www.usfunds.com

U.S. Global InvestorsSearching for Opportunities, Managing Risk

Frank E. HolmesCEO and CIO

Susan McGeePresident and General Counsel

Catherine RademacherCFO

Terry BadgerDirector of Communications November 7, 2008

08-758

GROW First Quarter 2009 Earnings

2www.usfunds.com

Today’s Presenters

Frank Holmes Susan McGee Catherine Rademacher Terry Badger

3www.usfunds.com

Forward-Looking StatementsDuring 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.

4www.usfunds.com

Strengths and Weaknesses

GROW is debt-free and has a strong balance sheet

No toxic derivatives in funds

Significant corporate events to position company for better markets

But company and funds both negatively impacted by massive global deleveraging

5www.usfunds.com

Average Assets Under Management

Quarterly Growth (Sequential)

6www.usfunds.com

Assets Under Management

Mutual Funds (Billions) Offshore Clients (Millions)

*On November 6, 2008, U.S. Global Investors terminated its advisory agreement with Endeavour Financial Corporation. As of September 30, 2008, the Endeavour portfolio was $177.5 million.

*

7www.usfunds.com

$0.16$(0.12)EPS (diluted)

$2.4M$(1.8M)Net Income

$12.9M$8.9MRevenue

20072008

Quarter ended September 30

Financial Snapshots

8www.usfunds.com

-12.1%Industry Peers*

-38.3%U.S. Global Investors (GROW)

1Q09 vs 1Q08

* Latest quarterly results filed by Affiliated Managers, Alliance Bernstein, BlackRock, CalamosAsset Mgmt, Cohen & Steers, Federated Investors, Franklin Resources, Invesco, Janus Capital Group, Legg Mason, Pzena Investment Mgmt, T. Rowe Price and Waddell & Reed.

Source: Bloomberg

AUM Growth

As of 9/30/08

9www.usfunds.com

-48.2%-55.4%Industry Peers*

-175%-177%U.S. Global Investors (GROW)

EPSNet Income

* Latest quarterly results filed by Affiliated Managers, Alliance Bernstein, BlackRock, CalamosAsset Mgmt, Cohen & Steers, Federated Investors, Franklin Resources, Invesco, Janus Capital Group, Legg Mason, Pzena Investment Mgmt, T. Rowe Price and Waddell & Reed.

Source: Bloomberg

Earnings

Calendar 3Q08 vs 3Q07

10www.usfunds.com

20%23%Industry Peers*

44%19%U.S. Global Investors (GROW)

3-Year CAGR**1-Year

* Latest quarterly results filed by Affiliated Managers, Alliance Bernstein, BlackRock, CalamosAsset Mgmt, Cohen & Steers, Federated Investors, Franklin Resources, Invesco, Janus Capital Group, Legg Mason, Pzena Investment Mgmt, T. Rowe Price and Waddell & Reed.

** Compounded Annual Growth RateTrailing twelve months, quarter ending September 30, 2008

Source: Bloomberg

Return on Equity

11www.usfunds.com

Income Statement

12www.usfunds.com

Income Statement

13www.usfunds.com

Income Statement

14www.usfunds.com

Non-GAAP Disclosure

Non-GAAP Disclosure QE 09/30/08

15www.usfunds.com

Balance Sheets

16www.usfunds.com

Balance Sheets

17www.usfunds.com

Significant Event: Trust Merger and New Fees

Combining two fund trusts into one trust for efficiencyUpdating management fees on some fundsPerformance fees to align interestsNew distribution plan

18www.usfunds.com

Significant Event: Subadvisory Changes

Assumed day-to-day management of Eastern European Fund and Global Emerging Markets Fund

Ended advisory relationship with Endeavour Financial

19www.usfunds.com

Navigating the Turmoil

Frequent communication with shareholders about markets and factors affecting the funds

Loyal shareholders – voted for new contract during volatile market

Higher cash positions to help manage extreme volatility

20www.usfunds.com

Our Strategy for Enduring a Credit Crisis

Goal: Stabilize volatility of funds

Reasons: Massive headwinds from billions of dollars of hedge fund redemptionsGovernment response has yet to generate sustained confidence in the planCredit contraction has gone global

Tactics: Raise cash levels, utilize covered writing until our proprietary macro indicators turn positive

21www.usfunds.com

This is not a Wall Street bailout

It’s a workout for Main Street and Wall Street

22www.usfunds.com

What is a Financial Crisis?

Financial crisis can be divided into:Banking crisisCurrency crisisTwin crises

23www.usfunds.com

Crisis Frequency

Source: CLSA

24www.usfunds.com

Derivatives-Weapons of Mass Destruction (WMDs)-Proliferate

5 Times Bigger In Five YearsTrillions

Source: U.S. Global Research

Warren Buffett 2002

25www.usfunds.com

Derivatives-Weapons of Mass Destruction (WMDs)-Proliferate

Trillions

Source: Bank for International Settlements

35x U.S. GDP

26www.usfunds.com

Convergence and Unexpected Consequences

27www.usfunds.com

S&P 500 1987-1989 — U Bottom

Source:Merrill Lynch Market Analysis, Bloomberg

28www.usfunds.com

S&P 500 1990-1992 — U Bottom

Source:Merrill Lynch Market Analysis, Bloomberg

29www.usfunds.com

Market Performance During Recessions

Source: Credit Suisse Portfolio & Derivatives Strategy

30www.usfunds.com

Sectors During Recessions

Source: Credit Suisse Portfolio & Derivatives Strategy

31www.usfunds.com

Government Policy Model —Precursor for Change

32www.usfunds.com

Monetary Policy

Source: Bloomberg

33www.usfunds.com

Positive Factors in Emerging Markets

China cuts mortgage rates

India lowers interest rates

Huge foreign exchange reserves

34www.usfunds.com

BRIC Foreign Reserves — $3 Trillion

Source: Bloomberg

35www.usfunds.com

Mexico’s Oil Production Decline

Source: UBS, Pemex

36www.usfunds.com

Russia’s Oil Output Falling

Source: UBS, Reuters

37www.usfunds.com

Gross expense ratio as stated in the most recent prospectus. The Adviser has contractually limited total fund operating expenses (as a percentage of net assets) to not exceed 1.50% (exclusive of acquired fund fees and expenses of 0.04%) for the Gold and Precious Metals Fund, 1.50% (exclusive of acquired fund fees and expenses of 0.02%) for the World Precious Minerals Fund, and 1.50% for the Global Resources Fund, through September 30, 2009, or until such later date as the Adviser determines. Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and otherearnings. Current performance may be higher or lower than the performance data quoted. The principal value and investment returnof an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees if applicable, of up to 0.50%) which, if applicable, would lower your total returns. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.

1.50%1.71%11.04%15.83%7.89%(37.34%)World Precious Minerals (UNWPX)

1.50%

1.50%

Capped Expense

Ratio

1.79%13.56%17.19%15.45%(18.84%)Gold and Precious Metals (USERX)

1.57%

Gross Expense

Ratio

17.95%23.43%2.88%(32.22%)Global Resources (PSPFX)

10-Year (annualized)

5-Year (annualized)

3-Year (annualized)1-YearAs of 9/30/08

Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. Gold funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The price of gold is subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in gold or gold stocks. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

Fund Performance

38www.usfunds.com

Gross expense ratio as stated in the most recent prospectus. The Adviser has contractually limited total fund operating expenses (as a percentage of net assets) to not exceed 2.00% (exclusive of acquired fund fees and expenses of 0.01%) for the China Region Fund, 2.50% (exclusive of acquired fund fees and expenses of 0.06%) for the Global Emerging Markets Fund, and 2.25% for the Eastern European Fund, through September 30, 2009, or until such later date as the Adviser determines. Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees if applicable, of up to 2.00%) which, if applicable, would lower your total returns. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.

2.00%2.29%10.64%12.96%6.58%(47.78%)China Region (USCOX)

2.50%

--

Capped Expense

Ratio

2.93%N/AN/A1.64%(44.71%)Global Emerging Markets (GEMFX)

2.14%

Gross Expense

Ratio

21.20%21.21%2.46%(35.08%)Eastern European (EUROX)

10-Year (annualized)

5-Year (annualized)

3-Year (annualized)1-YearAs of 9/30/08

Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. The Eastern European Fund invests more than 25% of its investments in companies principally engaged in the oil & gas and banking industries. In particular, thefund will invest at least 25% of its net assets in the following industries: energy equipment and services; oil, gas and consumable fuels; and commercial

banking. However, the fund will not invest more than 50% of its net assets in any one of those industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile.

Fund Performance

39www.usfunds.com

1.75%1.92%5.25%7.00%(0.75%)(26.90%)Holmes Growth (ACBGX)

1.85%

1.75%

Capped Expense

Ratio

2.56%4.34%5.82%(1.17%)(24.15%)Global MegaTrends (MEGAX)

2.31%

Gross Expense Ratio

0.63%7.10%2.18%(21.60%)All American Equity (GBTFX)

10-Year (annualized)

5-Year (annualized)

3-Year (annualized)1-YearAs of 9/30/08

Gross expense ratio as stated in the most recent prospectus. The Adviser has contractually limited total fund operating expenses (as a percentage of net assets) to not exceed 1.75% (exclusive of acquired fund fees and expenses of 0.01%) for the All American Equity Fund, , 1.85% (exclusive of acquired fund fees and expenses of 0.01%) for the Global MegaTrends Fund, and 1.75% (exclusive of acquired fund fees and expenses of 0.01%) for the Holmes Growth Fund, through September 30, 2009, or until such later date as the Adviser determines. Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees, if applicable, of up to 1.00%) which, if applicable, would lower your total returns. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.

Fund Performance

Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk.

40www.usfunds.com

Please consider carefully the fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

The Russell 2000 Index is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. 08-758

Disclosures

41www.usfunds.com

There were no clients of U.S. Global Investors which held any of the securities mentioned in this presentation as of 9/30/08. 08-759

Disclosure