The Investment Manager

The investment manager of the GMI portfolio is BlackRock Investment Management (UK) Limited.

The natural resources team of BlackRock is based in London. The BlackRock natural resources team manages over US$35bn of assets. This includes both the largest Gold Mutual fund and the largest Mining Mutual fund.

The BlackRock natural resources team has been AAA rated manager by by S&P and OBSR.

Details of the Investment Manager's team responsible for investment decisions for the GMI Portfolio are set out below.

Evy Hambro - Joint Cheif Investment Officer

Mr Hambro is responsible for the management of BGF World Mining, BGF World Gold, BlackRock Gold and General Fund and BlackRock World Mining Trust, and is also co-manager of BlackRock's Natural Resources Hedge Fund and manager of a number of segregated portfolios.

Mr Hambro's service with the firm dates back to 1994, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr Hambro earned a BSc degree with honors, in marketing, from Newcastle University.

Catherine Raw - CFA, Vic President and portfolio manager

Ms Raw is a member of BlackRock's Natural Resources Equity team and is responsible for covering the gold and mining sectors.

Ms Raw's service with the firm dates back to 2003, including her years with Merrill Lynch Investment Managers, which merged with BlackRock in 2006. At MLIM she worked on both the gold and mining funds. Prior to joining MLIM, she worked at Anglo American Plc. In Lond and Johannesburg, and at Boliden's Laisvall mine in Sweden as a geological field assistant underground.

Ms Raw earned a MA degree with honors, in Natural Sciences from Dowining College, Cambridge University in 2002, and an MSc degree in Mineral Project Appraisal from Imperial College, London 2003.

Richard Davis - Fund Manager

Richard Davis joined the Natural Resources Team of the Investment Manager in 1994 and manages the Mercury Gold Metal Open Fund and the ML Gold Fund, both of which are Japanese investment trusts investing in gold equities. Prior to joining the Investment Manager, Richard worked as a geologist for 3 years.

During that time he worked on mineral exploration and resource evaluation projects in base metals, gold and diamonds. Richard holds a MSc in Mineral Exploration from Imperial College London.