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: 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.

2 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. 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 . Notably, the relevant bars of Commerzbankas they aremanufactured by London GoodDelivery 400 oz bars at Johnson Matthey (USA).

3 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. 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, 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.

4 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. 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, Texas-1976--USAH eraeus IncorporatedNewark.

5 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, 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.

6 2013---Co LtdSichuan ProvinceChinaZhongyuan gold Smelter of Sanmenxia City, 2006---Zhongjin gold CorporationHenan ProvinceChinaZijin Mining Group Co LtdShanghang County, 2006---Fujian ProvinceChinaShandong Zhaojin gold & Silver Zhaoyuan City, 2007---Refinery Co LtdShandong Province Hong KongHeraeus LimitedFanling20061989-2006 Hong KongMetalor Technologies (Hong Kwai Chung2007--- Kong) LimitedIndonesiaPT Antam Tbk (Logam Mulia)Jakarta1999---JapanAsahi Pretec CorpKobe2008-2009-JapanChugai Mining Co LtdTokyo --1982-JapanDowa Metals & Mining Co LtdKosaka, Akita Prefecture--1982-JapanIshifuku metal Industry Co LtdSoka, Saitama Prefecture1982-1982-JapanJapan MintKita-ku, Osaka2007---JapanMatsuda Sangyo Co LtdIruma, Saitama Prefecture 2000-1993-JapanMitsubishi Materials CorporationKagawa, Kagawa 198119801982-PrefectureJapanMitsui Mining & Smelting Co LtdTakehara, Hiroshima 1981-1982-PrefectureJapanNihon Material Co LtdNoda-City, Chiba Prefecture 2013---JapanJX Nippon Mining & Metals Co LtdSaganoseki, Oita Prefecture 2000#-1982-JapanSumitomo metal Mining Co LtdSaijo, Ehime Prefecture1981-1982-JapanTanaka Kikinzoku Kogyo Works, Kanagawa1978#198019822005 PrefectureJapanTokuriki Honten Co LtdShobumachi.

7 Saitama 1981-1982-PrefectureSingaporeMetalor Technologies Singapore Singapore2014---Pte LtdSouth KoreaLS-Nikko Copper IncUlsan1994-2008-PhilippinesBangko Sentral ng PilipinasQuezon City1979---TaiwanSolar Applied Materials Kuang Tien2010---Technology AfricaRand Refinery Pty LtdGermiston, Gauteng1921*197419932005 AUSTRALIAA ustraliaThe Perth MintNewburn2010#197419902005 CIS**RussiaOJSC: Novosibirsk Refinery PlantNovosibirsk1999---RussiaOJSC: Prioksky Plant of Kasimov, Ryazan1999---Non-Ferrous MetalsRussiaOJSC: Shelkovsky Plant of Shelkovo, Moscow1999---Secondary precious MetalsRussiaOJSC: Ekaterinburg Plant for Ekaterinburg1999---Non-Ferrous Metals Processing5 ACCREDITED gold Bar approved brandsCountryBrandHeadquartersYear of AccreditationCOMEXTOCOMS witzerlandCredit SuisseZurich19741982 SwitzerlandUBSZ urich-1986 Note: Credit Suisse bars are manufactured by Valcambi, UBS bars by Argor-Heraeus or relating to LBMA list* Estimated year of accreditation. ** Accreditation from at least the indicated year of accreditation.

8 ** Russia: OJSC stands forOpen Joint Stock Company. These companies are also designated OAO , which indicates that they operate as a limited company. FGUP indicates that the plant is a Federal State Unitary Enterprise. # Additional accreditation notes: Allgemeine gold und- Silberscheideanstalt AG. LGD bars bear Umicore stamp. Glencore Canada Corporation. Known as Xstrata Canada Corporation until April 2013 when the company merged with GlencoreInternational Plc. Aurubis AG. ACCREDITED on 1-4-2009. Retains the Norddeutsche Affinerie official stamp. Norddeutsche Affinerie AG. ACCREDITED before 1934. Re- ACCREDITED in 1953. Sch ne Edelmetaalbedrijven NV. ACCREDITED before 1934. LGD bars bear Umicore stamp, since 2006. Central Bank of the DPR of Korea. Transferred to former list in 2004, but re-listed in 2006. Nippon Mining & Metals Co Ltd. Former Hitachi refinery ACCREDITED in 1981, Sagonoseki refinery in 2000. Tanaka Kikinzoku Kogyo KK. Isehara Works renamed Shonan Works in 1999.

9 KyrgyzaltynJSC. Name and brand changed in 2001. The Perth Mint. ACCREDITED under its own name since at least 1928 until 1990. Between 1990 and 2010, the refinery was accreditedunder several notes The names of some refiners are not always recorded in exactly the same way on each list. The year of accreditation is recorded. Some lists provide the exact date (month and day). Only refiners and brands, which are understood to be active by Grendon International Research, are included in the RefinerRefinery LocationYear of AccreditationLBMACOMEX TOCOM DMCCR ussiaOJSC: The Gulidov Krasnoyarsk Krasnoyarsk1999--2007 Non-Ferrous Metals Plant ( Krastsvetmet )RussiaOJSC: Kolyma Refinery Khasyn, Magadan2004---RussiaOJSC: UralelectromedVerkhnyaya, Pyshma2006 RussiaFGUP: Moscow Special Alloys Moscow2007---Processing PlantKazakhstanKazzinc JSCUst-Kamenogorsk1996---Kyrgyz RepublicKyrgyzaltyn JSCK arabalta1999#---UzbekistanAmalyk Mining and Metallurgical Almalyk, Tashkent1997---ComplexUzbekistanNavoi Mining and Metallurgical Navoi1994-1998-CombinatTOTALS73252315 Sources: Table of active refiners and brands is derived from lists published by LBMA, COMEX, TOCOM and DMCC.

10 Dimensions andmarkings on some good delivery bars, and the names of some refiners, have changed since the year of their original Great Wall gold & Silver Refinery (China) hasmanufactured London Good Delivery bars since gold Bar gold EXCHANGEThe relevant bars of LBMA- ACCREDITED refiners are accepted as gooddelivery on the IGE also lists ACCREDITED refiners that are located in Year ofLocationAccreditationTurkeyIstanbul gold Refinery LimitedIstanbul2004 TurkeyNadir metal Rafineri Kuyumculuk Sanayi Ve Ticaret : IGE Note: The IGE accepts bars branded with the stamps of Commerzbank, Credit Suisse and UBS, for example, as theyare manufactured by LBMA- ACCREDITED COMMODITY EXCHANGE OF INDIA LTD, MUMBAIThe relevant bars of LBMA- ACCREDITED refiners have been accepted asgood delivery on the MCX since MCX also accepts bars from other refiners as may be approved bythe cast bars manufactured byValcambi (Switzerland).