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1 QUARTERLY INVESTMENT UPDATE (SEPT 2012) COMMODITY MARKET REVIEW Commodity markets staged a solid rally in the September quarter, gaining 8.1% in Australian dollars (AUD) as measured by the Dow Jones UBS Commodity Index against the backdrop of weakening global activity. Precious metals were the best performing sector, driven largely by the latest bond-buying programs by the US Federal Reserve (QE3) and the European Central Bank. Silver was the best performing commodity for the quarter, gaining 27.2% in AUD, while gold also posted a solid gain of 12.0%. Platinum has also been in the news, driven by continuing disruptions to South African production. Platinum was a top 10 performing commodity for the quarter, gaining 16.6%. Energy was the second best performing sector, up 10.3%, with Brent crude up 16.6%. Oil gained from maintenance-related curbs to North Sea output, Middle East turmoil and Iran s continuing dispute with the West over Tehran s nuclear program. Iranian oil production has now plunged to its lowest level in more than two decades due to the impact of US and European sanctions. Agricultural commodities as a whole fared well for the quarter, up 8.2%; however, there was considerable divergence of performance within the commodity complex. While core commodities such as wheat and corn performed well, up 23.8% and 14.1%, respectively, all 10 of the worst performing commodities were in the agriculture sector, with cotton, canola, orange juice, sugar and lean hogs all posting negative returns for the quarter. Industrial metals, while underperforming other sectors in the complex, still managed to post solid gains of 7.0%. Lead was the best performing industrial metal, heading for its biggest shortage in seven years as mine expansions slow at a time of high consumption. This contrasts with narrowing deficits in copper and oversupply in aluminium, nickel, and zinc. THE PERFORMANCE OF THE SUBSECTOR COMPONENTS OF THE DOW JONES UBS COMMODITIES INDEX IN AUD (ALL COMPONENTS REBASED TO 100 AT 29 JUNE FOR COMPARATIVE PURPOSES). 120 PRECIOUS METALS ENERGY AGRICULTURE INDUSTRIAL METALS JUNE 12 8 JULY JULY JULY JULY 12 3 AUG AUG AUG AUG AUG 12 7 SEPT SEPT SEPT SEPT 12 For personal use only Source: Bloomberg 1

2 COMMODITY EQUITIES REVIEW Commodity equities also had a positive quarter, though equity performance lagged that of physical commodities. Gold stocks were the best performing sector globally, gaining 19.5% for the quarter, as unease about the inflationary impact of US monetary easing and action by other central banks drove investors into precious metals. Oil services also performed well, up 11.7%, as services companies continued to benefit from the shale gas boom in the United States. Diversified mining, oil producers and agriculture stocks were the other major gainers for the quarter, up between 3 and 6%. Iron ore and coal stocks continued to underperform, losing 4.3% and 1.8%, respectively. THE PERFORMANCE OF THE MSCI WORLD ENERGY AND MATERIALS INDICES IN AUD (ALL COMPONENTS REBASED TO 100 AT 29 JUNE FOR COMPARATIVE PURPOSES) ENERGY MATERIALS JUNE 12 6 JULY12 13 JULY JULY JULY 12 3 AUG AUG AUG AUG AUG 12 7 SEPT SEPT SEPT SEPT 12 For personal use only CURRENCY MARKET REVIEW The Australian dollar bucked the trend of other commodity currencies and gained for the fourth straight quarter against the US dollar, finishing up 1.4% at , while the Brazilian real fell 2.1% and the South African rand fell 3.1%. However, the Aussie lost ground against other major currencies, such as the euro, yen and sterling, as well as major Asian currencies including the Taiwanese dollar, the South Korean won and the Singapore dollar. FUND PERFORMANCE AND INVESTMENTS The NTA for the Company at 30 September 2012 was $1.491 per share. The total return for the period was 6.5%. This compares to the Dow Jones UBS Commodity Index performance of +8.1%, the MSCI World Materials Index of 6.2%, and the MSCI World Energy Index of 7.3%. At 30 September 2012, the Company was 84.2% invested. Source: Bloomberg 2

3 The investments made at 30 September are: FUND % INVESTED ASSET CLASS RESOURCES FOCUS ishares S&P Global Energy 17.0% Equity Energy Market Vectors Agribusiness ETF 13.9% Equity Agriculture PIMCO Commodity Real Return Strategy 9.7% Physical Broad Schroders AS Commodity Fund 9.5% Physical Broad RS Global Natural Resource 8.4% Equity Broad Credit Suisse Gains Fund 7.8% Physical Broad Martin Currie Global Resources Fund 7.4% Equity Broad Invesco Energy Fund 4.3% Equity Energy ETFS Physical Gold 3.2% Physical Precious Taurus Precious Metals Fund 2.8% Physical Precious Passport Capital Materials Fund 0.3% Equity Materials Total investments 84.2% Cash 15.8% Total 100.0% The top 50 equity holdings and top 20 physical commodity holdings of the Company are: RANK NAME % TOTAL PORTFOLIO % EQUITY PORTFOLIO SECTOR 1 Exxon Mobil Corp 3.3% 6.4% Integrated Oil 2 Chevron Corp 2.3% 4.5% Integrated Oil 3 Royal Dutch Shell PLC 1.8% 3.6% Integrated Oil 4 Syngenta AG 1.3% 2.4% Agribusiness 5 Monsanto Co 1.1% 2.2% Agribusiness 6 Total SA 1.1% 2.1% Integrated Oil 7 Potash Corp of Saskatchewan 1.0% 2.0% Agribusiness 8 Occidental Petroleum Corp 1.0% 1.9% Oil & Gas E&P 9 BP PLC 1.0% 1.9% Integrated Oil 10 Mosaic Co 0.9% 1.8% Agribusiness 11 Deere & Co 0.9% 1.8% Agribusiness 12 Schlumberger Ltd 0.9% 1.7% Oil Services 13 Uralkali OJSC 0.8% 1.6% Precious Metals 14 BG Group PLC 0.7% 1.4% Oil & Gas E&P 15 National Oilwell Varco Inc 0.7% 1.3% Oil Services 16 Southwestern Energy Co 0.7% 1.3% Oil & Gas E&P 17 Anadarko Petroleum Corp 0.6% 1.3% Oil & Gas E&P 18 Archer-Daniels-Midland Co 0.6% 1.2% Agribusiness 19 Suncor Energy Inc 0.6% 1.2% Oil & Gas E&P 20 Agrium Inc 0.6% 1.2% Agribusiness 21 Wilmar International Ltd 0.6% 1.2% Agribusiness 22 BRF - Brasil Foods SA 0.6% 1.1% Agribusiness 23 CF Industries Holdings Inc 0.5% 1.0% Agribusiness 24 Yara International ASA 0.5% 1.0% Agribusiness 25 EOG Resources Inc 0.5% 1.0% Oil & Gas E&P 26 Tullow Oil PLC 0.5% 1.0% Oil & Gas E&P 3

4 RANK NAME % TOTAL PORTFOLIO % EQUITY PORTFOLIO SECTOR 27 Denbury Resources Inc 0.5% 0.9% Oil & Gas E&P 28 Kubota Corp 0.5% 0.9% Agribusiness 29 Peyto Exploration & Development 0.4% 0.9% Oil & Gas E&P 30 Praxair Inc 0.4% 0.8% Materials 31 Range Resources Corp 0.4% 0.8% Oil & Gas E&P 32 Apache Corp 0.4% 0.8% Oil & Gas E&P 33 ConocoPhillips 0.4% 0.8% Integrated Oil 34 Compass Minerals International 0.4% 0.8% Materials 35 Oil Search Ltd 0.4% 0.8% Oil & Gas E&P 36 Halliburton Co 0.4% 0.8% Oil Services 37 Talisman Energy Inc 0.4% 0.8% Oil & Gas E&P 38 Calpine Corp 0.4% 0.8% Utilities 39 IOI Corp Bhd 0.4% 0.8% Agribusiness 40 Cabot Oil & Gas Corp 0.4% 0.7% Oil & Gas E&P 41 Noble Energy Inc 0.4% 0.7% Oil & Gas E&P 42 Ensco PLC 0.4% 0.7% Oil Services 43 CNOOC Ltd 0.4% 0.7% Oil & Gas E&P 44 ENI SpA 0.4% 0.7% Integrated Oil 45 ARC Resources Ltd 0.4% 0.7% Materials 46 Peabody Energy Corp 0.4% 0.7% Coal 47 Bunge Ltd 0.4% 0.7% Agribusiness 48 CNH Global NV 0.4% 0.7% Agribusiness 49 Martin Marietta Materials Inc 0.3% 0.7% Materials 50 Antofagasta Plc 0.3% 0.7% Materials Total 34.7% 67.8% RANK NAME % TOTAL PORTFOLIO % PHYSICAL PORTFOLIO SECTOR 1 Gold 7.9% 24.1% Precious 2 Crude Oil 4.9% 14.9% Energy 3 Soybeans 2.0% 6.2% Agriculture 4 Aluminium 2.0% 6.2% Metals 5 Copper 1.9% 5.7% Metals 6 Corn 1.7% 5.3% Agriculture 7 Gasoline 1.7% 5.0% Energy 8 Natural Gas 1.5% 4.6% Energy 9 Wheat 1.4% 4.2% Agriculture 10 Heating Oil 0.9% 2.9% Energy 11 Sugar 0.7% 2.3% Agriculture 12 Zinc 0.7% 2.1% Metals 13 Silver 0.7% 2.1% Precious 14 Nickel 0.6% 1.9% Metals 15 Coal 0.6% 1.8% Metals 16 Coffee 0.5% 1.5% Agriculture 17 Live Cattle 0.5% 1.5% Agriculture 18 Soybean Oil 0.4% 1.2% Agriculture 19 Gas Oil 0.3% 1.0% Energy 20 Cotton 0.3% 1.0% Agriculture Total 31.4% 95.4% 4

5 THE AGGREGATE SECTOR ALLOCATION OF THE PORTFOLIO 12.6% 0.2% Energy 12.8% 25.8% 48.6% Agriculture Industrial Metals Precious Metals Alternative / Other GLOBAL RESOURCE MASTERS FUND PERSPECTIVE The recently announced QE3 is likely to trigger a continuum of monetary intervention which will be supportive for commodities, in particular precious metals. Gold denominated in euros attained new all-time highs in September and has remained there since. Denominated in dollars, it is close to a one-year high. In addition, gold stocks have finally begun to move in tandem with the underlying metal. Energy markets have tightened marginally during the past months due to non-oecd demand, Iranian sanctions and supply outages. Over the medium-to-long term, energy prices are also expected to benefit from the increase in money supply. So far, this year has seen global metals consumption growth significantly underperform relative to expectations. While the most significant disappointment was ex-chinese activity, with Europe, Brazil and India all underperforming, manufacturing activity in China has also been disappointing. Heavy duty global de-stocking has already taken place, and government policy is, from a monetary standpoint at least, responding to the current macroeconomic environment. By the first half of 2013, this policy response, together with accelerating Chinese property sales, moderate Chinese policy easing (monetary and fiscal), slow but steady movement towards political union in the eurozone and more certainty post the US election, will be supportive of a pick-up in activity, confidence and metals prices copper in particular. While the corn and soybean production estimates were slightly above consensus expectations, the USDA maintained its US corn and soybean 2012/13 ending stock forecasts at critically low levels. As a result, current corn and soybean fundamentals are supportive of higher prices, with current prices too low to achieve the level of demand rationing required by the large loss of production in 2012/13 in the US and in 2011/12 in South America. For wheat, the USDA continued to trim its global production, export and ending stock projections, an indication that prices should remain at high levels. MAXIMILIAN WALSH Chairman ALEX MACLACHLAN Managing NIRAV DESAI JEFFREY WHALAN MOIRA DAW 5