Emas Batangan Dunia

Metalor Refining Group www.goldbarsworldwide.com which had been in use since 1952. The same certification mark has been The international headquarters of the applied since 1988. An earlier mark was issued in 1934, revised in 1952. Metalor Group in Neuchâtel. Serial numbering systems for cast bars have been applied since 1924 CERTIFICATION MARK (est), modified in 1951 and 1978. While the system for 400 oz bars has remained unchanged since 1978, a new system for smaller cast bars was On all bars manufactured by Metalor introduced in 1991. Technologies SA, since 1988. Although most bars were issued under the name of Swiss Bank Corporation between 1934 and 1998, branded Metalor-related bars were also issued over this period. Since 2000, most bars have been issued under the name of Metalor, although the company continues to manufacture cast bars for banks and other companies. Between 1974 and 1998, the company also manufactured minted bars: 100 g, 50 g, 20 g, 10 g, 5 g, 2 g, 1 g; 1 oz and 1/2 oz (rectangular and round); 1 tael. The round 1 oz and 1/2 oz bars were launched in 1974, the 10 other minted bars in 1981. In 2011, however, the company reintroduced a range of 3 minted bars: 100 g, 50 g and 1 oz; followed by 20 g in 2012. In addition to a serial number, each bar is engraved with a DataMatrix code. The refining of gold to 999.9 purity dates back to around 1924. TRADE COMMUNICATION Enquiries by industrial customers to the Refining business unit can be directed to the headquarters of Metalor Technologies SA in Neuchâtel or to its representative offices around the world, whose communication details are recorded on the company’s website: Headquarters Metalor Technologies SA Avenue du Vignoble, CH-2009 Neuchâtel, Switzerland Website: www.metalor.com Refining business unit Metalor Technologies SA Chemin des Perveuils, CH-2074 Marin, Switzerland Tel: +41-32-7206 111 Fax: +41-32-7206 602 Email: [email protected] EXAMPLES OF GOLD BARS London Good Delivery 400 oz bar. 4

Metalor Refining Group www.goldbarsworldwide.com 1000 g 250 g 100 g MINTED GOLD INVESTMENT BARS WITH DATAMATRIX CODES Metalor launched an innovative range of minted bars in 2011. The company engraves on each bar not only a serial number but also a DataMatrix code, which offers the possibility of recording diverse information relating to the fabrication and origin of the bar. 5

Metalor Refining Group www.goldbarsworldwide.com METALOR TECHNOLOGIES CORPORATION USA Metalor (USA) has manufactured London Good Delivery 400 oz bars LOCATION since 1991. Metalor Technologies Corporation USA, a leading gold refiner and bar manufacturer in the United States, has its headquarters in North Kilobars are manufactured to a Attleboro, Massachusetts, about 40 miles (65 km) south of Boston. fineness of 999.9. Gold refining and the manufacture of bars and other precious metal 6 products take place in North Attleboro. OWNERSHIP Metalor Technologies Corporation USA is a wholly owned subsidiary of Metalor Technologies SA, whose international headquarters are located in Neuchâtel, Switzerland. ACCREDITATION 1991 London Bullion Market Association (LBMA) 1989 CME Group – Market Contract: COMEX 1992 Tokyo Commodity Exchange (TOCOM) The company also manufactures London Good Delivery silver bars (since 1991). Certification 2008 ISO: 9001 2011 Responsible Gold Certificate of the Responsible Jewellery Council (RJC) 2012 Chain of Custody Certification of the Responsible Jewellery Council (RJC) BACKGROUND Metalor Technologies Corporation USA has been known by this name since 2001. It was established as Metalor USA Refining Corporation in 1989 by its parent company following the acquisition of the assets of the gold and silver refinery in North Attleboro of Leach & Garner Corporation. In 1989, Metalor was the first to issue “Kilo Bottles” of granules, widely used in the USA by the jewellery fabrication industry. In 2001, the company’s name was modified to Metalor Technologies Corporation USA. In 2011, significant expansion plans are under way to increase gold and silver refining capacity. The refining operations provide the precious metal feedstock for the various value added businesses, notably the Advanced Coatings and Electrotechnics business units. Apart from gold, the company refines silver, producing bars and other products for the silver industries. Number of employees: 90 GOLD SERVICES Metalor Technologies Corporation USA focuses on: (1) Gold refining and the recycling of scrap (2) Gold products for the jewellery industry (3) Gold bars

Metalor Refining Group www.goldbarsworldwide.com GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.99: • Old jewellery “100 oz” bar. • Jewellery manufacturers scrap • Semi-refined bullion • Mine dore´: predominantly gold • Mine dore´: predominantly silver • Electrolytic slimes derived from silver • Precipitated gold slimes Gold refining methods include pyrometallurgical chlorination and electrolysis. Annual gold refining capacity is recorded at around 150 tonnes. GOLD BARS A standard range of 4 cast bars: 400 oz, 100 oz (2) and 1000 g. GOLD BARS – TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System 400 oz mm Issued System Introduced 100 oz Cast 995+, 999.9 Rectangular 1989 100 oz* 270 x 76 x 44 6-8 numbers 1989 1000 g 235 x 57 (base) Cast 995, 999, 999.9 Rectangular 1989 6-8 numbers 1989 156 x 78 x 13 Cast 999.9 Rectangular 154 x 74 (base) 1989 6-8 numbers 1989 Cast 999.9 Rectangular 112 x 57 x 27 1989 6-8 numbers 1989 109 x 54 (base) 110 x 54 x 8 Source: Metalor Technologies Corporation USA * 100 oz bars manufactured for COMEX delivery. Serial numbers The company has manufactured COMEX Good Delivery “100 oz” bars All cast bars. 6-8 numbers record the last two digits of the year (1st/2nd nos), the day of the year on which the bar was manufactured (3rd/4th/5th since 1989. nos, ranging from 1-365/366) and the bar serial number (6th/7th/8th, ranging from 1-999). For example, “0612662” on a 400 oz bar means it CERTIFICATION MARK was made in 2006, on the 126th day, the 62nd bar since the bar serial number last reached 999. HISTORY OF BAR MANUFACTURE Metalor Technologies Corporation USA issued its standard range of 4 cast bars in 1989: 400 oz, 100 oz (2) and 1000 g. Historically, the gold refinery, originally owned by Leach & Garner Corporation, had issued bars in weights of 100 oz, 1000 g (1985) and 400 oz (1986). The official stamp is the same as that used by Metalor Technologies SA. The certification mark is a variation, recording the letters “MUS”, indicating that the bar is manufactured by Metalor’s US company. On all cast bars manufactured by Metalor Technologies Corporation USA, since 1989. 7

Metalor Refining Group www.goldbarsworldwide.com TRADE COMMUNICATION Metalor has refined gold in Hong Hong since 2000. Enquiries by gold dealers and industrial customers should be directed to the company’s headquarters in North Attleboro. Pouring molten gold in the Melt Shop. Metalor Technologies Corporation USA 255 John L Dietsch Boulevard Kilobars are manufactured to a North Attleboro fineness of 995 and 999.9. MA 02763 USA Tel: +1-508-699 8800 Fax: +1-508-695 1603 Website: www.metalor.com METALOR TECHNOLOGIES (HONG KONG) LIMITED LOCATION Metalor Technologies (Hong Kong) Limited, a major gold refiner in Hong Kong, has its headquarters in the Hum Hong district. Gold refining and the manufacture of bars take place at the company’s refinery in the Kwai Chung district. OWNERSHIP Metalor Technologies (Hong Kong) Limited is a wholly-owned subsidiary of Metalor Technologies International SA, whose headquarters are in Neuchâtel in Switzerland. ACCREDITATION 2007 London Bullion Market Association (LBMA) Certification 2011 Responsible Gold Certificate of the Responsible Jewellery 2012 Council (RJC) Chain of Custody Certification of the Responsible Jewellery Council (RJC) BACKGROUND Metalor Technologies (Hong Kong) Limited, established in 1974, has refined gold since 2000, when its original refinery was opened in the Aberdeen district in 1986. In 2007, when the company acquired the assets of the Kwai Chung operations and the gold and silver businesses of Johnson Matthey Hong Kong Ltd, all refining was transferred to the former Johnson Matthey refinery in Kwai Chung. Johnson Matthey Hong Kong Ltd had refined gold in Kwai Chung since 1993. In 2001, its 400 oz bars were accepted as London Good Delivery by the London Bullion Market Association. As part of the Metalor Group, the company services the Asia-Pacific region. It also has access to the precious metal products and services offered by the Metalor Group worldwide. Number of employees: 77 8

Metalor Refining Group www.goldbarsworldwide.com GOLD SERVICES Metalor Technologies (Hong Kong) Limited focuses on: (1) Gold refining and the recycling of scrap (2) Gold products for the jewellery, electronics and metal surface finishing industries (3) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion CERTIFICATION MARK • Old jewellery • Jewellery manufacturers scrap • Old coins and medals Gold refining methods include wet chemical chlorination (aqua regia), On cast bars manufactured by electrolysis, wet chemical parting, solvent extraction and electric furnace Metalor Technologies (Hong Kong) smelting. Annual gold refining capacity is around 200 tonnes. Limited, since 2007. GOLD BARS A standard range of 2 cast bars: 400 oz, 1000 g TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System Rectangular mm Issued System Introduced 400 oz Cast 995+, 999.9 Rectangular 2001 256 x 85 x 37 6 numbers 2001 1000 g Cast 995, 999.9 230 x 63 (base) 1993 Plus year date Letter 1993 116 x 52 x 9.5 Plus 5 numbers Source: Metalor Technologies (Hong Kong) Limited * Manufactured to order in bulk quantities. TRADE COMMUNICATION Laboratory Enquiries by gold dealers and industrial customers should be directed to the company’s headquarters: Metalor Technologies (Hong Kong) Limited Suite 1705 Metropolis Tower 10 Metropolis Drive, Hung Hom Hong Kong Tel: +852-2521 4131 Fax: +852-2845 1791 Email: [email protected] Website: www.metalor.com 400 oz 9

Metalor Refining Group www.goldbarsworldwide.com METALOR TECHNOLOGIES (SUZHOU) LIMITED – CHINA Metalor has refined gold in China since 2006. LOCATION Metalor Technologies (Suzhou) Limited is located in Suzhou in the Casting gold at the refinery in province of Jiansu. Suzhou. Gold refining and the manufacture of bars take place at the company’s Waste water treatment plant. refinery in Suzhou Industrial Park. OWNERSHIP Metalor Technologies (Suzhou) Limited is a wholly-owned subsidiary of Metalor Technologies SA, whose international headquarters are in Neuchâtel in Switzerland. ACCREDITATION 2008 Shanghai Gold Exchange Certification 2004 ISO: 14001 2008 ISO: 9001 BACKGROUND Metalor Technologies (Suzhou) Limited was established in 2001 to manufacture precious metal salts for the electronics and decorative industries. In 2006, the company commissioned the gold refining process. Its first gold bars were produced in December 2006. Number of employees: 98 GOLD SERVICES Metalor Technologies (Suzhou) Limited focuses on: (1) Gold refining of mine doré and the recycling of precious metal bearing scraps (2) Gold products for the jewellery, electronics and metal surface finishing industries (3) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion • Mine doré • Old jewellery and industrial wastes • Jewellery manufacturers scrap • Old coins and medals Gold refining methods include chemical refining processes. Annual gold refining capacity is around 30 tonnes. 10

Metalor Refining Group www.goldbarsworldwide.com GOLD BARS A standard range of 2 cast bars: 3000 g, 1000 g On request, non-standard cast bars are also manufactured, including the following weights: 3000 g, 1000 g, 500 g, 50 g, 20 g, 10 g, 30 oz, 10 oz, 5 oz, 2 oz, 1 oz and 1/3 oz. TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System 3000 g Cast mm Issued System Introduced 999.5 Rectangular 2007 320 x 70 x 7 2 letters 2007 1000 g Cast 999.9 Rectangular 2007 Plus 7 numbers 116 x 52.5 x 9 Plus year date 2007 1/3 oz – Cast 999.9 Rectangular 2010 Letter 3000 g According to Plus 7 numbers 2010 customer’s request Plus year date According to customer’s request Source: Metalor Technologies (Suzhou) Limited TRADE COMMUNICATION CERTIFICATION MARK Enquiries by gold dealers and industrial customers should be directed to: Metalor Technologies (Suzhou) Limited On cast bars manufactured by 8 Zhao Yang Road, Metalor Technologies (Suzhou) Suzhou Industrial Park Jiansu Province Limited since 2007. China 215123 Tel: +86 512 6593 6181 Fax: + 86 512 6593 6171 Website: www.metalor.com 3000 g bars for the gold market in China. 11

Metalor Refining Group www.goldbarsworldwide.com METALOR TECHNOLOGIES SINGAPORE PTE LTD The Metalor Refining Group started to refine gold and manufacture bars in LOCATION Metalor Technologies Singapore Pte Ltd has its headquarters at the Singapore in 2013. Surface Engineering Hub in the Jurong area of Singapore, 20 km from the city centre. The refinery in Singapore has manufactured London Good Delivery Gold refining and the manufacture of bars take place at the company’s refinery at the Surface Engineering Hub. bars since July 2014. The refinery was officially opened by Mr Lee Yi Shyan, Senior Minister of Kilobars have been produced for the State for Trade & Industry and National Development in Singapore, in international market since 2013. June 2014. OWNERSHIP The company is a wholly-owned subsidiary of Metalor Technologies International SA, whose international headquarters are in Neuchâtel in Switzerland. ACCREDITATION 2014 London Bullion Market Association (LBMA) Certification In June 2013, the company was certified by the Inland Revenue Authority of Singapore (IRAS) as an approved refiner and producer of Investment Precious Metal. 2013 Chain of Custody Certification of the Responsible Jewellery Council (RJC) 2013 Responsible Gold Certificate of the Responsible Jewellery Council (RJC) BACKGROUND The refining and bar manufacturing capability of Metalor Technologies Singapore Pte Ltd was established in 2013 as part of the efforts of the Singapore Government and its agency, International Enterprise Singapore (IE), to position Singapore as one of the world’s major hubs for the physical trading of precious metals. In 2012, the Inland Revenue Authority of Singapore had laid the ground- work by exempting the import and sale of precious metals, manufactured by LBMA-accredited refiners and other approved entities, from GST (General Sales Tax). GST, first applied to precious metals at 3% in 1994 had grown to 7% by 2012. The company, the only major gold refiner in Singapore, focuses on serving Metalor Group customers in the South East Asia region. Number of employees: 41 London Good Delivery 400 oz bar 12

Metalor Refining Group www.goldbarsworldwide.com GOLD SERVICES OFFICIAL STAMP Metalor Technologies Singapore Pte Ltd focuses on: On bars manufactured by the (1) Gold refining of mine doré and the recycling of precious metal Metalor Group since 2001. bearing scraps CERTIFICATION MARK (2) Recycling and upgrade of gold bullion (3) Gold products for the jewellery, electronics and metal surface On bars manufactured by Metalor Technologies Singapore Pte Ltd finishing industries (4) Gold bars since 2013. GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion • Mine doré • Old jewellery and industrial wastes • Jewellery manufacturers scrap • Old coins and medals Gold refining methods include chemical and electrochemical refining processes. Annual gold refining capacity: 200 tonnes (target at full production). GOLD BARS A standard range of 2 cast bars: 400 oz, 1000 g TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial System 400 oz mm Made Number System Introduced Cast 995+, 999.9 Rectangular 2014 256 x 85 x 37 6 numbers 2014 230 x 63 (base) Plus year date 1000 g Cast 995, 999.9 Rectangular 116 x 52 x 9.5 2013 6 numbers 2013 Source: Metalor Technologies Singapore Pte Ltd TRADE COMMUNICATION Refining gold in Singapore. Enquiries by gold dealers and industrial customers should be directed to: Metalor Technologies Singapore Pte Ltd Surface Engineering Hub 8 Buroh Street #01-06 Singapore 627563 Tel: +65-6586 3333 Fax: +65-6863 0102 Email: [email protected] Website: www.metalor.com 13

Metalor Refining Group www.goldbarsworldwide.com Mr Lee Yi Shyan, Senior Minister of State for Trade & Industry and National Development in Singapore. Mr Lee Yi Shyan officially opened the Metalor refinery in Singapore in June 2014, cutting the ceremonial ribbon alongside the Swiss Ambassador to Singapore and the Metalor Group’s CEO at that time. Pouring London Good Delivery 400 oz bars. Metalor Technologies Singapore Pte Ltd is the only major gold refiner in Singapore. Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. All rights reserved. 14

JOHNSON MATTHEY GROUP INTERNATIONAL REFINER USA – CANADA Supplement 2014 Johnson Matthey Plc, a specialty chemicals company that focuses on catalysts, precious metals and fine chemicals, has its international Johnson Matthey is a major gold headquarters in London. refiner and bar manufacturer in the USA. The company, whose origins date back to 1817, operates in over 30 countries and employs around 10,000 people. Kilobars (1000 g) are manufactured to a fineness of 995 or 999.9. Johnson Matthey undertakes gold refining and the manufacture of bars at two large refineries in the USA and Canada. London Good Delivery 400 oz bars have been manufactured since JOHNSON MATTHEY GOLD & SILVER REFINING INC - USA 1989. LOCATION Johnson Matthey Gold & Silver Refining Inc, the leading refiner of newly- mined gold in the United States, is located in Salt Lake City, Utah. OWNERSHIP Johnson Matthey Gold & Silver Refining Inc is a subsidiary of Johnson Matthey Gold & Silver Refining Holdings Limited, which is a subsidiary of Johnson Matthey Plc. ACCREDITATION 1989 London Bullion Market Association (LBMA) 1983 CME Group – Market Contract: COMEX 1994 Tokyo Commodity Exchange (TOCOM) Johnson Matthey Gold & Silver Refining Inc also manufactures London Good Delivery silver bars at its Salt Lake City refinery (since 1989). BACKGROUND The gold refinery of Johnson Matthey Gold & Silver Refining Inc was established in Salt Lake City in 1983 in response to the resurgence of gold mining in the United States, particularly in Nevada, the state adjacent to Utah. The Johnson Matthey Group has been operating in the United States for more than 100 years, under several names: Bishop & Co (1909), Matthey Bishop Inc (1967), Johnson Matthey Inc (1980) and Johnson Matthey Gold & Silver Refining Inc (since 2013). In addition to gold, the refinery in Salt Lake City also refines silver. The Johnson Matthey Group in North America, also refines platinum group metals, manufacturing an extensive range of products for the platinum group metals industry. Number of employees: 175 (Salt Lake City), 1,900 (USA).

Johnson Matthey Group www.goldbarsworldwide.com GOLD SERVICES Johnson Matthey Gold & Silver Refining Inc focuses on: (1) Gold refining and the recycling of scrap (2) Gold grain for the jewellery industry (3) High purity gold for the electronics industry (5) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion Pouring gold at the Salt Lake City • Mine dore´: predominantly gold refinery. • Mine dore´: predominantly silver • Electrolytic slimes derived from silver • Precipitated gold slimes • Old jewellery • Jewellery manufacturers scrap • High-grade electronic scrap • Dental scrap • Old coins and medals Gold refining methods include pyrometallurgical chlorination and electrolysis. Annual gold refining capacity is around 250 tonnes. GOLD BARS Cast bars: 400 oz, 100 oz, 1000 g, 10 oz The company has manufactured bars in Salt Lake City since 1983. TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System Rectangular mm Made* System Introduced 400 oz Cast 995+, 999.9 1983 248 x 80 x 41 5 numbers 1983 220 x 57 (base) 1983 6 numbers 2005* 1983 Plus year date 1997* 100 oz Cast 995+, 999.9 Rectangular 152 x 51 x 13 2010 5 numbers 1983 6 numbers 2005* 1000 g Cast 995, 999.9 Rectangular 118 x 52 x 8 5 numbers 1983 6 numbers 2005* 10 oz Cast 999.9 Rectangular 72 x 36 x 7 6 numbers 2010 Source: Johnson Matthey Gold & Silver Refining Inc * Estimated dates OFFICIAL STAMPS On cast bars issued since 1983. On 100 oz and 1000 g bars issued since 1992. For a brief period in the 1980s, The assay designation is either the words “Johnson Matthey” were removed. 9999 or 9950. 2

Johnson Matthey Group www.goldbarsworldwide.com CERTIFICATION MARK HISTORY OF GOLD BAR MANUFACTURE The company’s gold refinery in Salt Lake City, when established in 1983, On 400 oz bars issued issued its full range of 3 cast bars: 400 oz, 100 oz and 1000 g. The 10 oz since 1997-98. cast bar was issued in 2010. The company launched a 10 oz cast While the same official stamp, depicting a “hammer and geologist’s pick” bar for the North American market – the international trade mark of the Johnson Matthey Group, has been in 2010. applied since 1983 to the 400 oz market bars, the certification mark was modified in 1989 in order to include reference to “USA”, and again in the Johnson Matthey Limited has refined late 1990’s to make reference to Salt Lake City “SLC”. gold at its Brampton refinery since 1976. The 100 oz (Comex) and 1000 g (kilobar) bars depict the “double oval” logo, with the reference to Johnson Matthey – SLC around either the 9999 3 or 9950 assay designation. The serial numbering system, five numbers since 1983, was changed to six numbers around 2005. TRADE COMMUNICATION Enquiries by gold dealers and industrial customers as regards the refining of gold should be directed to the Business Development Manager at the refinery in Salt Lake City. Johnson Matthey Gold & Silver Refining Inc 4601 West 2100 South Salt Lake City Utah 84120 USA Tel: +1-801-924 9125 Fax: +1-801-973 7313 Website: www.matthey.com Email: [email protected] JOHNSON MATTHEY LIMITED - CANADA LOCATION Johnson Matthey Limited, a major gold refiner in North America, has its headquarters in Brampton, close to the international airport of Toronto. Gold refining and the manufacture of bars and other precious metal products take place at the company’s headquarters in Brampton. OWNERSHIP Johnson Matthey Limited is a subsidiary of Johnson Matthey Gold & Silver Refining Holdings Limited, which is a subsidiary of Johnson Matthey Plc. ACCREDITATION 1961 London Bullion Market Association (LBMA) 1974 CME Group – Market Contract: COMEX 1988 Tokyo Commodity Exchange (TOCOM) Johnson Matthey Limited also manufactures London Good Delivery silver bars (since 2001).

Johnson Matthey Group www.goldbarsworldwide.com BACKGROUND Low purity doré bars supplied by The company was originally established as Johnson Matthey (Canada) mining companies for refining into Limited in 1930. tradable bars. In 1947, following a joint-venture agreement with PR Mallory Inc (Indianapolis), it operated as Johnson Matthey & Mallory Limited until Pouring gold at the Brampton 1977, when the company was renamed Johnson Matthey Limited. refinery. Gold refining took place at the company’s former refinery in Toronto at 110 Industry Street (established 1948) until the opening of the Brampton refinery in 1976. The company also refines silver. Number of employees: 150 GOLD SERVICES Johnson Matthey Limited focuses on: (1) Gold refining and the recycling of scrap (2) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion • Mine dore´: predominantly gold • Mine dore´: predominantly silver • Electrolytic slimes: derived from copper • Electrolytic slimes: derived from silver • Precipitated gold slimes • Loaded carbon • Old jewellery • Jewellery manufacturers scrap • Electronic scrap • Dental scrap • Old coins and medals Gold refining methods include pyrometallurgical chlorination and electrolysis. Annual gold refining capacity is around 300 tonnes. GOLD BARS Cast bars: 400 oz, 100 oz, 1000 g Assaying. TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System Rectangular mm Made System Introduced 400 oz Cast 995+, 999.9 Rectangular 1961* Rectangular 260 x 82 x 39 5 numbers 1961* 100 oz Cast 995+, 999.9 240 x 58 (base) 1971* Plus year date 2005 154 x 55 x 15 Letter 1975 1000 g Cast 999.9 1971* Plus 6 numbers 117.5 x 52.4 x 9.5 Letter 1975 Plus 6 numbers Source: Johnson Matthey Limited * Estimated dates 4

Johnson Matthey Group www.goldbarsworldwide.com HISTORY OF GOLD BAR MANUFACTURE Kilobars are manufactured to a Bar manufacture dates back to at least 1961 when the company’s 400 oz fineness of 999.9. bars were accepted as London Good Delivery. London Good Delivery 400 oz bar. 100 oz and 1000 g cast bars were first issued in 1971 (est). For more than 25 years (1971 - 2000), the company was the largest manufacturer of minted bars in North America. The bars, issued over this period, are still widely traded on the secondary market: in ounces, 7 bars ranging from 10 oz to 1/10 oz; in grams, 8 bars ranging from 500 g to 1 g. The company also manufactured 10 tola cast bars between 1987 and 1995. The serial number system for 400 oz bars is believed to have remained the same since 1961, and on 100 oz and 1000 g bars since 1975. TRADE COMMUNICATION Enquiries by gold dealers and industrial customers should be directed to the company’s headquarters in Brampton. Johnson Matthey Limited 130 Glidden Road Brampton Ontario L6W 3M8 Canada Tel: +1-905-454 6854 Fax: +1-905-454 6871 Email: [email protected] Website: www.matthey.com OFFICIAL STAMPS On 400 oz and 100 oz bars issued by On 1000 g and 100 oz bars issued by Johnson Matthey Limited, since 1980. Johnson Matthey Limited, since 1992. For a brief period in the 1980s, the words “Johnson Matthey” were removed. CERTIFICATION MARK On 400 oz bars issued by Johnson Matthey Limited, since 1977. 5

Johnson Matthey Group www.goldbarsworldwide.com EXAMPLES OF GOLD BARS Johnson Matthey Group 1000 g 1000 g Johnson Matthey Gold & Silver Refining Inc Johnson Matthey Limited USA Canada Gold granules for the jewellery industry. Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. All rights reserved. 6

HERAEUS GROUP INTERNATIONAL REFINER GERMANY – HONG KONG – USA Supplement 2014 HERAEUS HOLDING GMBH – GERMANY Heraeus has been associated with LOCATION the refining of precious metals for Heraeus Precious Metals GmbH & Co. KG, a wholly owned subsidiary more than 160 years. of Heraeus Holding GmbH, is the world’s largest privately-owned precious metals refiner and fabricator. The company was authorised to manufacture London Good Delivery Its international headquarters is in Hanau, about 25 km east of Frankfurt. 400 oz bars in 1958. Gold refining and the manufacture of Heraeus bars are undertaken at 4 locations: Kilobars are manufactured to a fineness of 995 and 999.9 for the Germany (Hanau) Heraeus Precious Metals GmbH & Co. KG China (Hong Kong) Heraeus Limited Hong Kong international market. USA (Newark) Heraeus Precious Metals North America LLC Switzerland Argor-Heraeus SA (associated company) While these companies are responsible for the sale of refining services and industrial products, there are 4 associated companies that sell precious metal bars and other physical products, as well as offering an extensive range of trading services: Germany (Hanau) Heraeus Metals Germany GmbH & Co. KG China (Hong Kong) Heraeus Metals Hong Kong Ltd USA (New York) Heraeus Metals New York LLC China (Shanghai) Heraeus Metals (Shanghai) Co Ltd The company also manufactures London Good Delivery silver bars (since 1972) and London Good Delivery platinum and palladium bars. OWNERSHIP Heraeus Holding GmbH has been privately owned since its establishment in 1851. ACCREDITATION 1958 London Bullion Market Association (LBMA) 1974 CME Group - Market Contract: COMEX 1982 Tokyo Commodity Exchange (TOCOM) BACKGROUND Heraeus Holding GmbH The company dates its formal origins to 1851 when Wilhelm Carl Heraeus (W. C. Heraeus) took over his father’s “Unicorn Pharmacy” which had been established in Hanau in the 17th century. In 1856, when he constructed the country’s first platinum foundry, he was recognized as the “father” of the German platinum industry. Over the past 160 years, Heraeus has grown into a global company with 76 production facilities and 25 development centres in 33 countries. It is still privately owned by the Heraeus family.

Heraeus Group www.goldbarsworldwide.com Heraeus is divided into seven large business groups: Precious Metals, Heraeus operates gold refineries in Materials and Technologies, Sensors, Biomaterials and Medical Products, Germany, Hong Kong and the USA, Dental, Quartz Glass and Specialty Light Sources. and is a major shareholder of Heraeus Precious Metals GmbH & Co. KG Argor-Heraeus (Switzerland). The company operates five divisions: Thick Film Materials, Chemicals, Conductive Polymers, Medical Components and Trading. Melting old gold scrap. Although gold refining and bar manufacture have always taken place in OFFICIAL STAMPS Hanau, bars are also manufactured by its refineries in Hong Kong and the USA, and by its associated company, Argor-Heraeus SA, in Switzerland. On cast and minted bars, 1000 g and less, since May 2011. Apart from gold, Heraeus refines platinum group metals and silver, producing bars and many products for the platinum group metal and This stamp replaced a previous silver industries. “hand-with-roses” version that had been in use from 1958Est until 2011. Number of employees: 13,300 (Group) On 400 oz bars since 1974. GOLD SERVICES Heraeus Precious Metals GmbH & Co KG focuses on: 2 (1) Gold refining and the recycling of scrap (2) Gold products for the jewellery industry (3) Gold products for the electronics and decorative industries (4) Gold products for the dental industry (5) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion • Mine dore´: predominantly gold • Mine dore´: predominantly silver • Electrolytic slimes: derived from copper • Electrolytic slimes: derived from silver • Precipitated gold slimes • Loaded carbon • Old jewellery • Jewellery manufacturers scrap • Dental scrap • Old coins and medals Gold refining methods include pyrometallurgical chlorination, wet chemical chlorination (aqua regia and chlorine gas), electrolysis, wet chemical parting, solvent extraction, cupellation and ion exchange. Annual gold refining capacity worldwide is recorded at 400-500 tonnes. GOLD BARS A standard range of 6 cast bars and 13 minted bars. Cast: 400 oz, 100 oz (USA only), 1000 g, 500g, 250 g, 100 g Minted: 1 g – 100 g, 1 oz (7 bars) Kinebars® : 1 g – 20 g, 1 oz (6 bars) The kinebars® bear the stamps of Argor-Heraeus SA, but are issued in packaging under the name of Heraeus for distribution in Germany. The company also manufactures bars weighing approximately 12.5 kg for fabricators.

Heraeus Group www.goldbarsworldwide.com GOLD BARS – TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System mm Made System* Introduced 400 oz Cast 995+, 999.9 Rectangular 245 x 82 x 34 1962 Letter 1962* 100 oz Cast 999.9 Rectangular 230 x 60 (base) 1989 Plus 5 numbers 1000 g Cast 995, 999.9 Rectangular 1995 Plus year date n.a. 500 g Cast 995,999.9 Rectangular n.a. 1995 Letter 1995 250 g Cast Rectangular 1995 Plus 5 numbers 1995 100 g Cast 999.9 Rectangular 116.5 x 51.0 x 9.5 2008 Letter 1995 999.9 Plus 4 numbers 2008 91.0 x 41 x 7.6 Letter Plus 4 numbers 50.0 x 30.5 x 9.0 Letter Plus 4 numbers 44.0 x 26.0 x 4.5 2 Letters Plus 4 numbers 100 g Minted 999.9 Rectangular 49.65 x 28.45 x 3.85 2001 6 numbers 2011 50 g Minted 999.9 Rectangular 49.65 x 28.45 x 1.95 2001 6 numbers 2011 20 g Minted 999.9 Rectangular 2001 6 numbers 2011 10 g Minted 999.9 Rectangular 40.4 x 23.3 x 1.3 2001 6 numbers 2011 5g Minted 999.9 Rectangular 31.5 x 18.5 x 1.05 2001 6 numbers 2011 1g Minted 999.9 Rectangular 23.0 x 14.0 x 0.95 2001 6 numbers 2011 1 oz Minted 999.9 Rectangular 2001 6 numbers 2011 15.0 x 8.7 x 0.5 20 g** Kinebar® 999.9 Rectangular 40.4 x 23.3 x 1.75 1994 - - 10 g Kinebar® 999.9 Rectangular 1994 - - 5g Kinebar® 999.9 Rectangular 40.5 x 23.4 x 1.3 1994 - - 2g Kinebar® 999.9 Rectangular 31.6 x 18.6 x 1.05 1994 - - 1g Kinebar® 999.9 Rectangular 23.1 x 14.1 x 0.95 1994 - - 1 oz Kinebar® 999.9 Rectangular 19.15 x 11.55 x 0.55 1994 - - 15.1 x 8.8 x 0.5 40.5 x 23.4 x 1.75 1 g Minted 999.9 Square – For 10 x 10 x 0.6 2013 Letter 2013 MultiCards Plus 5 numbers Source: Heraeus Precious Metals GmbH & Co KG * Serial numbers for 1000 g, 500 g and 250 g bars have been applied sequentially since 1995. ** The 6 kinebars® bear the stamps of Argor-Heraeus SA – first made in 1994. HISTORY OF GOLD BAR MANUFACTURE The company modified the Although gold refining dates back to 1856, historical information on bar dimensions of its 1000 g, 500 g and manufacture is limited, due mainly to the destruction of archives during the Second World War. 250 g cast bars in 1995. In 1958 (est), the company issued 3 cast bars: 1000 g, 500 g and 250 g, together with 4 minted bars: 100 g, 50 g, 20 g and 10 g. In 1962, although Heraeus had been accredited to the London Gold Market since 1958, 400 oz bars were introduced. In 1977, 5 g minted bars were launched, followed by 1 g bars (1981). Over the period 1984-1988, 1 g bars were also issued with a diverse range of decorative designs on their reverse side. In 1994, the kinebar® range (1 g – 20 g, 1 oz) was introduced. In 1995, the dimensions of its small cast bars (1000 g, 500 g and 250 g) were changed, as well as two minted bars (20 g and 10 g). In 2001, the dimensions of all its minted bars were changed. 3

Heraeus Group www.goldbarsworldwide.com In 2008, 100 g cast bars were issued. The company’s international precious metals trading desk in Hanau. In 2011, the company modified the “hand-with-roses” official stamp and the positioning of some words on bars, 1000 g and less. In addition, a Manufacturing blanks for minted bars. serial numbering system was applied to minted bars, and new packaging was introduced that includes an assay certificate. In 2013, Heraeus MultiCards, containing 10 x 1 g and 5 x 1 g square minted bars, were introduced. TRADE COMMUNICATION Enquiries by gold dealers and industrial customers should be directed to: Trading Department (Heraeus Metals Germany GmbH & Co. KG) Tel: +49-6181-35 2750 Fax: +49-6181-35 9444 Email: [email protected] [email protected] Website: www.heraeus-trading.com Refining Department of Heraeus Precious Metals GmbH & Co. KG Tel: +49-6181-35 5645 Fax: +49-6181-35 4739 Email: [email protected] Websites: www.heraeus-edelmetallhandel.de and www.heraeus-trading.com Correspondence address for all departments in Hanau: Heraeus Precious Metals GmbH & Co. KG Heraeusstrasse 12-14 63450 Hanau Germany Heraeus has issued small gold bars since the 1950s. Minting the blanks into gold bars. Kilobars can be stamped either “Feingold” or “Fine Gold”. 4

Heraeus Group www.goldbarsworldwide.com EXAMPLES OF GOLD BARS 1000 g 500 g 100 g Heraeus gold bars are available to investors in many countries. 5

Heraeus Group www.goldbarsworldwide.com 100 g 50 g 20 g 10 g Obverse Reverse 10 g kinebar® Heraeus MultiCards, containing square 1 g bars, were introduced in 2013. 1 oz New packaging, which includes an assay certificate, was introduced in 2011. 6

Heraeus Group www.goldbarsworldwide.com HERAEUS LIMITED – HONG KONG Heraeus Limited was established in 1986, although its origins in Hong LOCATION Kong date back to 1974. Heraeus Limited, a major gold refiner and bar manufacturer, has its headquarters in Hong Kong, at Fanling in the New Territories. Kilobars are manufactured to a fineness of 995, 999.9 and 999.99 Gold refining and the manufacture of bars and other precious metal products take place in Fanling. for the international market. OWNERSHIP The company’s 400 oz bars have been accepted as London Good Heraeus Limited is wholly owned by Heraeus Precious Metals GmbH & Co KG whose international headquarters are in Hanau, Germany. Delivery since 2006. ACCREDITATION 7 2006 London Bullion Market Association (LBMA) 1989 CME Group - Market Contract: COMEX 1999 The Chinese Gold & Silver Exchange Society, Hong Kong 2006 Dubai Multi Commodities Centre (DMCC) The company also manufactures London Good Delivery silver bars (since 2010) and London Good Delivery platinum bars (since 2008) and palla- dium bars (since 2011). BACKGROUND Heraeus Limited traces its origins in Hong Kong to Pacific Platers Ltd (established 1974) and Zenith Refinery Ltd (established 1975), which became subsidiaries of Heraeus Pacific Ltd in 1982, and wholly owned in 1985. Heraeus Pacific Ltd, renamed Heraeus Limited in 1986, had been established in Hong Kong to service the extensive gold jewellery and bar markets in South East Asia. The original refinery had been established in Kwun Tong by Zenith Refinery Ltd in 1974. In 1994, Heraeus relocated the refinery to Fanling. Sales offices have been located in Singapore since 1985, and in Manila since 1986. Other important Heraeus group companies are in Shanghai (Heraeus Materials Technology Shanghai Ltd) in Singapore (Heraeus Materials Singapore Pty Ltd) and South Korea (Heraeus Oriental Hi Tech Co Ltd), as well as in Japan (Heraeus KK). Apart from gold, the company refines silver, platinum, palladium, also providing bars and other products for the platinum, palladium and silver industries. Number of employees: 152 GOLD SERVICES Heraeus Limited focuses on: (1) Gold refining and the recycling of scrap (2) Gold products for the jewellery industry (3) Gold products for the electronic industry (4) Gold products for the decorative industry (5) Gold bars GOLD REFINING AND RECYCLING OF SCRAP The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9:

Heraeus Group www.goldbarsworldwide.com • Semi-refined bullion • Mine dore´: predominantly gold • Mine dore´: predominantly silver • Electrolytic slimes: derived from copper • Electrolytic slimes: derived from silver • Precipitated gold slimes • Old jewellery • Jewellery manufacturers scrap • Electronic scrap • Dental scrap • Old coins and medals • Plating solutions Gold refining methods include wet chemical chlorination (aqua regia), electrolysis and wet chemical parting. Sources of gold-bearing material is mainly from Asia and Asia-Pacific including Hong Kong, China, Indonesia, Philippines, Singapore, Australia and New Zealand. Annual gold refining capacity is approximately 200 tonnes. Manufacturing kilobars at the company’s large refinery in Fanling. GOLD BARS A standard range of 5 cast bars: 400 oz, 1000 g, 10 tola, 5 tael (two versions). TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System 400 oz Cast 995+ Rectangular mm Made System Introduced 2006 1000 g Cast 995 Rectangular 255 x 85 x 35 2 letters 2006 999.99 Rectangular 235 x 65 (base) 1986 Plus 4 numbers 1000 g Cast 999.9 Rectangular Plus year date 1986 Rectangular 104 x 51.5 x 10 2005 Letter 1000 g Cast 999 Rectangular Plus 5 numbers 2005 999.9 Rectangular 109 x 50 x 10 2012 Letter 10 tola Cast Plus 5 numbers 2012 5 tael Cast 99 116 x 51 x 9.2 1986 Letter 5 tael* Cast 1986 Plus 6 alphanumeric - 44.5 x 24.5 x 5.5 2002 - - 79.5 x 21.5 x 6.5 - - - 79 x 21 x 6.5 Source: Heraeus Ltd * 5 tael bars accredited to The Chinese Gold & Silver Exchange Society, Hong Kong. Serial Numbering Systems OFFICIAL STAMP 400 oz: Letters “GA” plus 4 numbers. Sequential alphanumeric since On 400 oz bars issued under the their launch in January 2006. name of Heraeus Limited, since 1000 g: If 999.9 purity: Letter “H” plus 6 alphanumeric. If 995 purity: 2006. Letter “B” plus 5 numbers. If 999.99 purity: Letter “C” plus 5 numbers. The numbers are sequential since their launch. Over time, a bar may have the same numbers as an historical bar. 8

Heraeus Group www.goldbarsworldwide.com HISTORY OF GOLD BAR MANUFACTURE Refined gold sponge. Heraeus Limited launched 3 cast bars in 1986: 1000 g, 10 tola and 5 tael. In 2002, the company was authorised by The Chinese Gold & Silver Exchange Society to produce 5 tael cast bars that also incorporate approved Exchange Society stamps. In 2005, 1000 g bars with a millesimal purity of 999.99 were launched. Although this high purity gold is produced in irregular forms and shapes for industrial customers by several accredited refiners, Heraeus Ltd is understood to be the first to issue a standard rectangular bar with precise dimensions at 999.99 purity. In 2006, London Good Delivery “400 oz” bars were manufactured for the first time. TRADE COMMUNICATION Enquiries by gold dealers and industrial customers should be directed to the companies in Hong Kong. Heraeus Limited Heraeus Metals Hong Kong Limited 30 On Chuen Street Room 2111-2113,21/F On Lok Tsuen Peninsula Square Fanling 18 Sung On Street New Territories Hunghom, Kowloon Hong Kong Hong Kong Tel: +852-2675 1200 Tel: +852-2773 1733 Fax: +852-2682 3220 Fax: +852-2773 1090 Email: [email protected] Email: [email protected] Website: www.heraeus.com.hk EXAMPLES OF GOLD BARS 5 tael 10 tola 1000 g 9

Heraeus Group www.goldbarsworldwide.com HERAEUS PRECIOUS METALS NORTH AMERICA LLC – USA Heraeus Incorporated opened its refinery in Newark in 1989. LOCATION Gold refining and the manufacture of bars and other precious metal The company manufactures kilobars products take place in Newark (New Jersey). to a fineness of 999.9. OWNERSHIP Gold granules for the jewellery Heraeus Precious Metals North America LLC is owned by Heraeus industry. Holding GmbH & Co. KG, whose international headquarters are in Hanau, Germany. 10 ACCREDITATION 1989 CME Group – Market Contract: COMEX BACKGROUND Heraeus is a globally active precious metal and technology Group based in Hanau, near Frankfurt, and with deep roots in Germany. The company has been family-owned for more than 160 years. Our business groups cover precious metals, materials and technologies, sensors, biomaterials, medical, dental, and pharmaceutical products, quartz glass, and specialty light sources. The Heraeus Group has been active in North America since 1903, when it acquired a substantial shareholding in an important precious metals company, Baker & Co. This company was managed by Charles Engelhard, founder of the Engelhard group and brother-in-law of Dr. Wilhelm Heraeus, Head of the Heraeus Group at that time. The company’s Newark (New Jersey) refinery was opened in 1989. Apart from the Newark refinery, Heraeus Precious Metals North America LLC operates manufacturing facilities in Conshohocken (Pennsylvania) and a platinum group metal refinery in Santa Fe Springs (California). Number of employees: 1,850 GOLD SERVICES Heraeus Precious Metals North America focuses on: (1) Gold refining and the recycling of scrap (2) Gold products for the jewellery industry (3) Gold products for the electronics industry (4) Gold bars GOLD REFINING AND RECYCLING OF SCRAP Heraeus Precious Metals North America LLC normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: • Semi-refined bullion • Mine doré: predominantly gold • Mine doré: predominantly silver • Precipitated gold slimes • Loaded carbon • Old jewellery • Jewellery manufacturers scrap • Electronic scrap • Dental scrap • Old coins and medals

Heraeus Group www.goldbarsworldwide.com Gold refining method: electrolysis. GOLD BARS Two cast bars: 1000 g and 100 oz GOLD BARS – TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System 110 x 48 x 10 mm Made System Introduced 1000 g Cast 999.9 Rectangular 5.7/16” x 2.7/8” x 3/4” 1989 Letter 1989 100 oz Cast 999.5, 999.6, Rectangular 1991 Plus 5 numbers 999.7, 999.8, Letter 1989 Plus 5 numbers 999.9 Source: Heraeus Precious Metals North America LLC Serial numbering system Heraeus 100 oz bars have been 1000 g: Letter “E” plus 5 numbers. Sequential since their launch in 1989. COMEX Good Delivery since 1989. Over time, a bar may have the same numbers as an historical bar. Heraeus Group minted bars range 1000 g bars were first manufactured by Heraeus Incorporated in 1989. from 1 g to 100 g. The bars incorporate the international official stamp of the Heraeus group which depicts a hand holding a bouquet of flowers. The serial numbering system has remained the same since 1989. TRADE COMMUNICATION Enquiries relating to trading of precious metals should be directed to the company’s trading division in New York: Heraeus Metals New York LLC 540 Madison Avenue, 16th Floor New York NY 10022 USA Tel: +1-212-752 2180 Fax: +1-212-752 7141 Email: [email protected] Website: www.heraeus-trading.com Enquiries relating to gold refining and gold bar manufacture should be directed to the company’s refinery in Newark (New Jersey): Heraeus Precious Metals North America LLC 65 Euclid Avenue Newark NJ 07105-4527 USA Tel: +1-973-817 7878 Fax: +1-973-578 2786 Email: [email protected] Website: www.heraeus.com 11

Heraeus Group www.goldbarsworldwide.com Gold bonding wire. The Heraeus Group is a major manufacturer of gold products for the jewellery, electronics and decorative industries worldwide. In addition to gold bars, the Heraeus Group manufactures London Good Delivery silver, platinum and palladium bars, alongside an extensive range of smaller bars. Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. All rights reserved. 12

ARGOR-HERAEUS SA INTERNATIONAL REFINER SWITZERLAND Supplement 2014 LOCATION Argor-Heraeus has been a major Argor-Heraeus SA, a leading international gold refiner and bar gold refiner and bar manufacturer for manufacturer, has its headquarters in Mendrisio, about 17 km from Lugano in south eastern Switzerland. over 60 years. Gold refining and the manufacture of bars and other precious metal Kilobars are manufactured to a products take place in Mendrisio. fineness of 995, 999 or 999.9 for the OWNERSHIP international market. Argor-Heraeus SA is a private company. It is owned by Heraeus Holding The company has minted gold bars GmbH, Commerzbank International SA, the Austrian Mint and Argor- since 1952. Heraeus management. ACCREDITATION 1961 London Bullion Market Association (LBMA) 1974 CME Group – Market Contract: COMEX 1982 Tokyo Commodity Exchange (TOCOM) 2005 Dubai Multi Commodities Centre (DMCC) Central Office of Precious Metal Control, Berne Swiss Association of Manufacturers and Traders in Precious Metals In 2004, the London Bullion Market Association (LBMA) appointed Argor- Heraeus SA as one of five Referees to the LBMA Good Delivery system. Argor-Heraeus SA also manufactures London Good Delivery silver bars (since 1992), as well as London Good Delivery platinum and palladium bars. CERTIFICATION ISO 9001: 2011 – Quality Management System ISO 17025: Accreditation of Laboratory AML Certified Financial intermediary supervised by FINMA LBMA Responsible Gold Guidance Audit BACKGROUND The company was founded as Argor SA in Chiasso in 1951. In 1960, the Union Bank of Switzerland (UBS) obtained an 80% holding, acquiring full ownership in 1973. In 1986, Argor-Heraeus SA was established as a joint-venture between UBS and Heraeus Holding GmbH. In 1999, when UBS withdrew, Heraeus and Argor-Heraeus management acquired the company. In the same year, Commerzbank International SA became a shareholder, alongside Heraeus and management. In 2002, the Austrian Mint also became a shareholder, alongside Heraeus, Commerzbank and management.

Argor-Heraeus SA www.goldbarsworldwide.com Argor-Heraeus established its large refinery and manufacturing plant in The large refinery was opened in Mendrisio in 1988. In 1998, its manufacturing plant was expanded. 1988 and expanded in 1998. In 2004, it opened its first Representative Office for Latin America in Santiago de Chile (Chile), and constituted its German affiliate, Argor- Casting molten gold. Heraeus Deutschland. Argor-Heraeus doubled its production In 2005, after a decade of research, the company established, together area by opening a large new with Aljbatech (Russia), Argor-Aljba – a joint-venture that focuses on DLC ancillary plant in 2012. and hard coating. It also installed a solar panel electricity In 2006, Argor-Heraeus constituted its second affiliate in Italy, Argor- system, one of the largest in the region. Heraeus Italia. In 2012, Argor-Heraeus completed the construction of a new ancilliary plant that doubled the company’s production area. In the same year, as part of its commitment to sustainability, it installed a solar panel and electricity generation system – one of the largest in the region. Apart from gold, the company refines silver, platinum and palladium, producing bars and other products for the precious metals industry. Number of employees: 280 (includes Switzerland, Germany, Italy and Latin America). GOLD SERVICES Argor-Heraeus SA focuses on: (1) Gold refining and the recycling of scrap (2) Gold semi-finished products for the watch & jewellery industries (3) Gold medals & coins (4) Gold bars (5) Precious metals services and logistics GOLD REFINING AND THE RECYCLING OF SCRAP The company accepts gold-bearing materials (mine doré and scrap) for refining to specified purities up to 999.9. Gold refining methods include wet chemical processes and electrolysis. Annual gold refining capacity is recorded at approximately 400 tonnes fine gold. GOLD BARS A standard range of 9 cast bars and 11 minted bars, alongside 8 minted kinebars. Cast: 400 oz, 5000 g, 3000 g, 1000 g, 500 g, 250 g, 100 g, 50 g, 10 tola. Minted: 100 g, 50 g, 20 g, 10 g, 5 g, 2.5 g, 2 g, 1 g, 1 oz, 1/2 oz, 1/4 oz. Kinebars®: 100 g, 50 g, 20 g, 10 g, 5 g, 2 g, 1 g, 1 oz. The company also manufactures an extensive range of customised cast and minted bars in partnership with its major shareholders: Austrian Mint, Commerzbank and Heraeus. It is renowned for its manufacture of customized bars for banks around the world, notably in Europe, CIS and Middle East. The company has its own in-house design workshop and manufactures its own master tools and dies. 2

Argor-Heraeus SA www.goldbarsworldwide.com TECHNICAL DESCRIPTION Weight Type Fineness Indicative Issued Issued Serial Number System Dimensions with in System Introduced 400 oz Cast 995+, 999.9 mm Current Current 5 numbers 1952 995, 999.9 Stamp Shape 250.0 x 80.5 x 40.0 995, 999.9 225.0 x 55.0 (base) 1986 1952 5000 g Cast 995, 999, 227 x 55 x 22 2005 2005 Letter 2005 999.9 2008 2008 Plus 5 numbers 2008 3000 g Cast 137 x 55 x 22 1986 1952 Letter 1973 995, 999.9 1986 1952 Plus 5 numbers 1973 1000 g Cast 116.5 x 51.0 x 9.5 1986 1952 Letter 1952 995, 999.9 2002 1952 Plus 5 numbers 1974 500 g Cast 995, 999 91.0 x 41.0 x 7.6 Letter Plus 5 numbers 250 g Cast 999.9 50 x 30.5 x 9 Maximum 6 numbers 100 g Cast 995, 999 45 x 24 x 5.5 Maximum 6 numbers 50 g Cast 999.9 30.4 x 20.6 x 5.2 2002 1952 Maximum 6 numbers 2014 999, 999.9 10 tola Cast 45 x 26 x 5.9 1986 1980 - - 100 g Minted 999.9 49.7 x 28.5 x 3.9 1986 1952 Maximum 6 numbers 1986 50 g Minted 999.9 49.7 x 28.5 x 2.0 1986 1952 Maximum 6 numbers 1986 20 g Minted 999.9 40.4 x 23.3 x 1.3 1986 1952 Maximum 6 numbers 1986 10 g Minted 999.9 31.5 x 18.5 x 1.1 1986 1952 Maximum 6 numbers 1986 5g Minted 999.9 23.0 x 14.0 x 1.0 1986 1952 Maximum 6 numbers 1986 2g Minted 999.9 19.0 x 11.5 x 0.6 1986 1980 Maximum 6 numbers 1986 1g Minted 999.9 1986 1980 Maximum 6 numbers 1986 1 g* Minted 999.9 15.0 x 8.9 x 0.5 2013 2013 Maximum 6 numbers 2013 1 oz Minted 999.9 10 x 10 x 0.7 1986 1979 Maximum 6 numbers 1986 1/2 oz Minted 999.9 1986 1979 Maximum 6 numbers 1986 1/4 oz Minted 999.9 40.4 x 23.3 x 1.8 1986 1979 Maximum 6 numbers 1986 5 tael Minted 999.9 31.5 x 18.5 x 1.4 1986 1980 Maximum 6 numbers 1980 23.0 x 14.0 x 1.3 65.1 x 30.1 x 5.3 100 g Kinebar® 999.9 49.7 x 28.5 x 3.9 2012 2012 Maximum 6 numbers 2012 50 g Kinebar® 999.9 49.7 x 28.5 x 2.0 2012 2012 Maximum 6 numbers 2012 20 g Kinebar® 999.9 40.4 x 23.3 x 1.3 1994 1994 Maximum 6 numbers 1994 10 g Kinebar® 999.9 31.5 x 18.5 x 1.1 1994 1994 Maximum 6 numbers 1994 5g Kinebar® 999.9 23.0 x 14.0 x 1.0 1994 1994 Maximum 6 numbers 1994 2g Kinebar® 999.9 19.1 x 11.5 x 0.6 1994 1994 Maximum 6 numbers 1994 1g Kinebar® 999.9 1994 1994 Maximum 6 numbers 1994 1 oz Kinebar® 999.9 15.0 x 8.7 x 0.5 1994 1994 Maximum 6 numbers 1994 40.4 x 23.3 x 1.8 Source: Argor-Heraeus NB: All bars with the exception of 400 oz bars are issued with a numbered certificate. All kinebars® are sealed in PET with a certificate. * The 1 g bars for inclusion in Multicards are square in shape. HISTORY OF GOLD BAR MANUFACTURE In 1952, Argor SA launched 5 cast bars: 400 oz, 500 g, 250 g, 200 g and 100 g. In the same year, 6 minted bars were issued: 100 g, 50 g, 25 g, 20 g, 10 g and 5 g. In 1979, 1 oz, 1/2 oz and 1/4 oz minted bars were introduced, followed by 2.5 g, 2 g and 1 g bars in 1980. Argor-Heraeus has manufactured cast gold bars since 1952. 3

Argor-Heraeus SA www.goldbarsworldwide.com 10 tola bars for the Middle East and India were first made in 1960, and Argor-Heraeus is generally 5 and 1 tael bars for Hong Kong in 1980. acknowledged as the first LBMA-accredited refiner to have The company also manufactures two larger cast bars: 5000 g (since manufactured minted gold bars. 2005) and 3000 g (since 2008); as well as 50 g cast bars (since 2014). The company is renowned as the In 2013, MultiCards, containing 5 or 10 x 1 g square minted bars were world’s only manufacturer of launched. kinebars®. They were launched Although Argor-Heraeus has issued small bars branded with its current in 1994. stamps since December 1986, its branded bars have only been widely available internationally since 1999. The company is a major manufacturer of customised bars for banks The company is generally acknowledged as the first LBMA-accredited around the world. refiner to have manufactured a range of minted bars, in 1952. It is also renowned as the only refiner to manufacture kinebars®. In 1994, it issued its standard range: 20 g, 10 g, 5 g, 2 g, 1 g and 1 oz. In 2012, two further kinebar® were issued: 100 g and 50 g. The same serial numbering system has been applied to 400 oz bars since 1952. The system for all other bars has remained the same since their launch, with two exceptions. In 1973, the system for 1000 g and 500 g bars was changed to a “letter plus 5 numbers”. Between 1952 and 1972, a maximum of 6 numbers had been applied. Between 1952 and 1986, bars were manufactured with the stamps of Argor SA. However, between 1980 and 1998, when UBS was closely associated with the company, most small cast and minted bars produced were branded with the name of UBS. KINEBAR® Argor-Heraeus is the only refiner worldwide to apply a KINEGRAM® as a decorative and security device to the reverse sides of selected minted bars. They are known as kinebars®. KINEGRAM® technology applied to precious metals consists in the micro- stamping of a two-dimensional computer-generated image. The image of the KINEGRAM® is composed of invisibly small elementary areas of micro profiles which diffract illuminating light. The areas are used to compose lines and graphical elements. The overall image of the KINEGRAM® is generated by varying the angles of diffraction and the diffraction intensities. TRADE COMMUNICATION Enquiries by industrial customers, and dealers for large quantities of gold bars, should be directed to the company’s headquarters. Argor-Heraeus SA, Via Moree 14, CH-6850 Mendrisio, Switzerland Tel: +41-91-640 5353 Fax: +41-91-646 8082 Email: [email protected] Website: www.argor.com The company deals only with trade customers. It does not deal with private investors. 4

Argor-Heraeus SA www.goldbarsworldwide.com EXAMPLES OF CAST BARS OFFICIAL STAMP On all bars issued under the name of Argor-Heraeus SA, since 1986. 1000 g 250 g 100 g 10 tola LONDON GOOD DELIVERY 400 OZ BAR Argor-Heraeus has manufactured London Good Delivery 400 oz bars since 1961. In 2004, the London Bullion Market Association (LBMA) appointed Argor-Heraeus SA as one of five Referees to the London Good Delivery system. 5

Argor-Heraeus SA www.goldbarsworldwide.com EXAMPLES OF MINTED BARS 100 g 50 g 10 g 5g 1 oz 1 oz 50 g Illustrates the standard Argor-Heraeus Argor-Heraeus introduced new tamper- design on the reverse side of a kinebar®. proof packaging for minted bars in 2011. Argor-Heraeus has an in-house design workshop and manufactures its own master tools and dies. 6

Argor-Heraeus SA www.goldbarsworldwide.com MULTICARDS MultiCards, containing 5 or 10 x 1 g square minted bars, were launched in 2013. They assist those investors who prefer to own part of their gold holding in small 1 g units, as well as those who wish to use them as gold investment gifts for family and friends. CERTIFICATION MARKS On bars – denominated in grams, ounces On bars – denominated in tolas – issued and taels – issued under the name of under the name of Argor-Heraeus SA, Argor-Heraeus SA, since 1986. since 1986. 7

Argor-Heraeus SA www.goldbarsworldwide.com Argor-Heraeus manufactures an extensive range of semi-finished products for the watch industry, as well as for the jewellery, electronics and decorative industries in Switzerland and internationally. Argor-Heraeus also manufactures London Good Delivery silver, platinum and palladium bars, alongside a range of smaller bars. Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. All rights reserved. 8

INTERNATIONAL REFINER Supplement 2014 RAND REFINERY SOUTH AFRICA LOCATION Rand Refinery, the world’s largest single site gold refining and smelting complex, and the largest manufacturer of 400 oz London Good Delivery bars since 1921, is based in Germiston, about 16 km east of Johannesburg, and about 20 km south of O.R. Tambo International Airport. Gold refining and the manufacture of bars and other value-added precious metals products take place at the company’s premises in Germiston. OWNERSHIP Rand Refinery operates the world’s largest gold refining and smelting Rand Refinery is a private company. Its shareholders are AngloGold Ashanti Limited (53%), Gold Fields Limited (35%), DRDGOLD Limited complex. (10%) and Avgold Limited (2%). Rand Refinery launched its new logo in ACCREDITATION September 2011, 1921 London Bullion Market Association (LBMA) The company has manufactured 1974 CME Group – Market Contract: COMEX London Good Delivery 400 oz bars 1993 Tokyo Commodity Exchange (TOCOM) 2005 Dubai Multi Commodities Centre (DMCC) since 1921. Rand Refinery also manufactures London Good Delivery silver bars. In 2004, the LBMA appointed Rand Refinery Limited as one of five Referees to the LBMA London Good Delivery system. Certification ISO 14001: 2004 – Environmental Management System OHAS 18001: 2007 – Occupational Health and Safety Management System ISO 9001: 2008 – Quality Management System BACKGROUND Rand Refinery, established in 1920, became an entirely independent company in 1993, its Board of Directors appointed directly by its shareholders. Over the previous 73 years, the company had been closely associated (as an affiliated company) with the Chamber of Mines of South Africa, known by this name since 1968. Since 1921, when the original refinery was opened, gold refining and bar manufacture has taken place on the same site in Germiston. Over the past 93 years, it has refined nearly 50,000 tonnes of newly-mined gold, almost one third of all gold ever mined worldwide. When the new refinery complex was opened in 1989, it was the world’s first refinery to automate the manufacture of 400 oz bars from the time molten gold is poured into the crucible.

Rand Refinery www.goldbarsworldwide.com Over the past decade, the company has expanded its range of gold- Pouring molten gold. related products and services. The company has refined almost one In 1998, a new small bar production facility was established, as well as a third of all the gold ever mined. high security gold transit vault at O.R. Tambo International Airport. Rand Refinery refines around 75% of In 1999, a new service to supply semi-manufactured gold products for the Africa’s newly-mined gold dore´. jewellery manufacturing industry was initiated. Since 2003, the company has provided premises in the Gold Zone, as well as precious metals, for the Intsika Skills Beneficiation project, which offers jewellery design and manufacturing training for formerly unemployed black women over an 18-month period. In 2008, a project to install robots for the manufacture of 1000 g and 100 g bars was initiated. As robots can operate on a 24-hour continuous basis, the refinery’s capacity to produce 1,000 bars per day was increased. Since 2009, the company has also provided well-equipped workshops, equipment and precious metals in the Gold Zone for the Ekurhuleni Jewellery Project, which is a Small to Medium Manufacturing Enterprise/Black Economic Empowerment incubator for qualified emerging young black jewellery manufacturers. In 2011, company established Rand Refinery Asia (Pte) Limited in Singapore as a trading office. Since 1967, the company has also manufactured all blanks for the Krugerrand range of gold bullion coins, producing more than 56 million blanks (1,400 tonnes) to date. Since 1998, it has also been responsible for the marketing of Krugerrands worldwide, when it absorbed the responsibilities of International Gold Corporation, established as the gold marketing arm of the Chamber of Mines of South Africa in 1971. Apart from gold, the company produces silver bars, also recovering platinum group metals from its refining processes Number of employees: 513 GOLD SERVICES Rand Refinery focuses on: (1) Refining (2) Electrolytic refining (3) Smelting (4) Analytical services (5) Beneficiation (6) Vaulting services (7) Products for jewellery manufacturing and dental industries 2

Rand Refinery www.goldbarsworldwide.com GOLD REFINING AND RECYCLING OF SCRAP Rand Refinery has manufactured more London Good Delivery 400 oz bars than The company normally accepts the following gold-bearing materials for refining to specified purities up to 999.9: any other refiner. • Semi-refined bullion Kilobars have been manufactured • Mine dore´: predominantly gold since 1959. • Electrolytic slimes: derived from silver • Precipitated gold slimes • Loaded carbon • Old jewellery • Jewellery manufacturers scrap • Computer and electronic scrap • Old coins and medals • Refining scrap • Borax slag • Gold bearing concentrates Apart from refining more than 75% of Africa’s newly-mined gold doré, the company also processes doré and gold-bearing by-products from other countries, notably in North America and the Far East. Approximately 40% of the total amount of doré that is refined is now sourced from outside South Africa. In the refinery, the Miller Chlorination Process is used to separate the impurities from the gold received from mines. Some customers, such as jewellery manufacturers and other industrial end-users, require gold that is almost 100% pure, so further electrolytic refining is necessary. The smelter, which is the largest precious metal smelting operation in the southern hemisphere, uses high-tech pyrometallurgical methods. The facility recovers precious metals through smelting from approximately 4,000 tonnes of low-grade materials each year. Annual gold refining capacity is recorded at approximately 600 tonnes. NEW OFFICIAL STAMPS On 400 oz bars since 2011. On smaller cast and minted bars 100 g bars have been manufactured since 2011. since 1985. 3

Rand Refinery www.goldbarsworldwide.com GOLD BARS A standard range of 9 cast bars and 7 minted bars: Cast: 400 oz, 100 oz, 1000 g, 500 g, 100 g, 10 tola, 5 tola, 10 tael, 5 tael Minted: 100 g, 50 g, 20 g, 10 g, 8 g, 5 g, 2.5 g The company also manufactures customized bars for external entities. TECHNICAL DESCRIPTION Weight Type Fineness Shape Dimensions First Serial Number System Rectangular (mm) Issued System Introduced 400 oz Cast 995+, 999.9 260 x 80 x 40 1921 2 letters 1921 100 oz Cast 995+ Rectangular 240 x 60 (base) 1988 Plus 4 numbers 1000 g Cast 999.9 Rectangular 1988 Plus year date 2008 255 x 66 x 9 As required - 1000 g Cast 995 Rectangular 116 x 51.5 x 9.5 1988 3 letters 1988 Plus 6 numbers 500 g Cast 995, 999.9 Rectangular 116 x 51.5 x 9.5 2005 Plus year date 2008 2 letters 1988 100 g Cast 995, 999 Rectangular 88 x 39 x 9.8 1985 Plus 5 numbers 10 tola Cast 999 Rectangular 1986 Plus year date 2008 5 tola Cast 999 Rectangular 45 x 27 x 4 2000 2 letters 2005 10 tael Cast 999 Rectangular 45 x 27 x 5 1987 Plus 4 numbers 5 tael Cast 999 Rectangular 31 x 19 x 4 1987 - - 89 x 40 x 6 - - 70 x 29 x 5 - - - - - - 100 g Minted 999.9 Rectangular 47.73 x 27.78 x 4.60 2012 - - 50 g Minted 999.9 Rectangular 44.50 x 25.95 x 2.80 2012 - - 20 g Minted 999.9 Rectangular 31.40 x 18.10 x 2.00 2012 - - 10 g Minted 999.9 Rectangular 25.74 x 15.73 x 1.95 2012 - - 8 g* Minted Rectangular 2012 - - 5 g* Minted - Rectangular - 2012 - - 2.5 g* Minted - Rectangular - 2012 - - - - Source: Rand Refinery * The dimensions and purity of the 8 g, 5 g and 2.5 g minted bars vary according to customer requirements. Serial numbering systems The company launched its 500 g bar in 2005. 400 oz: 2 letters, changed once 9,999 bars have been manufactured. 4 numbers record the bar serial number. For example, “LT 0382” means the 382nd bar made since the letters “LT” were selected. A year date has been stamped on the bars since 2008. 1000 g (999.9): 3 letters, changed once 999,999 bars have been manufactured. 6 numbers record the bar serial number. For example, “OTM 156486” means the 156,486th bar made since the current letters “OTM” were selected. A year date has been stamped on the bars since 2008. 1000 g (995): 2 letters, changed once 999,999 bars have been manufactured. 5 numbers record the bar serial number. For example, “SS 142,976” means the 142,976th bar made since the current letters “SS” were selected. A year date has been stamped on the bars since 2008. 4

Rand Refinery www.goldbarsworldwide.com HISTORY OF GOLD BAR MANUFACTURE The company has been the major supplier of 400 oz cast bars for the international gold market since 1921. Many of its bars are held by central banks around the world. In 1959, 1000 g cast bars were issued, their dimensions changing in 1980, and again in 1988. Between 1924 and 1940, large quantities of 10 oz bars were Minted bars will be manufactured for manufactured for issue under the name of the Bank of India, and 10 tola the international market in 2012. bars under the name of the Bombay Mint. These long, flat bars, after rolling, will During the 1980s, cast bars in different weights, toll-manufactured on be cut with a die to produce blanks for behalf of external entities, were issued: 100 g (1985), 10 tola (1986), 10 tael and 5 tael (1987), 100 oz (1988). The bars recorded, when minted bars. requested, the company’s official stamp. HISTORICAL In 2000, 5 tola cast bars were issued, followed by 500 g cast bars in 2005. OFFICIAL STAMP In 2012, the company will be issuing, for the first time on a commercial On cast and minted bars issued basis, a standard range of 4 minted bars: 100 g, 50 g, 20 g and 10 g. under the name of Rand Refinery Customized 8 g, 5 g and 2.5 g bars can also be produced, on request. from 1921 until 2011. In 2011, Rand Refinery launched a new logo, which is representative of the pouring of gold and a symbol of “Pure Refinement”. The company’s official stamps for gold bars incorporate the logo. The company had previously (since 1921) depicted a springbuck, a small African antelope, on the official stamps for gold bars. TRADE COMMUNICATION General enquiries by gold dealers and industrial customers should be directed to the company’s headquarters in South Africa, or its trading office in Singapore. Rand Refinery Pty Ltd – South Africa Physical Address Postal Address Rand Refinery Pty Ltd Rand Refinery Pty Ltd Refinery Road PO Box 565 Industries West Germiston Germiston 1400 1401 South Africa South Africa Tel: +27-11-418 9000 Fax: +27-11-418 9231 Email: [email protected] Website: www.randrefinery.com Rand Refinery Asia (Pte) Limited – Singapore 41 Changi South Avenue 2 #03-01 Singapore 486153 Tel: +65-6420 0110 Fax: +65-6314 3823 5

Rand Refinery www.goldbarsworldwide.com LONDON GOOD DELIVERY BAR Rand Refinery has applied a new official stamp to London Good Delivery 400 oz bars since 2011. 6

Rand Refinery www.goldbarsworldwide.com EXAMPLE OF SMALL GOLD BARS Illustrating the new official stamp that is being applied to kilobars and other small bars NEW OFFICIAL STAMPS IN 2011 Rand Refinery Limited, which launched its new logo in September 2011, is in the process of applying the new official stamps to its range of gold bars. The rebranded bars will be illustrated in this supplement when photographs become available. Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2014. All rights reserved. 7