U.S. Global Investors, Inc.

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U.S. Global InvestorsQuarter End December 31,
2006 Earnings
Frank E. Holmes, CEO and CIO Susan McGee,
President and General Counsel Catherine
Rademacher, CFO Terry Badger, Moderator
U.S. Global Investors, Inc. 7900 Callaghan
Rd. San Antonio, TX 78229 210.308.1234
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Our Executive Team
Shannon Neill,Chief Operations Officer
Catherine Rademacher,Chief Financial Officer
Terry Badger,Director of Communications
Susan McGee,President and General Counsel
Frank Holmes,CEO and Chief Investment Officer
John Derrick,Director ofResearch
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Active Money ManagersU.S. Global World Travel
Capturing Opportunities Managing Risks
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Performance
5 of 9 equity funds are 4 or 5 stars Representing
90 of our equity mutual fund assets1
13-year rating as of 12/31/06
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Assets Under Management
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Assets Under Management
As of December 31, 2006
Compounded Annual Growth Rate Combined
assets of the nations mutual funds
Source ICI
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Compounded Revenue Growth
Compounded Annual Growth Rate (T. Rowe
Price, Affiliated Managers, BlackRock, Franklin
Resources, Janus, Legg Mason, Mellon, Nuveen,
SEI, State Street) Year Over Year Quarter Ending
December 31, 2006
As of December 31, 2006
Source Bloomberg
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Compounded Earnings Per Share Growth
Compounded Annual Growth Rate (T. Rowe
Price, Affiliated Managers, BlackRock, Franklin
Resources, Janus, Legg Mason, Mellon, Nuveen,
SEI, State Street) Year Over Year Quarter Ending
December 31, 2006
As of December 31, 2006
Source Baseline
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Summary Operating Performance

• Trailing 12 Months for Period Ending December 31,
  2006

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Comparative Valuation Based on Trailing 12 Month
Results
As of February 6, 2007

• (T. Rowe Price, Affiliated Managers, BlackRock,
  Franklin Resources, Janus, Legg Mason, Mellon,
  Nuveen, SEI, State Street)
• EBITDA Earnings before interest, taxes,
  depreciation and amortization

Source Baseline, Bloomberg
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Income Statement

• U.S. Global Investors Consolidated Statements of
  Operations and Comprehensive Income (Unaudited)

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Income Statement contd
unaudited
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Income Statement contd
unaudited
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Branding Strategy - Awareness
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Branding Strategy
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Branding Strategy - Education
Series of Webcasts presented in January
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Top 10 under 10
October 2005
Yahoo/IBD Oct 05
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Research and Recommendations
Standard Poors Imperial Capital Singular
Research Spears Industry Security Analyst Casey
Research Marketocracy Elite Stock
Trader Investment U Navellier Associates
Emerging Growth IBD 100 (Investors Business
Daily) Forecasts and Strategies Mark Skousen
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Fund Leaders
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Volatility-1 SIGMA Managing Expectations
As of February 6, 2007
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Proxy Solicitation Nov. 20, 2006

• 2-for-1 Stock Split
• Modernize and Simplify the Articles of
  Incorporation
• .25/Share Special Dividend Post-Stock Split
• Feb. 21, 2007 Special Shareholder Meeting

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• Investment
• Themes

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Secular Bull Market in Commodities

• Demand Drivers
• 1. Global synchronicity of economies
• 2. Asias strong GDP IP growth rate
• 3. Global population 6 billion people
• Supply Drivers (Restrictions)
• 1. Higher barriers to entry due to global
  environmental and governmental
  regulations
• 2. Long lead time from exploration to
  production, two decades of
  underinvestment
• 3. Geopolitical events

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6 Billion People-Tipping Point
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Whats Driving Emerging Markets?
The big picture
Source Factset, MSCI, data shown for Dec 2004
using MSCI ACWI and MSCI EM indices
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Whats Driving Emerging Markets?
The big picture
Emerging markets dominate
Source World Bank Dec 2003
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Whats Driving Emerging Markets?
The big picture
PPP paints a more realistic picture
Emerging Markets China, Brazil, Mexico, India,
Korea, Taiwan, Russia Developed US, Japan,
Germany, UK, France, Italy, Canada Source World
Bank figures Sept. 2004, data shown for Dec 2003
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Whats Driving Emerging Markets?
Low-cost labor
Labor is cheap
Source EIU, data shown is for December 2003
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World Economic Growth Above Trend
Emerging market growth coupled with excess
liquidity in developed countries spurs above
average global growth The International
Monetary Fund forecasts 4.9 growth in 2007
Source PIRA, July 2006
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Did You Know?

• Chindia Today Accounts for
• 38 of world population
• 49 of world iron ore consumption
• 55 of world cement consumption
• 59 of world vegetable production

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Infrastructure Life Cycle
20 years
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GDP Growth Fuels Commodities

• By 2020 Chindias GDP is forecast to reach 16
  trillion, second only to the U.S. economy

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Historical Growth Patterns - Oil
Oil Consumption and Industrialization, 1900 to
present
Oil per capita rises rapidly during early
industrialization, then levels to rapid real
income growth. Rising world trade actually
stimulates the industrialization phase.
Oil Consumption per capita 1 to 28 1 to 18 1 to
7 1 to 1.7 0.7
U.S.
Lower U.S. labor costs versus Europe and the U.K.
drive American industrialization, enrichment and
energy consumption
S. Korea
Japan
Lower Japanese labor costs do the same to the U.S.
Lower Korean labor costs do the same to Japan
China Hong Kong
Source Dr. Marc Faber
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Chindias LNG Terminals
Source CLSA Asia-Pacific Markets
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Historical Growth Patterns - Steel
Global Steel Consumption and GDP per Capita
Taiwan
India
China
Source IISI, The Economist, CSFB estimates
Chinese steel consumption is still low compared
to other developed economies. Korean and
Taiwanese per capita steel consumption is 4 to 5
times larger than Chinese. If China was to rise
to Korean steel consumption levels, the demand
would stay strong for 25 years at 5 growth.
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Chindia History and Potential
China
India
Source Global Insight, CLSA Asia-Pacific Markets
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Gold/Dollar/Oil Relationship
Source Bloomberg
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Contrarian Thinking

• Reuters/Jefferies CRB Index-60 Day Oscillator

Japan drains liquidity
Raise cash
Raise cash
Amaranth goes bankrupt
Invest cash
Invest cash
oscillator - A technical analysis term for an
indicator that moves up and down, wavelike,
within a price range.
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Gold Price vs. Dollar 60-day Oscillator
Gold Price vs. Dollar 60-day oscillator
38 Cash
Overbought
Overbought
Oversold
Oversold
Source Bloomberg
oscillator - A technical analysis term for an
indicator that moves up and down, wavelike,
within a price range.
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SP 1500 Utility Index Berkshire Hathaway
purchases of Utilities/Pipelines
Warren Buffett
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Efficient Frontier Emerging Markets
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Efficient Frontier Gold
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Efficient Frontier Energy
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Disclosure
For more complete information about U.S. Global
Investors go to www.us-global.com or call (210)
308-1234. Please consider carefully the funds
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. This report may include certain
forward-looking statements including statements
relating to revenues, expenses, and expectations
regarding market conditions. These statements
involve certain risks and uncertainties. There
can be no assurance that such statements will
prove accurate and actual results and future
events could differ materially from those
anticipated in such statements. 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 3 to 5 of your portfolio in gold or
gold stocks. For each fund with at least a
three-year history, Morningstar calculates a
Morningstar Rating? based on a Morningstar
Risk-Adjusted Return measure that accounts for
variation in a funds monthly performance
(including the effects of sales charges, loads,
and redemption fees), placing more emphasis on
downward variations and rewarding consistent
performance. The top 10 of funds in each
category receive 5 stars, the next 22.5 receive
4 stars, the next 35 receive 3 stars, the next
22.5 receive 2 stars and the bottom 10 receive
1 star. (Each share class is counted as a
fraction of one fund within this scale and rated
separately, which may cause slight variations in
the distribution percentages.)
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Disclosure
The award selection process began with Lipper
calculating a Consistent Return score for each
fund for the three-year time period as of
12/31/05. Consistent Return is a quantitative
metric that incorporates two characteristics
risk-adjusted return, and the strength of the
fund's performance trend. The top-scoring
Consistent Return fund within each classification
received the awards. (Certificates are also
awarded to the top funds over the 5-year and
10-year periods). Although Lipper makes
reasonable efforts to ensure the accuracy and
reliability of the data contained herein, the
accuracy is not guaranteed by Lipper. Users
acknowledge that they have not relied upon any
warranty, condition, guarantee, or representation
made by Lipper. Any use of the data for
analyzing, managing, or trading financial
instruments is at the user's own risk. This is
not an offer to buy or sell securities. The AMEX
Gold Bugs Index (HUI) is a modified equal-dollar
weighted index of companies involved in major
gold mining. The Dow Jones Industrial Average is
a price-weighted average of 30 blue chip stocks
that are generally leaders in their industry. The
MSCI Emerging Markets Index is a free
float-adjusted market capitalization index that
is designed to measure equity market performance
in the global emerging markets. The Nasdaq
Composite Index is a capitalization-weighted
index of all Nasdaq National Market and SmallCap
stocks. The Reuters/Jefferies CRB Index is an
unweighted geometric average of commodity price
levels relative to the base year average price.
The SP 500 Biotechnology Index is a
capitalization-weighted index. The index is
comprised of six stocks whose primary function is
technology based on biology, used in agriculture,
food science and medicine. The SP 500 Energy
Index is a capitalization-weighted index that
tracks the companies in the energy sector as a
subset of the SP 500. The SP 500 Oil Gas
Drilling Index is a capitalization-weighted
index. The index is comprised of four stocks
whose primary activity is drilling for oil on
land or at sea. The SP 500 Oil Gas Exploration
Production Index is a capitalization-weighted
Index. The index is comprised of six stocks
whose primary function is exploring for natural
gas and oil resources on land or at sea. The SP
500 Stock Index is a widely recognized
capitalization-weighted index of 500 common stock
prices in U.S. companies. The SP 500 Total
Return Index is the total return version of the
SP 500 Index with dividends reinvested. The SP
500 Utilities Index is a capitalization-weighted
index that tracks the companies in the utilities
sector as a subset of the SP 500. The Toronto
Stock Exchange Gold and Precious Minerals Index
is a capitalization-weighted index designed to
measure the performance of the gold and precious
minerals sector of the TSX 300 Index. The U.S.
Trade Weighted Dollar Index provides a general
indication of the international value of the U.S.
dollar. SP/TSX Global Gold Index is an
international benchmark tracking the world's
leading gold companies with the intent to provide
an investable representative index of
publicly-traded international gold companies. The
MSCI ACWI (All Country World Index) IndexSM is a
free float-adjusted market capitalization index
that is designed to measure equity market
performance in the global developed and emerging
markets. As mentioned in the presentation, the
following securities were held by one or more of
U.S. Global Investors clients as of 12/31/2006
Berkshire Hathaway.