Asa Investor Presenation

Pristine AdvisorsPristine Advisors Closed-End Fund

Conference

November 2011

Forward Looking StatementForward Looking StatementThis Presentation includes forward-looking statements within the meaning of U.S. federal securities laws that are intended to be covered by the safe harbors created thereby. The Company’s actual performance or results may y y p y p ydiffer from its beliefs, expectations, estimates, goals and projections, and, consequently, investors should not rely on these forward looking statements as predictions of future events. Forward-looking statements are not historical in nature and generally can be identified by words such as “believe,” “anticipate,” “estimate,” “expect,” “intend,” “should,” “may,” “will,” “seek,” or similar expressions or their negative forms, or by references to strategy, plans, goals or intentions. The absence of these words or references does not mean that the statements are not forward-looking. The Company’s performance or results can fluctuate from month to month depending on a variety of factors a number of which are beyond the Company’s control and/or are difficult todepending on a variety of factors, a number of which are beyond the Company s control and/or are difficult to predict, including without limitation, the Company’s investment decisions; the performance of the securities in its investment portfolio; economic, political, market and financial factors; and the prices of gold, platinum and other precious minerals which may fluctuate substantially over short periods of time. The Company assumes no obligation to revise, correct or update the forward-looking statements, whether as a result of new information, future events or otherwise.

The Company concentrates in the gold and precious minerals sector. This sector may be more volatile than other industries and may be affected by movements in commodity prices triggered by international monetary and political developments. The Company is a non-diversified fund and, as such, may invest in fewer investments. The Company may invest in smaller sized companies which may be more volatile and less liquid than larger more established companies. Investments in foreign securities, especially those in the emerging markets, may involve increased risk, as well as, exposure to currency fluctuations. Shares of closed-end funds frequently trade p y q yat a discount to net asset value. This presentation does not constitute an offer to sell or solicitation of an offer to buy any securities.

All performance information reflects past performance and is presented on a total return basis. Past performance is no guarantee of future results. Current performance may differ from the performance shown.

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The Precious Metals SpecialistThe Precious Metals SpecialistNYSE: ASAFounded in 1958Founded in 1958

As American-South Africa Ltd. (ASA)Charles Englehard and Dillon, Read & Co.Originally raised $28 millionOriginally raised $28 million

Redomiciled in Bermuda in 2004Protected shareholders from adverse tax changes in South Africachanges in South AfricaFacilitated greater global diversification

Centralized Operations in 2010Lowered operating costsLowered operating costs

Introduced Advisor Services 2011Goal of providing additional income for shareholders

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shareholders

ASA DifferentiatorsASA DifferentiatorsInternally Managed Company

S l i it t t hi h l ti t t l t f h h ldSole priority to generate high relative total returns for shareholdersNo affiliation with large mutual fund complex ETF level expense ratio, but experienced active management

ASA Ad isorsASA Advisors Wholly owned by ASA shareholdersFocus on sub-advisory and managed accountsManagement fees flow through to ASA shareholdersManagement fees flow through to ASA shareholders

Industry ExpertiseStrong relationships with mining professionalsExperience in bull and bear commodity cyclesExperience in bull and bear commodity cycles Board has strong ties to industry (CEFs and Mining)

100% Focused on Metals and Mining150+ d dili ti ll

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150+ due diligence meetings annually20+ mine visits annually

Portfolio Manager – David ChristensenPortfolio Manager David Christensen

Current:Current:CEO, ASA Gold and Precious Metals LimitedBoard of Directors, Denver Gold Group

Former: ASA Limited – Vice President, InvestmentsHecla Mining Company - Board of Directors Agnico-Eagle Mines Ltd. - Board of DirectorsGabriel Resources Ltd. - VP Corporate DevelopmentCSFB - Director Fundamental Equity Research q yMerrill Lynch - Global Coordinator, Metals & Mining Research Merrill Lynch - Director Metals & Mining Research Franklin Gold & Precious Metals - Portfolio Manager

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Franklin Gold & Precious Metals Portfolio Manager

Board of DirectorsBoard of Directors

Who: Focused On:Who:Phillip Goldstein

Michael Mead

Discount ManagementTwo Tender OffersShare Repurchasesc ae ead

Andrew Pegge

Robert Pilkington

p

Increasing ReturnsEstablish Investment AdvisorCompany Restructuring

David ChristensenCompany RestructuringRisk Management

Lowering Operating CostsConsolidated OperationsRestructured Management TeamFocus on Service Providers

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Due DiligenceDue DiligenceASA visits companies and mines worldwide

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Due DiligenceDue DiligenceASA visits companies and mines worldwide

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Due DiligenceDue DiligenceASA visits companies and mines worldwide

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Due DiligenceDue DiligenceASA visits companies and mines worldwide

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Due DiligenceDue DiligenceASA visits companies and mines worldwide

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Investment ConsiderationsInvestment ConsiderationsBest in Class Management Team

SStrong track recordUnder-promise, over-deliver

High Quality – Tier 1 Assetsg Qua ty e ssetsResource expansionScalability of operations1st quartile operating costs1 quartile operating costs

Social LicenseGovernmental & social relationsS f t dSafety recordReclamation plans

Valuation!

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Gold Equity Multiples at New LowGold Equity Multiples at New Low4,500 2.5x

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BMO Equity Research

Gold Equities are InexpensiveThe last time valuations were this low, ASA

Gold Equities are Inexpensive

outperformed gold bullion by 7,400 basis points during the following two years.

Price / Net Asset Value Return October 2008

0.70x

0.75x

0.80xPrice / Net Asset Value Return October 2008

through October 2010ASA NAV * +162%

0 50

0.55x

0.60x

0.65x FTSE Gold Mines Index +148%

Gold Bullion +88%

S&P 500 * +37%

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ASA NAV Annualized Total Return**

1 Year 3 Year 5 Year 10 Year

4 2% 35 9% 10 0% 18 6%

14

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Au Ja Ju No Ap Se

BMO Equity Research *Total Return includes the reinvestment of dividends** To October 31, 2011

-4.2% 35.9% 10.0% 18.6%

ASA versus Bullion Performance*ASA versus Bullion Performance

$2,510,00053-Year Chart, Since Inception of ASA

$2,010,000

$1 010 000

$1,510,000

$510,000

$1,010,000

$10,000

Dec

-58

Dec

-62

Dec

-66

Dec

-70

Dec

-74

Dec

-78

Dec

-82

Dec

-86

Dec

-90

Dec

-94

Dec

-98

Dec

-02

Dec

-06

Dec

-10

15

Share Price Total Return Gold Bullion

Including reinvestment of ASA dividends, current to September 30, 2011

Why ASAWhy ASA

Supportive industry fundamentalsStrong demand for gold as a hedgeFears of rising inflation ratesE di i d i d iExpanding margins, record earnings and growing production from gold producers

Sector specialists with long-term track recordSector specialists with long-term track record “Headlamps and Boots” investment processRelationships with company professionalsp p y p

Experience in both bull and bear price cycles

K l d d E i W ki f Y16

Knowledge and Experience Working for You

NYSE-AMEX: ASA

David ChristensenChief Executive Officer

(650) 376 3135

www.asaltd.com

(650) 376-3135