Kopernik Global Investors2Q 2020 Conference Call

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

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, restrictionson foreign 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 supplyof and demand for specific resources, raw materials, products and services, the price of oil and gas, exploration and production spending, government regulation, economicconditions, international political developments, energy conservation efforts and the success of exploration projects. There can be no assurances that investment objectives willbe 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 July 16, 2020 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.

© 2020 Kopernik Global Investors, LLC | Two Harbour Place | 302 Knights Run Avenue Suite 1225 | Tampa, Florida 33602 | 813.314.6100 | www.kopernikglobal.com

Important Information

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Mutual Funds40%

Separate Accounts20%

UCITS26%

Private Funds8%

Collective Investment Trusts

6%

• 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 6/30/2020)

• Kopernik Global All-Cap

• Kopernik Global Unconstrained

• Kopernik Global Long-Term Opportunities

• Kopernik International (5th Anniversary!)

Centering on Client Success

Managed AssetsMutual Funds $1,183.86 MMPrivate Funds $223.56 MMUCITS (Sub-advised) $771.46 MMSeparate Accounts $575.80 MMCollective Investment Trusts $176.79 MM

Total Firm AUM $2.931.26 MM

Advisory Only AssetsSeparate Accounts $1,257.03 MM

Total Managed and Advisory Only Assets: $4,188.29 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 June 30, 2020 are preliminary.

Total Firm AUM Breakdown

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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.

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Achieving Value through Independent Thought

$260

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$6,500

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March-20 April-20 May-20 June-20 July-20

NASDAQ vs Earning Expectations1

NASDAQ BEst EPS

Source: Bloomberg

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Investment Overview

“Through the Looking Glass” is a reference to the Lewis Carroll novel, Through the Looking Glass and What Alice Found There,which is the sequel to Alice in Wonderland. She crosses over into a bizarre universe when she enters the flipped world on the otherside of a mirror. The phrase implies unpredictability and strange happenings.

1BEst (Bloomberg Estimates) Earning Per Share (EPS) reflects the consensus estimate for adjusted earning per share. The consensus estimate is the mean of sell-side analyst estimates.

Source: Bloomberg

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In a Market where Bad News is Good News, The More Expensive a Stock Gets the Higher it is Esteemed, Can We Benefit from the

Disconnect Between Perceived Risk and Risk?

jab·ber·wock·y

/ˈjabərˌwäkē/noun

invented or meaningless language; nonsense.

8

FANGSs, ZIRP, QE-infinity – New Era or Cyclical Credulity of the Crowds?

"The time has come," the Walrus said,"To talk of many things:

Of shoes and ships and sealing-waxOf cabbages and kings

And why the sea is boiling hotAnd whether pigs have wings."Through the Looking-Glass

Oysters, Mice, the NASDAQ,

Defiant in the Face of Danger

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180 Firms Working on Vaccines and Apparently, they are all going to Win!

Market cap of all pharma (including generics): $5.5 trillion

Market cap weighted total return: 26.5%, 2648 names

Getty Images

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FAANMGs

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Growth of FAANMGs vs NASDAQ vs U.S. GDP2010 - Current

FAANG + MSFT NASDAQ U.S. Nominal GDP

Source: Bloomberg

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Investment Strategy

Time to Get Far away from the Well-travelled Public Path

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Okay,It’s Time for Value, but

What Constitutes Value?

Sometimes P/E Ratios are Low for a Reason

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Investment OverviewThrough the looking glass is a reference to the Lewis Carroll novel, Alice through the looking glass (the sequel to Alice in Wonderland. She

crosses over into a bizarre universe when she enters the flipped world on the other side of a mirror. The phrase implies unpredictability and strange happenings.

[Chart of Nasdaq v Earnings Expectations Since March 23]

Look for value at the Cyclical Nadir

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When It Comes to Cyclical Extremes…Arguably, Nothing Compares To The Current Day

Source: Bloomberg

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It is often asked: What is going to stop the momentum stocks when they have the Fed on their side? Pertinentquestion. The system is rigged, but central planners usually find that they’ve failed at attempts to override thenatural order of the universe. To simulate how prior central bank money-printing escapades have played out in thepast, the air mattress will represent the economy and what better analogue for the Fed than a pump.

THE FED THE ECONOMY

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The Fed’s stated goal of QE-1 was to inflate asset prices,

which in turn, they hoped, would trickle into the

economy.

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This section of the mattress is a fine representation of the

bond market, filling up nicely while nothing else benefitted.

So, the Fed kept pumping.

Bonds inflated some more, as the Fed hoped, so it continued

pumping in earnest (QE-2).

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Another successful step.

The rise in sovereign bond prices is accompanied by rising prices of

corporate bonds, high-yield bonds, common stocks, etc.

Outside of assets, government programs pushed the prices of

education and healthcare as well. They could have declared victory and

moved on.

But no – they introduced QE-3.

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Bonds are still rising but most of the air has migrated to previously less inflated

areas of the mattress. The inflation becomes noticeable in venture capital, private equities, derivatives, art, real estate, crypto-currency, and some

suggest - causing a ‘bubble in everything.’

The Fed claims victory but takes flack for only inflating the assets of the rich, leaving

common folks in the dust. In a no-win situation, they take even more flack when they reverse course and actually let a little

bit of air escape the mattress.

The mattress sagged and it turns out the uber rich don’t care for sleeping on rocks.

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Embarrassed that their QE exit plan is exposed as beyond unworkable, they do another one-eighty using the pandemic as an excuse. They announce QE-infinity! And state that they will do anything they

have to, to keep assets inflating. Investors are ecstatic.

Having personally witnessed a decade’s worth of QE pumping causing rapid inflation in the prices of momentum stocks, bonds, private equity, venture cap, arts, real estate, and sundry dicier assets,

investors and speculators plunge headlong into those very same, seemingly anointed beneficiaries of the Fed’s largess.

Are they correct?

Maybe. But that’s not generally

how things play out.

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History shows that one decade’s big winner is usually the next decade’s loser, as the inflation migrates on to greener pastures. It’s currently migrating into gold and a few commodities.

Eventually, it tends to move on to the general economy -

Into the things that must move up to support the staggering valuations to which the previous winners were inflated.

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Into rents, into wages required to help people afford those rents, into food, into insurance, into energy, into other commodities, and even into the value stocks that are associated with

these later stages of inflation.

Air, water, money and many other things follow the path of least resistance: they don’t go to the already pressured areas.

Massive money printing can be expected to raise the prices of many things.

But could investors be neglecting the winners of the future as they dangerously

pour into overly pressurized areas?

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The answer is even more important when one considers that the Fedrecently replaced this pump…

With this one…

What might the coming Decade have in Store?Faber’s Fictive Uncle

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1960's Own Quality Franchises

1970's Own Gold/Energy Avoid Fixed Income

1980's Own Japanese Equities Avoid Gold/Energy

1990's Own U.S. NASDAQ Avoid Japanese Equities

2000's Own Gold/Energy Avoid U.S. NASDAQ

2010's Own U.S. S&P 500 Avoid Gold/Energy

2020's What’s Disliked, Cheap, Useful? Conversely, what is Over-owned, Ultra-expensive?

LET’S EXPLORE

?

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TUSKs, Not FANGS

The Opportunity

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The Opportunity

Category Market Cap ($B)Telecom1 $ 781 Utilities1 753 Uranium 10 Silver2 583 Korea3 1,405

Total $ 3,532

1 EM Only2 And all precious metals!3 ex-Samsung: $1,144

Company Market Cap ($B)Facebook (FB) $ 679 Amazon (AMZN) 1,587 Apple (AAPL) 1,659 Netflix (NFLX) 223 Google (GOOGL) 1,034 Microsoft (MSFT) 1,625

Total $ 6,807

TUSKs, Not FANGS

Communication Services

$3,331

$318

$129

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500EV/Subscriber

Verizon KT Corp China Telecom

(3.40)

0.60 0.54

(4)

(3)

(2)

(1)

-

1

2

Price to Tangible Book Value (P/TBV)

Verizon KT Corp China Telecom

Source: Bloomberg

12.49

10.58

8.17

-

2

4

6

8

10

12

14

Price to Earnings (P/E)

Verizon KT Corp China Telecom

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As of: July 14, 2020

2.15

0.26 0.54

0.77

-

0.5

1.0

1.5

2.0

2.5Price to Book (P/B)

Utilities

19.64

2.96 5.00

7.82

-

5.0

10.0

15.0

20.0

25.0Price to Earnings (P/E)

Dow Jones Utility Average Index (UTIL)

Dow Jones Utility Average Index (UTIL)

As of: July 14, 2020

*Before a one-timeexpense

30Source: Bloomberg

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Gold, we understand, but why Miners?

Tune into our Webinar on September 10, 2020More details to be posted on Kopernikglobal.com

Canada, South Korea, Brazil, and Russia are major economies and control a large percentage of global land mass.

Source: Bloomberg

The combined market cap of their stock markets total less than $5 trillion. Microsoft, Apple, Google, and Amazon, only four companies, have a combined market cap exceeding $5.5 trillion!

$2,140

$1,651$1,560 $1,522 $1,470

$1,023

$777$676

$573

$-

$500

$1,000

$1,500

$2,000

$2,500

Canada (BloombergCanada Exchange)

Apple (AAPL) Microsoft (MSFT) Amazon (AMZN) South Korea(Bloomberg SouthKorea Exchange)

Google (GOOGL) Brazil (BloombergBrazil Exchange)

Facebook (FB) Russia (BloombergRussia Exchange)

Billio

ns

Market Capitalization As of 7/14/2020

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Korea

• The KOSPI trades 20% below its level in 2007 (US$ terms)• Index trades at 91% of Book Value

• Hyundai for example…..

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Hyundai TeslaMarket Cap ($B) 21.00 301.10 # of cars sold in 2019 (000's) 5,360 368 P/E 7.9 Negative P/CF 12.7 Negative EV/Sales 0.7 12.9 P/TB 0.4 49.4 Expected EV's in 2021 (000's) 175 625

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Size Matters

Source: Bloomberg

This is not just a U.S. phenomenon

ACWI ex-US, >$2BN Market Cap

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Scarcity Is An Important AttributeYet is currently unappreciated

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Risk is in the eye of the beholder

Arbitraging Differing Risk Perceptions

Risk Factor Conventional View Kopernik’s View

Time In the long-run we’re dead Increases value of options

Volatility Discomfort, short-term pain Resultant low-prices decrease risk

Certainty Worth a lot Is an illusion

Headlines Bad day Emotions = Mispricings

Small Cap Inconvenient Opportunity

Tracking Possible underperformance Required for outperformance

Phil McAndrew

“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 June 30, 2020 and are calculated using data from Bloomberg. Harmonic weighted average is a method of calculating an average value that lessensthe impact of large outliers. 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 26 emerging marketcountries. 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 26 emerging market countries.The MSCI All Country World Index and the MSCI All Country World ex U.S. Index are 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.

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As of June 30, 2020

1.56

0.57

2.32

0.58

Trailing P/B Ratio(Price to Book)

Global All-Cap

MSCI ACWI

Intl

MSCI ACWI ex USA

$83,582

$14,771

$10,350

Weighted Average Market Cap ($USD, Millions)

MSCI ACWI

MSCI ACWI ex USA

GAC

International

1.79

0.69

2.40

0.62

Trailing P/TBV Ratio(Price to Tangible Book Value)

Global All-Cap

MSCI ACWI

Intl

MSCI ACWI ex USA

$7,374

$5,223

$9,091

$1,413

Median Market Cap ($USD, Millions)

GAC

MSCI ACWI

International

MSCI ACWI ex USA

1.50

1.14

2.01

1.16

Trailing EV/S Ratio(Enterprise Value to Sale)

Global All-Cap

MSCI ACWI

International

MSCI ACWI ex USA

18.14

16.40

20.85

14.99

Trailing P/E Ratio(Price to Earnings)

Global All-Cap

MSCI ACWI

International

MSCI ACWI ex USA

8.15

3.46

10.85

3.59

Trailing P/CF Ratio(Price to Cash Flow)

Global All-Cap

MSCI ACWI

International

MSCI ACWI ex USA

2.88

3.10

2.30

3.00

Yield TTM(Trailing Twelve Months)

Global All-Cap

MSCI ACWI

International

MSCI ACWI ex USA

This “Return on Uncertainty” should prove unusually high

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%

For Illustrative Purposes. Actual results may differ

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Security Changes in Global All-Cap Rep Account4/1/2020 – 6/30/2020

New Net Added to Net Reduced EliminatedArtemis Gold Inc China Telecom Corp Ltd Centerra Gold Inc China Mobile Ltd

Cenovus Energy Inc Ivanhoe Mines Ltd New Gold Inc S&P 500 Index PutEmbraer SA Japan Steel Works Ltd/The Polyus PJSC

Franklin Resources Inc MHP SE Wheaton Precious Metals CorpJapan Petroleum Exploration Co NAC Kazatomprom JSC

Newcrest Mining LtdNexGen Energy Ltd

Sberbank of Russia PJSC

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Security Changes in International Rep Account4/1/2020 – 6/30/2020

New Net Added to Net Reduced EliminatedCenovus Energy Inc Ivanhoe Mines Ltd Moscow Exchange MICEX-RTS PJSC iShares MSCI Emerging Markets Put

Embraer SA SJM Holdings Ltd New Gold IncSuzuken Co Ltd/Aichi Japan Sberbank of Russia PJSC

Tourmaline Oil Corp

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 Session

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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 %

KT Corp South Korea 4.50Cameco Corp Canada 4.50Newcrest Mining Ltd Australia 4.00Gazprom PJSC Russia 3.50RusHydro PJSC Russia 3.25Golden Agri-Resources Ltd Singapore 3.00Centerra Gold Inc Canada 2.75Seabridge Gold Inc Canada 2.75Federal Grid Co Unified Energy Russia 2.50Southwestern Energy Co United States 2.50

Global All-Cap – Model Portfolio Characteristics (as of 6/30/2020)

**Small-Cap = less than $2 billion, Mid-Cap = $2 billion - $10 billion, Large-Cap = greater than $10 billionPortfolio weights and characteristics above are based on the holdings of a model portfolio as of June 30, 2020. Portfolio characteristics, sector and country designations are calculated using data from Bloomberg. TheMSCI 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 26 emerging market countries. The MSCI AllCountry 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** 26.5 90.3Mid-Cap** 30.6 9.6Small-Cap** 40.2 0.1

Developed Markets 58.1 87.8Emerging Markets 39.2 12.2

U.S. 6.3 57.5Non U.S. 91.0 42.5

Portfolio Characteristics

Excludes non-equity securities

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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 4.50Cameco Corp Canada 4.50Gazprom PJSC Russia 4.00Wheaton Precious Metals Corp Canada 4.00Turquoise Hill Resources Ltd Canada 3.50KT Corp South Korea 3.00Polyus PJSC Russia 3.00NAC Kazatomprom JSC Kazakhstan 2.75Cenovus Energy Inc Canada 2.75Tourmaline Oil Corp Canada 2.75

International – Model Portfolio Characteristics (as of 6/30/2020)

**Small-Cap = less than $2 billion, Mid-Cap = $2 billion - $10 billion, Large-Cap = greater than $10 billionPortfolio weights and characteristics above are based on the holdings of a model portfolio as of June 30, 2020. Portfolio characteristics, sector and country designations are calculated using data from Bloomberg. The MSCI AllCountry 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 26 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** 15.0 0.4Mid-Cap** 36.8 18.3Small-Cap** 15.0 0.3

Developed Markets 42.5 71.3Emerging Markets 36.2 28.7

U.S. 2.5 -Non U.S. 76.2 100.0

Portfolio Characteristics

Excludes non-equity securities