Natural Resources Strategy

The Natural Resources Strategy aims to achieve long-term capital growth from investing in companies that derive the majority of their profits from producing, exploring and providing technology or services related to natural resources. The investment process is wholly integrated, incorporating thematic, top down and bottom up approaches. The asset allocation process evaluates economic, political and sector-specific factors, utilising information from a variety of sources, including City of London's in-house economist. Stocks are then selected through a process of rigorous fundamental analysis with a return time horizon of 12 to 18 months based on a core and satellite approach. Thematic analysis permeates both the asset allocation and stock selection elements of the process and enables the manager to capitalise on multiple opportunities throughout the Natural Resources' Universe whilst achieving a diversified portfolio.

Natural Resources Composite Performance Ending 31 Mar 2012  
HSBC Global Mining Index   3.99% -25.20% 21.13% 1.87%
Past performance is no guarantee of future results. Periods over one year are annualized.
Results Shown in US $ (Net of fees) Period to Date
(3 Months)		 1 Year 3 Years 5 Years
Natural Resources Composite 2.77% -36.00% 21.07% -0.92%

Definition of the Firm: City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Services Authority (FSA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).

City of London Investment Management Company Limited (CLIM) is the institutional investment management subsidiary of City of London Investment Group PLC and is a registered investment advisor specialising in Emerging Market and Natural Resource investment management. The Natural Resources Composite strategy seeks to provide long-term capital growth via stock selection based on a core and satellite approach.

CLIM claims compliance with the Global Investment Performance Standards (GIPS®)

To receive a complete list and description of CLIM composites and/or a presentation that adheres to the GIPS standards, contact client servicing at client.servicing@citlon.com.

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Composite Description: The Natural Resources Composite is a global equity composite focused on securities offering exposure to the various natural resources sectors, managed by City of London Investment Management. The strategy strives to outperform the HSBC Global Mining 100 Index with controlled risk and utilizes fundamental investment principles and quantitative approaches to provide broad natural resources exposure. It uses both top-down and bottom-up valuation methodologies to value sectors and securities to determine under or over valued opportunities as well as growth opportunities. The composite is managed to the HSBC Global Mining 100 Index.
Index Description: The HSBC Global Mining 100 Index is a capitalization-weighted index calculated in dollars (US$). The series represents the mining industries of 26 countries for securities with a market capitalization generally in excess of US$50m.