Replay Non-Client

The information provided onthis website is intended to provide the investor with an introduction toGoehring & Rozencwajg Associates, LLC. Nothing herein should be construedas a solicitation offer, or recommendation to buy or sell any security or as anoffer to provide advisory services. Nothing contained on this websiteconstitutes investment, legal, tax, or other advice nor should be relied uponin making an investment or other decision. Investors should always obtain andread an up-to-date investment services description or prospectus beforedeciding whether to appoint an investment advisor or to invest in a fund. Registration with the SEC should not be construed as anendorsement or an indicator of investment skill, acumen or experience.Investments in securities are not insured, protected or guaranteed and mayresult in loss of income and/or principal.  Historical performance isnot indicative of any specific investment or future results. This communication mayinclude opinions and forward-looking statements.  All statements otherthan statements of historical fact are opinions and/or forward-lookingstatements (including words such as “believe,” “estimate,” “anticipate,” “may,”“will,” “should,” and “expect”).  Although we believe that the beliefs andexpectations reflected in such forward-looking statements are reasonable, wecan give no assurance that such beliefs and expectations will prove to becorrect.  Various factors could cause actual results or performance todiffer materially from those discussed in such forward-lookingstatements.  All expressions of opinion are subject to change.  Youare cautioned not to place undue reliance on these forward-looking statements.Any dated information is published as of its date only. Dated andforward-looking statements speak only as of the date on which they are made. Weundertake no obligation to update publicly or revise any dated orforward-looking statements. Any references to outside data, opinions or contentare listed for informational purposes only and have not been verified foraccuracy by the Adviser.  Third-party views, opinions or forecasts do not necessarily reflect those of the Adviser or its employees.Indices are not availablefor direct investment. Their performance does not reflect the expensesassociated with the management of an actual portfolio. Adviser has selectedstated indices to allow the comparison of its composite performance to that of a well-known benchmark. Indices are shown for comparative purposes and toestablish current market conditions.  Clients cannot invest directly intoan index.  Clients should be aware that referenced indices may have a differentsecurity composition, volatility, risk, investment objective and philosophy,diversification, and/or other investment-related factors.  Additionally,referenced indices may not include fees, transaction costs or reinvestment ofincome. Therefore, the Adviser’s composite and investor’s individual resultsmay vary significantly from the index’s performance.  Benchmarks used byAdviser are current as of the date indicated and may change without notice.