30 Broad Street
New York, NY 10004
CPM Group is the world's premier precious metals and commodities research and consulting
company. CPM Group provides a suite of research and consulting services related to the financial
management of commodities exposure. CPM Group’s services are divided into five groups:
CPM Group, founded in 1986 via a management buyout of the Commodities Research Group of
Goldman Sachs, has extensive experience in commodities research, trading, banking, and
financing. CPM Group is a member of the National Futures Association and a registered
CTA/CPO under the guidelines of the Commodity Futures Trading Commission.
CPM Group is independent of all miners, fabricators, bullion banks, and other companies that
have commercial positions, allowing for a completely unbiased view of the markets.
Expertise and independence have earned CPM Group the reputation of being the ultimate trusted
authority in the metals and commodities markets.
CPM Group’s founder and Managing Director, Jeffrey M. Christian, is known as one of the most
informed authorities on the precious metals markets. CPM Group is comprised of experts in
precious metals, base metals, and other commodities markets, economic and econometric analyses
of commodities, and financial engineering – the use of derivatives to structure advantageous
hedging and investment instruments.
2 CPM Group
TABLE OF CONTENTS
Research Driven Financial Services …………….…………………………… 4
Commodities Research …………………….………………………………… 5
Commodity Price Projections …………..……………………………….. 7
Research Relationships …………………..……………………………… 8
Consulting ………………………………………….………………………… 9
Commodities Management ………………………………………………… 10
Investment Banking ………………………………………………………… 11
Asset Management …………………………………………………………. 13
For information purposes only. CPM Group is not soliciting any action based on the information contained in this document. CPM Group
RESEARCH DRIVEN FINANCIAL SERVICES
• Corporate financial •Short to long term
advisory advisory services Financial
• Risk management •Independent market
consulting services Institutional
• Debt and equity Investors
fund raising services • Open consulting
access to analysts on Hedge Funds
Commodities exchange traded
Research commodities and Private Clients
• Weekly Report
• Monthly Advisories Organizations
• Annual Precious
Commodities Asset Investors
Consumers Management Metals Long-Term Management
Studies Hedge Funds
Investors Private Clients
• Principal advisor •Special Studies •CPM Fund
and hedging manager
International •Client Specific •Managed Accounts
• Advisor to help
management teams •Non-Exchange
choose or execute Traded Metals
their actions Management
•A strategic advisor,
managing hedging on
an ongoing basis
4 CPM Group
SPECIAL STUDIES LONG TERM OUTLOOKS ANNUAL YEARBOOKS MONTHLY ADVISORIES WEEKLY REPORT
5 CPM Group
COMMODITIES RESEARCH (CONT.)
Client Specific Reports Special Studies
CPM Group produces reports for individual CPM Group produces special studies on non-
clients’ internal and external distribution and exchange traded metals. These reports contain
use. CPM Group's work has appeared in ten year projections for supply, demand, and
reports produced by the World Bank and the prices and are use by mining companies and
International Monetary Fund, as well as in the investors looking to obtain comprehensive
annual reports of various mining companies, research, data, and analysis on these markets.
refiners, investment banks, brokerage Topics of recent and past reports include:
companies, metals dealers, and others. Client
specific research includes the following. Molybdenum Rhodium
The Long-Term Sustainability of Recent Tungsten Iridium
Commodity Price Strength Titanium Niobium
Gold, Silver, and Platinum Group Metals Lithium Uranium
Production Costs Cobalt Diamonds
The Outlook for Base and Precious Metals Indium Tellurium
Comparative Currency Volatilities Rhenium Tantalum
Sourcing Finished Nickel
Econometric Analysis of Precious Metals
Central Bank Gold Valuation Methods
Precious Metals As Competing Assets
Gold's Purchasing Power
6 CPM Group
COMMODITY PRICE PROJECTIONS
CPM Group’s reports contain price projections, ranging from weekly to more than ten years
2-Year More than
1-Week 1-Month 3-Month 1-Year Qtly. Avg. 10 Years 10 Years
Short term Short and medium term trading Budgeting Feasibility studies
trading and investing
7 CPM Group
CPM Group offers clients the ability to choose between three unique service packages or tailor a custom
package to a client’s specific needs and requirements.
Precious and Commodities Outsourced
Base Metals Research and Commodities
Research Consulting Research
Weekly Commodities Views:
Monthly Precious Metals Advisory:
Monthly Base Metals Advisory:
Monthly Soft Commodities Advisory:
Precious Metals Yearbooks
Precious Metals Long-Term Outlooks:
Client Specific Research:
Open Consulting Access:
Access to Deal Flow:
8 CPM Group
CPM Group provides consulting services designed to meet a need for information, investment, and trading
decisions related to commodities.
MARKET CONSULTANT FINANCIAL CONSULTANT ANALYST
CPM Group provides a range of CPM Group works with corporate Clients also utilize CPM Group’s
consulting services to and investment clients to help expertise in assessing business
corporations with large financial them better understand the metals plans as well as our
exposures to commodities. For and commodities markets. This comprehensive understanding of
example, CPM Group works allows for institutions to make the technical and financial
with mining companies by decisions based on comprehensive workings that are required to
providing detailed market and unbiased information. Clients make sound investment decisions
studies including commodity benefit from dialogue with CPM in exploration or production
price projections for inclusion in Group analysts that allow them to companies.
offering documents. unlock the complexities of the
Clients retain CPM Group analysts to give public and private presentations to industry groups, institutional
investors, private clients, hedge funds, corporate management teams, and boards of directors.
9 CPM Group
CPM Group works with producers, consumers, institutional investors, governments, and international
organizations to manage commodity price risks. Our independence affords clients an unbiased assessment of
hedging structures and terms.
HEDGING MANAGER 30
Analyze a company’s commodity price risk. 20
Structure and execute strategies to manage price risks. 10
Use hedging to optimize financial leverage. 5
Provide price protection while preserving exposure to 0 3 6 9 12 15 18 21 24 27 30
higher prices for producers, or lower prices for consumers. Prices
CPM Group structures alternative strategies such as
Analyze and modify existing hedge books. participatory options which present effective solutions that
protect end users or producers from negative revenue or
cost exposures and credit risks while still allowing for
MATERIALS MANAGEMENT CONSULTANT participation in favorable price movements.
Solve complex problems related to commodity price risks. Typical Revenue Profile and Credit Exposure
Evaluate proposals presented by counterparties. 30
Act as agent to maintain anonymity and obtain optimal 20
ONGOING PROCESS 5
Offer advice on an ongoing basis. 0 3 6 9 12 15 18 21 24 27 30
Train and educate company professionals on mechanics of
A traditional revenue stream can be turned into a more
hedging. dynamic and effective revenue profile than traditionally
Provide research and analyst market opinions. available, most importantly while simultaneously reducing
10 CPM Group
Investment Banking Services Tailored to Commodity Sector
Provide corporate financial advisory, risk Vest control of the financing process with the
management, and fund raising services to client and truncate the financing timeline.
companies that produce and consume Leverage our team’s experience at major
commodities. financial institutions to develop offering
Industry experts advise companies on how to materials that translate feasibility level
approach their financial development needs technical information into a digestible format
with innovative solutions. for investors.
Services are delivered without limiting clients Deliver the marketplace a “fully baked”
to a specific financial institution, an transaction that creates an auction process
important distinction between CPM Group among capital providers.
and investment banks. Instill confidence in financing sources to
offer their best terms.
11 CPM Group
INVESTMENT BANKING (CONT.)
Senior level industry professionals manage the relationships with our investment banking clients,
are involved in day-to-day execution of the investment banking advisory program, and provide
unlimited access to client management teams.
Global network of financing sources among institutional investors and the capital markets.
Access to CPM Group’s research across metals and other related commodity markets.
projections in financial
models and transaction
CPM Research Client
Conducts long-term Obtains a project
studies of metals markets, valuation supported by
projecting supply, comprehensive
demand, and prices ten or independent market
more years forward analysis
12 CPM Group
MANAGED ACCOUNTS NON-EXCHANGE TRADED METALS MANAGEMENT
CPM offers discretionary managed accounts, in CPM Group manages accounts consisting of but not
which our professionals manage investments in limited to off-exchange metals for clients. Services
accordance with the market views and direction of include, but are not necessarily limited to:
our experienced research analysts. In addition to
investments in structured products, futures, and Conducting comprehensive studies of off-exchange
options, CPM invests in natural resource oriented metals, assessing opportunities for investment.
Arranging and maintaining secure and confidential
FUNDS storage of the metal.
CPM Group also will manage funds for individual or Arranging and maintaining insurance, accounting,
groups of investor clients. CPM Group presently and auditing of the metal.
manages some specialty funds as sub-advisors to
institutional and high net worth individual investors. Purchasing, storing, selling, and leasing metal.
CPM also is moving toward starting a CPM Fund,
which would be a long-short commodities hedge
fund investing in a range of commodities oriented
assets across a wide time horizon.
13 CPM Group
YEARBOOK SPONSORSHIP PROGRAM
The CPM Yearbooks have been published since the early 1970’s, independently since 1986. The
Yearbooks are now published by John Wiley & Sons.
More than 1,000 copies of each Yearbook are distributed annually throughout the
world. The Yearbooks are distributed via bookstores and online on Amazon.com
and CPMGroup.com. CPM Group also mails a copy of each Yearbook directly to
hundreds of institutional investors in the natural resource sector, analysts, and
asset managers at major global financial institutions as well as every central bank
February throughout the world.
• Your company’s name on the cover and corporate profile inside of the Yearbook.
• Complimentary Yearbook copies.
• Exposure to retail investors on Kitco.com and other precious metals websites as
well as in a full page color advertisement in Commodities Now magazine
April published in London.
• Access to use CPM Group’s data, charts, and tables for your company’s website
• Invitation to your company and guests on your behalf to attend a market briefing
and Yearbook release in New York.
• Preferred client rates on all of CPM Group’s research and consulting services.