Hinde Capital

Hinde Gold Fund
Singularity Transcendent Money

Gold Symposium, Sydney Australia
November 2011

All material is compiled from sources believed to be accurate, but no accuracy can be guaranteed.
The presentation is for information purposes only and is not a solicitation to invest.
Unauthorized reproduction or distribution is strictly prohibited.

HINDE GOLD FUND November 2011
Condential
SINGULARITY TRANSCENDENT MONEY
KEY CONCEPTS
Singularity
Exponential vs Linear Growth Trends
Law of Accelerating Returns vs Law of Diminishing Returns
Financial Oppression
Internet Reformation
Transcendent Money
Monetary Singularity
02


Condential
SINGULARITY - MATHEMATICAL
Source: Ray Kurzweil, 1999
03


Condential
SINGULARITY SCHWARZCHILD BLACK HOLE
04

SINGULARITY MOTHER OF ALL
Big Bang - (Keplers) Supernova nucleosynthesis.
05

Condential


Condential
SINGULARITY TECHNOLOGICAL
The singularity will allow us to transcend the limitations of our biological bodies and brains.
There will be no distinction, post singularity, between human and machine.
06
COUNTDOWN TO SINGULARITY


Condential
SINGULARITY EXPONENTIAL TREND
Linear vs Exponential trend growth. Note the initial imperceptible growth which accelerates
at a point in time called the Knee of the curve.
07
LINEAR VS EXPONENTIAL GROWTH


Condential
SINGULARITY LAW OF ACCELERATING RETURNS
Exponential curve on Log Scale the exponential of the rate of exponential.
08
EXPONENTIAL GROWTH OF COMPUTING


Condential
SINGULARITY MOORES LAW
Dynamic RAM (Random Access Memory) illustrates Moores Law.
DRAM size shrink by half every 5.4 years.
Cost of DRAM per square millimeter falling - DRAM bits per dollar doubles every 1.5 years.
09
DYNAMIC RAM PRICE DYNAMIC RAM
SINGULARITY - PRODUCTIVITY
Half-lifes or Doubling times.


Condential
10


Condential
SINGULARITY PROGRESSIVE PURCHASING POWER
11
PROCESSOR PERFORMANCE


Condential
SINGULARITY PRODUCTIVITY
Demand outstrips deation in cost of information technologies.
12
TOTAL BITS SHIPPED

SINGULARITY PRODUCTIVITY MIRACLE?
Real GDP growth. A productivity miracle or a function of credit expansion?
13

Condential
REAL GROSS DOMESTIC PRODUCT


Condential
SINGULARITY LAW OF DIMINISHING RETURNS
Source: Marc Faber Gloom Doom Boom Report
14
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
S
e
p
-
6
0
S
e
p
-
6
3
S
e
p
-
6
6
S
e
p
-
6
9
S
e
p
-
7
2
S
e
p
-
7
5
S
e
p
-
7
8
S
e
p
-
8
1
S
e
p
-
8
4
S
e
p
-
8
7
S
e
p
-
9
0
S
e
p
-
9
3
S
e
p
-
9
6
S
e
p
-
9
9
S
e
p
-
0
2
S
e
p
-
0
5
S
e
p
-
0
8
Annual change in GDP divided by the annual change in total debt to GDP, 4Q mov average.

DIMINISHING RETURNS FROM AN ADDITIONAL $1 OF DEBT IN THE US ECONOMY


Condential
SINGULARITY LINEAR DEBT TRENDS
15
400%
200%
0%
-200%
-400%
-600%
-800%
-10,00%
-1,200%
-1,400%
-1,600%
-1,800%
Italy Germany France Portugal United
States
United
Kingdom
Spain Ireland Greece
Source: EU Commission, Eurostat, CBO, IMF, Morgan Stanley Research
TOTAL DEBT & LIABILITIES AS % OF GDP
Cost of ageing Structural deficit Initial debt level


Condential
SINGULARITY EXPONENTIAL DEBT TRENDS
16
0.0
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
D
e
c
-
5
8
D
e
c
-
6
0
D
e
c
-
6
2
D
e
c
-
6
4
D
e
c
-
6
6
D
e
c
-
6
8
D
e
c
-
7
0
D
e
c
-
7
2
D
e
c
-
7
4
D
e
c
-
7
6
D
e
c
-
7
8
D
e
c
-
8
0
D
e
c
-
8
2
D
e
c
-
8
4
D
e
c
-
8
6
D
e
c
-
8
8
D
e
c
-
9
0
D
e
c
-
9
2
D
e
c
-
9
4
D
e
c
-
9
6
D
e
c
-
9
8
D
e
c
-
0
0
D
e
c
-
0
2
D
e
c
-
0
4
D
e
c
-
0
6
D
e
c
-
0
8
D
e
c
-
1
0
D
e
c
-
1
2
M2 (USD billion) Exponential Forcast
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
D
e
c
-
5
8
D
e
c
-
6
0
D
e
c
-
6
2
D
e
c
-
6
4
D
e
c
-
6
6
D
e
c
-
6
8
D
e
c
-
7
0
D
e
c
-
7
2
D
e
c
-
7
4
D
e
c
-
7
6
D
e
c
-
7
8
D
e
c
-
8
0
D
e
c
-
8
2
D
e
c
-
8
4
D
e
c
-
8
6
D
e
c
-
8
8
D
e
c
-
9
0
D
e
c
-
9
2
D
e
c
-
9
4
D
e
c
-
9
6
D
e
c
-
9
8
D
e
c
-
0
0
D
e
c
-
0
2
D
e
c
-
0
4
D
e
c
-
0
6
D
e
c
-
0
8
D
e
c
-
1
0
D
e
c
-
1
2
Total Debt (USD billion) Exponential Forcast
THE US M2 FITTED TO AN EXPONENTIAL TREND THE US TOTAL DEBT (IN USD BILLION) FITTED TO AN EXPONENTIAL TREND


Condential
SINGULARITY LOG MONETARY TREND
17
6.0
6.5
7.0
7.5
8.0
D
e
c
-
9
5
J
u
l
-
9
6
F
e
b
-
9
7
S
e
p
-
9
7
A
p
r
-
9
8
N
o
v
-
9
8
J
u
n
-
9
9
J
a
n
-
0
0
A
u
g
-
0
0
M
a
r
-
0
1
O
c
t
-
0
1
M
a
y
-
0
2
D
e
c
-
0
2
J
u
l
-
0
3
F
e
b
-
0
4
S
e
p
-
0
4
A
p
r
-
0
5
N
o
v
-
0
5
J
u
n
-
0
6
J
a
n
-
0
7
A
u
g
-
0
7
US MONETARY BASE (LOG TERMS)


Condential
SINGULARITY MONEY VELOCITY
18
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
J
u
n
-
6
1
J
u
n
-
6
4
J
u
n
-
6
7
J
u
n
-
7
0
J
u
n
-
7
3
J
u
n
-
7
6
J
u
n
-
7
9
J
u
n
-
8
2
J
u
n
-
8
5
J
u
n
-
8
8
J
u
n
-
9
1
J
u
n
-
9
4
J
u
n
-
9
7
J
u
n
-
0
0
J
u
n
-
0
3
J
u
n
-
0
6
J
u
n
-
0
9
Recessions Monetary Velocity YoY
MONETARY VELOCITY YOY


Condential
SINGULARITY PUMPTY PUMPTY PUMP...
19


Condential
SINGULARITY E.F.S.F.
European Financial Stability Facility or European FUBAR Slush Fund?
It is tied to higher risks of losses and to increased sharing of risks. The way they are constructed,
the leveraging instruments are not too different from those which are responsible for creating
the crisis, because they are concealed risks.
Jens Weidmann, President of the German Bundesbank
20


Condential
21
SINGULARITY MONOLINE
AMBAC: the muni and sub-prime monoline insurer.
A taste of things to come for the EFSF monoline insurer?
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
J
u
l
-
9
1
J
u
l
-
9
2
J
u
l
-
9
3
J
u
l
-
9
4
J
u
l
-
9
5
J
u
l
-
9
6
J
u
l
-
9
7
J
u
l
-
9
8
J
u
l
-
9
9
J
u
l
-
0
0
J
u
l
-
0
1
J
u
l
-
0
2
J
u
l
-
0
3
J
u
l
-
0
4
J
u
l
-
0
5
J
u
l
-
0
6
J
u
l
-
0
7
J
u
l
-
0
8
J
u
l
-
0
9
J
u
l
-
1
0
J
u
l
-
1
1
AMBAC US (SHARE PRICE)


Condential
SINGULARITY GLOBAL MONETARY TRENDS
UK QE has been 45% bigger than the Feds QE.
22
0
100,000
200,000
300,000
400,000
500,000
600,000
J
u
n
-
0
6
S
e
p
-
0
6
D
e
c
-
0
6
M
a
r
-
0
7
J
u
n
-
0
7
S
e
p
-
0
7
D
e
c
-
0
7
M
a
r
-
0
8
J
u
n
-
0
8
S
e
p
-
0
8
D
e
c
-
0
8
M
a
r
-
0
9
J
u
n
-
0
9
S
e
p
-
0
9
D
e
c
-
0
9
M
a
r
-
1
0
J
u
n
-
1
0
S
e
p
-
1
0
D
e
c
-
1
0
M
a
r
-
1
1
J
u
n
-
1
1
S
e
p
-
1
1
0
500
1,000
1,500
2,000
2,500
3,000
3,500
J
u
n
-
0
6
S
e
p
-
0
6
D
e
c
-
0
6
M
a
r
-
0
7
J
u
n
-
0
7
S
e
p
-
0
7
D
e
c
-
0
7
M
a
r
-
0
8
J
u
n
-
0
8
S
e
p
-
0
8
D
e
c
-
0
8
M
a
r
-
0
9
J
u
n
-
0
9
S
e
p
-
0
9
D
e
c
-
0
9
M
a
r
-
1
0
J
u
n
-
1
0
S
e
p
-
1
0
D
e
c
-
1
0
M
a
r
-
1
1
J
u
n
-
1
1
S
e
p
-
1
1
BANK OF ENGLAND TOTAL ASSETS ECB TOTAL ASSETS


Condential
SINGULARITY GLOBAL MONETARY TRENDS
The illusion of sobriety.
23
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
A
u
g
-
1
1
O
c
t
-
1
1
Agencies MBS US Treasuries
COMPOSITION OF FED BALANCE SHEET, SECURITIES PORTFOLIO
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
A
p
r
-
9
8
O
c
t
-
9
8
A
p
r
-
9
9
O
c
t
-
9
9
A
p
r
-
0
0
O
c
t
-
0
0
A
p
r
-
0
1
O
c
t
-
0
1
A
p
r
-
0
2
O
c
t
-
0
2
A
p
r
-
0
3
O
c
t
-
0
3
A
p
r
-
0
4
O
c
t
-
0
4
A
p
r
-
0
5
O
c
t
-
0
5
A
p
r
-
0
6
O
c
t
-
0
6
A
p
r
-
0
7
O
c
t
-
0
7
A
p
r
-
0
8
O
c
t
-
0
8
A
p
r
-
0
9
O
c
t
-
0
9
A
p
r
-
1
0
O
c
t
-
1
0
A
p
r
-
1
1
JAPAN BOJ BALANCE SHEET TOTAL ASSETS (100 MILL JPY)


Condential
SINGULARITY PRICE TRENDS
QE impact on corporate bond spreads, S&P500, Commodities and Dollar.
24
300
350
400
450
500
550
600
650
700
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
J
u
l-
0
8
O
c
t
-
0
8
J
a
n
-
0
9
A
p
r
-
0
9
J
u
l-
0
9
O
c
t
-
0
9
J
a
n
-
1
0
A
p
r
-
1
0
J
u
l-
1
0
O
c
t
-
1
0
J
a
n
-
1
1
A
p
r
-
1
1
J
u
l-
1
1
O
c
t
-
1
1
400
420
440
460
480
500
QE1
On Hold to 2013
Continuous Commodity Index
Asian Currency Index (RHS)
QE2
CONTINUOUS COMMODITY INDEX AND ASIAN CCY INDEX
500
700
900
1,100
1,300
1,500
1,700
1,900
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
J
u
l-
0
8
O
c
t
-
0
8
J
a
n
-
0
9
A
p
r
-
0
9
J
u
l-
0
9
O
c
t
-
0
9
J
a
n
-
1
0
A
p
r
-
1
0
J
u
l-
1
0
O
c
t
-
1
0
J
a
n
-
1
1
A
p
r
-
1
1
J
u
l-
1
1
O
c
t
-
1
1
QE1
QE2
On Hold to 2013
S&P
BAA Corp Spread (scaled)
BAA CORP SPREAD AND S&P RATIO


Condential
SINGULARITY COMMODITY VS FIAT PAPER MONEY
Gold price (y) or (1/x) is an inverse function of paper money (x).
25
Purch asing Power of Fiat Money (incr easing) >
Gold Price
PURCHASING POWER OF FIAT MONEY AND THE GOLD PRICE


Condential
SINGULARITY FINANCIAL OPPRESSION
Monetary and Fiscal Policy at a practical limit
Financial Legislation, regulation and taxation enables Capital Conscription
Conscripted Capital ie grab capital mandatorily
s Quantitative and Qualitative Easing (nancial repression)

s Dodd-Frank esque Global Financial Regulation Acts

s Nationalisation of Money Centres and Pension companies

s FATCA, FTT or Tobin Tax, Double Tax Treaties (US, UK and Switzerland)
s Mining Taxes, Windfall Taxes, Nationalisation of Mines
26


Condential
Game of Twist(er) anyone?
27
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
J
a
n
-
8
0
J
a
n
-
8
2
J
a
n
-
8
4
J
a
n
-
8
6
J
a
n
-
8
8
J
a
n
-
9
0
J
a
n
-
9
2
J
a
n
-
9
4
J
a
n
-
9
6
J
a
n
-
9
8
J
a
n
-
0
0
J
a
n
-
0
2
J
a
n
-
0
4
J
a
n
-
0
6
J
a
n
-
0
8
J
a
n
-
1
0
US 30Y GOVERNMENT BOND YIELDS


Condential
Net central bank purchases of US Treasuries as a % of total issuance.
Central Bank printers nancing US government.
Source: Russell Napier, CLSA 28
HINDE GOLD FUND OUTPERFORMANCE
(BASED AT 100 ; OCTOBER 2008)
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
Cumulative Net Overall Alpha
Cumulative Strategic (Gross)
Cumultaive Juniors (Gross)
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NET CENTRAL - BANK PURCHASES OF US TREASURIES AS A % OF ISSUANCE
(%)
FOREIGN CENTRAL BANKS SHARE OF TREASURY MARKET HAS PEAKED
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
SHARE OF TREASURY MARKET NOT OWNED BY CENTRAL BANKS
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
US PAPER COMMERCIAL OUTSTANDING
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
US CORPORATE PROFITS AFTER TAX (NIPA DATA)
AND S&P500 REPORTED EPS
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
US CORPORATE PROFITS AFTER TAX
S&P500 REPORTED EARNINGS (RHS)
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10
CORPORATE TAX TAKE AS A % OF GDP


Condential
Foreign central banks Treasury market share peaked at close to 40%.
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10


Condential
Treasury Market share not owned by central banks.
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10


Condential
US commercial paper outstanding is falling as government issuance crowds out private sector.
Source: Russell Napier, CLSA
31
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10


Condential
Corporate prots too high in US.
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10


Condential
Corporate tax rate only going to rise.
75
100
125
150
175
O
c
t
-
0
8
D
e
c
-
0
8
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
160
140
120
100
80
60
40
20
0
(20)
(40)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20
18
22
24
26
28
30
30
34
36
38
40
(%)
90
85
80
75
70
65
60
55
50
1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011
(%)
2007 2008 2009 2010 2011
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
(US$bn)
81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
0
90
80
70
60
50
40
30
20
10
1,100
1,100
900
800
700
600
500
400
300
200
100
0
(US$bn)
(%)
1
50
2
3
4
5
6
7
8
9
55 60 65 70 75 80 85 90 95 00 05 10


Condential
SINGULARITY OCCUPY WALL STREET
A singular misjudgment by protestors?
34


Condential
SINGULARITY INTERNET REFORMATION
An exponential social paradigm the World Wide Web.
35
MASS USE OF INVENTIONS
SINGULARITY GOVT INDUCED MONEY AMNESIA
Dalis Disintegration of Memory
A metaphor for government induced Money Amnesia?


Condential
36

SINGULARITY EVOLUTION OF FACEBOOK
Facts & gures: Since 2004
People on Facebook
More than 800 million active users
More than 50% of our active users log on to Facebook in any given day
Activity on Facebook
More than 900 million objects that people interact with (pages, groups, events and community pages)
On average, more than 250 million photos are uploaded per day
Global Reach
More than 70 languages available on the site
Platform
On average, people on Facebook install apps more than 20 million times every day
Mobile
More than 350 million active users currently access Facebook through their mobile devices
More than 475 mobile operators globally work to deploy and promote Facebook mobile products
Source: www.website-monitoring.com
37

Condential


Condential
SINGULARITY
Twitter, and Facebook more widely used in India, Indonesia vs any other countries.
38


Condential
SINGULARITY THE FACEBOOK REVOLUTION
Social consequences of the evolution of the World Wide Web.
Money wont create success, the freedom to make it will. Nelson Mandela
39


Condential
SINGULARITY DEMOTIX
A citizen journalism and photo agency website. Co-founded by Jonathan Tepper of Hinde
Capital. Now in partnership with Corbis, a Bill Gates owned company.
A Hindu woman lights lamps on the occasion of Diwali and Laxmi Puja. Diwali is popularly known as the Festival of Lights.
40


Condential
SINGULARITY TRANSFORMATIONAL TECHNOLOGY
Snaptu: A world of free apps on any phone!
Social networking & lifestyle applications running in the Cloud.
s Founded August 2007, acquired by Facebook April 2011 for $70m
s 42m users, growing at 3.5m per month
s Funded by Sequoia Capital (Google, YouTube, Yahoo)
41


Condential
SINGULARITY EXPONENTIAL ADOPTION RATES
Source: Snaptu marketing presentation 2011
42
45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
J
A
N

0
9
M
A
R

0
9
M
A
Y

0
9
J
U
L

0
9
S
E
P

0
9
N
O
V

0
9
J
A
N

1
0
M
A
R

1
0
M
A
Y

1
0
J
J
U
L

1
0
S
E
P

1
0
N
O
V

1
0
J
A
N

1
1
M
A
R

1
1
0
TOTAL SNAPTU UNIQUE USERS
POWER LAW OF PARTICIPATION
COLLABORATIVE
INTELLIGENCE
COLLECTIVE
INTELLIGENCE
PERIPHERY CORE
HIGH
ENGAGEMENT
WITH
COMMUNITY
LOW THRESHOLD WITH TOOL
READ
FAVORITE
TAG
COMMENT
SUBSCRIBE
SHARE
NETWORK
WRITE
REFACTOR
COLLABORATE
MODERATE
LEAD


Condential
SINGULARITY POWER LAW OF PARTICIPATION
Power Law of Participation. Content created by the few taken up by the many.
43
45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
J
A
N

0
9
M
A
R

0
9
M
A
Y

0
9
J
U
L

0
9
S
E
P

0
9
N
O
V

0
9
J
A
N

1
0
M
A
R

1
0
M
A
Y

1
0
J
J
U
L

1
0
S
E
P

1
0
N
O
V

1
0
J
A
N

1
1
M
A
R

1
1
0
TOTAL SNAPTU UNIQUE USERS
POWER LAW OF PARTICIPATION
COLLABORATIVE
INTELLIGENCE
COLLECTIVE
INTELLIGENCE
PERIPHERY CORE
HIGH
ENGAGEMENT
WITH
COMMUNITY
LOW THRESHOLD WITH TOOL
READ
FAVORITE
TAG
COMMENT
SUBSCRIBE
SHARE
NETWORK
WRITE
REFACTOR
COLLABORATE
MODERATE
LEAD
US $ Trillion US $ Trillion


Condential
SINGULARITY EXPONENTIAL ASSET GROWTH
Global fnancial assets have risen 17-fold over the last 3 decades from $12.3 trillion
to nearly $210 trillion.
Gold has not kept up with this rate of growth, and this doesn't account for the quadrillion
dollars in worldwide derivatives.
Source: World Federation of Exchanges, The Economist, McKinsey, IMF and CPM Group
44
Percent Percent


Condential
SINGULARITY GOLD ADOPTION RATES LOW
Gold investor holdings stands at $2.0 trillion (Nov 2011j, 0.96% of Global Financial Assets (GFAj.
ln 2000 gold holdings were worth $227 billion, or 0.2% of GFA, but this isn't the whole story...
Source: World Federation of Exchanges, The Economist, McKinsey, IMF and CPM Group, as of end of Dec. 2010
45
Gold Investor Holdings = 0.96% of Global Financial Assets (Nov 2011)


Condential
SINGULARITY GOLD ADOPTION RATES LOW
s Today 0.2% would be worth $1.45 trillion ($1800 troy oz. Auj or 0.7% of Global Financial
Assets (GFAj.
s Therefore new investment gold only provided 0.26% increase in % gold holdings.
s ln 1968 to 1970 % gold holdings of GFA = 5%, to attain this % at current values of gold
($1,800j, $10.4 trillion dollars need to be invested.
s $10.4 trillion is equivalent to 5.8 billion troy oz at $1,800 or 1.2 x gold ever produced.
s 5.8 billion troy oz. is 3.6 x known gold reserves (based on US Geological Surveyj.
s Clearly not only is public ownership miniscule, but to return to the 70s % holdings requires
too much gold than these prices can handle.
s This transfer of gold will take place at much higher prices.
46


Condential
47
SINGULARITY GOLD NOT EXPONENTIAL YET
The US monetary base is backed 15% by gold.
0%
20%
40%
60%
80%
100%
120%
140%
160%
1920 1930 1940 1950 1960 1970 1980 1990 2000 2010
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
$2,400
$2,700
Gold Reserves to
Money Supply Ratio Low
(Gold Undervalued)
Gold Reserves to Money
Supply Ratio High
(gold Exp ensive)
Money Supply
Doubles
G
o
l
d

R
e
s
e
r
v
e
s

a
s

P
e
r
c
e
n
t

M
o
n
e
y

S
u
p
p
l
y
US GOLD RESERVES AND MONEY SUPPLY


Condential
SINGULARITY GOLD LINEAR PRICE TARGETS
Gold is re-setting. The minimum target is US$4,000 formulated on 40% base money,
which is the non-levered component ie exclusive of credit. This is the linear price target.
48
$10
$100
$1,000
$10,000
1
9
2
0
1
9
4
5
1
9
5
4
1
9
5
9
1
9
6
4
1
9
6
9
1
9
7
4
1
9
7
9
1
9
8
3
1
9
8
8
1
9
9
3
1
9
9
8
2
0
0
3
2
0
0
8
100% of Monetary Base = $10,158/oz
40% of Monetary Base = $4,063/oz
Actual Spot Gold Price = $1,720/oz
P
r
i
c
e

o
f

G
o
l
d

(
$

o
z
)
100% Monetary Base 40% Monetary Base
Spot Gold Px
US GOLD RESERVES AND GOLD PRICE


Condential
SINGULARITY GOLD EXPONENTIAL PRICE TARGETS
Gold is re-setting itself. The conuence of existing exponential global monetary growth,
plus the spread of gold information virally via the Web will lead to rejection of at currency.
49
*The underlying methodology is worth emphasizing.
Global means the ECB, Fed and the PBOC (China)
The implied value of Gold is found by taking the average gold backing 2010/11 times latest gold price and assuming a 40% backing
The gold used as backing of the money supply is equal to the latest holdings of Gold in FX reserves held by the ECB, the Fed and the PBOC (IMF data)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
J
a
n
-
9
9
J
u
l-
9
9
J
a
n
-
0
0
J
u
l-
0
0
J
a
n
-
0
1
J
u
l-
0
1
J
a
n
-
0
2
J
u
l-
0
2
J
a
n
-
0
3
J
u
l-
0
3
J
a
n
-
0
4
J
u
l-
0
4
J
a
n
-
0
5
J
u
l-
0
5
J
a
n
-
0
6
J
u
l-
0
6
J
a
n
-
0
7
J
u
l-
0
7
J
a
n
-
0
8
J
u
l-
0
8
J
a
n
-
0
9
J
u
l-
0
9
J
a
n
-
1
0
J
u
l-
1
0
J
a
n
-
1
1
J
u
l-
1
1
24,504
63,849
16,336
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Global M2 Total Credit (US) US M2
GLOBAL MONEY SUPPLY BACKED BY GOLD IMPLIED GOLD PRICE IN USD ASSUMING 40% BACKING
OF MONEY SUPPLY


Condential
SINGULARITY AUSSIE GOLD HOLDINGS
If we assume a 40% backing of gold using the gold reserves of Australia, the gold price in
USD would be 232,857 USD, but clearly this gure is nonsensical as Australian gold holdings
are next to none!
50
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
N
o
v
-
8
4
N
o
v
-
8
5
N
o
v
-
8
6
N
o
v
-
8
7
N
o
v
-
8
8
N
o
v
-
8
9
N
o
v
-
9
0
N
o
v
-
9
1
N
o
v
-
9
2
N
o
v
-
9
3
N
o
v
-
9
4
N
o
v
-
9
5
N
o
v
-
9
6
N
o
v
-
9
7
N
o
v
-
9
8
N
o
v
-
9
9
N
o
v
-
0
0
N
o
v
-
0
1
N
o
v
-
0
2
N
o
v
-
0
3
N
o
v
-
0
4
N
o
v
-
0
5
N
o
v
-
0
6
N
o
v
-
0
7
N
o
v
-
0
8
N
o
v
-
0
9
N
o
v
-
1
0
AUSTRALIAN MONEY SUPPLY (M3) BACKED BY GOLD


Condential
SINGULARITY AUSSIE GOLD PROTECTION
Aussie house prices have increased strongly in AUD terms, but they have fallen in gold terms.
In addition, there seems to be a good correlation between declines in house prices
(in AUD terms) and the price of gold (in AUD terms).
An investment in gold for an AUD dominated investor with a high exposure to the real estate
market is a good hedge.
51
-10%
-5%
0%
5%
10%
D
e
c
-
0
2
A
p
r
-
0
3
A
u
g
-
0
3
D
e
c
-
0
3
A
p
r
-
0
4
A
u
g
-
0
4
D
e
c
-
0
4
A
p
r
-
0
5
A
u
g
-
0
5
D
e
c
-
0
5
A
p
r
-
0
6
A
u
g
-
0
6
D
e
c
-
0
6
A
p
r
-
0
7
A
u
g
-
0
7
D
e
c
-
0
7
A
p
r
-
0
8
A
u
g
-
0
8
D
e
c
-
0
8
A
p
r
-
0
9
A
u
g
-
0
9
D
e
c
-
0
9
A
p
r
-
1
0
A
u
g
-
1
0
D
e
c
-
1
0
A
p
r
-
1
1
A
u
g
-
1
1
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
Gold in AUD, QoQ, smoothed Australian House Prices, QoQ (inverse)
45
65
85
105
125
145
165
D
e
c
-
0
2
A
p
r
-
0
3
A
u
g
-
0
3
D
e
c
-
0
3
A
p
r
-
0
4
A
u
g
-
0
4
D
e
c
-
0
4
A
p
r
-
0
5
A
u
g
-
0
5
D
e
c
-
0
5
A
p
r
-
0
6
A
u
g
-
0
6
D
e
c
-
0
6
A
p
r
-
0
7
A
u
g
-
0
7
D
e
c
-
0
7
A
p
r
-
0
8
A
u
g
-
0
8
D
e
c
-
0
8
A
p
r
-
0
9
A
u
g
-
0
9
D
e
c
-
0
9
A
p
r
-
1
0
A
u
g
-
1
0
D
e
c
-
1
0
A
p
r
-
1
1
A
u
g
-
1
1
In AUD In Gold
AUSTRALIA ESTABLISHED HOUSE PRICE INDEX
(2003 - 2004 = 100)
AUSTRALIA ESTABLISHED HOUSE PRICE INDEX IN AUD AND GOLD
(2003 - 2004 = 100)


Condential
SINGULARITY HYPER
(
BOLE
)
METAL CRITICALITY?
52
y = 2E-13x
4
- 2E-08x
3
+ 0.0011x
2
- 21.005x + 152036
-1,000.0
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
6,000.0
7,000.0
D
e
c
-
5
8
D
e
c
-
6
1
D
e
c
-
6
4
D
e
c
-
6
7
D
e
c
-
7
0
D
e
c
-
7
3
D
e
c
-
7
6
D
e
c
-
7
9
D
e
c
-
8
2
D
e
c
-
8
5
D
e
c
-
8
8
D
e
c
-
9
1
D
e
c
-
9
4
D
e
c
-
9
7
D
e
c
-
0
0
D
e
c
-
0
3
D
e
c
-
0
6
D
e
c
-
0
9
D
e
c
-
1
2
D
e
c
-
1
5
D
e
c
-
1
8
D
e
c
-
2
1
Gold USD per oz 4th order polynomial forecast
GOLD PRICE IN US DOLLAR FITTED TO A POLYNOMIAL TREND


Condential
SINGULARITY CRITICAL EVENTS
Silver Criticality a taste of what is to come?
A mini-parabola in Silver manifested by Internet Chatter about Silver shortages.
Originated by a few spread by a many.
53


Condential
SINGULARITY HYPER
(
BOLE
)
INFLATION?
High (Hyper) Ination is a political occurrence.
The gures demonstrate clearly that decits amounting to 40 per cent or more expenditures
cannot be maintained. They lead to high ination and hyperinations...
Peter Bernholz Monetary Regimes & Ination pp.71
High (hyper) ination is caused by nancing huge public decits through money creation.
Even 20% decits were behind but four cases of hyperination.
The US government decit is 10% of GDP, but currently the US decit is over 30% of all
government spending. The world reserve currency is in the red.
54


Condential
SINGULARITY HYPERINFLATION
Decit levels relative to expenditures before hyperination.
Source: Monetary Regimes and Ination, Peter Bernholz
55
BUDGET DEFICITS BEFORE FIVE HYPERINFLATIONS
30%
-4 -3 -2 -1 0 1
20%
40%
60%
FRANCE
80%
100%
Years prior to money reform
%

o
f

S
p
e
n
d
i
n
g

m
o
n
e
t
i
s
e
d
BOLIVIA
BRAZIL
POLAND
GERMANY


Condential
SINGULARITY MONEY ALIVE OR DEAD?
56


Condential
SINGULARITY MONETARY SINGULARITY
57
SINGULARITY
LAW OF ACCELERATING RETURNS
LAW OF DIMINISHING RETURNS
FINANCIAL OPPRESSION
INTERNET REFORMATION
TRANSCENDENT MONEY
MONETARY SINGULARITY
TRANSCENDENT MONE


Condential
SINGULARITY
Gold the secret key to the nancial universe.
58


Condential
HINDE GOLD FUND
Hinde Gold Fund maintains a managed long exposure to the precious metals
complex, primarily physical gold bullion. The Fund offers investors the opportunity
to seek preservation of, and an increase in, capital.
s The Fund targets a signicant return in excess of its designated benchmark,
the USD spot gold bullion price.
s The core of the Funds investment is in allocated physical gold stored in secure vaults
in a leading Swiss private bank, Julius Baer.
s The Fund provides exposure to the upside appreciation in the precious metals sector while
smoothing out downside volatility.
s The Fund also has an allocation to companies engaged in mining, exploration and production
in the precious metals sector.
59


Condential
60
HINDE GOLD FUND TRACK RECORD


Condential
61
HGF NOW 79% AHEAD OF ITS BENCHMARK
From November 2008 (until October 2011), gold is up 136%, while HGF is up 215%.
This equates to an outperformance of 79% points, net of all fees.
HGF - TOTAL 'OUTPERFORMANCE' TO GOLD FROM NOV 2008
-10%
10%
30%
50%
70%
90%
F
e
b
-
0
9
A
p
r
-
0
9
J
u
n
-
0
9
A
u
g
-
0
9
O
c
t
-
0
9
D
e
c
-
0
9
F
e
b
-
1
0
A
p
r
-
1
0
J
u
n
-
1
0
A
u
g
-
1
0
O
c
t
-
1
0
D
e
c
-
1
0
F
e
b
-
1
1
A
p
r
-
1
1
J
u
n
-
1
1
A
u
g
-
1
1
O
c
t
-
1
1
HGF's outperformance to gold in % pts
from November 2008 stands at almost
79% (net of fees).


Condential
s HGF is solidly outperforming other gold funds.
s Hinde Gold Fund is outperforming its benchmark. The benchmark until October 2008 was 50%
gold and 50% gold equities. From November 2008 onwards, the benchmark has been 100% gold.
62
HGF ABOVE ITS BENCHMARK
20
70
120
170
220
J
a
n
-
0
8
A
p
r
-
0
8
J
u
l
-
0
8
O
c
t
-
0
8
J
a
n
-
0
9
A
p
r
-
0
9
J
u
l
-
0
9
O
c
t
-
0
9
J
a
n
-
1
0
A
p
r
-
1
0
J
u
l
-
1
0
O
c
t
-
1
0
J
a
n
-
1
1
A
p
r
-
1
1
J
u
l
-
1
1
O
c
t
-
1
1
Benchmark was 50% gold/50% gold equities
until October 2008. Thereafter, the benchmark
has been 100% gold.
Well Known Gold Equity Fund I Benchmark
Hinde Gold Fund Well Known Gold Equity Fund II


Condential
HINDE GOLD FUND - LOWER VOLATILITY
s Hinde Gold Funds volatility has been very close to that of its benchmark.
s Other funds have displayed considerably more volatility.
63
HGF - LOW VOLATILITY (12M VOL, ANNUALIZED)
0%
10%
20%
30%
40%
50%
60%
70%
J
a
n
-
0
9
M
a
r
-
0
9
M
a
y
-
0
9
J
u
l
-
0
9
S
e
p
-
0
9
N
o
v
-
0
9
J
a
n
-
1
0
M
a
r
-
1
0
M
a
y
-
1
0
J
u
l
-
1
0
S
e
p
-
1
0
N
o
v
-
1
0
J
a
n
-
1
1
M
a
r
-
1
1
M
a
y
-
1
1
J
u
l
-
1
1
S
e
p
-
1
1
HGF has shown less volatility in its returns
than other well-known gold funds
Well Known Gold Equity Fund I Benchmark
Hinde Gold Fund Well Known Gold Equity Fund II


Condential
64
HINDE GOLD FUND OUTPERFORMANCE: QOQ
HINDE GOLD FUND: QUARTER ON QUARTER SOURCE OF ALPHA GENERATION
-10%
-5%
0%
5%
10%
15%
20%
Q
3

2
0
1
1
Q
2

2
0
1
1
Q
1

2
0
1
1
Q
4

2
0
1
0
Q
3

2
0
1
0
Q
2

2
0
1
0
Q
1

2
0
1
0
Q
4

2
0
0
9
Q
3

2
0
0
9
Q
2

2
0
0
9
Q
1

2
0
0
9
Q
4

2
0
0
8
Overall Alpha (Net) Bullion Strategy (Gross) Juniors (Gross)


Condential
WHY HINDE GOLD FUND?
s Hinde Gold Fund exposes investors to upside appreciation in the precious metals sector
while smoothing out any downside volatility.
s ETFs track the gold price, with a cost. They are also a paper promise: there is no direct gold
ownership. Other funds merely exaggerate the gold price, potentially losing investors more
on the downside, and with higher return volatility.
s Hinde Gold Fund aims to signicantly outperform the spot gold price each year, net of all fees.
Spot Gold -25% -15% 0% +15% +25%
Typical ETF -25.4% -15.4% -0.4% +14.6% +24.6%
Typical
Gold Equity -50% -30% 0% +30% +50%
Fund
Hinde GF* -10% 0% +15% +30% +40%
(table is illustrative)
*Idealized returns on a 12m rolling basis for given return in gold.
Actual return may deviate from this.
65


Condential
66
HINDE GOLD FUND INVESTMENT SUMMARY
Hinde Gold Fund is an ideal way to gain exposure to a managed investment in gold:
s A long bias gold bullion fund, which smooths downside volatility
s Aim to create a solid return above the USD spot gold price
s Invests up to 25% in small-cap gold mining holdings; average is 15%
s A secure method of owning allocated physical gold (held in Swiss Private Bank, Julius Baer)
s Three share classes available: USD, EUR and GBP
s A liquid investment no subscription or redemption fees, and same month dealing
s Listed on the Cayman Stock Exchange


Condential
67
HINDE CAPITAL: A HIGHLY SECURE INVESTMENT
ETFs and other vehicles for gold investment have inherent risks investors may be unaware of.
An investment in gold should hedge out all possible credit risks. Hinde Gold Fund achieves this
by investing in allocated gold bullion.
Hinde Gold Fund employs KPMG Switzerland to undertake an annual audit of its gold holdings.
Allocated Gold Bullion (stored at secure vaults in viable jurisdiction)
Unallocated Gold Bullion
Comex & Tocom Futures
(warning potential hotspot)
Physical Bullion ETFs
(warning hotspot)
Swaps & Derivatives
Other
Wealth Store
Default Risk
Safer
Increased Risk
Default Risk
Wealth Store
Increased Risk
Safer


Condential
68
HINDE CAPITAL: ORGANIZATION
Hinde Capitals structure ensures the Firms operations are thoroughly audited and transparent.
Investment Manager
Hinde Gold Fund Ltd
(BVI)
Hinde Equity
Fund Ltd (Cayman)
Auditor
KPMG (Ireland)
Hinde Gold Feeder
Fund L.P. (Delaware)
Hinde Gold Feeder
Fund Ltd (Cayman Stock
Exchange listed)
Hinde Equity Feeder
Fund L.P. (Delaware)
Hinde Equity Feeder
Fund Ltd (Cayman)
Prime Broker
Newedge (UK)
Legal UK
Cummings
Legal BVI/Catman
Appleby
Bullion Custodian
Bank Julius Bar Zurich
(Switzerland)
Administrator
Swiss Financial Services
(Ireland)


Condential
HINDE CAPITAL: INVESTMENT MANAGERS
Ben Davies (CEOj and Mark Mahaffey (CFOj, former colleagues from RBS Greenwich Capital,
established Hinde Capital in early 2007, primarily to focus on the precious metals and commodity
sector. Hinde Gold Fund, Bvl Ltd, was launched in October 2007. The Fund is now into its fourth year.
Ben Davies has over 17 years experience within fnancial and commodity markets, starting
his career in 1994 trading credit fxed-income at Credit Lyonnais. ln 1999 Ben moved to
Greenwich Capital in London where he traded multi-asset classes. He left Greenwich in 2001
following the merger with RBS and took a position as a portfolio manager for Blue Sky Capital
Australia, a Japan equity hedge fund. ln 2002 he returned to Greenwich Capital to take up the
position as Head of Fixed lncome and Macro Proprietary Trading. ln 2007 Ben co-founded
Hinde Capital with Mark Mahaffey to focus on the precious metals and commodities sectors.
Hinde Gold Fund has proven itself to be an exemplary performer in the precious metals sector.
Mark Mahaffey has 26 years experience in the international markets having held senior
posts at several leading investment banks. He trained as a fxed income specialist at Daiwa
Securities before joining Midland Montagu as Director of the US government trading desk.
ln 1990 he jointly set up the Greenwich Capital offce in London where he managed a portfolio
focusing on global macro themes, before joining lBJl in 2001. His most recent appointment
from 2005 was Managing Director of Bank of America London Proprietary desk. ln 2007 Mark
left BoA to set up Hinde Capital.
69


Condential
HINDE CAPITAL: KEY PERSONNEL
Jonathan Tepper started his career as generalist equity analyst at SAC Capital in Stamford,
Connecticut concentrating on special situations: recapitalizations, spinoffs, and restructurings.
After working alongside Mark Mahaffey at Bank of America he has worked at various funds
intensifying his research into the resource sector as both a macro and mining analyst. He is
a Rhodes Scholar with an M.Litt. in modern history from Oxford University. He graduated with
highest honours in history and economics from the University of North Carolina at Chapel Hill
in 1998.
Simon White is a University of Cambridge mathematics graduate with a background in interest
rate and proprietary trading. After graduation Simon joined JPMorgan on the USD Rates desk,
followed by a position at Bank of America as a proprietary trader, where he worked with both
Mark Mahaffey and Jonathan Tepper. After a position at a start-up macro hedge fund, he joined
Hinde Capital in October 2008.
Paul Burton is Managing Director and partner of GFMS World Gold Analyst. Paul was formerly
editor of the World Gold Analyst, a position he held for over eleven years. ln August 2002, Paul
completed a management buyout of World Gold Analyst from the Mining Communications Ltd.
Before joining the Mining Journal in 1996, Paul spent over twenty years in various positions
within the mining industry. After initially working as a mining engineer he spent much of his career
in mineral economics, most notably at Gold Fields, and minerals marketing in South Africa.
70


Condential
71
HINDE CAPITAL: CONTACT INFORMATION
Website
www.hindecapital.com
Email
Ben Davies, CEO: ben.davies@hindecapital.com
Mark Mahaffey, CFO: mark.mahaffey@hindecapital.com
Phone
+44 (0)20 7648 4600
Hinde Capital
10 New Street
London EC2M 4TP
United Kingdom


Condential
72
HINDE CAPITAL: DISCLAIMER
Hinde Gold Fund Ltd is an open-ended multi-class investment company incorporated in the British virgin lslands.
This document is issued by Hinde Capital Limited, 10 New Street, London EC2M 4TP, which is authorised and regulated by the Financial
Services Authority. This document is for information purposes only. ln no circumstances should it be used or considered as an offer to sell
or a solicitation of any offers to buy the securities mentioned in it. The information in this document has been obtained from sources believed
to be reliable, but we do not represent that it is accurate or complete. The information concerning the performance track record is given
purely as a matter of information and without legal liability on the part of Hinde Capital. Any decision by an investor to offer to buy any of the
securities herein should be made only on the basis of the information contained in the relevant Offering Memorandum. Opinions expressed
herein may not necessarily be shared by all employees and are subject to change without notice. The securities mentioned in this document
may not be eligible for sale in some states or countries and will not necessarily be suitable for all types of investor. Questions concerning
suitability should be referred to a fnancial adviser. The fnancial products mentioned in this document can fuctuate in value and may be
subject to sudden and large falls that could equal the amount invested. Changes in the rate of exchange may also cause the value of your
investment to go up and down. Past performance may not necessarily be repeated and is not a guarantee or projection of future results.
The Fund is categorised in the United Kingdom as an unregulated collective investment scheme for the purposes of the Financial Services
and Markets Act 2000 and their Shares cannot be marketed in the UK to general public other than in accordance with the provisions of
the Financial Services and Markets Act 2000 (Financial Promotionj Order 2005, the Financial Services and Markets Act 2000 (Promotion
of Collective lnvestment Schemesj (Exemptionj Order 2001, as amended, or in compliance with the rules of the Financial Services Authority
made pursuant to the FSMA. Participants in this investment are not covered by the rules and regulations made for the protection of investors
in the UK. Participants will not have the beneft of the rights designed to protect investors under the Financial Services and Markets Act
2000. ln particular, participants will lose the right to claim through the Financial Services Compensation Scheme. The securities referenced
in this document have not been registered under the Securities Act of 1933 (the 1933 Act"j or any other securities laws of any other U.S.
jurisdiction. Such securities may not be sold or transferred to U.S. persons unless such sale or transfer is registered under the 1933 Act or
is exempt from such registration. This information does not constitute tax advice. lnvestors should consult their own tax advisor or attorney
with regard to their tax situation.

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Singularity Transcendent Money

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