QUALITY ASSURANCE FRAMEWORK...Allocated Bullion Exchange QUALITY ASSURANCE FRAMEWORK Allocated Bullion Exchange Limited ACN 149 681 489 Version: 3.3 Current as of: 10 March 2017 Brisbane

Allocated Bullion Exchange

QUALITY ASSURANCE FRAMEWORK

Allocated Bullion Exchange Limited

ACN 149 681 489

Version: 3.3

Current as of: 10 March 2017

Brisbane, Australia

Level 3, 10 Market Street,Brisbane, QLD, Australia, 4000Phone: +61 7 3211 5007

Hong Kong

1006, 12/F, BOC Group Life Assurance Tower, 134-136 Des Voeux Road Central, Hong KongPhone: +86 21 3356 9118

Bangkok, Thailand

Level 9, Zuellig House,1 Silom Road,Bangkok, Thailand, 10500 Phone: +66 2 231 8171

TableofContents1. Interpretation .................................................................................................................................................................. 3

2. Purpose .......................................................................................................................................................................... 5

3. Access to the Exchange and Membership ..................................................................................................................... 6

4. Exchange Conduct and Compliance .............................................................................................................................. 9

5. Trading Rules ............................................................................................................................................................... 11

6. Execution ...................................................................................................................................................................... 13

7. Settlement .................................................................................................................................................................... 14

8. Clearing ........................................................................................................................................................................ 15

9. Funds Management ...................................................................................................................................................... 16

10. Storage ......................................................................................................................................................................... 18

11. Transportation .............................................................................................................................................................. 25

12. Audit and Inspection ..................................................................................................................................................... 26

13. Approved Refiners ........................................................................................................................................................ 27

14. Anti-Money Laundering and Counter-Terrorism Financing .......................................................................................... 28

15. Miscellaneous ............................................................................................................................................................... 30

A. Approved Refiner Lists ................................................................................................................................................. 32

A.1. Current Approved Refiner List .............................................................................................................................. 32

A.2. Former Approved Refiner List .............................................................................................................................. 33

B. Product and Contract Code Tables .............................................................................................................................. 34

B.1. Product Codes ...................................................................................................................................................... 34

B.2. Fineness Codes .................................................................................................................................................... 35

B.3. Trading Hub Codes .............................................................................................................................................. 35

B.4. Contract Ticker Code Table .................................................................................................................................. 36

B.5. Contract Specifications ......................................................................................................................................... 37

B.5.1. Gold Contracts ................................................................................................................................................... 37

B.5.2. Silver Contracts .................................................................................................................................................. 47

B.5.3. Platinum Contracts ............................................................................................................................................. 56

C. Trade Cycle and Delivery Schedule ............................................................................................................................. 57

D. United States of America Holiday Trading Hours Variation Schedule .......................................................................... 58

E. Approved Locations ...................................................................................................................................................... 60

F. Approved Transport Service Providers ......................................................................................................................... 61

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1. Interpretation

1.1. Definitions“ABXVault”meansanyvault,authoriseddepositoryorothersecurefacilityutilisedbyABXforthefulfilmentofitsstorageandlogisticsobligationsandundertakingswhereinABXshalluseeachrespectivevaultasatradinglocationonExchange;“AccountApplication”meansthedocumentationorelectronicformsutilisedbyABXtocollectrequisiteaccountandKYCinformationwhereintheapplicantagreesandacknowledgestocomplywiththisAgreement;“AccountAgreement”meansthislegalagreementasenteredintobetweenABXandtheMemberwhichoutlineseachparty’srespectiveundertakingsandinteractionswiththeExchange;“AllocatedBullionExchangeLimited(‘ABX’)”meansthecompanyincorporatedunderthelawsofAustraliahavingtheAustralianCompanyNumber149681489andwhoseregisteredbusinessaddressisatLevel3,10MarketStreet,Brisbane,Queensland,Australia4000;“ApprovedLocation”meansanylocationinspectedandapprovedbyABXand/oritsVaultOperatorswhereinaMembermaybepermittedtoacceptdeliveryandreleaseofBullionoutsideoftheVaultNetwork;“ApprovedRefiner”meansaprofessionalpreciousmetalsorganisationwhichABXhasapprovedMemberstosourceBullionfordepositandtradeontheExchange;“AvailableBalance”meansthenetfundspositionoftheMembertakingintoconsiderationitsCashBalance,CreditLine,UnsettledFundsandReservedFunds;“Bullion”meansgold,silverand/orplatinumintheformofbarsorcoinsunlessotherwiseexpresslyprovided,wheretheBullionishallmarkedbyanApprovedRefinery,isofanacceptedfinenessasspecifiedinthisFrameworkandhastheappropriatedocumentationtoassuretheBullion’sauthenticity;“BusinessDay”meansanydaybyreferencetolocalbusinessdaysrelativetoeachABXVault,exceptaSaturday,Sundayoranationalpublicholiday,oradayduringwhichtradingontheExchangehasbeensuspendedpursuanttoanyenactmentordirectionpursuanttothisFramework,oradaywhichtheBoardofDirectorsdeclaresnottobeaBusinessDay;“CashBalance”means,inthecaseofMember,anyclearedcreditbalanceheldbyABXintheTrustAccountonbehalfofMember;“CreditLine”meansthefinanciallineextendedbyABXtotheMemberbaseduponthepostedMargin;“CurrentCapital”meansthesumofanentity'scurrentassets,plusanyshortterminvestmentswhichareabletobeliquidatedatmarketrateswithin3BusinessDayslessliabilitiesandanypredefinedexcludedassets;“DeliveryDate”meansthedateidentifiedbyABXbywhichOutVaultBullionforagiventransactionmustbedepositedtoanABXVault;“DeliveryRules”meanstherulesgoverningthedeterminationofDeliveryDatesbycontract;“InVault”meansBullionthatisbeingheldwithintheVaultNetworkbyABXasbaileefortheMember;“Exchange”meanstheordermanagement,inventorymanagementandexecutionframeworkutilisedbyABXtofacilitatetradeinphysicalpreciousmetals;“Holdings”meansBulliontowhichaMemberhaslegaltitle,asreflectedinExchange.SuchBullionmaybeclassifiedasInVaultorOutVaultBullion;“LiquidityProvider”meansaMemberthathashadadditionalfinancialandoperationalduediligenceconducteduponitsoastoprovideselland/orbuysideliquidityupontheExchangethroughcustomdepositandwithdrawalprocedures;“Margin”meansthecollateralpostedbytheMembertotheTrustAccounttocovertheintradaysettlementriskwhichdeterminesthevalueoftheCreditLine;“Member”meansapartywhichhasenteringintolegallybindingAccountAgreementwithABX;

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“OperationalSupplier”meansapersonengagedbyABXtoprovidesuppliesand/orservicestoABXanditsMembers;“OutVault”meansBullionthatisbeingpreparedfor,orintransittotheVaultNetworkwhereupondeposit,itbecomesmarkedInVault;“Product”meansanindividualproductthatistradedupontheExchange,identifiablebyreferencetoitsProductCodeincludinginformationsuchas,butnotlimitedto,refiner,weightandfineness,whichmayresultantlytradeatanon-identicalpricetootherProducts;“QualityAssuranceFramework(‘Framework’)”meansatanytime,themostrecentapprovedpublicationofthisdocument,determinedbyreferencetotherevisionnumberanddateofcurrencyprovidedtherein,asdistributedbytheofficialABXwebsite;“QuarantineArea”meanstheareaofanABXVaultinwhichBullionistemporarilystoredandnotformallyacceptedupontheExchangeasaresultoftheVaultOperatorformingtheviewthattheBullionhasbeeninterferedwithordamaged,anomalousinanywayorinconsistentwithanydeliveryrequestand/orSupportingDocumentation;“ReservedFunds”meansthefundsthathavebeenreservedfromtheMember’sAvailableBalanceduetotheexistenceofanopenlimitorderintheExchange;“SupportingDocuments”meanstherequiredrefiner’scertificateorassaycertificatethatisrequiredtobeincludedwithanyBulliondeliverythatisdepositedintotheVaultNetwork;“TradeCycle”meansthetwo-weekperiodduringwhichsalesofOutVaultbullionmayaccumulatepursuanttotheStandardDeliveryRules;“TrustAccount”meansthebankaccountheldbyABXwithanauthoriseddeposit-takinginstitutionforthebenefitoftheMembers;“UnderlyingCapital”meansthesumofanentity'scurrentandcapitalaccountsincludingbutnotlimitedtoallordinaryissuedpaidupsharecapital;“UnsettledFunds”meansthenettedTradeValuerequiredtobedepositedbytheMembertoreconciletheTrustAccounteachday;“VaultNetwork”meanseveryABXVaultregardlessofgeographicallocationorVaultOperatorofsuchABXVault;“VaultOperator”meansaspecialiststorageorganisationengagedbyABXtoprovideBullionstorage,infrastructure,transportationandinsuranceservices.

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2. Purpose

2.1. General2.1.1. TheAllocatedBullionExchangeandtheExchangehavebeendevelopedtoprovidethehighest

levelsoftransparency,accessibilityandaccountabilitywithrespecttoallservicesassociatedwiththeprovisionoftrading,storingandtransportingBullioninconnectionwiththeExchange.

2.1.2. ThisFramework,readinconjunctionwitheachMember'sAccountAgreement,governtheoperationoftheExchange.

2.2. OwnershipofMetal2.2.1. LegalandbeneficialtitletoallBullionintheExchangeshallremainwiththeMembers(orits

Customerswhereapplicable)atalltimes.AnycustodialarrangementasprovidedwithinthisFrameworkshallnotdeprivetheMemberoftheaforementionedlegalandbeneficialtitle.

2.2.2. ABXshallidentifyinABX’sfinancialdocumentationthatallBullionheldbyABXasbaileefortheMemberisthelegalpropertyofsaidMember,unlessotherwiseexceptedpursuanttohisFramework.

2.2.3. UnlessotherwiseprovidedforpursuanttothisFramework,ABXactssolelyasbaileeofaMember’sholdingsinsofarasABXdoesnot:

2.2.3.1. holdbeneficially;2.2.3.2. encumber;2.2.3.3. exerciseasecurityinterest;and/or2.2.3.4. doanythinganalogoustotheaforementionedactsupontheMember’sBullion.

2.2.4. ABXmayutilisesub-baileesatitsdiscretionforthesatisfactionoftherepresentationsandundertakingscontainedwithinthisFrameworkincludingbutnotlimitedtoitsVaultOperators.

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3. AccesstotheExchangeandMembership

3.1. MemberAccess3.1.1. ForanapplicanttobeeligibleforadmissionasaMember,theapplicantmustlodgean

applicationintheformprescribedbyABXandsatisfyABXthatit:3.1.1.1. isabodycorporatecarryingonbusinessinitsownright;3.1.1.2. isofhighbusinessintegrity;3.1.1.3. hasadequateresourcesandprocessestocomplywithitsobligationsasaMember

underthisFramework;3.1.1.4. hasadequateresourcesandprocessestopreventanyactionorinactionwhichmight

resultinaProductnotbeingbothfairandorderly;and3.1.1.5. hasadequateresourcesandprocessestopreventanyactionorinactionwhichmight

interferewiththeoperationalefficiencyorproperfunctioningoftheExchange.3.1.2. Inassessingwhetheranapplicantmeetstheserequirements,ABXmayhaveregardtoany

mattersitconsidersappropriate.Fortheavoidanceofdoubt,ABXshallhavefullandcompletediscretionwhoitadmitsandretainsasMembers.

3.1.3. IfanapplicantisincorporatedorintendstocarryonanypartofitsbusinessasaMemberoutsideAustralia,thenABXmayimposeadditionalrequirementsforittobeeligibleforadmissionasaMember.

3.2. MemberCapitalAdequacyRequirements3.2.1. General

3.2.1.1. UnlessaMemberobtainsapriorwaiverfromABX,itmustensurethatits:3.2.1.1.1. CurrentCapitalisatalltimesgreaterthanitsfinancialobligationsarisingresultantofits

tradingactivitiesupontheExchange;3.2.1.1.2. UnderlyingCapitalisatalltimesnotlessthantheExchangeprescribedminimumadvisedto

ituponitsgrantofMembership;3.2.1.1.3. AMembermustnotifyABXimmediatelyifitbecomesawareoforhasreasontobelievethe

itsCurrentCapitaland/orUnderlyingCapitalrequirementsasspecifiedwithinthisparagraphfallbelowtheprescribedminimumsascontainedwithinthisFramework.

3.2.1.2. RecordKeeping3.2.1.2.1. AMembermustmaintainrecordsinsufficientdetailtoshowcontinuouscompliancewith

thisparagraphforaperiodofnotlessthansevenyears.3.2.1.2.2. EachMembermustprepareitsaccountsandreturnsinaccordancewithaccounting

standardswhicharegenerallyacceptedinAustralia.3.2.1.3. Requests

3.2.1.3.1. ABXmayrequestanyinformation,documentorexplanationfromeachMembertoenableABXtobesatisfiedthattheMemberis,hasbeenandwillcontinuetocomplywithparagraphatalltimes.

3.3. OngoingDueDiligence

3.3.1. AMembermustatalltimescomplywiththefollowinggeneralrequirements:3.3.1.1. continuetosatisfytheapplicablerules,procedures,directions,decisionsand

requirementsoftheABX;

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3.3.1.2. notdispose,transfer,lease,assignorencumberanyrightsorobligationsunderthisFramework,exceptasexpresslypermittedhereinorwiththepriorwrittenapprovalofABX;

3.3.1.3. haveandmaintainthenecessaryorganisationalandtechnicalresourcesandcompetenciestoensurethat:

3.3.1.3.1. orderssubmittedbytheMemberdonotinterferewiththeoperationalefficiencyorordinaryfunctionalityoftheExchange;

3.3.1.3.2. havearrangementsinplacesothatatalltimestheMembercandeterminetheoriginofallorders;

3.4. CustomerAccess3.4.1. AMembermayapplyfor,andABXmaygivetoaMember,permissiontoprovidecustomer

accessifABXconsidersitappropriateandissatisfiedthattheapplicantwillhaveinplaceandmaintaintherequiredstandardstoexercisethepermissionsandwillmeetanyotherrequirementssetoutinthisFramework.AnytradesubmittedpursuanttothispermissionareconsideredtobesubmittedbytheMember.

3.5. TradingPermission3.5.1. ThedecisionastowhethertograntadmissionasaMemberorgrantatradingpermissionisat

theabsolutediscretionofABX.ABXmaygrantorrefusemembershiportradingpermissionswithoutgivinganyreasons.

3.6. HolderIdentificationNumbers3.6.1. ABXwillallocateuniqueidentifiertoeach:

3.6.1.1. Member;and3.6.1.2. Member’scustomer(whereapplicable).

3.7. UserIDandObligationsforPasswords3.7.1. Membershallberesponsibleforallactivityresultingfromtheuseofitsusercredentialsand

passwordandshalltakesuchstepsasarenecessarytoprohibitanypersonfromusingsame.3.7.2. NoMembermayenter,orpermitentryof,anorder,ontotheExchangeunderausercredentials

otherthanthroughthepersontowhomthatusercredentialhasbeenissued,unlessexpresslyexceptedinthisFramework.

3.7.3. Nopersontowhomausercredentialhasbeenissuedmaydiscloseorknowinglypermittheuseoftheusercredentialbyanotherperson.

3.7.4. TheMembershallnotifyABXimmediatelyuponbecomingawareof:3.7.4.1. anyunauthoriseddisclosureoruseofanyusercredentialorpassword;3.7.4.2. anyunauthorisedaccesstotheExchange;3.7.4.3. theneedtodeactivateanyusercredentialorpassword.

3.7.5. ABXmaymonitoraccesstoandutilisationoftheExchangebyanyperson.ThiswillbedonesolelyforABX'sownpurposesandsuchmonitoringandcollectionofinformationshallnot,asamatterofpractice,bedisclosedtootherpersons.

3.8. ExchangeStatementsandConfirmations3.8.1. TheprimarymeansofcommunicationoftheExchangeshallbebywayofemailorelectronic

correspondencetotheMember’sprimarycontactpersonasdetailedinitsAccountApplication.ItistheresponsibilityoftheMembertomonitorthesecommunicationsandadvisethe

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ExchangeofanyinconsistencyininformationassoonassaidinconsistencyisreasonablyknowntotheMember.

3.8.2. ABXwillprovidestatementsforeachMemberrepresentingtheAvailableBalanceandHoldingsasofstatementissuedate.EachstatementprovidesthetotalOunceweightheldasthecasemaybe,foreachrespectivetypeofBullioninadditiontoanaccountactivitystatementdetailingitsCashBalance,CreditLine,UnsettledFundsandReservedFunds,allorders,depositsandwithdrawalsexecutedwithinthestatementissueperiod.

3.8.3. WheretheMemberreconcilestheTrustAccount,eachstatementshallbreakdownthenetamountofconsiderationrequiredtobedepositedintotheTrustAccount,orheldinMember’snameintheTrustAccount,asthecasemaybe.

3.9. ErrorsandOmissions3.9.1. IfanymaterialerrororomissionisdiscoveredbytheMemberonanystatementorExchange

issueddocumentation,theMembermustnotifyABXwithintwo(2)BusinessDaysoftheMemberreceivingthestatementsothatABXmayinvestigatetheallegederrororomission.Withrespecttotheforegoing,wheresuchnotificationisnotmadebytheMembertoABXwithintwo(2)BusinessDaysofthediscoveryofsuchamaterialerrororomission,ABXmayatitssolediscretion,refusetomakesuchaninvestigationandshallbeexcused,relievedanddischargedfromanyliabilityresultingfromlossordamagesustainedbytheMember.

3.9.2. ABXreservestherighttoreverseoramendanyerroneousentriesandtotakeanyotherassociatedactionthatwouldberequiredtoplacethePartiesinthepositionthattheywouldhavebeenifsucherroneousentryhadnotbeenmade.

3.10. Confidentiality3.10.1. Confidentialityisessentialforthepreservationofareputableandefficientexchangesuchas

ABX.Member’sremainresponsibleformaintainingconfidentiality.Member’sshouldnot,withoutexplicitpermission,discloseordiscuss,orapplypressureonotherstodiscloseordiscuss,anyinformationrelatingtospecificdealswhichhavebeentransacted,orareintheprocessofbeingarranged,excepttoorwiththepartiesdirectlyinvolved(and,ifnecessary,theiradvisers)orwherethisisrequiredbylawortocomplywiththerequirementsofasupervisorybody.Allrelevantpersonnelshouldbemadeawareof,andobserve,thisfundamentalprinciple.

3.10.2. EachPartyacknowledgesthatdisclosureofconfidentialinformationmayberequiredbyanapplicablelaw,regulationorcourtorderandtheotherPartyhereinreleasesthereceivingPartyfromanybreachresultantofsuchcompelleddisclosurepursuanttothetermsofthisFramework.

3.11. ConflictsofInterest3.11.1. Membersshalltakeallreasonablestepstoensurethatithasnoactualorperceivedconflictsof

interestintermsofitsactivitiesasaMemberoftheExchangewithrespecttoitsobligationsduetoABXanditsCustomersbyvirtueofthisFramework.

3.11.2. MembersshallinformABXassoonasispracticablewhereitbecomesawareofanyperceivedoractualconflictofinterestwhicharisesoutoforisaffectedbythisFrameworksothatABXand/ortheMembermaytakereasonablestepstoremedyormitigatethesituation.

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4. ExchangeConductandCompliance

4.1. General4.1.1. ABXmayatanytimeinvestigatetheactivitiesofaMemberinrelationtotheperformanceby

theMemberofitsobligationsundertherulesorasABXotherwiseconsidersappropriate.Aspartofanyinvestigation,ABXmayrequireaMembertodooneormoreofthefollowing:

4.1.1.1. toprovideanyinformationknowntotheMember;4.1.1.2. bynotice,toprovideorpermitinspectionattheofficesoftheMemberoranyother

placenotifiedbyABXofanyrecordsinthecustody,controlorpossessionoftheMember;

4.1.1.3. bynotice,toprovidespecifiedinformationrelatingtoanydealingsinProductsoftherelevantMember.

4.1.2. ABXmayappointanagenttoconductinvestigationsonitsbehalf.IfABXappointsanagenttoconductinvestigationsonitsbehalftheMembermustdoallthingsrequiredundertheserulesasiftheinvestigationwereconductedbyABX.

4.2. InactivityofMembers4.2.1. WhereABXconsidersthataMemberhasbeeninactiveforacontinuousperiodof6monthsin

respectofitstradingpermissions,ABXmaynotifytheMemberthatitintendstoterminateitsmembership.Furthertotheabove,ABXmayspecifyannualminimumtradingvolumesperMemberfromtimetotime.ThisdecisionrestssolelyatthediscretionofABXhowever,ABXmayinvitetheMembertoprovidewrittensubmissionsastothereasonforthetheinactivityandlikelyfutureactivity.

4.3. EnforcementActions4.3.1. IfABXreasonablyconsidersthataMemberisnotcomplyingwiththetradingpermission

requirements,itsAccountAgreementorthisFramework,ABXmayimmediatelysuspendorwithdrawthetradingpermissionsofaMember’saccesstotheExchangeinwholeorinpart.

4.3.2. AsuspensionofthetradingpermissionsofaMemberbyABXwillremaininforceuntilABXissatisfiedthattheMemberhasremediedanyandallreasonablyexpectedoractualbreachesorcontraventionsoftheabove.

4.4. Waiver4.4.1. ABXmayrelieveanypersonorclassofpersonfromtheobligationtocomplywithaprovision

(otherthananindemnityordisclaimerprovision)ofthisFrameworkgenerallyorinaparticularcaseorcategory,andeitherunconditionallyorsubjecttosuchconditionsasABXthinksfit.

4.4.2. Ifanyconditionsonawaiverareimposed,alloftheconditionsmustbecompliedwithforthewaivertobeeffective.ABXmaywithdrawawaiveratanytime.

4.4.3. ABXmustestablishandmaintainaregisterforrecordingdetailsofreliefgrantedunderthisparagraphinaccordancewiththisFramework.

4.5. ExchangeRecordsandInformationRequests4.5.1. AllrecordswhichaMemberisrequiredtomaintainmustbekeptinwritingandintheEnglish

languageorinamannerwhichwillenablethemtobereadilyaccessiblebyABXandreadilyconvertedintowritingintheEnglishlanguage.

4.5.2. ABXmaydirectaMembertoconvertrecordsintowritingandintoEnglish.ThatdirectionmustbecompliedwithbythetimespecifiedbyABXwhengivingthedirection.

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4.5.3. WheredocumentationorinformationisprovidedormadeavailablebyoronbehalfofaMemberinalanguageotherthanEnglishorinaformthatisnotreadilyaccessiblebyABX,theMembershallbearanycostsandexpensesassociatedwithtranslatingthatdocumentationorinformationintoEnglishandobtainingaccesstothatdocumentationorinformation.

4.6. ProprietaryTradeDisclosure4.6.1. ABXandotherMembersmayengageinproprietarytradingactivitiesfromtimetotime.

Notwithstandingthisfact,eachpartyshalltakeallreasonablestepstoensurethatanyproprietarytradingactivitywillnotbebasedonanynon-publicpricesensitiveinformationand/orwillnotadverselyaffecttheinterestsofanyotherparty.

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5. TradingRules

5.1. General5.1.1. AMemberisresponsiblefortheaccuracyofdetails,theintegrityandbonafidesofallorders

thataresubmittedcontainingtheirholderidentificationnumber(‘HIN’),regardlessofthemethodbywhichtheyaresubmittedandwhereanorderembeddedwithaMember’sHINissubmitted,theorderistakenforallpurposesunderthisFrameworktohavebeensubmittedbyorwiththeknowledgeoftheMember.

5.2. OrderlyExchange5.2.1. ABXmaytakeanyactionitconsidersnecessarytoensurethattheexchange’soperationisfair,

orderlyandtransparent,including,withoutlimitation:5.2.1.1. suspendingorhaltingtradinginanyProductforanyperiodoftime;5.2.1.2. cancellingoramendinganytransaction;5.2.1.3. modifyingorrestrictingaccesstotheExchangebyoneormoreMembers;5.2.1.4. directingthatProductsbeofferedorsettledatapriceotherthanthatprovidedforby

thisFramework,insuchmannerandonsuchconditionsasitmaydetermine;5.2.2. ABXmayrequireandtheMembermustagreeandundertaketo:

5.2.2.1. notdoanythingwhichresultsinaProductnotbeingbothfairandorderly,orfailtodoanythingwherefailurehasthateffect;

5.2.2.2. nottakeadvantageofasituationarisingasaresultofabreakdownormalfunctioninABX’sproceduresorsystemsoranerrorintheExchange;

5.2.3. IftheExchangeisnolongerabletotransmitordersbecauseofasystemsorcommunicationsfailure:

5.2.3.1. ABXmaycancelintheExchangeallordersofaMember;5.2.3.2. theMembermayrequestABX,onareasonableendeavoursbasis,tocancelordersin

theExchangeontheMember’sbehalf.5.2.4. IfABXtakesactionunderthisFrameworkinrelationtoanyMember,ABXmustnotifythe

Member(s)concernedoraffectedgenerally,asapplicable,assoonasreasonablypracticable.5.3. InVaultBullion

5.3.1. InVaultBullionreferstoBullionthatiscurrentlyheldintheVaultNetwork.5.4. OutVaultBullion

5.4.1. OutVaultBullionreferstoBullionthatisbeingpreparedfor,orintransittotheVaultNetworkwhereupondeposit,itbecomesmarkedInVault.

5.4.2. OnlyLiquidityProvidershavetheabilitytoinitiallysellBullionwhichisOutVault.Fortheavoidanceofdoubt,anyotherMembershallonlybepermittedtosellOutVaultBullioniftheypurchaseditfromaLiquidityProvider.

5.4.3. WhereaLiquidityProviderdepositsOutVaultBullion,ABXautomaticallyupdatestheExchangerecordsfromOutVaulttoInVaultHoldings.TheMemberpossessinglegaltitletosuchBullionwillbeliableforanyassociatedstoragefeesfromthispointuntilsaleorwithdrawal.

5.5. AnomalousOrdersandCancellationRequests5.5.1. Thereexistsnocooling-offorsetofffunctionalitywithintheExchangeandthatallexecuted

transactionsandresultingcontractualobligationsarefinal.5.5.2. Notwithstandingthisparagraph,ifaMembersubmitsanorderincorrectlywhichissubsequently

executed,andtheMemberwantsthattradetobeconsideredforcancellation,itmustsubmita

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requesttoABXwithdetailedreasonsastotheevent.ABXshallusereasonableendeavourstoobtaintheconsentofthecounterpartytocancelthetradeifcertainconditionsspecifiedinthisFrameworkaremet.Memberacknowledgesandagreesthatthereisnowarranty,undertaking,guaranteeoranythinganalogoustheretoinrelationtosaidtradebeingcancelledwhereinthecancellationshallbeatthesolediscretionofthecounterpartyandABX.

5.6. UnclearInstructions5.6.1. ABXmayatitsdiscretionactuponanyinstructionwhichitbelievesisareasonablyclear

directionfromtheMemberorinthealternate,ABXmayatitsdiscretionrefusetoactuponanyauthorisedinstructionwhichitbelievestobeunclearand/orambiguousuntilsuchtimeastheMemberclarifiesanyuncertainty.

5.7. SuspensionofTradeforFailuretoComply5.7.1. WhereaMemberfailstostrictlycomplywiththereconciliationrequirementsofOutVault

Bullionand/ortheTrustAccountandABXreasonablyformstheopinionthatanauthoriseddeposit-takinginstitutionisnotresponsibleforsaidfailureandthefailureand/orbreachisthatoftheMember;ABXshallberequiredtoimmediatelysuspendtheMember’stradingpermissionsandremoveallordersuntilsuchtimeastheMemberreconcilestheOutVaultBullionandTrustAccount.

5.7.2. IntheeventthattheMemberrepeatedlybreachesitsreconciliationobligationspursuanttothisparagraph,ABXmay,atitsultimatediscretion,canceltheMember’sabilitytoaccesstheExchange.ABXshallreleasetheMember’sCashBalanceandHoldingswithinareasonabletimeprovidedtheredoesnotexistanyoutstandingfeesandchargesowingtoABXoranyotherMemberpursuanttothisFramework.NothingwithinthisparagraphmaybeconstruedasreleasingtheMemberfromitspreviouslyaccrueddepositand/ordeliveryobligationswithrespecttoanyUnsettledFundsowingtotheTrustAccount.

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6. Execution

6.1. General6.1.1. UponthematchingofordersintheExchange,inaccordancewiththisFramework,acontractis

formedbetweentheMemberandABXthroughcontractnovationforthesaleandacquisitionoftherelevantProductatthepriceandvolumematched.

6.2. OrderEntry6.2.1. OrdersmayonlybeenteredintheExchangeinmultiplesofABX’ssystematicallydefinedprice

steps.6.2.2. Whereanorderissubmittedforaquantityofgreaterthanone(1)ofaspecificProduct,the

ordermaybeexecutedinpart.6.2.3. Attheendofeachday,unmatchedordersintheExchangewillcontinuetoexistunless

otherwisecancelledbytheMemberorsystematicallyresultantoftheordertype.6.2.4. Normalpricingrelationshipsmaynotexistinperiodssuchasthatofhighvolatilityorlow

liquidity.6.3. Priority

6.3.1. AllordersasenteredintotheExchangeshallbeexecutedinstrictprice/timepriority.6.3.2. IfaMember:

6.3.2.1. reducesthequantityofanorder,theamendmentdoesnotaffectthepriorityranking;6.3.2.2. withdrawsanorder,theorderlosesitspriorityranking;and6.3.2.3. effectsanyotheramendmentstoanorder,theorderlosesitspriorityrankingandwill

uponsaidamendmentbetreatedasaneworder.

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7. Settlement

7.1. General7.1.1. EachtransactiontowhichaMemberisapartyisimmediatelysettledagainstABXbyvirtueof

contractnovation.Resultantofthis,ABXisthecentralcounterpartytoalltradesclearedthroughtheExchange,assumingallriskinrelationtothefinancialperformanceanddeliveryobligationsofeachtrade.

7.2. Delivery7.2.1. DeliveryofInVaultBullionisconsideredtooccurimmediatelyupontheformationofacontract.7.2.2. InVaultBullionwillbeusedbeforeOutVaultBulliontosettleanytransactionforwhichthe

sellingMemberhastherelevantInVaultBullion.7.2.3. DeliveryofOutVaultBullionmustbemadeonorbeforetheDeliveryDateestablishedbythe

relevantcontract’sDeliveryRules.7.2.4. ABXmaintainstwosetsofDeliveryRuleswhicharehereinreferredtoasStandardDeliveryand

ThreeDayDelivery.7.2.5. SectionB.5.ofthisFrameworkestablisheswhichDeliveryRulesapplytoeachcontract.7.2.6. AllcontractsthatfollowStandardDeliveryaresubjecttothefollowingconditionsandrules:

7.2.6.1. ABXmaintainsarollingtwo-weekTradeCycleduringwhichMembersmayaccumulatesalesofOutVaultBullion;

7.2.6.2. EachTradeCyclehasasingleassociatedDeliveryDatewhichoccurssixBusinessDaysafterthecloseofaTradeCycle;

7.2.6.3. AllOutVaultBullionsoldduringagivenTradeCyclemustbedepositedintotheVaultNetworkonorbeforetheassociatedDeliveryDate;

7.2.6.4. AnypurchasesofInVaultorOutVaultBullionthatoccurduringagivenTradeCyclemayoffsetanydepositobligationsresultantfromsalesofOutVaultBullionforthesamecontractinthesameTradeCycle;

7.2.6.5. DepositobligationsresultantfromsaleofOutVaultBullioninagivenTradeCyclemaynotbeoffsetbypurchasesofInVaultorOutVaultBullionforthesamecontractthatoccursafterthecloseofsaidTradeCycleevenifsaidpurchasesoccuronorbeforetheassociatedDeliveryDate;

7.2.6.6. ThescheduleofTradeCyclesandDeliveryDatesiscontainedinsectionC.ofthisFramework.

7.2.7. AllcontractsthatfollowThreeDayDeliveryaresubjecttothefollowingconditionsandrules:7.2.7.1. AllOutVaultBullionmustbedepositedintotheVaultNetworkonorbeforethree

BusinessDaysfollowingthesaleofOutVaultBullion;7.2.7.2. AnypurchasesofInVaultorOutVaultBullionthatoccurduringagivenTradingDaymay

offsetanydepositobligationsresultantfromsalesofOutVaultBullionforthesamecontractonthesameTradingDay;

7.2.7.3. DepositobligationsresultantfromsalesofOutVaultBulliononagivenTradingDaymaynotbeoffsetbypurchasesofInVaultorOutVaultBullionforthesamecontractthatoccursonsubsequentTradingDaysevenifsaidpurchasesoccuronorbeforetheDeliveryDate.

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8. Clearing

8.1. General8.1.1. AMembermustsatisfyABXthatithasinplaceandwillmaintainadequatearrangementsforthe

clearingofallExchangetransactionsenteredintobytheMember.8.2. SponsoringMembers

8.2.1. ABXmaygrantaMembertherighttoengageinsponsoringactivitiesinaccordancewiththisFramework.Wheresuchanelectionismade,theMemberwillbereferredtoasaSponsoringMember.

8.2.2. AMemberwhichisnotaSponsoringMember,butwhichhasaSponsoringMemberforitsclearingarrangements,mustenterintoandmaintainatalltimesaseparatewrittenagreement(hereinafterreferredtoasaSponsoringAgreement)witheachofitssponsoredmemberssettingoutthetermsandconditionswhichgoverntheirrelationship.ABXmayrequirewrittennoticeandacopyfromeachSponsoringMemberwhoutilisesuchSponsoringAgreement(s).

8.2.3. AMembermustnotifyABXinwritingofanyamendmentstoaSponsoringAgreementtowhichitisapartyatleast30daysbeforetheamendmentbecomeseffective.

8.2.4. ABXmaygivereasonabledirectionstoaMemberrequiringittomake(orrefrainfrommaking)amendmentstothetermsofanySponsoringAgreement,andtheMembermustcomplywiththosedirectionswithinthetimespecifiedbyABX.

8.3. SuspensionandTerminationofSponsoringMembers8.3.1. WhereaSponsoringMemberbreachesanytermorundertakingprovidedforinthisFramework

oritsAccountAgreement,ABXmaysuspendtheSponsoringMember’sExchangeaccess,inwholeorinpart,inrespectofparticularProductsandeitherremoveallrelevantordersoftheSponsoringMemberfromtheExchangeortakeotheractionABXconsidersappropriate.

8.3.2. IfaMemberintendstoterminateitsSponsoringAgreementwithanyofitssponsoredmembers,theMembermustnotifyABXanditssponsoredmembersinwritingofthetimeanddatewhenthiswilloccurandanyproposedfurtherExchangebasedactivities.

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9. FundsManagement

9.1. General9.1.1. AllMemberfundsareheldinsegregated,regulatedtrustaccountswithauthoriseddeposit-

takinginstitutions.ABX’sTrustAccountsareadministeredandauditedaccordingtotheregulationsimposedunderAustralianlawasanunlistedpubliccorporationpursuanttotheCorporationsAct2001(Cth).

9.2. UseofFunds9.2.1. AtnopointintimeshallABXuseanyMember’sfundsforthepurposeofmeetingfinancial

obligationsincurredbyABX,norshallABXpermitaMember’sfundstobeusedtomeetthetradingobligationsofotherMembers.

9.2.2. ABXundertakestopayinterestonanyCashBalance(lessanymutuallyagreedfeeABXmaytakefromsuchinterest)toeachMember.AnyinterestwillaccruetoABXwhereinABXshallpayoutsuchinterestmonthlyinarrears.AnysuchinterestpayabletotheMembershallbecalculateddailyinaccordancewiththeprevailingauthoriseddepositingtakinginstitution’sinterestrateandtheMember’sCashBalance.InterestrateschangefrequentlyandABX’sauthoriseddepositingtakinginstitution’sinterestratemaybezero,oranegativepercentage.

9.2.3. Eachpartyisresponsibleforanytransaction,conversionorothercostchargedbyitsrespectiveauthoriseddeposit-takinginstitutionwhenmakinganydepositorwithdrawaltoorfromtheTrustAccount.TheMembershallreimburseABXforanydishonourorreversalchargesthatareleviedfromABX’saccountresultantofatransactioneffectedby,oratthedirectionoftheMember.

9.3. MarginRequirement9.3.1. ABXmay,atitsultimatediscretion,requireaMembertopostMargintotheTrustAccountprior

toABXextendingMembertheabilitytotradeontheExchange.9.3.2. MarginreceivedbyABXshallbeheldintheTrustAccountforthebenefitoftheMember.ABX

shallonlybepermittedtodealwiththeMember’sMargininaccordancewithinstructionsgivenpursuanttothisFramework,orintheeventofadefaultbyMemberwheresaidMarginmaybeusedbyABXassecurityforanyUnsettledFunds.

9.3.3. ThepercentageMarginrequiredshallbeatthesolediscretionofABXandmaybeamendedbyABXfromtimetotimeprovidedABXprovidestheMemberwithnoticeofsaidamendmentwhichisnotlessthan(1)BusinessDay.

9.4. ExtendingCreditLine9.4.1. ABXshallextendtotheMemberaCreditLinerelativetotheMarginreceivedasclearedfundsin

theTrustAccount.9.5. DepositingFunds

9.5.1. TheMembershallberequiredtotransferfundsbywayofacreditdeposittotheTrustAccount.9.5.2. SufficientfundsmustbereceivedandsubsequentlyclearedintheTrustAccountpriortoABX

creditingtheMember’sMarginand/orCashBalance.

9.6. WithdrawingFunds

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9.6.1. ABXshallonlyremitclearedfundsheldintheTrustAccountwheretheMembersubmitsawithdrawalrequesteffectedbywayofrequestthroughtheExchangeorotherrecognisedformofinstructiontoarecipientauthoriseddeposittakinginstitutionheldinthenameofMember.

9.6.2. WhereABXhasreceivedsucharequestitshalltakereasonablestepstofacilitatesuchawithdrawalassoonasisreasonablypracticable.

9.7. FundsPriority9.7.1. WhereaMemberentersanorderthroughtheExchangewhichissubsequentlymatchedand

executed,ABXshalldebitorcredit,attimeofexecution,theTradeValuefromortotheMember’sAvailableBalance.

9.7.2. TheMember’sAvailableBalanceisdebitedfirstagainsttheCashBalanceoftheMember,followedbytheCreditLinewheretheCashBalanceisexhausted.IntheeventthattheMember’snettradingactivitiesresultsintheuseofitsCreditLine,thisnetpositionisreflectedasUnsettledFundswithintheExchange.

9.7.3. WheretheMembersubsequentlycredit’sitsCashBalancebywayofdeposittoitsCashBalanceorbythesaleofBullionthroughtheExchange,saidcreditshallbefirstappliedtoanyUnsettledFundswiththeremaindertobeappliedtotheMember’sCashBalance.

9.7.4. UnsettledFundsarerequiredtobewhollyreconciledinaccordancewiththesettlementreportsissuedat1700hoursEasternStandardTime(orEasternDaylightTimeasadvisedfromtimetotime)whereeachMemberundertakesthatitshallmakeatminimum,anequivalentcreditdeposittotheTrustAccount.

9.7.5. WhereaMemberfailstostrictlycomplywiththisparagraph,itmaybesubjecttothesuspensionoftradeandcontractualdamagesascontainedinthisFrameworkanditsAccountAgreement.

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10. Storage

10.1. General10.1.1. AllBulliontradedandstoredwithintheExchangeisheldwithinagivenABXVaultbyaVault

Operator.BullionintransittoanotherABXVault,intransittoaMemberpursuanttoawithdrawalrequest,orintransittosomeotherApprovedLocationasinstructedbytheMembershallnotbetradablenorconsidereddepositedwiththeExchange.

10.2. Holdings10.2.1. AMember’sHoldingswillappearontheExchangeatalltimesandshallbeabletobesoldatthe

Member’ssolediscretionsubjectontotothisFramework.10.2.2. Ounceshallmean:

10.2.2.1. inthecaseofgold,finetroyounces;10.2.2.2. inthecaseofsilver,troyounces;10.2.2.3. inthecaseofplatinum,troyounces;10.2.2.4. inthecaseofanyothermaterial,theunitasmutuallyagreedbytheParties.

10.3. Insurance10.3.1. ABXshallmaintain,orshallhaveitsVaultOperatorsmaintaincomprehensiveinsurancepolicies

tocoverthevalueofitsMember’sBullionfromloss,theftordamagecausedwhilsttheMember’sBullionisinthecustody,careandcontrolofABX,itsVaultOperatorsand/oritsaffiliates,agentsand/orsubcontractors.

10.3.2. ABX,itsVaultOperatorsand/oritsaffiliates,agentsand/orsubcontractorsshallbedeemedtohavetakencustody,careandcontrolofaMember’sBullionwheresaidBullionisphysicallywithinABX’s,itsVaultOperators’and/oritsaffiliates’,agents’and/orsubcontractors’possession,evidencedbyasignedreceiptofsame.ABX,itsVaultOperatorsand/oritsaffiliates,agentsand/orsubcontractorsshallbedeemedtohaverelinquishedcustody,careandcontroloftheMember’sBullionwheresaidBullionisphysicallywithinMember’sorsomeotherdulyauthorisedperson’spossession,evidencedbyasignedreceiptofsame.

10.4. Deposit10.4.1. General

10.4.1.1. ABXpermitsBulliontobedepositedintotheVaultNetworkbythefollowingentities:10.4.1.1.1. LiquidityProviders;and10.4.1.1.2. Members,withpriorwrittenconsentofABX,subjecttothisparagraph;and10.4.1.1.3. Members,onbehalfofCustomers,withpriorwrittenconsentofABX,subjectto

thisparagraph;or10.4.1.1.4. onacasebycasebasisatthesolediscretionofABX.

10.4.1.2. Notwithstandingtheabove,ABXmaytemporarilyorpermanentlydisallowfuturedepositsforanyreasonornoreason.

10.4.1.3. EachdepositisindividuallyinspectedandverifiedandmustbedepositedintotheVaultNetworkinoneofthefollowingmanners:

10.4.1.3.1. directlyfromanApprovedRefinerbyanApprovedTransportServicesProvider,inaccordancewithDeliveryProcedureherein;

10.4.1.3.2. directlyfromtheVaultNetworkbyanApprovedTransportServicesProvider,inaccordancewithDeliveryProcedureherein;

10.4.1.3.3. directlyfromanApprovedLocationbyanApprovedTransportServicesProvider,inaccordancewithDeliveryProcedureherein;or

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10.4.1.3.4. onacasebycasebasisatthesolediscretionofABX.10.4.1.4. BulliontobedepositedintoanABXVaultwillonlybeacceptedwhereithasbeen

sourcedfromtheApprovedRefinerlistandsatisfiestherequirementsasprescribedinthisFramework,includingbutnotlimitedtothefollowing:

10.4.1.4.1. alldepositedpackagesareinspectedandfreefromanysignofdamageorinterference;

10.4.1.4.2. barserialnumbers(ifapplicable)correspondwiththosedetailedintheassociateddeliveryrequestandSupportingDepositRequirements;

10.4.1.4.3. ProductorweightofeachbarisinaccordancewiththatdetailedintheassociateddeliveryrequestandSupportingDepositRequirements;

10.4.1.4.4. finenessofeachbar,asshownonitshallmark,isinaccordancewiththatdetailedintheassociateddeliveryrequestandSupportingDepositRequirements;

10.4.1.4.5. brandoneachbar,asshownonitshallmark,isinaccordancewiththatdetailedintheassociateddeliveryrequestandSupportingDepositRequirements;and

10.4.1.4.6. forGold100grambars,theymaybeindividuallyencapsulatedtransparentpackagingandinsuchcase,thesealofsuchpackagingshallbeunbroken.

10.4.1.5. Allcostsassociatedwithadepositarebornebythedepositor.10.4.1.6. ABXmayrefusetoacceptanysuchdepositorpartthereofwhereABXhasareasonable

beliefthattheMember’sBulliondoesnotsatisfytherequirementsofthisFramework.10.4.2. DeliveryProcedure

10.4.2.1. LiquidityProviders10.4.2.1.1. ForaLiquidityProviderdepositingGold1kgBar;VariableWeightBar(Gold,

Platinum,Sliver)Products,theSupportingDepositRequirementsdueuponDeposit,unlessotherwisenotedherein,shallinclude:

QualityDocumentsrepresentedby:10.4.2.1.1.1. RefinerCertificate;and10.4.2.1.1.2.

a. RefinerBarList. ChainofIntegrity:10.4.2.1.1.3.

a. originalpurchaseinvoice(s);b. storageinvoice(s)fromdateofpurchasetopresent;c. VaultNetworkorApprovedLocationbarlist;andd. ChainofIntegrityshallshowuninterruptedstoragewithinVault

Networkand/oranApprovedLocationtogetherwithanymovementsbetweenVaultNetworkandApprovedLocationsconductedbyApprovedTransportServiceProvidersfromtimeofpurchasetopresent.

10.4.2.1.2. ForaLiquidityProviderdepositingGold10ozBar;Gold100gramBar;Silver

100ozBar;Silver1kgBar;Platinum1kgBarProducts,theSupportingDepositRequirementsdueuponDeposit,unlessotherwisenotedherein,shallinclude:

QualityDocumentsrepresentedby:10.4.2.1.2.1.a. Gold10ozbars,mayincludeaRefinerCertificateorRefinerBar

Listb. Gold100grambarsshallincludeaRefinerCertificateorRefiner

BarListc. Silver100ozbarsmayincludeaRefinerCertificateorRefiner

BarList

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d. Silver1kgbarsmayincludeaRefinerCertificateorRefinerBarList

e. Platinum1kgbarsmayincludeaRefinerCertificateorRefinerBarList

ChainofIntegrity:10.4.2.1.2.2. VaultNetworkorApprovedLocationbarlist;10.4.2.1.2.3.

a. astandingandbindingacknowledgementandrepresentationforeachDepositofthefollowing:

“We,thedepositingLiquidityProviderorMarketMaker,herebydeclareandwarrant,withoutexception,thateachbarrepresentedinanyDepositintoanyVaultOperator,hasbeendepositedintosuchVaultOperatordirectlyfromanApprovedRefinerordirectlyfromanApprovedLocationordirectlyfromtheVaultNetwork,ineachcasebyanApprovedTransportServiceProvider,withexceptiontoadepositwithinthesamelocationofsameVaultOperator,andfurthermore,eachbarrepresentedintheDeposithasneverleftthecontrolofanApprovedRefiner,ApprovedLocation,ApprovedTransportServiceProviderorVaultNetworkfromthetimeofpurchasebysuchLiquidityProviderorMarketMakertopresent.”

10.4.2.1.3. ForaLiquidityProviderdepositinganyProduct,atthesolediscretionofABX,however,nottoexceedoneintendeposits,theSupportingDepositRequirementsdueuponDeposit,unlessotherwisenotedherein,shallinclude:

alloriginalpurchaseinvoice(s)forsuchdeposit;10.4.2.1.3.1. allstorageinvoice(s)forsuchdepositfromdateofpurchasetodateof10.4.2.1.3.2.

deposit;and CopyofRefinerCertificateandRefinerBarList,ifany.10.4.2.1.3.3.

10.4.2.2. Members,MembersonbehalfofCustomers10.4.2.2.1. ForaMemberdepositinganyProductonbehalfofCustomers,theSupporting

DepositRequirementsdueuponDeposit,unlessotherwisenotedherein,shallinclude:

QualityDocumentsrepresentedby:10.4.2.2.1.1.a. Gold1kgBarsshallincludeaRefinerCertificateorRefinerBar

Listb. Gold10ozBarsmayincludeaRefinerCertificateorRefinerBar

Listc. Gold100gramBarsshallincludeaRefinerCertificateorRefiner

BarListd. FixedWeightSilverBullionin100ozbarsmayincludeaRefiner

Certificatee. FixedWeightSilverBullioninkilobarsmayincludeaRefiner

Certificatef. Platinum1kgBarsmayincludeaRefinerCertificateorRefiner

BarListg. VariableWeightGold,PlatinumandSilverBarsshallincludeat

leastoneof:i. RefinerCertificate;ii. RefinerBarList.

ChainofIntegrity:10.4.2.2.1.2.a. originalpurchaseinvoice(s);b. storageinvoice(s)fromdateofpurchasetopresent;c. VaultNetworkorApprovedLocationbarlist;

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d. ChainofIntegritymustshowuninterruptedstoragewithinVaultNetworkand/oranApprovedLocationtogetherwithanymovementsbetweenVaultNetworkandApprovedLocationsconductedbyApprovedTransportServiceProvidersfromtimeofpurchasetopresent.

10.4.2.3. AllDeposits10.4.2.3.1. Fortheavoidanceofdoubt,adepositnotinaccordancewithDeliveryProcedure

shallberejected.10.4.2.3.2. Notwithstandingtheprovisionsassetforthherein,ABX,atitssolediscretion,

mayrequireadditionaloralternativedocumentationtosatisfySupportingDocumentationRequirements.

10.4.2.3.3. WhereapprovedbyABX,theLiquidityProvider,MarketMaker,MemberorMemberonbehalfofCustomerdepositshallbemadeonaDeliveryDatewherethefollowingissatisfied:

sufficientnoticeisprovidedbytheMembertoABX;10.4.2.3.3.1. deliveryoftheBullion,whichistobedepositedfortheMemberand10.4.2.3.3.2.

madetoanABXVaultattheMember’sexpenseandrisk; ABXreasonablybelievesthatthefacilitationofstorageofBullionforthe10.4.2.3.3.3.

MemberislegalinsofarasthemovementoftheBullionwouldnotbreachanyapplicablelaw,regulation,courtorderorotherwise.

10.4.2.3.4. Whereadepositismadepursuanttothisparagraph,saiddepositmaytakeuptoforty-eight(48)hourstobecreditedtotheMember’sHoldingsandavailablewithintheExchange.UntilsuchtimeastheBullioniscreditedtotheMember’sHoldings,theMembershallnotbepermittedtotradeonBullion,thesubjectofsuchadeposit.TheMember’sHoldingswithintheExchangeshallbecreditedaccordingtotheProductand/orweightofBullionbeingdeposited.

10.4.2.3.5. ABXmay,atitsultimatediscretion,prescribeand/oramendreasonableminimumdepositquantitiesorvolumesfortheMemberateachABXVault.Whereaminimumisprescribed,itislistedwithinthecontractspecifications.

10.4.3. QuarantinedBullion10.4.3.1. Whereanydamageorinterferenceisdiscovered,oradiscrepancyisfoundbetweenthe

deliveryrequestorSupportingDocumentsandthatofthebullionbeingdeposited,orwhereitisdeemedthatanyProductspecificationsmaynothavebeenmet,theVaultOperatorswillplacetheBullionwithintheQuarantineArea.

10.4.3.2. BullionstoredwithintheQuarantineAreawillbefullyinsuredonasaidtocontainbasisinaccordancewithitsSupportingDocumentshoweverwillnotbeacceptedontheExchangeuntilsuchtimeastheBullionhasbeendeemedtobefreefromdamageandinterferenceandinaccordancewithitsdeliveryrequestandSupportingDocuments.

10.4.3.3. ABXwillnotifyallaffectedMembersimmediatelywhereanyBullionisplacedwithintheQuarantineAreaandengageallappropriateserviceprovidersincludingbutnotlimitedtoinspectionandstocktakeauditserviceproviderstodeterminetheauthenticityoftheanomalousdeposit.AllreasonablecostsassociatedwiththisprocessshallbebornebytheMemberwhoarrangedand/orfacilitatedthedeliveryoftheanomalousbullion.

10.4.4. Notice10.4.4.1. WhereaLiquidityProviderwishestodepositOutVaultBullioninaccordancewiththis

paragraph,sufficientnoticemustbeprovidedwheresaidnotice:

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10.4.4.1.1. providesanyandallinformationrequestedbyABX.Thisincludes,butisnotlimitedto,detailsofallBulliontobedeposited,anddetailsofdelivery,asprescribedinthisFramework;and

10.4.4.1.2. providesasmuchnoticeasisreasonablyrequiredbyABXinadvanceoftheDeliveryDate.Thisnoticeperiodwillvarydependinguponthecircumstancesincludingbutnotlimitedto:

whethertheLiquidityProviderhasmadepreviousOutVaultdepositsto10.4.4.1.2.1.ABXand/ortheABXVaultinquestion;

whethertheBullionbeingdepositedisheldwiththesameVault10.4.4.1.2.2.Operator;and

theVaultOperator’sotherengagements.10.4.4.1.2.3.10.4.4.1.3. WheresaidnoticedoesnotprovideABXtherequisiteamountoftimetovalidatethe

depositoftheBullion,thedeliveryshallbeprocessedassoonasisreasonablypracticable,unlessotherwiseagreedbytheParties;

10.4.4.2. WheretheMemberwishestodepositBullionwhichhasbeenexternallysourcedinaccordancewiththisparagraph,sufficientnoticemustbeprovidedwheresaidnotice:

10.4.4.2.1. providesanyandallinformationrequestedbyABX.Thisincludes,butisnotlimitedto,detailsofallBulliontobedeposited,anddetailsofdelivery,asprescribedinthisFramework;and

10.4.4.2.2. providesfive(5)BusinessDaysorsuchgreatertimeasadvisedbyABXinadvanceoftheDeliveryDate.WheresaidnoticedoesnotprovideABXtherequisiteamountoftimetovalidatethedepositoftheBullion,thedeliveryshallbeprocessedonthefollowingDeliveryDatewherepossible,unlessotherwiseagreedbytheParties;

10.4.5. DepositGuarantee10.4.5.1. EachMemberacknowledgesandagreesthatwheretheydepositBullionintotheVault

Network,saidMembershallremainwhollyandindividuallyresponsibleforthestandardsoffineness,qualityandweightofsaidBullionuntilitiswithdrawnfromtheVaultNetwork.TransportationbetweenABXVaultsand/orremovaloftheBullionbyaspecialistinspectionorganisationfortestingofanynaturewhatsoevershallnotconstitutewithdrawalofsaidBullionfromtheVaultNetwork.

10.4.5.2. WhereitisfoundthatBullionwhichhasbeendepositedintheVaultNetworkhasbeentamperedorinterferedwithinanywaywhatsoever,orissubsequentlyfoundtonotmeetthestandardsoffineness,qualityandweightbyanymeanshowsoever,theMemberwhodepositedtheanomalousBullion,identifiedbyreferencetotheserialnumberoftheBullionrecordedatdateofdepositshallbeheldwhollyandindividuallyresponsibleforsaiddeficiencyandrequiredpursuanttothisFrameworktoreplacesaidBulliontotherequisitefineness,qualityandweight,aspreviouslymentioned,withinfive(5)BusinessDays,inadditiontoanyotherspecificationorrequirementofthisFramework.

10.4.5.3. WhereaMemberbreachesanytermofthisFramework,orentersintoadministration,liquidationorbankruptcy,saidMembershallassumeanyandalldestructiveassay,recastfeesandotherincidentalcosts,asnecessarilyincurredtovalidatethestandardsoffineness,qualityandweightofitsdepositedBullion.

10.5. Withdrawal

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10.5.1. General10.5.1.1. Membersmay,attheirabsolutediscretion,notifyABXtorequestawithdrawalofits

BullionHoldingsfromanABXVaultatalltimes.TheMember’swithdrawalrequestwillbemadeforthenextDeliveryDate,wherebyABXshalldebittheMember’sHoldingsontheExchangeandreleasetheBullionsubjecttothewithdrawalrequest.

10.5.1.2. ABXmayrefusetograntanysuchwithdrawalorpartthereofwhereABXhasareasonablebeliefthattheMember’sBulliondoesnotsatisfytherequirementsofthisFramework.

10.5.2. Procedure10.5.2.1. ABXshallfacilitatetheBulliontobewithdrawnfromanABXVaultonalastin,firstout

(LIFO)basiswheretheBullionwithdrawnissourcedfromeithertheApprovedRefinerlistorFormerApprovedRefinerlist(whereapplicable)andsatisfiestherequirementsasprescribedinthisFramework.

10.5.2.2. ABXmay,atitsultimatediscretion,prescribeand/oramendreasonableminimumwithdrawalquantitiesorvolumesfortheMemberateachABXVault.Whereaminimumisprescribed,itislistedwithinthecontractspecifications.

10.5.2.3. WhereapprovedbyABX,theMembermaypersonallywithdrawBulliononaDeliveryDatewherethefollowingissatisfied:

10.5.2.3.1. sufficientnoticeisprovidedbytheMembertoABX;10.5.2.3.2. withdrawaloftheBullionistobegiventotheMemberattheMember’sexpenseandriskat

theABXVault;10.5.2.3.3. ABXreasonablybelievesthatthefacilitationofstorageofBullionfortheMemberislegal

insofarasthemovementoftheBullionwouldnotbreachanyapplicablelaw,regulation,courtorderorotherwise.

10.5.2.4. WhereapprovedbyABX,ABXmayfacilitatethedeliveryofBullionfromanABXVaultonaDeliveryDatewherethefollowingissatisfied:

10.5.2.4.1. sufficientnoticeisprovidedbytheMembertoABX;10.5.2.4.2. deliveryoftheBullion,whichistobewithdrawnfortheMemberandmadetoanApproved

LocationisattheriskofABXuntilreleaseandsubsequentdeliveryoftheBullionwhereintheBullionshallthenbeattheMember’sexpenseandrisk;

10.5.2.4.3. ABXreasonablybelievesthatthefacilitationofstorageofBullionfortheMemberislegalinsofarasthemovementoftheBullionwouldnotbreachanyapplicablelaw,regulation,courtorderorotherwise.

10.5.2.5. Whereawithdrawalismadepursuanttothisparagraph,saidwithdrawalmaytakeuptoforty-eight(48)hourstobedebitedtotheMember’sHoldingsandremovedfromtheExchange.WheretheMemberrequeststowithdrawBullionpursuanttothisparagraph,theMember’sHoldingsshallbedebitedaccordingtotheProductandweightbeingwithdrawn.

10.5.2.6. ABXprovidesnoassurancesorguaranteeswhatsoeverthatthepreciousmetalwhichiswithdrawnfromanABXVaultisidenticaltotheBullionthatmayhavebeenoriginallydepositedbytheMember(ifapplicable).Notwithstandingtheabove,ABXshallensurethatwheretheMemberwithdrawsBullionpursuanttothisparagraph,theBullionthatisdeliveredtotheMembershallbeoneofthefollowing:

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10.5.2.6.1. inthecaseoffixedweightcontracts,ofthesameprescribedformofProduct;or10.5.2.6.2. inthecaseofvariousweightpooledcontracts,ofanidenticalOunceweight.10.5.3. Notice

10.5.3.1. WheretheMemberwishestowithdrawBullioninaccordancewiththisparagraph,ABXanditsVaultOperatorsusecommercialbesteffortstofacilitatetheMember’swithdrawalasquicklyaspossible.Notwithstandingtheabove,theMembermustprovideanyandallinformationrequestedbyABXtoassistthisprocess.Thisincludes,butisnotlimitedto,detailsofallBulliontobewithdrawn,anddetailsofdelivery,asprescribedinthisFramework.

10.6. CustodialArrangements10.6.1. ABXshallactasbaileeoftheMember’sHoldingsunlessotherwiseexpresslyagreedbetween

ABXandtheMember.ABXmayutilisesub-baileesatitsdiscretionforthesatisfactionoftherepresentationsandundertakingscontainedherein.

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11. Transportation

11.1. General11.1.1. ABXprovidesallreasonableassistancetoitsMember’sinfacilitatingthedeliveryofBulliontoor

fromanApprovedLocation.11.1.2. ABXmakesnorepresentationorwarrantythattheMemberwillbeabletodelivertoaparticular

ApprovedLocation.11.1.3. WhetherthelocallawsofaparticularjurisdictionallowBulliontobedeliveredtoaparticular

ApprovedLocationinthatjurisdictionisultimatelytheresponsibilityoftheMember.11.2. ApprovedLocation

11.2.1. ABXmaintainsalistofABXVaultsandApprovedLocationsthatMembersarepermittedtoutilise.Fortheavoidanceofdoubt,ABXmayupdatetheselistsatitsultimatediscretion.

11.3. FacilitatedDelivery11.3.1. TheMembermayrequestABXtoarrangedeliveryofBulliontoorfromanApprovedLocation.

EachdeliveryrequestshallbeonacasebycasebasiswhereintheMemberwillberequiredtocomplywiththisparagraph.

11.3.2. ABXmaytemporarilyorpermanentlyceasearrangingdeliveryfortheMember’sforanyreasonornoreason.

11.3.3. ABXmayrefusetoacceptanysuchdepositorpartthereofwhereABXhasareasonablebeliefthattheMember’sBulliondoesnotsatisfytherequirementsofthisFramework.

11.3.4. WheretheMemberrequestsABXtoarrangedeliveryofBulliontoorfromanApprovedLocation,theMemberisliableforanydesignatedcarriercharges,insurancechargesincurred,customsduties,tariffsoranyotheradministrativeorregulatorycharges,taxes,feesorimpostsrelatedtosaidtransportationanddeliveryoftheBulliontoorfromanApprovedLocation.

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12. AuditandInspection

12.1. AuditThreshold12.1.1. WherethetotalvalueofBullionstoredineachABXVaultexceedsUSD5Million,ABXshall

submititselftotheauditsandinspectionscontainedwithinthisparagraphinaccordancewiththeFramework.

12.2. FinancialAudit12.2.1. ABXannuallyappointsanindustry-leadingstatutoryauditor,asrequiredbyapubliccompany

undertheCorporationsAct2001(Commonwealth),toverifythatABXis,andremains,financiallysoundandcompliantwithInternationalFinancialReportingStandards(‘IFRS’)asprescribedbytheInternationalAccountingStandardsBoard(‘IASB’).

12.2.2. ABXhasappointedDKMGroup,anindependentaccountancyandfinancialservicesfirmoperatingwithinAustralia.DKMGroup’sauditedfinancialreportsofABXarepublicallyavailablethroughtheAustralianSecuritiesandInvestmentsCommission.

12.3. StocktakeAudit12.3.1. ABXsubmitsitselfannuallytoaminimumoftwo(2)stocktakeauditsperABXVaultby

independentandreputableauditorstoverifyandensuretransparentandaccurateHoldings.12.3.2. AllstocktakeauditsshallbemadeavailabletoMembers.12.3.3. ABXhasappointedBDOAuditPtyLtd,anindependentmemberfirmofBDOInternationalLtd,a

UKcompanylimitedbyguarantee.12.4. InspectionAudit

12.4.1. ABXsubmitsitselfannuallytoaninspectionauditineachABXVaultbyindependentandreputableinspectionagenciestoverifyandensurethequalityandauthenticityoftheHoldingsthroughtheperformanceofspecialistinspection,weighingand/orassayingservices.

12.4.2. ABXhasappointedInspectorateInternationalLimited,amemberfirmoftheBureauVeritasGroup.

12.5. Discrepancies12.5.1. AnysignificantdiscrepanciesidentifiedduringanyABXauditwillbebroughttoABXandits

Membersattentionpromptlyandinanycase,withinseventy-two(72)hoursofdiscovery.

26

13. ApprovedRefiners

13.1. General13.1.1. AtalltimesABXmaintainsanApprovedRefinerListwhichdetailstheprofessionalprecious

metalorganisationsthatareeligibletodepositandhavetheirBulliontradedontheExchange.13.1.2. Fromtimetotime,ABXmayamenditsApprovedRefinerListatitssolediscretion.Wherean

approvedrefinerisremovedfromApprovedRefinerList,itwillberecordedandpublishedontheFormerApprovedRefinerList.

13.2. SupplierDueDiligence13.2.1. AnynewrefinerandallApprovedRefinersaresubjecttoinitialandannualongoingsupplierdue

diligencetoensurethatthestandardsoffineness,qualityandweightofallBulliondepositedandtradedontheExchange.

13.2.2. InassessingwhetheraprofessionalpreciousmetalorganisationiseligibleforinclusionontheApprovedRefinerList,ABXmaytakeintoaccountanyandallinformationavailabletoit,includingbutnotlimitedtothefollowing:

13.2.2.1. yearsofoperationoftheapplicantasaprofessionalpreciousmetalorganisation;13.2.2.2. theapplicant'sannualpreciousmetalproductionvolumes;13.2.2.3. nettangibleassetsoftheapplicant;13.2.2.4. applicant'sownershipstructure,financialstandingandreputationwithinthemarket;13.2.2.5. adherencetobestpracticeanti-moneylaunderingandcounter-terrorismfinancing

practices.13.2.3. ABXreservestherighttoadmit,removeorplaceextraordinaryrequirementsonanyApproved

Refinerandisundernoobligationstoprovidereasonsorjustcauseforanyofitsactionsunderthisparagraph.

13.2.4. Followingeachreview,anynecessaryandrelevantactionswillbetakentoassureeachApprovedRefinercontinuestoprovideindustryleadingservicestoABXanditsMembers.

13.3. ApprovedRefiners13.3.1. ABX’sApprovedRefinerListascurrentatthedateofpublicationofthisFrameworkispublished

atAppendixA.1.13.4. FormerApprovedRefiners

13.4.1. ABX’sFormerApprovedRefinerListascurrentatthedateofpublicationofthisFrameworkispublishedatAppendixA.2.

13.4.2. FromthedateoftheremovalofaprofessionalpreciousmetalorganisationfromtheApprovedRefinerList,BullionfromaFormerApprovedRefinerwillnolongerbeeligibletobedepositedontheExchange.

13.4.3. WhereBullionfromaFormerApprovedRefinercontinuestobeheldbyaMemberasaProductwithintheExchange,theremovalofaprofessionalpreciousmetalorganisationfromtheApprovedRefinerListshallinnowayaffectaMember’srightsunderthisFrameworktodealwithsaidBullionontheExchangeuntilsuchtimeastheBullioniswithdrawnfromABX.UponanywithdrawalofanyFormerApprovedRefinerBullionfromABX,saidBullionthenbecomeineligibleforredepositandtradeontheExchange.

27

14. Anti-MoneyLaunderingandCounter-TerrorismFinancing

14.1. General14.1.1. ABXanditsMembersarerequiredtomaintainacomprehensiveanti-moneylaunderingand

counter-terrorismfinancingprogramstoensurethemitigationandreportingofallmoney-launderingandterrorism-financingactivities.

14.1.2. ABXhasimplementedacomprehensiveMemberduediligenceprogramstoidentify,verifyandmonitoritsMember’sexchangeactivitiesinaccordancewithbestpracticeAMLObligationsasprescribedbytheAustralianTransactionReportsandAnalysisCentre(AUSTRAC)andtheFinancialActionTaskForce(FATF)Recommendations.

14.1.3. ABXregularlymonitorschangesinregulationandpolicyimpactingitsAMLObligationsandmay,atitssolediscretion,conductMembercomplianceauditstoensuretheadoptionofbestpracticeanti-moneylaunderingandcounter-terrorismfinancingprogramsincludingbutnotlimitedtoreviewingtheidentificationandverificationinformationretainedtoensurecompliancewiththeabove.

14.2. IdentityVerification14.2.1. ABXmayutiliseelectronicverificationmethodstoverifytheidentityoftheMemberinorderto

dischargeitsAMLObligations.WheretheMemberdoesnotwishABXtoutiliseelectronicverificationmethodstoverifyitsidentity;theMembershallcontactABXinwritingrequestinganalternativemeansofverification.

14.2.2. Withoutlimitingtheaforementionedelectronicverificationmethods,ABXmayrequestacreditreportingagency,oranyanalogousorganisation,toprovideanassessmentofwhetherthepersonalinformationprovidedforwithintheMember’sAccountApplicationmatches(inwholeorpart)personalinformationcontainedinacreditinformationfileinthepossessionorcontrolofthecreditreportingagency.WhereABXisunabletoverifytheMember’sidentityviaelectronicverificationmethods,ABXmaycontactthetheMemberandprovidereasonableinformationtotheMemberasisrequiredastowhyitwasunabletouseelectronicverificationservices,inadditiontoofferinganalternativemeansofverification.

14.3. Accesstoinformation14.3.1. ABXreservestheright,andMemberherebygrantsABXanabsoluteandirrevocablerightto

releaseanyinformationcollectedbyABXinordertodischargeitsobligationsundertheAMLObligationstotherelevantgovernmentauthorities,regulatorybodiesand/orothernecessarilyempoweredorganisationswithoutnoticeprovidedthereleaseofinformationisrequiredtosatisfyABX’spurposesorrequiredundertheAMLObligations.

14.3.2. WhereABXhasrequesteddocumentationunderthisparagraphfromaMember,andthatpersonrefusestocomplywiththerequestwhether,expressly,impliedlyorbyconduct;atsuchtimeofrefusal,ABXmayrevoke,suspendand/orterminatetheMember’saccesstotheExchangeinaccordancewiththisFrameworkanditsAccountAgreement.

14.3.3. WhereABXhasretained,collectedand/orrecordedinformationpursuanttothisFramework,ABXreservestherighttochargeanadministrativefeeforviewinganyandallretained,collectedorrecordedinformation.

14.3.4. ABXundertakestotakereasonablestepstoensureallretained,collectedandrecordedinformationoftheMemberareaccurateandsecure,andnotrelease,disseminateorotherwise,

28

toanyotherpersonswhosoeveranyinformationforpersonalgainunlessrequiredorcompelledbylaw.

29

15. Miscellaneous

15.1. General15.1.1. Wordsimportingthesingularshall,wherethecontextpermitsorrequires,includetheplural

andviceversa.Wordsimportinggenderortheneutershallincludebothgendersandtheneuter.Wordsimportingpersonsshall,wherethecontextpermitsorrequires,includenaturalpersons,anypublicbodiesandanybodyofpersons,corporateorunincorporated.

15.1.2. ThisagreementmaybecomprisedofanynumberofcounterpartsandallsuchcounterpartswhenexecutedandtakentogethershallconstitutethisFramework.

15.1.3. MembersauthoriseABXtoundertakeanyfurthersearchesorinformationgatheringactivitiesrelatingand/orconnectedtothisFramework.

15.1.4. IfanyoftheClausesofthisFrameworkareheldtobeinvalidorunenforceable,saidinvalidorunenforceableClauseshallbereaddownand/orseveredtotheextentofitsinvaliditywhereintheremainderoftheFrameworkshallcontinuetobindtheParties.

15.1.5. ABXmayassignitsrightsordelegateitsobligationsunderthisFrameworktoathirdpartythroughwrittennoticetotheMember.TheMemberisnotpermittedtoassignanyofitsrightsordutiesunderthisAgreementtoanythirdpartywithoutwrittenauthorisationfromABX.

15.2. Amendments15.2.1. ABXmayamendthisFrameworkatanytimebyprovidingnotice.TheMemberisdeemedto

acceptandagreetotheamendmentunlessitnotifiesABXtothecontrarywithinten(10)BusinessDaysofthedateofsaidamendmentnotice.EachamendmentnoticeshallbeissuedbywayofnotificationthroughtheExchangeuponlogin.AnyamendmenttothisFrameworkwillcomeintoeffectonthedatespecifiedbyABXwhichwill,inmostcases,beatleastten(10)BusinessDaysafterthenoticeofamendmenthasbeenissued.AnyamendedagreementwillsupersedeanypreviousagreementbetweenthePartiesandshallgovernanytransactionenteredintoafter,oroutstandingon,thedateofthenewframeworkcomingintoeffect.

15.3. GoverningLaw15.3.1. ThisFrameworkshallbegovernedbyandconstruedinaccordancewiththelawsinforceinthe

StateofQueensland,Australia,andABXandeachMembersubmittothenon-exclusivejurisdictionofthecourtsexercisingjurisdictioninrespectoftheStateofQueensland.

15.4. Communications15.4.1. ABXmayrecordand/ormonitorincomingoroutgoingcommunications,onanyadvertised,

operatedorrelatednumbersoraddressesofABX,underorinconnectionwiththisFramework,withoutanyotherpriornoticeprovidedtoMember.Wherearecordingismadepursuanttothisparagraph,saidrecordingshallbethesolepropertyofABXandevidencethetruthofitscontents.TheMembershallnotbeentitledtoaccess,copy,compeldeliveryorotherwise,anyrecordingwhatsoeverunlessotherwiserequiredbylaw.

15.4.2. ABXmay,fromtimetotime,sharetheMember’spersonalinformationwithABX’srelatedorganisationssuchasthosewithinthesamebusinessgroupand/oritsoperationalsupplierswherereasonablyrequired.

15.4.3. ThisAgreementshallbeconstruedandinterpretedinEnglish.WhereABXprovidesthisagreementtranslatedinanyotherlanguagetoanyotherjurisdiction,theMemberacknowledgesandagreesthatthetranslationshallonlybeconstruedasindicativeoftheEnglish

30

versionandwherethereexistsanyinconsistencybetweenthetranslatedversionandtheEnglishversion,theEnglishversionshallprevail.

15.5. IntellectualPropertyOwnership15.5.1. AllcopyrightandallotherIntellectualPropertyRights(which“IntellectualPropertyRights”shall

meanallintangiblepropertyrightswhetherregistrableorunregistrableandwhichshallincludebutnotbelimitedtoanytrademarks,copyright,patents,designs,dataortradesecrets)subsistinginanythingtowhichABXprovidesunderorinconnectionwiththisFrameworkortheAccountAgreementvestswhollyandexclusivelyinABX.

15.5.2. TheMemberherebyassignstoABXabsolutelytheentirecopyrightandallotherIntellectualPropertyRightssubsistinginanynewIntellectualPropertyRightscreatedwhetherincollaborationorotherwisewiththeMember,andallotherrightsofwhatevernaturewhethernowknownorcreatedinthefuture,towhichtheMembermaybeentitledbyvirtueoftheprevailinglawinforceresultantoftheexistenceofthisFramework.

31

A. ApprovedRefinerLists

A.1. CurrentApprovedRefinerList

Source Country RefineryLocation Metal TradingHubs

ABCRefinery(Australia)PtyLtd Australia Sydney AU AllHubs

AlEtihadGoldRefineryDMCC UAE Dubai AU,AG DX

Argor-HeraeusSA Switzerland Mendrisio AU,AG,PT AllHubs

AustrianMint Austria Vienna AG,AU AllHubs

ElemetalRefiningLLC USA Dallas AU,AG AllHubs

EmiratesGoldDMCC UAE Dubai AU,AG DX

Engelhard Multiple Multiple AG,AU AllHubs

HeraeusLtd(HongKong) HongKong Fanling AU,AG,PT AllHubs

HeraeusMetalProcessingLLC USA Wartburg/SantaFeSprings PT AllHubs

HeraeusPreciousMetalsGmbH&Co.KG Germany Hanau AU,AG,PT AllHubs

HereausRefinerySA(Pty)Ltd. SouthAfrica PortElizabeth PT AllHubs

JohnsonMattheyInc USA SaltLakeCity AU,AG AllHubs

JohnsonMattheyInc USA WestDeptford PT AllHubs

JohnsonMattheyLtd Canada Brampton AU,AG AllHubs

JohnsonMattheyPlc UnitedKingdom Royston PT AllHubs

MetalorTechnologies(HongKongLtd) HongKong KwaiChung AU AllHubs

MetalorTechnologiesSA Switzerland Marin AU,PT AllHubs

MetalorUSARefiningCorp. USA NorthAttleboro AU AllHubs

OhioPreciousMetals USA Ohio AU,AG AllHubs

PampSA Switzerland CastelSanPietro AU,AG,PT AllHubs

CurrentApprovedRefinerListContinued

RandRefinery(Pty)Ltd SouthAfrica Germiston AU,AG AllHubs

RepublicMetalsCorporation USA Miami AU,AG AllHubs

32

RoyalCanadianMint Canada Winnipeg/Ottawa AG,AU AllHubs

SolarAppliedMaterialsTechnologyCorp. Taiwan DanongVillage AG AllHubs

ThePerthMint Australia Newburn AU,AG AllHubs

UnitedStatesMint USA WestPoint AU,AG AllHubs

ValcambiSA Switzerland Balerna AU,AG,PT AllHubs

A.2. FormerApprovedRefinerList

Source Country RefineryLocation Metal TradingHubs

ChinaGoldCoinIncorporation China Shenzhen AU AllHubs

NTRMetals USA Dallas AU,AG AllHubs

RoyalCanadianMint Canada Winnipeg/Ottawa PT AllHubs

33

B. ProductandContractCodeTables

B.1. ProductCodes

PRODUCTCODES

Product Metal Fineness ProductCode

1/2ozPool Gold 995 GPO1kgBar Gold 9999 GMG1 kg Bar 995 Gold 995 GMVWholesale AAU 10 kg Gold 9999 GMW10ozSwissBar Gold 9999 GXO100gSwissBar Gold 9999 GCG100 g Cast Bar 9999 Gold 9999 GCFAustralianKangaroo Gold 9999 GAKAustrianPhilharmonic Gold 9999 GAPCanadianMaple Gold 9999 GCM1 oz Pool Silver 999 SPO100 oz Bar Silver 999 SCOWholesale AAG 25,000 oz Silver 999 SCW1 kg Bar Silver 999 SMG1 kg Bar 999 Silver 999 SMT10 oz Minted Bar Silver 999 SXOAmerican Eagle Silver 999 SAEAustralian Kookaburra Silver 999 SAOCanadian Maple Silver 999 SCM1kgBar Platinum 9995 PMG

34

B.2. FinenessCodes

FINENESSCODES

Fineness Code

9999 1

9995 3

999 5

995 7

B.3. TradingHubCodesTRADINGHUBCODES

TradingHub TradingCCY

HubCode

Brisbane AUD BR

Sydney AUD SY

Sydney USD SU

HongKong USD HK

Singapore USD SG

Dubai USD DX

Zurich USD ZR

London USD LO

NewYork USD NY

35

B.4. ContractTickerCodeTable

TradingHubsBR SY SU HK SG DX ZR LO NY

Prod

uctC

odes

GPO GPOBR7 GPOSY7GMG GMGBR1 GMGSY1 GMGSU1 GMGHK1 GMGSG1 GMGDX1 GMGZR1 GMGLO1 GMGNY1GMV GMVDX7GMW GMWSU1 GMWHK1 GMWSG1 GMWDX1 GMWZR1 GMWL

O1GMWNY1

GXO GXOBR1 GXOSY1 GXOSU1 GXOHK1 GXOSG1 GXOZR1 GXOLO1 GXONY1GCG GCGBR1 GCGSY1 GCGSU1 GCGHK1 GCGSG1 GCGZR1GCF GCFDX1GAK GAKBR1 GAKSY1GAP GAPBR1 GAPSY1GCM GCMBR1 GCMSY1SPO SPOBR5 SPOSY5SCO SCOBR5 SCOSY5 SCOSU5 SCOHK5 SCOSG5 SCOZR5 SCONY5SCW SCWSU5 SCWHK5 SCWSG5 SCWDX5 SCWZR5 SCWNY5SMG SMGBR5 SMGSY5 SMGSU5 SMGHK5 SMGSG5 SMGZR5 SMGNY5SMT SMTDX5SXO SXOBR5 SXOSY5SAE SAEBR5 SAESY5SAO SAOBR5 SAOSY5SCM SCMBR5 SCMSY5PMG PMGSU3 PMGHK3 PMGSG3 PMGZR3 PMGLO3 PMGNY3

36

B.5. ContractSpecifications

B.5.1.GoldContracts

½OuncePoolProductCode GPOTicker ReferTableB4:ContractTickerCodeTableDescription ½finetroyouncegoldPooledContract,consistingofgoldcastbarsofminimum

finenessof995,andbearingtheidentifyingstampofarefinerasperTableA-1:ApprovedRefiner

ContractSize ½finetroyounceFineness Min.995ApplicableTradingHubs BR,SYPriceQuotationCurrency Australian(AUD)DollarsandCentsPriceQuotationUnit 1finetroyounceTickSize $0.01MinimumWithdrawalQuantity

400finetroyounces(800lots)

MinimumDepositQuantity 400finetroyounces(800lots)TradingHours 18:00Sunday(ET)to17:00Friday(ET)witha60-minutebreakeachdaycommencingat

17:00(ET)ExchangeRule Thiscontractislistedwith,andsubjectto,therulesandregulationsofABX.DeliveryRule StandardDelivery

37

1kgBarProductCode GMGTicker ReferTableB4:ContractTickerCodeTableDescription 1kilogram(32.148finetroyounces)goldcastbar,ofminimumfineness999.9,and

bearingaserialnumberandidentifyingstampofasperTableA-1:ApprovedRefinerexcludingbarsproducedbyEmiratesGoldDMCCorAlEtihadGoldRefineryDMCC

ContractSize 32.148finetroyouncesFineness Min.999.9ApplicableTradingHubs AllHubsPriceQuotationCurrency UnitedStates(USD)orAustralian(AUD)DollarsandCentsPriceQuotationUnit 1finetroyounceTickSize $0.01MinimumWithdrawalQuantity

1bar(1lot)

MinimumDepositQuantity 1bar(1lot)TradingHours 18:00Sunday(ET)to17:00Friday(ET)witha60-minutebreakeachdaycommencingat

17:00(ET)ExchangeRule Thiscontractislistedwith,andsubjectto,therulesandregulationsofABX.DeliveryRules StandardDeliveryinBR,SY,SU,ZR,LO,andNY.

ThreeDayDeliveryinHK,SGandDX.

38

1kgBar995

ProductCode GMV

Ticker ReferTableB4:ContractTickerCodeTable

Description 1kilogram(31.990finetroyounces)goldcastbar,ofminimumfineness995.0,andbearingaserialnumberandidentifyingstampofeitherEmiratesGoldDMCCorAlEtihadGoldRefineryDMCC;barsbearinganyotheridentifyingstampwillnotbeaccepted

ContractSize 31.990finetroyounces

Fineness Min.995

ApplicableTradingHubs DX

PriceQuotationCurrency UnitedStatesDollarsandCents(USD)

PriceQuotationUnit 1finetroyounce

TickSize $0.01

MinimumWithdrawalQuantity 1bar(1lot)

MinimumDepositQuantity 1bar(1lot)

TradingHours 18:00Sunday(ET)to17:00Friday(ET)witha60-minutebreakeachdaycommencingat17:00(ET)

ExchangeRule Thiscontractislistedwith,andsubjectto,therulesandregulationsofABX.

DeliveryRules ThreeDayDelivery

39

WholesaleAAU10kg

ProductCode GMW


Description 10x1kilogram(32.148finetroyounces)goldcastbars,ofminimumfineness999.9,andbearingaserialnumberandidentifyingstampofasperTableA-1:ApprovedRefiner,excludingbarsproducedbyEmiratesGoldDMCCorAlEtihadGoldRefineryDMCC

ContractSize 10finekilograms

Fineness Min.999.9

ApplicableTradingHubs DX,HK,LO,NY,SG,SU,ZR

PriceQuotationCurrency UnitedStates(USD)DollarsandCents


TickSize $0.01

MinimumWithdrawalQuantity 10kilograms(1lot)

MinimumDepositQuantity 10kilograms(1lot)



DeliveryRules StandardDelivery

40

10ozSwissBar

ProductCode GXO


Description 10ouncegoldmintedbar,ofminimumfineness999.9,andbearingaserialnumberandidentifyingstampfromaSwissrefinerylistedwithinTableA-1:ApprovedRefiner.

ContractSize 10finetroyounces

Fineness Min.999.9

ApplicableTradingHubs AllHubsexceptDX

PriceQuotationCurrency UnitedStates(USD)orAustralian(AUD)DollarsandCents


TickSize $0.01

MinimumWithdrawalQuantity

1bar(1lot)





41

100gSwissBar

ProductCode GCG


Description 100gram(3.215finetroyounces)goldcastbar,ofminimumfineness999.9,andbearingaserialnumberandidentifyingstampfromaSwissrefinerylistedwithinTableA-1:ApprovedRefiner.


Fineness Min.999.9

ApplicableTradingHubs BR,SY,SU,HK,SG,ZR



TickSize $0.01


1bar(1lot)





42

100gCastBar9999

ProductCode GCF


Description 100gram(3.215finetroyounces)goldcastbar,ofminimumfineness9999,andbearingaserialnumberandidentifyingstampofasperTableA-1:ApprovedRefiner


Fineness Min.999.9


PriceQuotationCurrency UnitedStatesDollarsandCents(USD)


TickSize $0.01






43

AustralianKangaroo

ProductCode GAK


Description AustralianGoldKangaroo1finetroyouncemintedcoin,ofminimumfineness999.9.

ContractSize 1finetroyounce

Fineness Min.999.9

ApplicableTradingHubs BR,SY

PriceQuotationCurrency Australian(AUD)DollarsandCents


TickSize $0.01

MinimumWithdrawalQuantity 1coin(1lot)

MinimumDepositQuantity 1coin(1lot)




44

AustrianPhilharmonic

ProductCode GAP

Ticker ReferTableB-4:ContractTickerCodeTable

Description AustrianGoldViennaPhilharmonic1finetroyouncemintedcoin,ofminimumfineness999.9.


Fineness Min.999.9




TickSize $0.01






45

CanadianMaple

ProductCode GCM


Description CanadianGoldMapleLeaf1finetroyouncemintedcoin,ofminimumfineness999.9.


Fineness Min.999.9




TickSize $0.01






46

B.5.2.SilverContracts

1ozPool

ProductCode SPO


Description 1troyouncesilverPooledContract,consistingofsilvercastbarsofaminimumfinenessof999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,whichmaybearaserialnumber.

ContractSize 1TroyOunce

Fineness Min.999



PriceQuotationUnit 1troyounce

TickSize $0.01


1,000troyounces(1,000lots)

MinimumDepositQuantity 1,000troyounces(1,000lots)




47

100ozBar

ProductCode SCO


Description 100ouncesilvercastbar,ofminimumfinenessof999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,whichmaybearaserialnumber.

ContractSize 100ounces

Fineness Min.999

ApplicableTradingHubs BR,HK,NY,SG,SU,SY,ZR



TickSize $0.01


1bar(1lot)




DeliveryRules StandardDeliveryinBR,NY,SU,SY,andZR.ThreeDeliveryinHKandSG.

48

WholesaleAAG25,000oz

ProductCode SCW


Description 250x100troyouncesilverbars,ofaminimumfinenessof999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,excludingbarsproducedbyEmiratesGoldDMCCorAlEtihadGoldRefineryDMCC,whichmaybearaserialnumber.

ContractSize 25,000troyounces

Fineness Min.999

ApplicableTradingHubs DX,HK,NY,SG,SU,ZR



TickSize $0.01

MinimumWithdrawalQuantity 25,000troyounces(1lot)

MinimumDepositQuantity 25,000troyounces(1lot)




49

1kgBar

ProductCode SMG


Description 1kilogram(32.151troyounces)silvercastbar,ofminimumfinenessof999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,whichmaybearaserialnumber.

ContractSize 32.151TroyOunces

Fineness Min.999

ApplicableTradingHubs BR,HK,NY,SG,SU,SY,ZR,DX



TickSize $0.01


1bar(1lot)





50

1kgBar999

ProductCode SMT


Description 1kilogram(32.151troyounces)silvercastbar,ofminimumfinenessof999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,whichmaybearaserialnumber.


Fineness Min.999


PriceQuotationCurrency UnitedStates(USD)DollarsandCent


TickSize $0.01


1bar(1lot)





51

10ozMintedBar

ProductCode SXO


Description 10ouncesilvermintedbar,ofminimumfineness999,andbearinganidentifyingstampofarefinerasperTableA-1:ApprovedRefiner,whichmaybearaserialnumber.

ContractSize 10TroyOunces

Fineness Min.999




TickSize $0.01

MinimumWithdrawalQuantity 1bar(1lots)

MinimumDepositQuantity 1bar(1lots)




52

AmericanEagle

ProductCode SAE


Description 20xAmericanSilverEagle1troyouncemintedsilvercoins,ofaminimumfinenessof999.

ContractSize 20troyounces

Fineness Min.999




TickSize $0.01

MinimumWithdrawalQuantity 20coins(1lot)

MinimumDepositQuantity 20coins(1lot)




53

AustralianKookaburra/Koala

ProductCode SAO


Description 20xAustralianSilverKookaburra/Koala1troyouncemintedsilvercoins,ofaminimumfinenessof999.


Fineness Min.999




TickSize $0.01


20coins(1lot)





54

CanadianMaple

ProductCode SCM


Description 25xCanadianSilverMaple1troyouncemintedsilvercoins,ofaminimumfinenessof999.


Fineness Min.999




TickSize $0.01

MinimumWithdrawalQuantity 25coins(1lot)





55

B.5.3.PlatinumContracts

1kgBar

ProductCode PMG


Description 1kilogram(32.151troyounces)platinumcastbar,ofaminimumfinenessof9995,andbearingaserialnumberandidentifyingstampofarefinerasperTableA-1:ApprovedRefiner


Fineness Min.999.5

ApplicableTradingHubs HK,LO,NY,SG,SU,ZR



TickSize $0.01






56

57

C. Trade Cycle and Delivery Schedule

Trade Cycle Delivery Date

12/14/2016 (18:00 ET) 12/28/2016 (17:00 ET) 1/5/2017

12/28/2016 (18:00 ET) 1/11/2017 (17:00 ET) 1/19/2017

1/11/2017 (18:00 ET) 1/25/2017 (17:00 ET) 2/2/2017

1/25/2017 (18:00 ET) 2/8/2017 (17:00 ET) 2/16/2017

2/8/2017 (18:00 ET) 2/22/2017 (17:00 ET) 3/2/2017

2/22/2017 (18:00 ET) 3/8/2017 (17:00 ET) 3/16/2017

3/8/2017 (18:00 ET) 3/22/2017 (17:00 ET) 3/30/2017

3/22/2017 (18:00 ET) 4/5/2017 (17:00 ET) 4/13/2017

4/5/2017 (18:00 ET) 4/19/2017 (17:00 ET) 4/27/2017

4/19/2017 (18:00 ET) 5/3/2017 (17:00 ET) 5/11/2017

5/3/2017 (18:00 ET) 5/17/2017 (17:00 ET) 5/25/2017

5/17/2017 (18:00 ET) 5/31/2017 (17:00 ET) 6/8/2017

5/31/2017 (18:00 ET) 6/14/2017 (17:00 ET) 6/22/2017

6/14/2017 (18:00 ET) 6/28/2017 (17:00 ET) 7/6/2017

6/28/2017 (18:00 ET) 7/12/2017 (17:00 ET) 7/20/2017

7/12/2017 (18:00 ET) 7/26/2017 (17:00 ET) 8/3/2017

7/26/2017 (18:00 ET) 8/9/2017 (17:00 ET) 8/17/2017

8/9/2017 (18:00 ET) 8/23/2017 (17:00 ET) 8/31/2017

8/23/2017 (18:00 ET) 9/6/2017 (17:00 ET) 9/14/2017

9/6/2017 (18:00 ET) 9/20/2017 (17:00 ET) 9/28/2017

9/20/2017 (18:00 ET) 10/4/2017 (17:00 ET) 10/12/2017

10/4/2017 (18:00 ET) 10/18/2017 (17:00 ET) 10/26/2017

10/18/2017 (18:00 ET) 11/1/2017 (17:00 ET) 11/9/2017

11/1/2017 (18:00 ET) 11/15/2017 (17:00 ET) 11/27/2017*

11/15/2017 (18:00 ET) 11/29/2017 (17:00 ET) 12/7/2017

11/29/2017 (18:00 ET) 12/13/2017 (17:00 ET) 12/21/2017

* 23-24 November 2017 is the US holiday of Thanksgiving. Therefore, the delivery date is postponed to 27 November

2017.

D. UnitedStatesofAmericaHolidayTradingHoursVariationSchedule

2016USDHolidayTradingHoursVariationSchedule

DatesandtimesrefertoExchangetradingonly.AllsettlementsinAUDorUSDwillfollowlocalandcurrencyholidays.Datesandtimesmayvarywithoutnoticedependingonholidaymarketconditions.

U.S.Holiday Includesthefollowingdates:

EarlyClose(UTC) NextOpen(UTC)

Dr.MartinLutherKing,Jr. 15-19January2016 1800Monday18/01/16

2300Monday18/01/16

President'sDay 12-16February2016 1800Monday15/02/16

2300Monday15/02/16

GoodFriday 24-28March2016 ClosedFriday25/03/16

2200Sunday27/03/16

MemorialDay 27-31May2016 1700Monday30/05/16

2200Monday30/05/16

IndependenceDay 1-5July2016 1700Monday04/07/16

2200Monday04/07/16

LaborDay 2-6September2016 1700Monday05/09/16

2200Monday05/09/16

ColumbusDay 10October2016 RegularTradingHours RegularOpen

Veteran’sDay 11November2016 RegularTradingHours RegularOpen

Thanksgiving 23-25November2016 1800Thursday24/11/16

1845Friday25/11/16

2300Thursday24/11/16

2300Sunday27/11/16

Christmas 23-27December2016 ClosedMonday26/12/16

2300Monday26/12/16

NewYear’s 30December2016-3January2017

ClosedMonday02/01/17

2300Monday02/01/17

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2017USDHolidayTradingHoursVariationSchedule

DatesandtimesrefertoExchangetradingonly.AllsettlementsinAUDorUSDwillfollowlocalandcurrencyholidays.Datesandtimesmayvarywithoutnoticedependingonholidaymarketconditions.

U.S.Holiday Includesthefollowingdates:

EarlyClose(UTC) NextOpen(UTC)



2300Monday02/01/17

Dr.MartinLutherKing,Jr. 13-17January2017 1800Monday16/01/17

2300Monday16/01/17

President'sDay 17-21February2017 1800Monday20/02/17

2300Monday20/02/17

GoodFriday 13-17April2017 ClosedFriday14/04/17

2200Sunday16/04/17

MemorialDay 26-30May2017 1700Monday29/05/17

2200Monday29/05/17

IndependenceDay 3-5July2017 1700Tuesday04/07/17

2200Tuesday04/07/17

LaborDay 1-5September2017 1800Monday04/09/17

2300Monday04/09/17

ColumbusDay 9October2017 RegularTradingHours RegularOpen

Veteran’sDay 10November2017 RegularTradingHours RegularOpen

Thanksgiving 22-24November2017 1800Thursday23/11/17

1845Friday24/11/17

2300Thursday23/11/17

2300Sunday26/11/17

Christmas 22-26December2017 ClosedMonday25/12/17

2300Monday25/12/17



2300Monday01/01/18

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E. ApprovedLocations

I. HSBCVaultLondonII. JPMorganVaultLondonIII. BankofEnglandLondonIV. HKIAVaultV. JohnsonMattheyBrampton(Ontario,Canada)VI. BankofNovaScotiaVaultLondon

VII. BankofNovaScotiaVaultToronto

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F. ApprovedTransportServiceProviders

I. BrinksII. LoomisIII. MalcaAmitIV. G4SV. FerrariVI. FedEx,atamaximuminsuredvaluepershipmentofUS$(TBD)VII. UPS,atamaximuminsuredvaluepershipmentofUS$(TBD)

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G. InternalDocumentControlDocumentName: ABX_QualityAssuranceFramework_Ver3.2DistributionDate: 16/09/2016

Date VersionNo. Name Details

09/04/2015 2.4 SCHC Draftremovedfromgoogledrivetoadminforformatting

10/04/2015 2.5 THOJ FormattingandQAQC

18/06/2015 2.6 MAGP Formatting,Inspection,Appendices

06/07/2015 2.6 THOJ Formattingforrelease

10/07/2015 2.6 MAGP Appendices

10/07/2015 2.7 THOJ Formatting

17/07/2015 2.7 MAGP Updateholidaystable–AppC

17/07/2015 2.8 THOJ Formattingandfinalisation

16/12/2015 3.0 BKB Completerewrite-MVPdeliverable

15/09/2016 3.1 ASH T+3,ContractDelisting,AdjustingApprovedRefiners

25/11/16 3.2 ASH/PM DepositRules,DubaiContracts

Note:

AlldocumentsreleasedforpublicuseMUSTbepeerreviewedbySeniorManagement.IDCpageMUSTberemovedpriortorelease.

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