Timeless Uranium Fund will attempt to achieve maintenance of value and capital growth through the adoption of the following investment policy: up to 60% of assets in uranium producing companies invest up to 30% of its assets in junior exploration companies up to 10% of assets in companies that directly invest, deal and/or hold physical uranium if circumstances and markets conditions so dictate, the Fund reserves the right to hold up to 50% in cash The Timeless Uranium Fund selects equities of internationally listed companies that it believes are core holdings of a well-diversified uranium portfolio. Performance in % % CHANGE PRICE MAY MONTHS 1 MONTH YTD% 2017 THE TIMELESS URANIUM FUND (EUR) % % THE TIMELESS URANIUM FUND (USD) % % URANIUM ($/POUND) % -5.49% 6.17 GOLD % 0.00% S&P % 1.17% 7.73% Manager Report The uranium spot price lost 43.4% in 2016 while the NAV of the TUF remained unchanged, an extraordinary performance. Uranium Monthly Price - US Dollars per Pound June 2007 High $ Fukushima: Feb 2011 High $ June 2014 Low $ Nov Low $ In spite of the fact that the price of uranium fell back to a new post-fukushima low last year, some of the companies have produced positive performances like Uranium Energy, up 126% since July 2015: +126% Page 1

2 Laramide is a Canadian company engaged in the exploration and development of high-quality uranium assets based in Australia and the United States. Laramide provides investors with exposure to uranium assets through its portfolio of projects chosen for their production potential and location in safe and politically stable jurisdictions, including the advanced Churchrock ISR Project in the United States, Westmoreland in Australia and two development stage assets, La Sal and La Jara Mesa, in the United States. Within the portfolio are also joint ventures in Australia and strategic equity positions. Laramide s advanced stage portfolio of high-quality In Situ Recovery ( ISR ) projects in New Mexico are principally comprised of the Churchrock and Crownpoint projects, in addition to nearby assets. Please visit our Projects section for more information. Laramide s Westmoreland Uranium Project is located in Q ueensland, Australia, adjacent to the Northern Territory border. The W estmoreland Project tenements are contiguous and are located as a group approximately 400 kilometres north-northwest of Mt Isa. Laramide s wholly owned subsidiary, Tackle Resources Pty Ltd, owns 100% of W estmoreland, and continues to advance the project through drilling programs, updated resource estimates, environmental studies and metallurgical studies. The Westmoreland Project has an Indicated Mineral Resource totalling 36.0 million pounds of uranium (U 3 O 8 ) contained in 18.7 million tonnes at an average grade of 0.089% U3O8 and a further Inferred Mineral Resource totalling 15.9 million pounds of uranium contained in 9.0 million tonnes at an average grade of 0.083% U 3O 8. Why Uranium? Uranium Markets: Fundamentals Global demand for electricity to grow 76% by 2030 Nuclear is reliable, low cost, clean base load power 448 nuclear reactors operating worldwide Page 2

3 58 nuclear reactors under construction Another 168 reactors in the planning/proposal stages Long-term demand growing but uranium supply remains subdued as no producer on the planet is covering all production and operating costs at current spot prices Mine shutdowns and project deferrals due to depressed prices 2014 world uranium consumption of 155 million lbs while mine supply of 147 million lbs Estimated supply gap of nearly 100 million lbs by 2030 (WNA) Event: The U.S. Department of Energy ( DOE ) has released a Secretarial Determination that notably reduces the maximum amount of uranium that can be transferred to contractors for cleanup services at the Portsmouth Gaseous Diffusion Plant. Bottom line: Very Positive. The development is positive to the uranium sector as it reduces the amount of uranium that was being dispersed into the market by the U.S. DOE. The 2M lbs U 3 O 8 equivalent for the remainder of 2017 and 3.1M lbs U 3 O 8 equivalent for 2018, are notably less than the 5.5M lbs U 3 O 8 equivalent that was occurring in prior years. This is effectively an annual cut of 2.4M lbs from the market for the next two years, which is about half of the annual amount cut by Kazatomprom when it announced production reductions earlier this year of about 5.2M lbs U 3 O 8. That announcement spurred a rally in the uranium spot price from US$20.25/lb to a peak of US$26.00/lb, or by 28%. We believe this announcement should provide a boost to the sector. The Russia Factor: Currently 34 reactors operating, 9 under construction and 31 planned Export reactors: constructing 22 units abroad and will fuel them Control significant amount of global primary mine supply as well as enrichment capacity Why Invest? Nuclear power plants use the heat produced by nuclear fission to generate steam that drives turbines, like in fossil fuel plants. However, no greenhouse gases are produced in this fission process, and only small amounts are produced across the whole fuel cycle. Nuclear fuel can be used in a reactor for several years. The used fuel that remains after this time must be stored and then either recycled to make new fuel or carefully disposed of. However, because the amount of fuel used to generate electricity is so much less than that used in fossil fuel plants it is much more practical to do this with used nuclear fuel than with the wastes and emissions from fossil fuels. Nuclear power plants can run for many months without interruption, providing reliable and predictable supplies of electricity. Uranium Supply Page 3

4 As can be seen from the chart below, 40% of the uranium supply comes from Kazakhstan. Having over 40% of the world s supply of any commodity coming from a single country is very risky for utility companies. For more information, go to Physical Uranium/Cash URANIUM PARTICIPATION 3.6% CASH 3.0% Page 4

5 Top Uranium Holdings NEXGEN 7.3% BERKELEY ENERGIA 6.7% FISSION URANIUM 6.5% APPIA ENERGY 6.3% KIVALLIQ ENERGY 5.3% DENISON MINES 5.2% ENERGY FUELS 4.9% URANIUM ENERGY 3.6% DEEP YELLOW 3.5% PLATEAU URANIUM 3.1% Asset Allocation 3% 2% 8%0% 34% 38% 15% Physical Uranium Senior Producers Development cash Producers Explorations Others City Windmills This holding is presently the largest in the Fund, representing 32% of total assets and was one of the holdings of the Timeless Energy Fund when it was converted into the Timeless Uranium Fund. We were unable to sell this position as the exchange where it was listed closed its operation. City Windmills ( has the objective to become the world leader in small wind turbines for factories, office buildings and households. The path to achieve such an objective is to provide clients with a suite of windmill products which can produce energy and optionally be used for advertisement for commercial users. Page 5

6 City Windmills is headquartered in the UK with operational centers also in Switzerland and USA. The company opened a subsidiary in the USA in 2011, a rapidly growing wind turbine market, and has sales offices on the East Coast. City Windmills (Suisse) was established in 2013 to also develop the wind-lighting product and build a European presence. Products The City Windmill CW500 The CW500 is our small wind-turbine product, targeting domestic roof-top use. City Windmills plans to launch the CW500, for domestic roof-top use, in early The CW500 will initially be sold in North America, through a web-sales platform and through direct channels. City Windmills has also signed a US distribution agreement with Orange Power & Light, which will sell and install both the CW500, CW 1000 and CW2000 nationwide. The City Windmill CW1000 The CW1000 is our medium-sized wind-turbine product, targeting commercial building roof-top use. The City Windmill CW2000 The CW2000 is our "larger" small wind-turbine product, targeting larger commercial/industrial building rooftops as well as ground-based use. City Windmills plans to launch the City Windmill 2000, for commercial/industrial roof-top use, in The CW2000 optionally can portray corporate logos, flags and advertising messages for its owners. News Release by CITY WINDMILLS HOLDINGS PLC. July 10, 2016 Euronext listing CW Directors have appointed Aspen Agency Ltd. to advise it on a listing for the Euronext Exchange, at the entry level Marche Libre. Formerly listed on the GXG Main Quote, after the GXG was closed by regulators in August 2015, CW initially considered and commenced an ISDX listing process, and indeed delivered Group audited accounts early February as part of rapidly completing the process. However, given the seemingly slow process encountered by CW, the management has decided to concentrate on core business and simultaneously seek a broader European listing. Euronext is one of the largest exchange networks in the world, with access to a global pool of institutional and retail investors. Listed companies are subject to a number of rules decreed by the European Union that are applicable to all regulated markets in the EU. Euronext is structured and operated in a centralized market environment for all listed companies, enhancing financial transparency. This harmonized environment ensures the highest standards of financial reporting and accounting are practiced, to the benefit of a large base of international investors. Euronext NV is a European stock exchange seated in Amsterdam, Brussels, London, Lisbon and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions, custody and settlement services. Its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices. As of the first quarter of 2014, Euronext was the largest in continental Europe with 1,300 issuers representing a 2.6tn market cap. The listing of City Windmills is expected to become effective during 2017 as the company starts production imminently. Please also note that the holding of City Windmills is currently not compliant with the prospectus as it does not explore for or produce uranium. The Fund will review its position subject to MFSA approval as soon as the shares will be listed. Page 6

7 Fund Facts ISIN : MT SWISS SECURITY N FUND MANAGER TIMELESS ASSET MANAGEMENT LTD, MALTA CURRENCY EUR ( ) DOMICILE MALTA (EU) LICENSE MARCH 13, 2014 SIZE (May 31, 2017) 347'339 CUSTODIAN BANK BANK OF VALLETTA PLC, MALTA AUDITORS PRICEWATERHOUSECOOPERS, MALTA BLOOMBERG CODE TIMEFND MV MINIMUM SUBSCRIPTION EUR 5'000 SUBSCRIPTION/REDEMPTION WEEKLY (TUESDAY 4PM CET) ISSUE COMMISSION MAX. 6.5%, MIN. 1% ADMINISTRATION FEE 0.125% P.A. MANAGEMENT FEE 1.5% P.A. PERFORMANCE FEE 15% WITH HIGH-WATERMARK REGULATORY AUTHORITY MALTA FINANCIAL SERVICES AUTHORITY Web: info@timeless-funds.com Board of Directors of the Timeless Uranium Fund Advisor Investment Manager Directors of TAM Peter Zihlmann, Director of Timeless Asset Management Ltd, Malta Claudio Tonolla, Financial Consultant, Malta Jim Paterson, B.Comm. - CEO, Director of Kivalliq Energy Corp Timeless Asset Management Ltd, 6, Third Floor, Suite 1, Market Street, Floriana FRN 1082, MALTA Phone Peter Zihlmann, Fund Manager Dr. Simon Grima, Head of Insurance Department University of Malta Investment Committee Legal Consultant Peter Zihlmann, Director of Timeless Asset Management Ltd, Malta Victor R. Dario, Independent IC Member, Zurich, Switzerland Dr. Simon Grima, Head of Insurance Department University of Malta CDF Advocates 25/23 Vincenti Buildings, Strait Street, Valletta VLT 1432 Malta. Disclaimer This report has been issued by Timeless Asset Management Ltd, which is licensed and regulated by the Malta Financial Services Authority to provide investment services in Malta. This annual report is only handed out to third parties upon their explicit request. Any investments in the The Timeless Uranium Fund should be based on the full details provided in the prospectus of the fund, which is available on the web site: Any past performance mentioned in this document should not be taken as guidance to future performance. Furthermore, any forecast of performance should not be taken as a reliable indicator of actual future performance. The value of the investment may go up as well as down. This document is intended for information purposes only and none of its contents should be taken as financial advice. Although to the best knowledge of Timeless Asset Management Ltd, the above information is correct, the company or its employees cannot guarantee that the above information is accurate and cannot accept any liability whatsoever due to decisions taken fully or partly based on the information provided. Page 7