March 29, 2016

Research #12Hemp-based pet foods

True Leaf To Sell Hemp-Based Products in 3500 Stores in the USTwo months ago, True Leaf Medicine International Ltd. announced to have increased the number of stores in Canada by 35%, making its innovative line of hemp dog chews available in 47 independent pet stores. Today, True Leaf announced a contract with Pet Foods Experts Inc. to distribute its products to 3´500 independent pet stores across 29 US states. This deal marks a major milestone for True Leaf in respect to growth through generation of significant sales revenues. The company’s hemp-based dog chews provide healthy hip and joint, calming and antioxidant support.

or the first time, True Leaf has gained distribution in the US with today‘s signing of an agreement

with US-based Pet Foods Experts Inc., a family owned and operated business since 1989. In mid-March, True Leaf attended the Global Pet Expo in Orlando, Florida, one of the world‘s largest annual pet industry trade shows and the perfect stage to unveil the newly branded TRUE HEMP™ dog chews for a product launch in the US. The same product line, branded as TRUE LOVE™, TRUE SPIRIT™ and TRUE CALM™, is available in

Canada and online since December 2015. True Leaf’s presence at the Global Pet Expo not only coincided with the signing of the distribution agreement with Pet Food Experts but also generated numerous discussions with other distributors, which so far have led to agreements to retail TRUE HEMP™ products in the Midwest, Texas and San Diego. Pet Food Experts is an independently owned and operated pet food and supplies distributor headquartered in Rhode Island. They deliver exclusively to independent pet retailers out

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Company Details

True Leaf Medicine International Ltd.100 Kalamalka Lake Road, Unit 32Vernon, BC V1T 9G1, CanadaPhone: +1 778-389-9933 Email: kevin@trueleaf.comwww.trueleaf.comShares Issued & Outstanding: 41`971`949

Canadian Symbol (CSE): MJCurrent Price: $0.135 CAD (Mar. 28, 2016)Market capitalization: $6 million CAD

German Symbol / WKN: TLA / A14NM1Current Price: €0.088 EUR (Mar. 28, 2016)Market capitalization: €4 million EUR

Chart Canada (CSE)

Chart Germany (XETRA)

Pet Food Experts Inc. operations in action (source)

Research #12 | True Leaf Medicine International Ltd.2

of 4 warehouses located in Rhode Island, Pennsylvania, Illinois and Washington State. Currently, they service over 3`400 retailers in 29 US states (see territory map on the right). Michael Baker, President and CEO of Pet Food Experts, commented:

“Pet Food Experts is excited to have True Hemp as our new product of choice in the hemp-based functional chew category. Our customers are constantly demanding innovative new products and True Hemp’s line-up of functional chews is a winner and a perfect fit.“

Darcy Bomford, founder and CEO of True Leaf (and former founder of the dog food brand Darford International Inc.) said:

“I worked with Michael and his team at Darford and not only were they one of our top performing distributors, they were like family with a great company culture and old-fashioned values. Companies like Pet Food Experts are what make the pet food industry such a great place to be right now.“

Bomford also explained that the brand refresh for all 3 formulations to TRUE HEMP™ emphasizes the importance of hemp as the primary active ingredient:

“Hemp is the main functional ingredient for each formula and is a source of omega fatty acids, gamma linolenic acid and other substances known to support the body’s re-sponse to inflammation. What really sets us apart from the crowd is not only our Canadian-sourced hemp, but also the other functional ingredients we use to boost its ef-fectiveness. We’ve created three fantastic new formulas that live up to our ‚Quality of Life’ focus with hemp, plus green lipped mussel from New Zealand, turmeric root ex-tract, chamomile, pomegranate extract and other innovative ingredients to support joint function, calming and overall good health.”

Besides its hemp-based dog chews bu-siness, True Leaf has filed an application under Health Canada´s Marihuana for Medicinal Purposes Regulations (MMPR) to become a licensed producer with a fa-cility located in the Village of Lumby, BC. The company has passed through the pre-liminary and enhanced screening process of Health Canada´s review and is currently awaiting a ´ready-to-build´ approval.

Darcy Bomford launching its TRUE HEMP™ product line for the US market at the annual Global Pet Expo in Orlando, Florida, March 16-18, 2016:

Research #12 | True Leaf Medicine International Ltd.3

Hemp is Not Marijuana: True Leaf’s pet product line contains hemp as one of the primary ingredients; providing the health benefits of hemp is what sets True Leaf apart from the competition. Hemp and marijuana are different varieties of the same plant species of ‘Can-nabis Sativa’. Marijuana plants contain high levels of THC. Hemp, on the other hand, is non-psychoactive and contains very little THC (less than .3% by law), but certain cultivars contain cannabidiol (CBD). Hemp seed oil, a major component of hemp seed itself – and of True Leaf Pet’s product line – has a variety of beneficial properties and is showing great promise on its own as a supplement. Becau-se hemp oil is extracted from the industrial hemp plant, it contains no psychoactive reactors. Hemp seed oil is extremely high in ome-ga-6 and omega-3 fatty acids in the ratio of 3:1, which is required by dogs for optimal health and well-being. Hemp contains known

antioxidants from tocopherols and hosts a variety of other beneficial properties including anti-inflammatory compounds from terpenes, plant sterols and methyl salicylate – a relative of acetylsalicylic acid or ‘aspirin’. Hemp oil helps to support the moisture level in a dog’s skin and fur, and supports the body‘s ability to heal skin disorders such as dry nose, dog acne, dog eczema, dog rash and dog dandruff. Further, hemp seed oil supports the body‘s ability to enhance blood circulation, stimulate a dog’s cognitive thinking and can help thicken fur texture and lessen shedding. Hemp is legally refined in industrial factories for textile and nutritional use: it is often consumed and mi-xed into other products including cereal, granola bars and hemp dog treats. Hemp chews for dogs are increasing in popularity because of its significant potential health benefits that may include joint pain reduction, skin and coat nourishment and antioxidant support.

US branding: US branding: US branding:

Research #12 | True Leaf Medicine International Ltd.4

Company History

The Baker family’s love of the pet industry began in 1936 when Herbert “Salty” Baker opened a pet store in the basement of his home in Rumford, RI, called Rumford Aquarium. Specializing mostly in live fish, this small basement business quickly grew into something much more.

Salty’s son, George K. Baker Sr., took over his father’s pet business and opened a retail store called Rumford Aquarium. He soon began distributing fish and other wholesale, pet-related supplies to retailers around New England. Twenty years later, his son, George Baker Jr. (aka ‘Buddy’) joined the company and expanded the distribution side of the business to include all of Southeastern New England. Buddy was instrumental in bringing premium pet foods to the business in the late 70’s; creating the base for the company we have become today: Pet Food Experts, Inc. Buddy’s son, Michael Baker, our current owner and president, started working in the retail portion of the business – bagging bird seed, aquarium gravel, and coral – when he was 12 years old. Throughout his childhood, he continued to learn the business by working a variety of roles. Following college, he managed the retail store for a few years before joining the wholesale side of the business.

Michael purchased the business when Buddy retired in 2006 and continued to strengthen the company portfolio. With the help of an ever-growing team, we clearly defined our mission “to help independent pet specialty retailers win,” which has resulted in consistent sales growth and territory coverage.

In June, 2011, we opened a 108,000 sq. ft. distribution center in Lancaster, PA and began servicing the Mid-Atlantic states, but in three short years, we have already outgrown the facility. In November 2013, we purchased 18.9 acres in Denver, PA –

just 20 minutes away from our current location – and broke ground on a new 170,000 sq. ft. facility. Completion of the new distribution center is scheduled for mid 2015.

Pet Food Experts has continued to expand its distribution footprint outside of the East Coast by adding ten Midwestern states when we acquired Zeus & Company, in Des Plaines, IL in August 2013.

Most recently, in February 2015, we acquired Northpoint Trading Co. in Fife, WA, establishing our presence on the West Coast. With these expansions, we have been able to bring much of our current portfolio of high quality pet products to our new Midwest and Pacific Northwest customers, as well as bring many of their vendors to our existing East Coast customers.

In April 2014, Pet Food Experts purchased a 3-story building in Pawtucket, RI, which will soon become our new home office. We’ll be moving our office personnel into the 24,000 sq. ft. second floor space from our current office space in Cumberland, RI. We are thrilled to not only stay in our home state of Rhode Island, but to also stay within 6 miles of our current 200,000 sq. ft. New England distribution center.

Over the past decade, great strides have been made to strengthen the Pet Food Experts portfolio with brands that make our retail customers more exciting, relevant, and poised for future growth. We currently deliver to over 3,400 independent retailers in 29 states.

We are grateful to have been recognized in our endeavors and received the 2012 Ken Chancey Distributor of the Year Award by the Pet Industry Distributors Association (PIDA) as well as being named one of the best places to work three times this decade by Best Places to Work in Rhode Island.

After four generations, the Baker family, along with our entire team is still passionately working hard to make our customers successful. Everyone at Pet Food Experts takes great pride in friendly and professional service, accurate and on-time deliveries, and a great selection of leading pet food and pet supply brands.

We value and honor our close relationships with our staff, customers, vendors, and retailers. We look forward to a future of continued success as an industry leader and a trusted distributor partner. We firmly believe that When You Win, We Win!

Source: www.petfoodexperts.com

“Salty“ Baker in his first basement store c.1936

Baker Family President Michael Baker and his family c.2013

Research #12 | True Leaf Medicine International Ltd.5

Industry experts provide insights on what to expect in the coming year.

By Lindsay Beaton on December 15, 2015, for PetFoodIndustry.com

The last year has been a busy one for the pet food industry. 2015 saw the further strengthening of pet humanization, which catapulted specialty and niche-target pet foods further into the spotlight. Innovation became a rallying cry as more pet food manufacturers sought ways to distinguish themselves as specialists in their respective market segments. And regulations, including the US Food and Drug Administration’s Food Safety Modernization Act (FSMA), became the backdrop for an even larger push for transparency and accountability at every level of the industry. Of course, pet food sales continue to rise each year (for US retail sales trends, see Figure 1), and according to the pet food industry, we haven’t seen the last of these topics. As 2016 begins, it’s time to take another look at what the experts think is ahead.

The freeze-dried, raw and fresh segments of specialty pet food were significant parts of industry conversation in 2015, and according to experts their importance will continue into 2016—particularly when it comes to making those ideas palatable to a larger consumer base. “[2015] saw a number of new brands entering the raw-infused kibble segment,” said Maria Lange, business group director for GfK. “Merrick Backcountry, Natural Balance Wild Pursuit and Trufood are just a few of the major manufacturers who have entered this emerging premium pet food category. Raw-infused kibble SKUs let pet owners explore the ‘raw’ category (safely!) for just a few more cents per pound, rather than committing fully to a 100% raw diet that can cost up to US$32 a pound. Raw-infused kibble products have grown quickly in terms of distribution and in-store sales; however, the big ‘boom’ has not yet been seen.”

As the segment continues to garner interest among consumers, it will become more prominent on the industry’s radar.

“We will see continued proliferation of offerings in freeze-dried raw as competitors seek to garner a foothold in this emerging growth category,” said Bryan Jaffe, managing director at Cascadia Capital LLC.

The grain-free pet food market is a more mature trend that the industry nevertheless expects to continue into 2016. The segment is still posting consistent year-over-year growth: 24 –25%, according to GfK data. Part of that growth likely comes from consumer perception, say industry experts, and the responsibility in 2016 remains to deliver what consumers want while keeping pet health in mind. “Grain free is still going strong, and it appears to be holding the interest of the pet-loving pet parents who believe it is better than whole grains,” said Tom Willard, PhD, with TRW Consulting Services LLC. “The challenge for the [pet food] nutritionist is to try and make [products] as healthful as possible.”

Consumers will remain engaged in feeding their pets the best possible food in 2016, according to Euromonitor. That engagement comes as a result of consumer education, and the industry can expect to respond to demands for more ingredient transparency, clearer labeling and more efficient, sustainable processes. “Ingredients’ quality and provenance will continue to assume a key role in the industry,” said Paula Flores, global head of pet care research for Euromonitor.

2016 Pet Food Industry Trends: A Preview

While retail sales growth has slowed in recent years, largely due to economic challenges, there’s no doubt that the pet food industry is resilient and can count on a continuing trend of overall growth.

Research #12 | True Leaf Medicine International Ltd.6

Flores isn’t the only one who spoke about the need for accessible ingredient informa-tion. “I think that, on the whole more, em-phasis will be put on communicating pet food ingredients and their reliability,” said Marcel Blok, owner of Change Stranamics. “Positioning elements for pet foods will be transparency, sustainability and ingredient origin. I think it is fair to say that when we talk about humanization of our treatment of pets, there will not be a big difference between the trends in human food and pet foods. In other words, standards for the owner also apply to the pet.”

Pet humanization, of course, is by now a well-known trend driver in the industry—one that is expected to carry on into 2016. “We’re likely to see the humanization of pets continue,” said Travis Conway, managing director of SDR Ventures. “For some young couples and empty nesters, pets, especially dogs and cats, are now seen as ‘replacement kids’ (see Figure 2 for US pet ownership trends).

As a result, food trends that apply to hu-mans are extending to pets. Treating pets as members of the family drives pet owners to spend more money on their animals with premium food and treats, specialized services and advanced veterinary care.”

Culinary crossovers may be one result of this continued humanization, according to David Sprinkle, research director for Packaged Facts. “Watch for the following ingredient trends for pet food and treat product introductions: boar as an exotic protein, tying in with wilderness pet food trends; eggs and egg whites, sometimes with a breakfast flavors spin, as cholesterol recedes from the list of nutritional culprits for humans; and bananas as fruit content for pet treats, including with peanut butter,” said Sprinkle. “At the same time, meat cookery terms such as ‘braised’, ‘roasted’, ‘seared’ and ‘pulled’, proliferating on restaurant menus, will do the same in moist pet foods positioned on meat content and flavor indulgence.”

Pet food labeling will also continue its importance in 2016, beginning with the need for consumer confidence and tying back to growing food trends. “Consumers’ need for healthy and trustworthy pet food offers will continue to fuel the demand

for cleaner labels and local sourcing,” said Bertrand De Launay, Diana Pet Food’s marketing and innovation director. “This should also ensure that ‘free from’ food alternatives (such as grain free, gluten free, sugar free, lactose free, etc.) meet growing success in 2016.”

Naturally, this set of consumer-know-ledge-based trends ties into another timely and ongoing issue in the pet food industry: regulations. From labeling to the ever-present FSMA, industry experts weighed in on what they’ll be focusing on in the coming year.

“The requirement for labels for all dog and cat foods (including treats and sup-plements) to bear a proper calorie content statement becomes fully enforceable by the end of 2016,” said David Dzanis, DVM, PhD, DACVN, CEO of Regulatory Discretion Inc. “Those manufacturers who have yet to adapt their labeling need to get on it with due haste. All dog growth and all life stage product labels will need to amend their nutritional adequacy statements to indicate whether or not the life stage designation includes large size puppies. While new products will have one year,

and existing products two years from the date of publication to amend their formu-las and/or labeling as needed, it is not too soon for manufacturers to begin the pro-cess of changing over the affected labels.”

Further, the implementation of FSMA, which has been ongoing for some time now, will continue to gear up, according to experts. “The pet food industry is dynam-ic and growing with a tremendous amount of innovation and investment,” said Matt Nichols, account manager for pet food at Neogen Corporation. “The industry has been preparing for the Food Safety Modern-ization Act [for years], and this will continue with implementation starting in 2016.”

Such implementation may cause challen-ges for the industry, according to Willard with TRW Consulting. “As these regula-tions and [Good Manufacturing Practices] are implemented, I believe that the great-est impact will be on new product develop-ment as well as private label manufactur-ers, which generally lack the regulatory and technical staff to cope fully with the new regulations,” he said. “I see recalls continuing to increase as food safety con-cerns continue to be in the public’s sights.”

US household penetration rates for pet ownership have been in the 60%+ range since 1988 (seen here), even though growth has slowed in recent years. “From 2015 to 2020, the pet population is forecast to grow at an annualized rate of 1.9%,” said Travis Conway, managing director of SDR Ventures. “Pet ownership rates tend to drop among people once they hit retirement age, and Baby Boomers will be crossing that line over the next decade.”

Research #12 | True Leaf Medicine International Ltd.7

About True Leaf

True Leaf Medicine International Ltd., through its wholly-owned subsidiary ‘True Leaf Pet’, is entering the $60 billion pet industry with a line of hemp-focused pet chews and supple-ments marketed through natural pet health and veterinary channels in Canada and the United States. The company has also filed an application under Health Canada’s Marihuana for Medicinal Purposes Regulations (MMPR) to become a Canadian licensed producer th-rough its ‘True Leaf Medicine’ subsidiary.

Analyst Coverage:

Research #11 “True Leaf‘s Product Line Now Available in 47 Canadian Retail Stores” (February 9, 2016)

Research #10 “True Leaf‘s Selling Fast” (December 10, 2015)

Research #9 “True Leaf Expands to Europe” (November 2, 2015)

Research #8 “True Leaf Unveils New Product Line” (September 17, 2015)

Research #7 “Another Key Piece for the True Leaf Puzzle” (september 8, 2015)

Research #6 “True Leaf Pet’s Hemp Chew Product Line to be Distributed Across Canada” (August 12, 2015)

Research #5 “Interview with True Leaf‘s CEO Darcy Bomford“ (August 6, 2015)

Research #4 “One Step Closer Becoming A Licenced Medical Marijuana Producer“ (July 21, 2015)

Research #3 “True Leaf on its way to production“ (June 5,2015)

Research #2 “True Leaf To Enter The Pet Food Market With Hemp Products In Fall of 2015“ (April 9, 2015)

Research #1 “True Leaf Medicine Interna-tional Ltd. Goes Public“ (February 9, 2015)

Challenges or otherwise, the pet food indus-try seems well prepared for what’s to come. From the latest consumer-driven needs to regulatory mandates, experts seem to agree that 2016 will be just as busy as 2015 was—with just as many opportunities.

Global regional growth in 2016: China

China is a current hot topic in the pet food industry, and it looks as though 2016 will continue that trend. “It is my estimate that China will represent 25% of global growth by 2020,” said Marcel Blok, owner of Change Stranamics. According to Blok, Southeast Asia in general, and China in particular, will be a solid place to answer the question, “Where can I find new business?” In 2015, China pet food sales reached CNY5.3 billion (US$820 million) offline and CNY2.8 billion (US$430 million) online, said GfK’s Pushan Tagore, vice presi-dent of global marketing for pet care. And while the year-over-year growth for offline sales was 4% from 2014 to 2015, it was 36% for online sales. “The China pet mar-ket was developed much later than west-ern countries, but people there pay more and more attention to it and sales volumes always keep growing,” said Tagore. That growth represents opportunity, according to SDR Ventures. “China is a region with a lot of opportunity for the pet industry,” said Travis Conway, managing director of SDR. “As of [October 2014], only 7% of Chinese households had a dog and 2% had a cat, compared to 36.5% and 30.4% in the US. Pet owners in China have also shown an affinity for premium products.”

The non-GMO trend in 2016

As non-GMO (genetically modified organ-ism) claims become increasingly prominent in the human food world, it’s no surprise that the trend has spilled over into pet food. And according to industry experts, it will continue to do so. “Until recently, brands have been using different claims on their packaging regarding ‘no GMO’—but none were scientifically, legally approved,” said Maria Lange, business group director for GfK. “More brands are getting certified by the NON-GMO project (legal, scientific approval). It is hard to say how big this will get, but it is a notable human food trend, so this will possibly splash over more than it already has to the pet world.” The regu-

latory results of this (and other higher end, “free of”) trend may produce additional challenges as well as opportunities for all involved. “I believe ‘hormone free’, ‘human grade’ and ‘GMO free’ will spark new prod-uct development,” said Tom Willard, PhD, with TRW Consulting Services LLC. “This will be a challenge with AAFCO (the Association of American Feed Control Officials) attempt-ing to keep up with these growing trends.”

At a glance: pet food consumer technologies in 2016

Several pet food industry experts spoke on the rise of technology in the pet food industry: specifically, how consumers are using technology to meet their pets’ needs. “The term ‘connected pet’ will take on new meaning as data derived from tracking devices and tech-enabled treaters and feeders will begin to be harvested to drive food recommendations and auto re-plenishment,” said Bryan Jaffe, managing director for Cascadia Capital LLC. “This is very similar to the arc we have seen in the human side where activity trackers and calorie monitors drive behavioral change for the connected consumer.”

Fitness trends on the human side have sim-ilarly moved in to the pet industry. “Buy-ing specialized fitness tools and paying for owner-dog fitness classes will help drive the overall pet industry,” said Travis Conway, managing director of SDR Ventures. “Fit-ness monitors are also becoming popular.”

As always, convenience and technol-ogy have combined on the pet side, as price-conscious consumers look to apps for savings opportunities. “Continued online penetration into retail sales is inevitable, and Internet and mobile apps are especially well-suited to ‘info-centric’ superpremium and alternative pet food and nutrition products,” said David Sprinkle, research director for Packaged Facts. “Pet food manufacturers not strategizing around the auto subscription/home delivery trend for pet food may become Amazon delivery truck road kill, at least in terms of younger and urban consumers. In addition, savvy marketers will increasingly deploy mo-bile apps that combine a substantive pet health and wellness mission with auto sub-scription, digital coupon and promotion, and loyalty/reward program features.”

Research #12 | True Leaf Medicine International Ltd.8

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that True Leaf Medi-cine International Ltd. or any other company or market will perform as expected; that True Leaf will start producing saleable prod-ucts; that True Leaf or its partner(s) can and will start producing and selling any kinds of products; that the company can raise suffi-cient funds for product development and/or production; that any of the mentioned plans are valid or economic. Such statements in-volve known and unknown risks, uncertain-ties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting medical marijuana and/or hemp-fo-cussed companies are generally disclosed in the annual financial or other filing docu-ments of True Leaf Medicine International Ltd. and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to True Leaf Medicine International Ltd., a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and per-mits; the ability to conclude a transaction to start or continue product development and distribution; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital re-quirements for development, construction, and operating of a facility; the receipt in a timely fashion of further permitting for its legislative, political, social or economic de-velopments in the jurisdictions in which True Leaf Medicine International Ltd. carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by True Leaf Medicine International Ltd., the author’s employer Zimtu will benefit from appreciation of True Leaf Medicine International Ltd.’s stock price. In addition, the author owns shares of True Leaf Medicine International Ltd. and would also benefit from volume and price appreciation of its stock. In this case, True Leaf Medicine International Ltd. has one or more common directors with Zimtu Capital Corp. Thus, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but strictly as an advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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