ACCREDITED GOLD BAR MANUFACTURERS

There are approximately 110 active gold refiners around the world whose relevant gold bars are accepted as good delivery by one or more of the associations and exchanges featured in this section. Section updated to June 2010, according to available information.

ACCREDITATION A consolidated table in this section records by region and country of location the names of active refiners that are accredited to the following: London Bullion Market Association (LBMA) New York Mercantile Exchange (NYMEX), COMEX Division Tokyo Commodity Exchange (TOCOM) Dubai Multi Commodities Centre (DMCC)
Manufacturing London Good Delivery 400 oz bars at Johnson Matthey (USA).

The names of active refiners accredited to the 6 other exchanges are recorded separately as their lists rely partly on the LBMA list or focus on domestic refiners: Brazilian Mercantile & Futures Exchange, So Paulo (BM&F) Istanbul Gold Exchange (IGE) Multi Commodity Exchange of India Ltd (MCX) Shanghai Gold Exchange (SGE) Shanghai Futures Exchange (SHFE) The Chinese Gold & Silver Exchange Society, Hong Kong (CGSE)

Importance of LBMA list As covered in the section on Gold Associations & Exchanges, the most important list of refiners for the international gold bar market is the one published by the LBMA. In summary, the LBMA list refers to more than 50 active refiners in 27 countries. It can be noted that relevant bars of LBMA-accredited refiners are automatically accepted as good delivery by the Istanbul Gold Exchange, Multi Commodity Exchange of India Ltd, Shanghai Futures Exchange, Shanghai Gold Exchange and The Chinese Gold & Silver Exchange Society. In addition, the Dubai Multi Commodities Centre has a separate category for refiners accredited to the LBMA. Supplementary brands In the case of COMEX and 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 Credit Suisse (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 Commerzbank as they are manufactured by Argor-Heraeus.
Manufacturing minted bars at PAMP (Switzerland). Manufacturing kilobars at Tanaka (Japan).

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

FORMER REFINERS OF GOOD DELIVERY BARS The LBMA, COMEX, TOCOM and DMCC in their lists also refer to former entities. The reason is that bars or brands in circulation that were manufactured or issued up to the date when the refiner or brand was no longer recorded on the active list remain good delivery. LBMA: records in a separate list more than 70 Former Melters and Assayers of Good Delivery Gold Bars. COMEX: refers to more than 25 Brands that are no longer made. TOCOM: includes several Deliverable Brands that are no longer made. DMCC: refers to a small number of refiners in a Former List. SOURCE OF INFORMATION The published lists of accredited refiners and brands are the copyright of the relevant association or exchange. Reference to the names of active refiners and brands in their lists are incorporated in this section with their permission. For supplementary information, including any changes to their lists since this section was compiled, reference can be made to their websites.

Manufacturing small cast bars at Metalor (Switzerland).

NEWLY-ACCREDITED GOLD REFINERS AND BRANDS

Association or Exchange LBMA LBMA LBMA LBMA DMCC LBMA DMCC TOCOM DMCC LBMA DMCC DMCC Refiner Lazurde Company for Jewelry Atasay Kuyumculuk Sanayi Ve Ticaret A.S. The Perth Mint Refinery Solar Applied Materials Technology Corp. Kaloti Gold Factory LLC The Refinery of Shangdong Gold Mining Company Ltd Al Ghaith Gold DMCC Asahi Pretec Corp Nadir Rafineri A.S. Aurubis AG* (formerly Norddeutsche Affinerie AG) Metalor Technologies (Hong Kong) Ltd Met-Mex Peoles SA Country Saudi Arabia Turkey Australia Taiwan UAE China UAE Japan Turkey Germany Hong Hong Mexico Refinery Location Riyadh Istanbul Newburn Kuang Tien Sharjah Laizhou City Dubai Kobe Istanbul Hamburg Kwai Chung Torreon, Coahulla Accreditation Date 1 6 2010 7 5 2010 29 3 2010 25 2 2010 17 2 2010 14 1 2010 1 12 19 11 26 10 14 2009 2009 2009 2009

7 6 2009 28 1 2009

Source: Associations and Exchanges. * Aurubis AG retains the Norddeutsche Affinerie official stamp.

London Good Delivery 400 oz bars manufactured by Heraeus (Germany).

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

ACCREDITED GOLD REFINERS AND BRANDS

Active manufacturers and brands of Good Delivery bars accepted by associations and exchanges.

ACCREDITATION LBMA COMEX TOCOM DMCC

Region EUROPE Belgium Germany Germany Germany Italy Netherlands Spain Sweden Switzerland Switzerland Switzerland Switzerland Switzerland NORTH AMERICA Canada Canada Canada USA USA USA USA USA USA LATIN AMERICA Brazil Brazil Brazil Mexico MIDDLE EAST Saudi Arabia Turkey Turkey Turkey UAE UAE UAE FAR EAST China China Active Refiner Refinery Location LBMA Umicore SA Allgemeine Gold- und Silberscheideanstalt AG Aurubis AG W. C. Heraeus GmbH Chimet SpA Schne Edelmetaalbedrijven NV SEMPSA Joyera Platera SA Boliden Mineral AB Argor-Heraeus SA Cendres+Mtaux SA Metalor Technologies SA PAMP SA Valcambi SA Xstrata Canada Corporation Johnson Matthey Limited Royal Canadian Mint ASARCO Incorporated Heraeus Incorporated Johnson Matthey Inc Kennecott Utah Copper Corporation Metalor Technologies USA Corporation Sabin Metal Corporation AngloGold Ashanti Brasil Minerao Ltda Casa da Moeda do Brasil Umicore Brasil Ltda Met-Mex Peoles SA Lazurde Company for Jewelry Istanbul Gold Refinery Nadir Metal Rafineri A.S. Atasay Kuyumculuk Sanayi Ve Ticaret A.S. Emirates Gold DMCC Al Ghaith Gold DMCC Kaloti Gold Factory LLC The Great Wall Gold & Silver Refinery of China Inner Mongolia Qiankun Gold and Silver Refinery Share Company Limited Jianxi Copper Company Ltd Hoboken Pforzheim Hamburg Hanau Badia al Pino, Arezzo Amsterdam Madrid Ronnskar Mendrisio, Ticino Biel-Bienne, Berne Neuchtel Castel San Pietro, Ticino Balerna, Ticino Montreal East, Quebec Brampton, Ontario Ottawa, Ontario Amarillo, Texas Newark, New Jersey Salt Lake City, Utah Magna, Utah North Attleboro, Massachusetts Scottsville, New York Nova Lima, Minais Gerais Rio de Janeiro ~ Guarulhos, Sa o Paulo Torreon, Coahulla Riyadh Istanbul Istabul Istanbul Dubai Dubai Sharjah Chengdu, Sichuan Province Huhhot, Inner Mongolia 1930* 2008# 1934# 1958 1996 1934# 1984 1984 1961 1981 1934** 1987 1968 1955# 1961 1919* 1989 1991 1986 1992 1991 2010 2010 1981 1999 Year of Accreditation COMEX TOCOM 1974 1974 1974 1974 1974 1974 1989 1974 1974 1974 1974 1976 1989 1983 2000 1989 1989 1985 1989 1982 2007 1990 2004 1988 1988 1994 1992 -

DMCC 2005 2005 2005 2005 2006 2005 -

2009 2007 2009 2005 2009 2010 -

China

Guixi City, Jiangxi Province

2005

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

Region China China China China Hong Kong Hong Kong Indonesia Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan North Korea South Korea Philippines Taiwan AFRICA South Africa AUSTRALIA Australia CIS*** Russia Russia Russia Russia Russia

Active Refiner The Refinery of Shangdong Gold Mining Company Ltd Zhongyuan Gold Smelter of Zhongjin Gold Corporation Zijin Mining Group Co Ltd Shandong Zhaojin Gold & Silver Refinery Co Ltd Heraeus Limited Metalor Technologies (Hong Kong) Limited PT Antam Tbk (Logam Mulia) Asahi Pretec Corp Chugai Mining Co Ltd Dowa Metals & Mining Co Ltd Ishifuku Metal Industry Co Ltd Japan Mint Matsuda Sangyo Co Ltd Mitsubishi Materials Corporation Mitsui Mining & Smelting Co Ltd Nippon Mining & Metals Co Ltd Sumitomo Metal Mining Co Ltd Tanaka Kikinzoku Kogyo K.K. Tokuriki Honten Co Ltd Central Bank of the DPR of Korea LS-Nikko Copper Inc Bangko Sentral ng Pilipinas Solar Applied Materials Technology Corp. Rand Refinery Limited The Perth Mint Refinery Brand: Perth Mint OJSC: Novosibirsk Refinery Plant OJSC: Prioksky Plant of Non-Ferrous Metals OJSC: Shelkovsky Plant of Secondary Precious Metals OJSC: Ekaterinburg Plant for Non-Ferrous Metals Processing OJSC: The Gulidov Krasnoyarsk Non-Ferrous Metals Plant (Krastsvetmet) OJSC: Kolyma Refinery OJSC: Uralelectromed FGUP: Moscow Special Alloys Processing Plant Kazzinc JSC Kyrgyzaltyn JSC

Refinery Location Laizhou City, Shangdong Province Sanmenxia City, Henan Province Shanghang County, Fujian Province Zhaoyuan City, Shangdong Province Fanling Kwai Chung Jakarta Kobe Tokyo Kosaka, Akita Prefecture Soka, Saitama Prefecture Kita-ku, Osaka Iruma, Saitama Prefecture Kagawa, Kagawa Prefecture Takehara, Hiroshima Prefecture Saganoseki, Oita Prefecture Saijo, Ehime Prefecture Shonan Works, Kanagawa Prefecture Shobumachi, Saitama Prefecture Pyongyang Ulsan Quezon City Kuang Tien LBMA 2010 2006 2006 2007 2006 2007 1999 2008 1982 2007 2000 1981 1981 2000# 1981 1978# 1981 1976# 1994 1979 2010

Year of Accreditation COMEX TOCOM 1989 1980 1980 2009 1982 1982 1982 1993 1982 1982 1982 1982 1982 1982

DMCC 2006 2009 2005 2006 2007 2006 2005 -

2008 -

Germiston, Gauteng Newburn Australia Novosibirsk Kasimov, Ryazan Shelkovo, Moscow Ekaterinburg Krasnoyarsk

1921* 2010

1974

1993

2005

1974 1999 1999 1999 1999 1999 -

1990 -

2005 2007

Russia Russia Russia Kazakhstan Kyrgyz Republic

Khasyn, Magadan Verkhnyaya, Pyshma Moscow Ust-Kamenogorsk Karabalta

2004 2006 2007 1996 1999#

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

Region Uzbekistan Uzbekistan TOTALS

Active Refiner Amalyk Mining and Metallurgical Complex Navoi Mining and Metallurgical Combinat

Refinery Location Almalyk, Tashkent Navoi LBMA 1997 1994 61

Year of Accreditation COMEX TOCOM 25 1998 23

DMCC 22

Sources: Table of active refiners and brands is derived from lists published by LBMA, COMEX, TOCOM and DMCC. Dimensions and markings on some good delivery bars, and the names of some refiners, have changed since the year of their original accreditation.

Additional approved brands

Country Switzerland Switzerland Brand Credit Suisse UBS Headquarters Zurich Zurich Year of Accreditation COMEX TOCOM 1974 1982 1986

Note: Credit Suisse bars are manufactured by Valcambi, UBS bars by Argor-Heraeus or Metalor. Notes relating to LBMA list * Estimated year of accreditation. ** Accreditation from at least the indicated year of accreditation. *** Russia: OJSC stands for Open 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. Xstrata Canada Corporation. Formerly, Falconbridge Limited (30-6-2005 to 22-10-2007), previously Noranda Inc CCR Refinery. Aurubis AG. Accredited on 1-4-2009. Retains the Norddeutsche Affinerie official stamp. Norddeutsche Affinerie AG. Accredited before 1934. Re-accredited in 1953. Schne 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. KyrgyzaltynJSC. Name and brand changed in 2001. General 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 tables.

ACCREDITATION TO OTHER NATIONAL EXCHANGES

BRAZILIAN MERCANTILE & FUTURES EXCHANGE, SAO PAULO The BM&F lists 5 refiners that are located in Brazil.
Country Brazil Brazil Brazil Brazil Brazil Refiner AngloGold Ashanti Brasil Minerao Ltda Casa da Moeda do Brasil Marsam Metais SA Ubro-Unio Brasiliera de Refinadores Ltda Umicore Brasil Ltda Refinery Location Nova Lima, Minas Gerais Rio de Janeiro So Paulo So Paulo Guarulhos, So Paulo Year of Accreditation 1986* 1986 1986 1999 1986**

Source: BM&F * AngloGold Ashanti Minerao Ltda: refinery in Nova Lima previously manufactured bars with the stamp of Minerao Morro Velho SA until 2006. ** Umicore Brasil Ltda: refinery in Guarulhos previously manufactured bars with the stamp of Degussa SA until 2005.

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

ISTANBUL GOLD EXCHANGE The relevant bars of LBMA-accredited refiners are accepted as good delivery on the IGE. The IGE also lists an accredited refiner that is located in Turkey.
Country Turkey Turkey Refiner Istanbul Gold Refinery Limited Nadir Metal Rafinerie A.S. Refinery Location Istanbul Istanbul Year of Accreditation 2004 2008

Source: IGE Note: The IGE accepts bars branded with the stamps of Commerzbank, Credit Suisse and UBS, for example, as they are manufactured by LBMA-accredited refiners.

MULTI COMMODITY EXCHANGE OF INDIA LTD, MUMBAI The relevant bars of LBMA-accredited refiners have been accepted as good delivery on the MCX since 2003. A well-known DMCC-accredited refiner is also accredited to the MCX.
Country United Arab Emirates
Source: MCX

Refiner Emirates Gold DMCC

Refinery Location Dubai

Year of Accreditation 2006

SHANGHAI FUTURES EXCHANGE The SHFE lists 10 refiners that are located in China. Accreditation has occurred since the launch of gold futures contracts in January 2008. The relevant bars of LBMA-accredited refiners are also accepted as good delivery on the SHFE.
Country China China China China China China China China China China Refiner Tongling Nonferrous Metals (Group) Inc Gold Refinery of Fujian, Zijin Mining Industry Group Co Ltd* Gold Refinery of Zhongjin Gold Co Ltd* Lingbao Tonghui Refinery Co Ltd Smelter of Daye Nonferrous Metals Co Ltd Guixi Smelter of Jiangxi Copper Company Limited* Shangdong Zhaojin Gold & Silver Refinery Co Ltd* Shangdong Gold Mining Co Ltd Yunnan Copper Industry Co Ltd Yunnan Geology Mineral Resources Co Ltd Province Anhui Fujian Henan Henan Hubei Jiangxi Shangdong Shangdong Yunnan Yunnan Year of Accreditation 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

Source: SHFE * Also accredited to LBMA (4 refiners)

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

SHANGHAI GOLD EXCHANGE The SGE lists 29 refiners that are located in China. Accreditation has occurred progressively since the establishment of the SGE in 2002. The relevant bars of LBMA-accredited refiners are also accepted as good delivery on the SGE.
Country China China China China China China China China China China China China China China China China China China China China China China China China China China China China China Refiner Wuhu Hengxin Copper Industry Group Co Ltd Jinchang Smelter of Tongling Nonferrous Metals (Group) Inc Gold Refinery of Fujian, Zijin Mining Industry Group Co Ltd* Gansu Seemine New Material Hi-Tech Co Ltd Gold Refinery of Guangdong Gaoyao Hetai Gold Mine Shenzhen Zhonghenglong Real Industry Co Ltd Gold Refinery of Zhongjin Gold Co Ltd* Henan Yuguang Gold & Zinc Co ltd Luoyang Zijin Yinhui Gold Metal Smelt Co Ltd Lingbao Gold Co Ltd Lingbao Jinyuan Tonghui Refinery Co Ltd Smelter of Daye Nonferrous Metals Co Ltd Hunan Chenzhou Mining Industry Co Ltd Hunan Zhuzhou Smelter Nonferrous Metals Co Ltd Inner Mongolia Qiankun Gold & Silver Refinery Co Ltd* Metalor Technology (Suzhou) Co Ltd Guixi Smelter of Jiangxi Copper Company Limited* Huadian Gold Group Co Ltd Jilin Jiapigou Gold Mining Industry Co Ltd Shandong Gold Group Co Ltd, Jiaojia Gold Refinery Shangdong Zhaojin Gold & Silver Refinery Co Ltd* Shangdong Tarzan Bio-Gold Co Ltd Refinery of Shangdong Zhonghai Jincang Mining Industry Co Ltd Penglai Penggang Gold Industry Co Ltd Yantai Guada Saifeina High-advanced Refining Co Ltd Shanghai Xinye Copper Industry Co Ltd The Great Wall Gold & Siver Refinery Co Ltd* Yunnan Copper Industry Co Ltd Yunnan Mining Resources Co Ltd Province Anhui Anhui Fujian Gansu Guangdong Guangdong Henan Henan Henan Henan Henan Hubei Hunan Hunan Inner Mongolia Jiangsu Jiangxi Jilin Jilin Shangdong Shangdong Shangdong Shangdong Shangdong Shangdong Shanghai Sichuan Yunnan Yunnan

Source: SGE * Also accredited to LBMA (6 refiners)

Long, flat 3000 g bars are produced by manufacturers accredited to the SGE and SHFE in China.

Accredited Gold Bar Manufacturers

www.goldbarsworldwide.com

THE CHINESE GOLD & SILVER EXCHANGE SOCIETY, HONG KONG The CGSE lists 8 refiners that are located in Hong Kong. Accreditation: 5 tael bars
Country Hong Hong Hong Hong Hong Hong Hong Hong Kong Kong Kong Kong Kong Kong Kong Kong Refiner King Fook Gold & Jewellery Co Ltd Po Sang Financial Investment Services Co Ltd Lee Cheong Gold Dealers Limited Wing Fung Precious Metals Ltd Heraeus Limited* Wong Sha Co Ltd Sun Yip Hong Gold Dealers Ltd Marigold International Bullion Dealers Ltd HQ Location Central Central Central Kowloon Fanling, NT Kowloon Kowloon Kowloon Year of Accreditation# 1949 1952 1959 1998 1999 2002 2004 2009

Accreditation: 1000 g bars

Country Hong Hong Hong Hong Hong Kong Kong Kong Kong Kong Refiner Heraeus Limited* King Fook Gold & Jewellery Co Ltd Po Sang Financial Investment Services Co Ltd Wing Fung Precious Metals Ltd Marigold International Bullion Dealers Ltd HQ Location Fanling, NT Central Central Kowloon n.a. Kilobar Accreditation 2002 2002 2002 2002 2009

Source: CGSE. # Relates to year when the refiner became a Bullion Group Member of the Exchange Society. * Heraeus: also accredited to LBMA.

The 400 oz bars of LBMA-accredited refiners are also accepted as good delivery.

Hong Kong Good Delivery 5 tael bars (6.01685 oz) record the official stamp of The Chinese Gold & Silver Exchange Society.

In 2010, the CGSE celebrates the 100th anniversary of its foundation in Hong Kong.

Refer to disclaimer on website: www.goldbarsworldwide.com

Grendon International Research Pty Ltd 2010. All rights reserved.