Gold Demand TrendsThird Quarter 201314th November 2013

Disclaimer

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This presentation is provided solely for general information and educational purposes. It is not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any gold related products or any other products, securities or investments. It does not, and should not be construed as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any other products, securities or investments.

This presentation does not purport to make any recommendations or provide any investment or other advice with respect to the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be made in reliance on any of the statements in this presentation. Before making any investment decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any decision made or action taken in reliance on the information in this presentation or for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with this presentation even if notified of the possibility of such damages.

Expressions of opinion are those of the author and are subject to change without notice.

World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

Summary

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• Q3 demand of 868.5 tonnes was valued at US$37billion.

• Consumer demand continued to grow, primarily in Asian markets, in response to lower

average prices

• Jewellery demand was partly driven by investment motives

• Demand for bars and coins reached a year-to-date record of 1,252 tonnes

• ETF outflows slowed to 119 tonnes

• Central banks added 93.4 tonnes to gold reserves, taking year-to-date purchases to 297

tonnes

• Total supply was down 3% primarily due to lower levels of recycling

World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

Demand (tonnes) Q3'12 Q3'13* YoY%YTD 2012

YTD 2013*

YoY%

Jewellery 461.7 486.7 5% 1,372.8 1,644.5 20%

Technology 102.1 102.8 1% 311.3 309.2 -1%

Investment 425.3 185.5 -56% 1,110.1 554.6 -50%

Official sector purchases 112.3 93.4 -17% 393.7 296.9 -25%

Gold demand 1,101.4 868.5 -21% 3,187.8 2,805.1 -12%

Gold demand (value, US$mn) 58,499 37,035 -37% 169,363.4 132,249.2 -22%

Total gold demand

Note: * Provisional.

Source: Thomson Reuters GFMS, LBMA, World Gold Council

4World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

Q3 gold demand of 869 tonnes, worth US$37bn

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World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

YTD consumer demand rises 26%, 2013 to challenge record high

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Supply (tonnes) Q3'12 Q3'13* YoY%YTD 2012

YTD 2013*

YoY%

Mine production 744.6 772.3 4% 2,119.1 2,188.2 3%

Net producer hedging 1.3 -12.0 - -8.0 -39.0 -

Total mine supply 745.9 760.3 2% 2,111.1 2,149.2 2%

Recycled gold 433.3 385.2 -11% 1,205.1 1,046.8 -13%

Total supply 1,179.2 1,145.5 -3% 3,316.2 3,196.0 -4%

Gold price (London PM fix, US$/oz) 1,652.0 1,326.3 -20% 1,650.3 1,457.4 -12%

Total gold supply

Note: * Provisional. Gold prices are averaged over the period they refer to.

Source: Thomson Reuters GFMS, LBMA, World Gold Council

7World Gold Council | Gold Demand Trends Third Quarter 2013 | November 2013

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