QUARTERLY INVESTMENT MANAGEMENT REPORT
 
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   MARCH 2012
          We present below three charts to illustrate the short and long term net performance of the Granville Cooper Gold Fund II Ltd.  To put these returns into context, we include the performance of gold as well as various gold funds, both actively managed precious metals funds as well as the gold indexed funds.

    One Year Return at 3/31/2012
   
    Five Year Return at 3/31/2012
   
   Ten Year Return at 3/31/2012
   Charts prepared by: Zeke Brustkern
          
           As the three charts above demonstrate, over a long term time horizon most funds fail to outperform the gold price.  As can also be seen over the same time period, the Granville Cooper Gold Fund II Ltd. produced a net return well in excess of the gold price as well as the other gold funds.

           The chart below shows the evolution of the outperformance of the Granville Cooper Gold Fund II Ltd. to the gold price from the inception of our gold-only strategy to March 2012.

    The outperformance of gold 3/31/2012    
           And shown another way:
    The outperformance of gold 3/31/2012    
           You can see from the charts above that over time Granville Cooper Gold Fund II Ltd. has not only exceeded the gold price but its outperformance has increased over time. This trajectory of outperformance we attribute to our active investment management strategy.
          
Henry Smyth
Director and Investment Manager


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