ACCREDITED GOLD BAR MANUFACTURERS

1 ACCREDITED gold BAR MANUFACTURERST here are approximately 125 active gold refiners around the world whoserelevant gold bars are accepted as good delivery by one or more of the associations and exchangesfeatured in this updated to November 2014, according to available A consolidated table in this section records by region and country oflocation the names of active refiners that are ACCREDITED to the following: London Bullion Market Association (LBMA) CME Group Market Contract: COMEX Tokyo Commodity Exchange (TOCOM) Dubai Multi Commodities Centre (DMCC)The names of active refiners ACCREDITED to the 6 other exchanges arerecorded separately as their lists rely partly on the LBMA list or focus ondomestic refiners.

2 BM&FBovespa, S o Paulo (BM&F) Istanbul gold Exchange (IGE) Multi Commodity Exchange of India Ltd (MCX) Shanghai gold Exchange (SGE) The Chinese gold & Silver Exchange Society, Hong Kong (CGSE)Importance of LBMA listAs covered in the section on gold Associations & Exchanges , the mostimportant list of refiners for the international gold bar market is the onepublished by the LBMA. In summary, the LBMA list refers to more than 70 active refiners in 30 countries. It can be noted that relevant bars of LBMA- ACCREDITED refiners are automatically accepted as good delivery by the Istanbul GoldExchange, Multi Commodity Exchange of India Ltd, ShanghaiFutures Exchange, Shanghai gold Exchangeand The Chinese gold & Silver Exchange Society.

3 In addition, the Dubai Multi CommoditiesCentrehas a separate category for refiners ACCREDITED to the LBMA. Supplementary brandsIn the case of COMEXand TOCOM, brands issued by some major bullion banks and other entities (and manufactured by approved refiners)are also listed as good delivery . Notably, the relevant bars of CreditSuisse(COMEX and TOCOM) and UBS(TOCOM).In the case of the Istanbul gold Exchange, brands issued by some entities (and manufactured by approved refiners) are also accepted as good delivery.

4 Notably, the relevant bars of Commerzbankas they aremanufactured by London GoodDelivery 400 oz bars at Johnson Matthey (USA).Manufacturing kilobars at Tanaka (Japan).Manufacturing minted bars at PAMP (Switzerland).2 FORMER REFINERS OF GOOD DELIVERY BARSThe LBMA, COMEX, TOCOM and DMCC in their lists also refer to formerentities. The reason is that bars or brands in circulation that were manufactured or issued up to the datewhen the refiner or brand was nolonger recorded on the active list remain good delivery.

5 LBMA:records in a separate list more than 70 Former Melters andAssayers of Good Delivery gold Bars .COMEX:refers to more than 25 Brands that are no longer :includes several Deliverable Brands that are no longer :refers to several refiners in a Former List .SOURCE OF INFORMATIONThe published lists of ACCREDITED refiners and brands are the copyrightof the relevant association or exchange. Reference to the names of activerefiners and brands in their lists are incorporated in this section with supplementary information, including any changes to their lists sincethis section was compiled.

6 Reference can be made to their gold Bar RefinerCountryRefinery LocationAccreditation or ExchangeDateCOMEXI stanbul gold RefineryTurkeyIstanbul20 11 SpAItalyCapolona12 8 2014 LBMAM etalor Technologies Singapore Pte LtdSingaporeSingapore17 7 2014 LBMAH eimerle + Meule GmbHGermanyPforzheim3 6 2014 LBMAMMTC-PAMP India Pvt LtdIndiaMewat, Haryana16 5 2014 LBMAK ennecott Utah Copper LLCUSAM agna, Utah22 4 2014 LBMAR epublic Metals CorporationUSAM iami, Florida17 2 2014 LBMAN ihon Material Co LtdJapanNoda-City, 19 12 2013 Chiba PrefectureLBMAOhio Precious Metals LLCUSAJ ackson, Ohio19 12 2013 LBMAS ichuan Tianze Precious Metals Co LtdChinaChengdu26 3 2013 LBMAC.

7 Hafner GmbH + Co. LtdGermanyPforzheim8 3 2013 DMCCAl Etihad gold LLCUAED ubai16 12 2012 COMEXOhio Precious Metals LLCUSAJ ackson, Ohio4 9 2012 LBMAPX Pr cinox SASwitzerlandLa Chaux-de-Fonds24 1 2012 LBMAN adir Metal Rafineri 12 2011 LBMAI stanbul gold RefineryTurkeyIstanbul8 9 2011 DMCCL azurde Company for JewelrySaudi ArabiaRiyadh25 2 2011 Manufacturing small cast bars atMetalor (Switzerland).London Good Delivery 400 oz bars manufactured byHeraeus (Germany).Source: Associations and ExchangesNEWLY- ACCREDITED gold REFINERS AND BRANDS3 ACCREDITED gold Bar RefinerRefinery LocationYear of AccreditationLBMACOMEX TOCOM DMCCEUROPEB elgiumUmicore SAHoboken1930*1974--GermanyAllgemeine gold - und Pf rzheim2008#---Silberscheideanstalt AGGermanyAurubis AG Hamburg1934#1974--GermanyC.

8 Hafner GmbH + Co. LtdPforzheim2013---GermanyHeimerle + Meule GmbHPforzheim2014---GermanyHeraeus Metals Germany GmbH Hanau19581974--& Co KGItalyChimet SpABadia al Pino, SpACapolona2014---NetherlandsSch ne Edelmetaalbedrijven NVAmsterdam1934#1974--SpainSEMPSA Joyer a Plater a SAMadrid1984---SwedenBoliden Mineral ABRonnskar1984---SwitzerlandArgor-Heraeu s SAMendrisio, Ticino1961197419822005 SwitzerlandCendres+M taux SABiel-Bienne, Berne1981---SwitzerlandMetalor Technologies SANeuch tel1934**19742007-SwitzerlandPAMP SACastel San Pietro, Ticino1987198919902005 SwitzerlandPX Pr cinox SALa Chaux-de-Fonds2012---SwitzerlandValcambi SABalerna, Ticino1968197420042005 NORTH AMERICAC anadaCCR Refinery - Glencore Canada Montreal East, Quebec1955#1974--CorporationCanadaJohnso n Matthey LimitedBrampton, Ontario196119741988-CanadaRoyal Canadian MintOttawa, Ontario193419741988-USAASARCO IncorporatedAmarillo.

9 Texas-1976--USAH eraeus IncorporatedNewark, New Jersey-1989--USAJ ohnson Matthey gold & Silver Salt Lake City, Utah198919831994-Refining IncUSAK ennecott Utah Copper CorporationMagna, Utah20142000--USAM etalor Technologies USA North Attleboro,199119891992-CorporationMassac husettsUSAOhio Precious Metals LLCJ ackson, Ohio20132012--USAR epublic Metals CorporationMiami, Florida2014---USAS abin Metal CorporationScottsville, New York-1989--LATIN AMERICAB razilAngloGold Ashanti BrasilNova Lima, Minais Gerais1986---Minera o LtdaBrazilCasa da Moeda do Brasil Rio de Janeiro-1985-BrazilUmicore Brasil LtdaGuarulhos, Sa~o Paulo19921989--MexicoMet-Mex Pe oles SATorreon, Coahulla1991--2009 MIDDLE EAST & INDIAI ndiaMMTC-PAMP India Pvt LtdMewat.

10 Haryana2014---Saudi ArabiaL azurde Company for JewelryRiyadh2010--2011 TurkeyIstanbul gold RefineryIstanbul20112014-2007 TurkeyNadir Metal Rafineri Kuyumculuk Sanayi Ve Istanbul2010---Ticaret gold DMCCD ubai---2005 UAEK aloti gold Factory LLCS harjah---2010 UAEAl Etihad gold LLCD ubai---2012 Active MANUFACTURERS and brands of Good Delivery bars accepted by associations and LBMA COMEX TOCOM DMCCACCREDITED gold REFINERS AND BRANDS4 ACCREDITED gold Bar RefinerRefinery LocationYear of AccreditationLBMACOMEX TOCOM DMCCFAR EASTC hinaGreat Wall Precious Metals Co LtdChengdu, 1961---of CBPMS ichuan ProvinceChinaInner Mongolia Qiankun gold and Huhhot, Inner Mongolia1999---Silver Refinery Share Company LimitedChinaJianxi Copper Company LtdGuixi City, Jiangxi Province2005--- ChinaThe Refinery of Shandong Laizhou City, 2010--- gold Mining Company LtdShandong ProvinceChinaSichuan Tianze Precious Metals Chengdu, 2013---Co LtdSichuan ProvinceChinaZhongyuan gold Smelter of Sanmenxia City.