Ciccio

Rocks&Rolls (so does Valeria

And so do all of you..)

2012 Italy Conference

July 2012

Market Capitalization £22.8 Billion

Book Value £73.4 Billion

Tangible Book Value £58.6 Billion

Balance Sheet £1.4 trillion

5

6

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 *2012

$0.00

$50,000.00

$100,000.00

$150,000.00

$200,000.00

$250,000.00

$300,000.00

$350,000.00

$400,000.00

$450,000.00

S&P 500 Aquamarine Fund Inc.

Comparison of changes in $100,000 invested in Aquamarine Fund Inc. vs S&P 500

Investors wanted for a Hazardous investment

undertaking. Volatile returns, steep losses, long

years of deep uncertainty, safe return of capital

doubtful. Honour, recognition, fame and fortune in

case of success assured – Guy Spier

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