Kopernik Global Investors3Q 2021 Conference Call

Presented by:David B. Iben, CFACIO & Lead Portfolio Manager 1

The information presented herein is proprietary to Kopernik Global Investors, LLC. This material is approved for a presentation to authorized individuals only and, accordingly, thismaterial is not to be reproduced in whole or in part or used for any purpose except as authorized by Kopernik Global Investors, LLC.

Please consider all risks carefully before investing. The investment strategies managed by Kopernik are subject to certain risks such as market, investment style, interest rate,deflation, and illiquidity risk. Investments in small and mid-capitalization companies also involve greater risk and portfolio price volatility than investments in larger capitalizationstocks. Investing in non-U.S. markets, including emerging and frontier markets, involves certain additional risks, including potential currency fluctuations and controls, restrictions onforeign investments, less governmental supervision and regulation, less liquidity, less disclosure, and the potential for market volatility, expropriation, confiscatory taxation, andsocial, economic and political instability. Investments in energy and natural resources companies are especially affected by developments in the commodities markets, the supply ofand demand for specific resources, raw materials, products and services, the price of oil and gas, exploration and production spending, government regulation, economic conditions,international political developments, energy conservation efforts and the success of exploration projects. There can be no assurances that investment objectives will be achieved.

Countries worldwide have experienced outbreaks of infectious illnesses and may be subject to other public health threats, infectious illnesses, diseases or similar issues in thefuture. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions orquarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affectinvestments in that country and other affected countries.

Kopernik Global Investors, LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended.

This document, as of October 21, 2021 is descriptive of how the Kopernik team manages the investment strategies offered by Kopernik. There is no guarantee that any strategy’sinvestment performance objectives will be achieved. This profile is not legally binding on Kopernik Global Investors, LLC or its affiliates.

© 2021 Kopernik Global Investors, LLC | Two Harbour Place | 302 Knights Run Avenue Suite 1225 | Tampa, Florida 33602 | 813.314.6100 | www.kopernikglobal.com

Important Information

2

Mutual Funds45%

Separate Accounts22%

UCITS23%

Private Funds6%

Collective Investment Trusts

4%

• Leadership and ownership by investment professionals

• 100% employee owned

• Equity participation for all professionals

• Principals invest alongside clients

• Capacity to be limited, enhancing return potential

3

Total Managed and Advisory Only Assets by Type (As of 9/30/2021)

• Kopernik Global All-Cap

• Kopernik Global Unconstrained

• Kopernik Global Long-Term Opportunities

• Kopernik International

Centering on Client Success

Managed AssetsMutual Funds $2,734.78 MMPrivate Funds $340.82 MMUCITS (Sub-advised) $1,410.57 MMSeparate Accounts $1,348.08 MMCollective Investment Trusts $242.85 MM

Total Firm AUM $6,077.10 MM

Advisory Only AssetsSeparate Accounts $987.04 MM

Total Managed and Advisory Only Assets: $7,064.14 MM

Kopernik Global Investors, LLC (“Kopernik”) is a globalequity investment management specialist, organized toensure a culture centered on client success.

Focused Offerings

Assets as of September 30, 2021, are preliminary.

Total Firm AUM Breakdown

4

Leadership Team

David B. Iben, CFAChief Investment OfficerLead Portfolio Manager

Neda YarichPresident

Kenneth Morgan IIIHead of Global Trading

Alissa Corcoran, CFADirector of Research

Analyst

Isabel SatraPortfolio Manager, Analyst

Chief Financial Officer

Mark McKinney, CFAPortfolio Manager

Analyst

Kassim Gaffar, CFAHead of Distribution

& Client Services

Sarah BertrandCounsel &

Chief Compliance Officer

Like our namesake, we are dedicated to reasoning over convention and to clients’ needs above convenience.

Our Investment Beliefs

Independent thought

Long-term global perspective

Limited capacity

Value as a prerequisite

Bottom-up fundamental analysis

Industry-tailored valuations

Group vetting

Mikolaj Kopernik, better known by the Latin spelling, Nicolaus Copernicus, proposed the heliocentric model of the universe in the early 1500s. Whatinterests us is the fact that he trusted his own observations instead of accepting what “everyone” thought to be true. He faced scorn for his “novel andincomprehensible” theses. Though primarily an astronomer, Kopernik set forth a version of the “quantity theory of money,” a principal concept ineconomics to the present day. He also formulated a version of Gresham’s Law, predating Gresham.

As independent thinkers, Kopernik Global Investors honors Mikolaj Kopernik in the contemporary investment world. We believe that accomplishedinvestors who trust their own analyses and instincts can generate significant excess returns as a result of market inefficiencies driven by erroneousprofessional and academic theories and practices.

5

Achieving Value through Independent Thought

6

Investment Environment/StrategyThe “Desert Series” continued

“Antifragility”

The world appears to be increasingly fragile.If this market has you feeling uncomfortable, perhaps it’s best to separate yourself from the crowd to build an uncomfortably idiosyncratic portfolio

“Superior results over the long term [require]: unorthodox and rational asset class allocations; pioneering and logical strategies within each asset class; unconventional and timely commitments to out-of-favor asset classes.”

– David F. Swensen

“Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.”

– David F. Swensen

“If you want to do better than other investors, your thinking has to be different.”

– Howard Marks

"Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile.”

– Nassim Taleb

7

David F. Swensen

Is there Fragility in the system?

8

Fragility?

9

955% !!

Fragility?

10

Source: Bloomberg

Fragility?

11

Prudence dictates:• Benefit from volatility• Benefit from entropy• Benefit from inefficiency• Benefit from misperception• Benefit from projection bias

• Avoid over-owned assets• Avoid low paying financials

• Own option value• Own tangible value

12

Source: Nassim Nicholas Taleb, Incerto

Source: Microgrid News

Build an Anti-Fragile Portfolio

4.3

3.9

2.3

1.5

3.4

0.5

4.3

5.1

0

1

2

3

4

5

6

7

October November December January February March April May

Inche

s

Average Monthly PrecipitationTampa, FL

13

How much would you bet that it will rain 6” in a month?

Source: RSS Weather

2.3

1.6

2.3 2.3

2.72.8

1.8

2.9

5.5

6.5

7.6

6.5

0

1

2

3

4

5

6

7

8

October November December January February March April May June July August September

Inche

s

Average Monthly PrecipitationTampa, FL

14

Optionality

From an October vantage point –

One’s bet on 6” of rain looks bad:

- for one day- for one week- for one month- for one quarter- for a half-year

But one year looks promising!!!

Source: RSS Weather

Seek Convexity

15

i.e. Investments where losses are very low while potential gains are quite sizable

Source: Kopernik Global Investors

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Value

of $1

00

Years

Option Value of Mined Gold

Options, any options, by allowing you more upside than downside, are vectors of antifragility.

If you “have optionality,” you don’t have much need for what is commonly called intelligence, knowledge, insight, skills.

-Taleb

16

Avoid Concavity i.e. investments that offer small upside, with large downside potential

Low interest bonds are a good example.

2%

-46%

-75%

-85%

-90%

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

2% 5% 10% 15%

Price

Interest Rate

Bond Prices and Interest Rates of 30 Yr Treasury Yield

Source: Bloomberg

As a result: Gold stocks Seem the epitome of Antifragile

17

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Value

of $1

00

Years

Option Value of Mined Gold

• They offer outsized convexity• At current prices, they could prove to be “Non-decaying options, i.e. de minimus downside long-term• They are likely to provide they best returns when the “system” is fragile

Source: Kopernik Global Investors

18

á la the weather example, gold can go for considerable periods of time before catching up to the monetary base, but it always has.

An option on gold price appreciation becomes much more valuable over time!!

Source: Bloomberg

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Gold

U.S.

Mone

tary B

ase

U.S. Monetary Base and Gold Price1970 - 2021

Monetary Base Gold Price

Because Fiat Currencies have reliably always lost value over time, investors understandably discount the value of currency received at a future point

in time. investments lose value with each passing year.

19

$0

$20

$40

$60

$80

$100

$120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Value

of $1

00

Years

DCF* of Mined Gold

But, if we discount currencies because over time, they lose value relative to stores of value, should Gold, and other stores of value, be discounted, too?

The opposite?

Source: Kopernik Global Investors

*DCF - Discounted Cash Flow

Value can be added (or subtracted) when Opinions differ from the crowdHow’s this for Different?!! Who’s correct?

20

$278

$825

$54$28

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Value

of $1

00

Years

Option Value of Mined Gold vs DCF of Mined Gold

Option Value of Mined Gold DCF of Mined Gold

Source: Kopernik Global Investors

+177%

-46%

+722%

-72%

*DCF - Discounted Cash Flow

A look at optionality in action

21

22

Uranium Producers have some optionalityuranium is up 60%, their stock prices tripled

Source: Bloomberg

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

$3,200

$3,400

$3,600

Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21

Uranium vs Kazatomprom vs CamecoMar 2020 - Sep 2021

Uranium Price Kazatomprom Cameco

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Resource-laden, Future Uranium producers have considerable optionality

Uranium went up 60%; their stock prices are up 6-8x

Source: Bloomberg

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21

Uranium vs Fission vs Nexgen vs DenisonMar 2020 - Sep 2021

Uranium Price Fission Nexgen Denison

24

Might we witness similar moves in the Valuable, resource-laden, future gold producers?

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Monetary Base Gold Price Seabridge Gold Chesapeake Gold

As with all options, time is our friend. A convergence of these prices is seemingly inevitable

Source: Bloomberg

25

Monetary Base Growth seems to require optionality

$0

$1

$2

$3

$4

$5

$6

$7

1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021

Millio

ns

U.S. Monetary Base (USD Millions)1970 - 2021 Source: St. Louis FRED

Options, any options, by allowing you more upside than downside, are vectors of antifragility.

If you “have optionality,” you don’t have to be right that often. All you need is the wisdom to not do unintelligent things to hurt yourself (some acts of omission) and recognize favorable outcomes when they occur.

Option = asymmetry + rationality

- Taleb

Bloomberg

26

Optionalitythe lag-time can be long, but the longer the timeframe, the greater the assurance that commodity prices will be higher

$0

$50

$100

$150

$200

$250

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Bloomberg Commodity Index1959-2021

1971: The U.S. abandons the gold standard

2020: QE-infinity

2008: The GFC leads to quantitative easing

Source: Bloomberg

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But – Options on what?Following a 4-decade bond bull market

might the 60s & 70s be instructive?

“(Cantillon’s) basic theory was that who benefits when thestate prints a bunch of money is based on the institutionalsetup of that state. In the 18th century, this meant that thecloser you were to the king and the wealthy, the more youbenefitted, and the further away you were, the more you wereharmed. Money, in other words, is not neutral. This generalobservation, that money printing has distributionalconsequences that operate through the price system, is knownas the Cantillon Effect.”

–Matt Stoller, “The Cantillon Effect: Why Wall Street Gets aBailout and You Don’t”

Richard Cantillon, 18th-century economist

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Gold

$0

$100

$200

$300

$400

$500

$600

$700

$800

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Gold, 1960-1980USD/troy ounce

Source: IMF

29

Crude Oil and Natural Gas

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Crude Oil, 1960-1980USD/barrel

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Natural Gas, 1960-1980USD/Metric Million British Thermal Unit

Source: IMF

30

Cocoa and Coffee

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Cocoa, 1960-1980USD/kilogram

$0

$1

$2

$3

$4

$5

$6

$7

$8

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Coffee, Arabica, 1960-1980USD/kilogram

Source: IMF

31

Soybeans and Palm Oil

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Soybeans, 1960-1980USD/metric tonne

$100

$200

$300

$400

$500

$600

$700

$800

$900

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Palm Oil, 1960-1980USD/metric tonne

Source: IMF

32

Uranium and Copper

$0$5

$10$15$20$25$30$35$40$45$50

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980

Uranium, 1969-1980USD/lb

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980

Copper, 1960-1980USD/metric tonne

Source: BMO; IMF

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Prices Need to Continue to Rise to Incentivize New Production

Source: National Mining Association/International Nuclear, Inc.

Is it time to focus on stores of valueor on guesses about future receipt of depreciating currencies?

Potential UpsideYear 50.0% 100.0% 150.0%

1 50.0% 100.0% 150.0%

Inte

rnal

Rate

of R

etur

n

2 22.5% 41.2% 58.1%

3 14.5% 26.0% 35.7%

4 10.7% 18.9% 25.7%

5 8.5% 14.9% 20.1%

6 7.0% 12.3% 16.5%

7 6.0% 10.4% 14.0%

8 5.2% 9.1% 12.1%

9 4.6% 8.0% 10.7%

10 4.1% 7.2% 9.6% 34

35

Still finding pockets of traditional value as wellWgt Price to Book Dividend Yield

Global All Cap Model Portfolio 100.0% 0.75 3.1%Latent Value 55.2% 0.94 2.5%

Fully Latent 9.2% 2.08 0.0%Hybrid Latent/Traditional 46.0% 0.86 2.5%

Traditional Value 37.6% 0.58 3.8%Communication Services 9.0% 0.52 4.8%Consumer Discretionary 2.5% 0.53 1.8%Consumer Staples 1.4% 1.23 1.5%Energy 0.5% 0.42 4.9%Financials 3.7% 0.83 4.2%Health Care 1.1% 0.93 1.8%Industrials 8.0% 0.78 3.0%Information Technology 0.2% 1.62 2.8%Real Estate 2.0% 0.67 6.7%Utilities 9.4% 0.44 3.5%

Cash 7.3%

We are currently finding opportunities in two broad areas of the market: traditional value companies outside of the U.S. and companies with latent value. In both categories, we are invested inhigh-quality franchises that are difficult to replace. The most important difference is the visible level of cash flow: in the traditional value group, our holdings are today producing significantamounts of cash flow that the market is ignoring, mostly because the stocks are inconvenient to trade and/or are located in unpopular places, emerging markets in particular. Many of ourtraditional value holdings include companies in the utilities, telecom, industrials, and consumer staples sectors.

The latent value holdings tend to be in cyclical industries and either have very depressed or negative cashflows today. However, they have very valuable, scarce assets that should producesignificant cashflow when the cycles normalize. Mining, energy, and shipping, as well as agricultural companies, make up the latent value component of the portfolio. We believe thesecompanies should not be analyzed using last quarter’s cashflow numbers but rather based upon decades’ worth of future cashflows. In our opinion, the market has a myopic view of what “value”is; many in our industry have focused too narrowly on cash flows that are observable, while not paying attention to the price paid for that certainty.

“It’s not enough to be different – you also need to be correct. The problem is thatextraordinary performance comes only from correct nonconsensual forecasts, butnonconsensual forecasts are hard to make, hard to make correctly, and hard to act on. ”

- Howard Marks

Characteristics above are based on the holdings of a model portfolio as of September 30, 2021 and are calculated using data from Bloomberg. Calculation method is a weighted average using GAAP/IFRS financials and including companies with negative metrics.*Using an industry standard reporting, which utilizes harmonic average (a method of calculating an average value that lessens the impact of large outliers) as of September 30, 2021, characteristics are as follows:P/E: 9.88 (GAC), 22.07 (MSCI ACWI) | P/B: 0.79 (GAC), 2.88 (MSCI ACWI) | P/TBV: 0.82 (GAC), 3.07 (MSCI ACWI) | P/CF: 4.51 (GAC), 14.49 (MSCI ACWI) | EV/S: 1.14 (GAC), 3.31 (MSCI ACWI)The MSCI All Country World Index is a broad-based securities market index that captures over two thousand primarily large- and mid-cap companies across 23 developed and 27 emerging market countries. The MSCI All Country World Index is different from thestrategy in a number of material respects, including being much more diversified among companies and countries, having less exposure to emerging market and small- cap companies, having no exposure to frontier markets and having no ability to invest in fixedincome or derivative securities.

36

Kopernik Global All-Cap Portfolio Characteristics, as of September 30, 2021

29.72

11.95

Price to Earnings (P/E)*

$356,126

$17,285

Weighted Average Market Cap$USD, Millions

6.32

0.96

Price to Book (P/B)*

$13,116

$2,269

Median Market Cap$USD, Millions

10.64

1.06

Price to Tangible Book (P/TBV)*

6.05

1.29

Enterprise Value to Sales (EV/S)*

20.74

5.42

Price to Cash Flow (P/CF)*

2.22

3.52

Yield TTM (Trailing 12 Months)

“It’s not enough to be different – you also need to be correct. The problem is thatextraordinary performance comes only from correct nonconsensual forecasts, butnonconsensual forecasts are hard to make, hard to make correctly, and hard to act on. ”

- Howard Marks

Characteristics above are based on the holdings of a model portfolio as of September 30, 2021 and are calculated using data from Bloomberg. Calculation method is a weighted average using GAAP/IFRS financials and including companies with negative metrics.*Using an industry standard reporting, which utilizes harmonic average (a method of calculating an average value that lessens the impact of large outliers) as of September 30, 2021, characteristics are as follows:P/E: 10.11 (INTL), 17.80 (MSCI ACWI ex US) | P/B: 0.85 (INTL), 1.86 (MSCI ACWI ex US) | P/TBV: 0.87 (INTL), 2.74 (MSCI ACWI ex US) | P/CF: 4.26 (INTL), 9.95 (MSCI ACWI ex US) | EV/S: 1.43 (INTL), 2.96 (MSCI ACWI ex US)The MSCI All Country World ex U.S. Index is a broad-based securities market index that captures over two thousand primarily large- and mid-cap companies across 22 developed and 27 emerging market countries. The MSCI All Country World Index ex U.S. isdifferent from the strategy in a number of material respects, including being much more diversified among companies and countries, having less exposure to emerging market and small-cap companies, having no exposure to frontier markets and having no abilityto invest in fixed income or derivative securities.

37

Kopernik International Portfolio Characteristics, as of September 30, 2021

30.62

12.51

Price to Earnings (P/E)*

$94,823

$21,921

Weighted Average Market Cap$USD, Millions

4.00

1.20

Price to Book (P/B)*

$10,263

$6,723

Median Market Cap$USD, Millions

6.12

1.30

Price to Tangible Book (P/TBV)*

5.88

1.53

Enterprise Value to Sales (EV/S)*

19.70

6.14

Price to Cash Flow (P/CF)*

2.68

3.68

Yield TTM (Trailing 12 Months)

38

Position Changes in Global All-Cap Rep Account

Names in bold denote new initiation or full termination.

Adds Trims

July 2021

China Mobile Ltd

First Resources Ltd

Halyk Savings Bank of Kazakhstan

LSR Group PJSC

August 2021

Cameco Corp Impala Platinum Holdings Ltd

Equinox Gold Corp Wheaton Precious Metals Corp

Japan Petroleum Exploration Co

Korea Electric Power Corp

Pan American Silver Corp

Range Resources Corp

Southwestern Energy Co

Suzuken Co Ltd/Aichi Japan

September 2021

Centrais Eletricas Brasileiras Denison Mines Corp

CK Hutchison Holdings Ltd NexGen Energy Ltd

Harmony Gold Mining Co Ltd Range Resources Corp

Suzuken Co Ltd/Aichi Japan

39

Adds Trims

July 2021

China Mobile Ltd

China Telecom Corp Ltd

Halyk Savings Bank of Kazakhstan

August 2021Suzuken Co Ltd/Aichi Japan PhosAgro PJSC

VEON Ltd Sberbank of Russia PJSC

Sep 2021SJM Holdings Ltd PhosAgro PJSC

Yellow Cake PLC Tourmaline Oil Corp

Position Changes in International Rep Account

Names in bold denote new initiation or full termination.

40

0

5

10

15

20

25

30

Comm.Services

Cons.Disc.

Cons.Staples

Energy Financials HealthCare

Industrials Info.Tech.

Materials RealEstate

Utilities

0

10

20

30

40

50

60

70

Canada Emerging Markets Europe Japan Pacific ex Japan US

Portfolio Region Weights

Portfolio Sector Weights Top Ten HoldingsName Country Port Weight %

Newcrest Mining Ltd Australia 4.00KT Corp South Korea 3.75Cameco Corp Canada 3.75Gazprom PJSC Russia 3.75Turquoise Hill Resources Ltd Canada 3.25Centerra Gold Inc Canada 3.00China Telecom Corp Ltd** China 2.75RusHydro PJSC Russia 2.75NAC Kazatomprom JSC Kazakhstan 2.50Golden Agri-Resources Ltd Singapore 2.25

Global All-Cap – Model Portfolio Characteristics (as of 9/30/2021)

*Small-Cap = less than $2 billion, Mid-Cap = $2 billion - $10 billion, Large-Cap = greater than $10 billion**As of August 2, 2021, we are unable to add to these positions, and need to divest on or before June 3, 2022, under an existing executive order.Portfolio weights and characteristics above are based on the holdings of a model portfolio as of September 30, 2021. Portfolio characteristics, sector and country designations are calculated using data from Bloomberg.The MSCI All Country World Index is a broad-based securities market index that captures over two thousand primarily large- and mid-cap companies across 23 developed and 27 emerging market countries. The MSCIAll Country World Index is different from the strategy in a number of material respects, including being much more diversified among companies and countries, having less exposure to emerging market and small-capcompanies, having no exposure to frontier markets and having no ability to invest in fixed income or derivative securities.

Portfolio % MSCI ACWI %Large-Cap* 31.00 94.62Mid-Cap* 41.05 5.36Small-Cap* 23.60 0.03

Developed Markets 55.20 88.02Emerging Markets 40.45 11.97

U.S. 3.75 59.56Non-U.S. 91.90 40.43

Portfolio Characteristics

Excludes non-equity securities

41

0

5

10

15

20

25

30

Comm.Services

Cons.Disc.

Cons.Staples

Energy Financials HealthCare

Industrials Info.Tech.

Materials RealEstate

Utilities

0

10

20

30

40

50

60

Canada Emerging Markets Europe Japan Pacific ex Japan US

Portfolio Region Weights

Portfolio Sector Weights Top Ten HoldingsName Country Port Weight %

Newcrest Mining Ltd Australia 4.50Gazprom PJSC Russia 4.00China Telecom Corp Ltd*** China 3.50Turquoise Hill Resources Ltd Canada 3.50KT Corp South Korea 3.00NAC Kazatomprom JSC Kazakhstan 3.00Cameco Corp Canada 3.00Wheaton Precious Metals Corp Canada 3.00Polyus PJSC Russia 3.00Golden Agri-Resources Ltd Singapore 2.25

International – Model Portfolio Characteristics (as of 9/30/2021)

**Small-Cap = less than $2 billion, Mid-Cap = $2 billion - $10 billion, Large-Cap = greater than $10 billion***As of August 2, 2021, we are unable to add to these positions, and need to divest on or before June 3, 2022, under an existing executive order.Portfolio weights and characteristics above are based on the holdings of a model portfolio as of September 30, 2021. Portfolio characteristics, sector and country designations are calculated using data from Bloomberg. The MSCIAll Country World ex U.S. Index is a broad-based securities market index that captures over two thousand primarily large- and mid-cap companies across 22 developed and 27 emerging market countries. The MSCI All CountryWorld Index ex U.S. is different from the strategy in a number of material respects, including being much more diversified among companies and countries, having less exposure to emerging market and small-cap companies,having no exposure to frontier markets and having no ability to invest in fixed income or derivative securities.

Portfolio % MSCI ACWI ex US %Large-Cap** 33.75 87.89Mid-Cap** 38.90 12.04Small-Cap** 6.70 0.07

Developed Markets 38.75 70.40Emerging Markets 40.60 29.60

U.S. 1.25 -Non U.S. 78.10 100.0

Portfolio Characteristics

Excludes non-equity securities

The “Return on Patience” Appears Exceptionally High!

“Why is it that it takes a real bear market to get analysts interested in the value approach?”

-Benjamin Graham

“In the short run, the market is a voting machine but in the longrun, it is a weighing machine.”

-Benjamin Graham

“Patient opportunism – waiting for bargains – is often your best strategy”

–Howard Marks

“I think the record shows the advantage of a peculiar mind-set –not seeking action for its own sake, but instead combiningextreme patience with extreme decisiveness”

-Charlie Munger

“Patience can produce uncommon profits” -Philip L. Carret

“The big profits go to the intelligent, careful and patient investor,not to the reckless and overeager speculator”

-J. Paul Getty"[There] is the need for patience if big profits are to be made frominvestment. Put another way, it is often easier to tell what willhappen to the price of a stock than how much time will elapsebefore it happens"

-Phil Fisher

THANK YOU

Q&A Session42