Portfolio valuation as of 18th December 2012

Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: 60.068190_6 Valuation currency: EUR Your contact: Stefan Buck Place and date: Zurich, 18th December 2012 / 15:43:52 Asset analysis by categories and currencies (net assets, nominal view, amounts in valuation currency) MET in % USD in% CHF in% EUR in% Total in % Liquidity 3'152 0.0 2'595 0.0 -20t59 -0.1 -14'312 0.0 Commodities 40'222'387 100.0 40'222'387 100.0 Total 40'222'387 100.0 31152 0.0 21595 0.0 -20'059 -0.1 40'208.075 100.0 Exchange rates CHF 1.2080 USD 1.318777 Page 1/8 EFTA01100532 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: .H1. 1 ,t77:7:1:'1;Mi j. per asset class (in 1'000) 60.068190_6 EUR 40'222 (100%) 0(0%) -14 (-0%) Liquidity Commodities Other per currency (in V000) 40'222 (100%) MET 3(0%) 3(0%) USD CHF -20 (-0%) EU R 0 (0%) Other Page 2/8 EFTA01100533 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: 60.068190_6 Valuation currency: EUR 1. Comparison of assets Initial assets as of 31.12.2011 39'616'541.70 including accrued interest of 0.00 Performance neutral capital inflows and outflows -1'374113.02 Withholding taxes 0.00 Assets for comparison as of 31.1/2011 38'242'428.68 Income -1'385.43 Accrued interest differences 0.00 +1- accrued interest on transactions 0.00 Gains or losses 2'049'903.08 Own commission and fees -82'871.26 External charges and fees 0.00 Differences from rounding 0.00 Final assets as of 18.12.2012 40'208'075.07 including accrued interest of 0.00 2. Return calculation Return in period: Total return 1'965'64639 on instruments 2'462'959.85 on currencies -497113.45 in % of assets for comparison 5.14% Time weighted return: Return in % 5.07% 3. Return history (cumulative) 12.2% 0.0 31.12. 31.01. 29.02. 31.03. 30.04. 31.05. 30.06. 31.07. 31.08. 30.09. 31.10. 30.11. 18.12. 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 Page 3/8 EFTA01100534 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: 60.068190_6 EUR 11 I , I, H, ' I I l i .1 I I 7 ;zl Historical yearly returns 3.8% Historical monthly returns 7.8% 5.1% 41% 03% .9% 1. . 4% 28% 0 I -0.4% 1 -3.1% -0.4% 1 -2.9% -0.9% -40% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 2012 • 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 * Historical yearly returns (cumulative) 9.0% 3.8% 2011 2012* Historical monthly returns (cumulative) 12.2% 7% 8.2% SNN-54,% Jan Feb Mr Apr May Jun Jul Aug Sep Oct Nov Dec 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 * * until end of period * until end of period Page 4/8 EFTA01100535 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: 60.068190_6 EUR Currency Amount Description Price Currency Market value in EUR % of Total CHF 3'134.81 Private account 60.068190_6.201CHF 1.2080 2195.04 0.0% EUR -20'059.00 Current account 60.068190_6.100.EIUR -20'059.00 0.0% USD 4'156.46 Current account 60.068190_6.100.USD 1.3188 3'151.75 0.0% Total Current accounts 44'312.21 0.0% Page 5/8 EFTA01100536 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: 60.068190_6 EUR Amount Description EUR 458 USD 269 USD w000 Total Precious metals Security / ISIN / Country 1 kg Gold bullions fine:999.9 281128.700.EUR / CH0002811286 / Prec. metals 1 kg Gold bullions fine:999.9 281128.700.USD 1 CF10002811286 / Prec. metals 1 ounzc Gold bullions fine:999.9 281179.700.000 / CH0002811799 / Prcc. metals Total assets excluding accrued interest Total accrued interest "[Mal assets Cost price: Instrument Currency Date Price: Instrument Currency Return APP: Instrument Currency Total in % Return VII): Instrument Currency Total Market value in ECK % of Total 22277.0786 41.010.00 5.831.678 747'092 18'782'580.00 46.7% 0 0 18.04.2011 45.03% 747'092 49'075.7143 54'599.00 1'103'710 930227 11'136'930.46 27.7% 13462 1.3188 226'490 -260'998 24.06.2011 13.56% 669'229 1'538.25 P698.40 951/49 871'029 10'302'876.82 25.6% 13462 1.3188 209'528 -23T694 15.062011 12.70% 638'335 40'222'387.28 100.0% 40'208'1175.07 100.0% 0.00 0.0% 40'208'075.07 100.0% Page 6/8 EFTA01100537 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: 60.068190_6 EUR Gross assets Liabilities Total in `1/0 Current accounts 5'746.79 20'059.00 -14'312.21 0.0% Precious metals 40'222'387.28 0.00 40'222'387.28 100.0% Total 40'228'134.07 20'059.00 40'208'075.07 100.0% Asset analysis by currency Gross assets Liabilities Total in % CHF Swiss Franc 2'595.04 0.00 7595.04 0.0% USD US-Dollar 3151.75 0.00 3151.75 0.0% EUR EUR 0.00 20'059.00 -20'059.00 -0.1% MET Prec. metal 40'222'387.28 0.00 40'222'387.28 100.0% Total 40'228'134.07 20'059.00 40'208'075.07 100.0% Page 7/8 EFTA01100538 Portfolio valuation as of 18th December 2012 Reference: Portfolio no.: Valuation currency: 60.068190_6 EUR Glossary of Terms* Accrued interest: +f-accrued interest from transactions: Assets for comparison: Broken-period interest differences: Differences from rounding: External charges and fees: Gains or losses: Income: Own commission and fees: Performance neutral capital inflows and outflows: Return APP: Return history (cumulative): Return in % of assets for comparison: Return in period: Return YTD: Time weighted return: Withholding taxes: Interest from financial instruments that has accumulated between payment dates. Accrued interest from the purchase or sale of financial instruments. Capital at the beginning of the evaluation period, adjusted for capital inflows/outflows and withholding tax. The difference between the accrued interest at the end of the evaluated period and that of the beginning of the evaluated period. The discrepancy that can arise from the rounding of the individual values as compared to the total value. Duties charged by third parties. e.g. the value added tax. Changes in the value of the portfolio due to price fluctuations. Revenues such as interest, coupon and dividend payments. Safekeeping fees, asset management fees, all-in fee. administrations fees, account charges etc. Changes in portfolio value not related to the investment performance. such as capital inflows and outflows or delivery of securities. Return on a position relative to the average purchase price. The development of the time weighted returns since the beginning of the period. The return in the period expressed as a percentage of the assets for comparison. Portfolio performance in the evaluated period. calculated as the difference between the final assets and the assets for comparison. The net return of a position year-to-date. The compound rate of return over the evaluated period. In this calculation, the sub-periods arc given equal weighting. regardless of the amount invested. Taxes raised on revenues such as interest income and dividends. They are treated as performance neutral because they can be reclaimed. • Performance related terms only appear in the asset statement and summary of performance. Legal notes The assets are valued on the basis of prices and values derived from sources of information customarily used by banks. Consolidated portfolio valuation reports do not represent an actual portfolio. but rather a combination of several individual portfolios. You arc requested to check this portfolio valuation and inform us of any discrepancies within 30 days of receipt. otherwise the valuation will be considered approved. This report is not suitable for tax purposes. S.E. & O. Page 8/8 EFTA01100539