U.S. Global Investors Searching for Opportunities, Managing Risk Frank E. Holmes GROW Earnings CEO and CIO 3Q 2011 Susan McGee President and General Counsel Catherine Rademacher CFO Ryan George Investor Relations www.usfunds.com May 6, 2011 1.800.US.FUNDS 11-223
Today’s Presenters Frank Holmes � Susan McGee � Catherine Rademacher � Ryan George � www.usfunds.com � 2 May 2011 11-223
Forward-Looking Statements During this webcast we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don’t pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and the corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and U.S. Global Investors accepts no obligation to update them in the future. � www.usfunds.com � 3 May 2011 11-223
GROW Strengths � “Go-to” stock for exposure to emerging markets and resources � Debt-free, strong balance sheet with a reflexive cost structure � Monthly dividend and return on equity discipline www.usfunds.com 4 May 2011 11-223
Financial Snapshots YoY Quarters Quarter ended March 31* 2010 2011 Revenue $9.4M $11.4M Net Income $1.5M $2.7M EPS (diluted) $0.10 $0.17 * unaudited www.usfunds.com � 5 May 2011 11-223
Financial Snapshots Sequential Quarters Quarter ended* December 31, 2010 March 31, 2011 Revenue $11.9M $11.4M Net Income $2.3M $2.7M EPS (diluted) $0.15 $0.17 * unaudited www.usfunds.com � 6 May 2011 11-223
Average Assets Under Management (Quarter-end average, in billions) www.usfunds.com � 7 May 2011 11-223
Peer Comparison – Earnings Calendar 1Q10 vs. 1Q11 Net Income EPS U.S. Global Investors 83% 70% (GROW) Industry Peers* 27% 30% * Median calculations based from the latest quarterly results by T. Rowe Price, Franklin Resources, Invesco, Cohen & Steers, Janus, Calamos, Affiliated Managers, Federated Investors, Waddell & Reed, BlackRock, Pzena Investment Management, Westwood Holdings and Virtus Investment Partners. � www.usfunds.com � 8 May 2011 11-223
Peer Comparison – Return on Equity 3-Year 1-Year CAGR** U.S. Global Investors 18.9% 11.7% (GROW) Industry Peers* 18.7% 8.9% * Median calculations based from the latest quarterly results by T. Rowe Price, Franklin Resources, Invesco, Cohen & Steers, Janus, Calamos, Affiliated Managers, Federated Investors, Waddell & Reed, BlackRock, Pzena Investment Management, Westwood Holdings and Virtus Investment Partners. � ** Compounded Annual Growth Rate Trailing twelve months, quarter ending March 31, 2011 Source: Bloomberg www.usfunds.com � 9 May 2011 11-223
Peer Comparison – Risk Leverage for Financials LT debt to total capital (average) GROW 0% Industry Peers* 17% Major Banks** 32.4% * Median calculations based from the latest quarterly results by T. Rowe Price, Franklin Resources, Invesco, Cohen & Steers, Janus, Calamos, Affiliated Managers, Federated Investors, Waddell & Reed, BlackRock, Pzena Investment Management, Westwood Holdings and Virtus Investment Partners. ** Latest quarterly results filed by: Bank of America, Citigroup, JP Morgan, Wells Fargo, U.S. Bancorp, Morgan Stanley, Goldman Sachs. Source: Baseline, latest available figures www.usfunds.com � 10 May 2011 11-223
Peer Comparison – Dividend Yield U.S. Global Investors 2.5% (GROW) Industry Peers* 1.9% • Median calculations based from the latest quarterly results by T. Rowe Price, Franklin Resources, Invesco, Cohen & Steers, Janus, Calamos, Affiliated Managers, Federated Investors, Waddell & Reed, BlackRock, Pzena Investment Management, Westwood Holdings and Virtus Investment Partners. � www.usfunds.com � 11 May 2011 11-223
Peer Comparison – Price-to-Earnings Ratio Trailing 12 Month P/E U.S. Global Investors 20.8 (GROW) Industry Peers* 21.1 • Median calculations based from the latest quarterly results by T. Rowe Price, Franklin Resources, Invesco, Cohen & Steers, Janus, Calamos, Affiliated Managers, Federated Investors, Waddell & Reed, BlackRock, Pzena Investment Management, Westwood Holdings and Virtus Investment Partners. � www.usfunds.com � 12 May 2011 11-223
Income Statement – Financial Analysis Catherine Rademacher CFO www.usfunds.com � 13 May 2011 11-223
Income Statement (unaudited) www.usfunds.com � 14 May 2011 11-223
Income Statement (unaudited) www.usfunds.com � 15 May 2011 11-223
Income Statement (unaudited) www.usfunds.com � 16 May 2011 11-223
Balance Sheets www.usfunds.com � 17 May 2011 11-223
Balance Sheets www.usfunds.com � 18 May 2011 11-223
Significant Events Susan McGee President and General Counsel www.usfunds.com � 19 May 2011 11-223
Significant Events During the Quarter � Fund Performance Updates – Four Funds in the Top 25 for 10 Year Period � Institutional Update � GROW Dividends www.usfunds.com � 20 May 2011 11-223
Fund Recognition: Four Funds Rank in Top 25 for 10 Years � World Precious Minerals Fund (UNWPX) ranked #4 � Gold & Precious Metals Fund (USERX) ranked #7 � Eastern European Fund (EUROX) ranked #24 � The Global Resources Fund (PSPFX) ranked #25 Rankings were provided to the Wall Street Journal, Barron’s and USA Today by Lipper and include all mutual funds and ETFs tracked by Lipper. Lipper ranked the funds based on 10-year performance data including share prices and reinvested dividends. For funds with multiple share classes, only the largest share class was included. Rankings are based on total annualized return as of 03/31/2011. Past performance is no guarantee of future results. www.usfunds.com � 21 May 2011 11-223
Focus on Education 21 MFEA STAR Awards for Excellence in Education www.usfunds.com � 22 May 2011 11-223
Investor Alert and Frank Talk www.usfunds.com � 23 May 2011 11-223
Update Fear and Love Trade Drive Gold Demand www.usfunds.com � 24 May 2011 11-223
The S-Curve – Big Question is Where Are We On The Curve? A type of curve that shows a rapid, exponential increase in growth for a period time, followed by a tapering or leveling off. www.usfunds.com � 25 May 2011 11-223
Government Policy Model — Precursor for Change www.usfunds.com � 26 May 2011 11-223
E7 and G7 Population vs GDP www.usfunds.com � 27 May 2011 11-223
Compare E7 vs G7 Money Supply Growth www.usfunds.com � 28 May 2011 11-223
Gold Would Need to Be Much Higher to Cover U.S. Money Supply www.usfunds.com � 29 May 2011 11-223
Gold Demand Drivers www.usfunds.com � 30 May 2011 11-223
Driver: The Fear Trade President Barack Obama Ben Bernanke, Chairman of the Federal Reserve www.usfunds.com � 31 May 2011 11-223
Inverse Relationship Between the U.S. Dollar and Gold Past performance is no guarantee of future results. www.usfunds.com � 32 May 2011 11-223
Gold as a Percent of Global Financial Assets e denotes estimate. www.usfunds.com � 33 May 2011 11-223
Low Real Interest Rates Historically Fuel Gold & Silver 2% Tipping Point for Gold www.usfunds.com � 34 May 2011 11-223
Why More Investors Like Gold — “Fear Trade” www.usfunds.com � 35 May 2011 11-223
U.S. Federal Debt vs. Gold Past performance is no guarantee of future results. www.usfunds.com � 36 May 2011 11-223
It’s Not the Political Party, It’s the Political Policies $250/oz. $1400/oz. www.usfunds.com � 37 May 2011 11-223
Fiscal 2010 U.S. Government Revenues & Expenses at a Glance 58% www.usfunds.com � 38 May 2011 11-223
Driver: The Love Trade www.usfunds.com � 39 May 2011 11-223
Holidays Drive Gold Demand www.usfunds.com � 40 May 2011 11-223
Gold Seasonality — Managing Expectations www.usfunds.com � 41 May 2011 11-223
Anticipate Before You Participate Standard Deviation (as of 03/31/11) based on 10-Year Data Rolling 1 Year U.S. Global Investors (GROW) 114.4% NYSE Arca Gold 38.4% BUGS Index (HUI) Crude Oil 37.2% MSCI Emerging Markets (MXEF) 32.3% S&P 500 Index (SPX) 19.8% Gold Bullion 13.8% 12-month rolling volatility of price action over 10 year period View the presentation “Anticipate Before You Participate” at www.usfunds.com/investor-resources/publications/research www.usfunds.com � 42 May 2011 11-223
60 Day Rolling Oscillator www.usfunds.com 43 May 2011 11-223
No Bubble in Gold Past performance is no guarantee of future results. www.usfunds.com � 44 May 2011 11-223
Importance of Diversification and Rebalancing Past performance is no guarantee of future results. www.usfunds.com � 45 May 2011 11-223
Reasons for Active Money Management The Periodic Table of Commodity Returns Returns are based on historical spot prices or futures prices. Past performance does not guarantee future results. www.usfunds.com � 46 May 2011 11-223
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