Client Mandate

Client Mandate - The Client Mandate must be completed and signed by all of the contracting parties and submitted to SA Bullion I.S. The Client Mandate is entered into between the Client and SA Bullion Investor Services (Pty) Ltd herein after referred to as SA Bullion I.S. 1.The Client confirms that he/she understands that SA Bullion I.S. offers a mechanism whereby the Investor may make monthly payments or once-off payments in order to gather sufficient funds to purchase wholly indivisible one ounce Gold Bullion Krugerrands hereinafter referred to as 'Gold Holdings' 2.The Client hereby confirms that he / she understands that SA Bu Ilion I.S. will invest his / her monthly payments into the following banking financial product. 2.1 Deposits as defined in the Banks Act (under 12 months) 3.The Client hereby authorizes SA Bullion I.S. to, in respect of the financial product as set out in sub-clause 2.1; act on his / her behalf. In terms of this authorization, SA Bullion I.S. will have full discretion to: once sufficient funds have been accumulated in the financial product as set out in sub clauses 2.1, purchase the equivalent value of wholly indivisible one ounce Gold Bullion Krugerrands on behalf of the Client. 4.lnvestment Objectives of the Client In respect of financial product as set out in sub clauses 2.1 the primary investment objective of the Client is purely capital accumulation and preservation in order to build up sufficient funds to purchase wholly indivisible one ounce Gold Bullion Krugerrands. In respect of Gold Holdings, the primary objective of the Client is to own one ounce Gold Bullion Krugerrands as an alternative to holding currency. 5.The selection of financial product as set out in sub clause 2.1 is restricted to the South African jurisdiction. 6.General Risk Disclosure. Risk refers to inherent risk of capital loss or fluctuation in valuations over time. The level of risk is determined by the following (nonexhaustive) list of factors - The general state of the macro economy (globally and regionally), market environment, the term of investment, regulatory compliance and system capabilities. The Financial product listed in sub clause 2.1: Although these financial products are banking products and are regarded as low risk, there is always the risk that something unexpected may threaten the Client's capital Investment. SA Bullion I.S. does not guarantee the capital growth or capital preservation in respect of the financial product as set out above.

General risk disclosure: Although investments are made and administered with the greatest caution, SA Bullion I.S. cannot be responsible for any loss or damage which the Client may suffer, whether direct or indirect, special or consequential, unless the claims are attributable to fraud, dis honesty and negligence by SA Bullion I.S. or its employees in the course and scope of their employment. The Client acknowledges that he/she is aware of the risks inherent in the above mentioned financial products. The Client acknowledges that the realization of such risks may result in financial loss to the Client. The Client shall not have any claim against SA Bullion I.S. or any of its directors or employees in the event that the Client suffers a financial loss. Registration of the Facility: SA Bullion I.S. will register the facility in the name of the Client. The one ounce Gold Bullion Krugerrands will be purchased in the name of the Client and will be held in title in the Client's name. The Client's Gold Holdings will be stored at the Rand Refinery Limited storage facilities in Germiston. The Client's Gold Holdings will be fully insured at all times. The Client understands and agrees that SA Bull ion I.S. may, in order to render an intermediary service to the Client, utilize the service of its own staff or that of another approved FSP.

Fee disclosure (initial fees): Each monthly or once-off cash contribution will be recognized as a new investment. SA Bullion I.S. charges a fee of 1.00% (excluding VAT) on the new investments. The Client's Financial Advisor or Introducer may regulate a maximum advice fee of 3.50% (excluding VAT). The Client hereby authorizes SA Bullion I.S. to deduct their upfront fee as well as the brokerage fee from the Client's recurring/ once-off investment and to transfer the fee amount to the SA Bullion I. S. fee account within 24 hours of receiving each recurring / once off payment. The rate agreed between the Client and the Financial Advisor or Introducer will be charged on each new investment for as long as the Client continues to make payments. Fee disclosure (on-going fees): SA Bullion charges an annual administration fee of 1.50% (excluding VAT). The Client’s Financial Advisor or Introducer may negotiate an on-going percentage fee over and above SA Bullion’s administration fee. All administration fees accrue daily and are levied monthly. Payment of annual fees: The payment of the administration fee is an obligation of the client. Where administration fees are elected to be paid via monthly debit order and fall into arrears as a result of unpaid debit order collections, then the arrear administration fees are carried over to the subsequent administration fee debit order collection run. Should the client fail to remit payment following a second failed collection, SA Bullion I.S. reserves the right to deduct outstanding administration fees from the available cash balance in the clients Ned bank call account. If there are insufficient funds in the Nedbank call account to settle the outstanding administration fees, SA Bullion reserves the right to redeem gold bullion Krugerrand/s from the client gold holdings, allocate the redemption proceeds to the client transactional account and settle the arrear administration fees.

Gold dealing costs: The South African Reserve Bank, either directly or via its wholly owned minting operation South African Mint Company (Pty) Limited, as well as Rand Refinery Limited, incur costs in refining and manufacture. Associated charges result in the "premium" charged at time of gold sale. SA Bullion clients receive the most favourable wholesale rate applicable to large-volume wholesale business. SA Bullion 'passes on' this wholesale rate to its Clients. This premium is inclusive of VAT and is directly attributable to Clients at time of purchase of Gold. Delivery of gold to client: Investors may elect to take physical delivery of their gold bullion Krugerrands subject to a minimum initial investment period of 2 years. The South African Reserve Bank special dispensation that underpins our business extends to the safe custody of investors' gold bullion Krugerrands being stored and vaulted in the Investors name at the Rand Refinery Limited vaulting facility in Sou th Africa. The dispensation is explicitly granted to enable an economically viable means for holding Gold as an investment asset and not for speculation in secondary markets, or for any other purpose. To prevent potential abuse of this dispensation, physical gold redemption is subject to a minimum initial investment period of 2 years where-after SA Bullion I.S. does not charge a fee in respect of physical gold redemptions. In the event of a physical gold redemption occuring within the initial 2-year investment period, SA Bullion I.S. reserves the right to charge an early-exit fee. This fee may not exceed the company's maximum fee rate for 2 years. SA Bullion I.S. will facilitate a courier service to collect, insure and deliver the investor's gold bullion Krugerrands. This will be at the investor's cost and risk. Restrictions may apply to foreign investors who wish to take delivery in foreign jurisdictions. These restrictions may vary from time to time. Redemptions to ZAR currency: The Client can elect to redeem their Gold Holdings for ZAR currency by electing to sell their Gold Holdings to the South African Reserve Bank. SA Bullion I.S. will facilitate this sale on the Client's behalf. The South African Reserve Bank may apply nominal charges on re-purchase and these charges may be varied from time to time. SA Bullion I.S. does not levy any charges on cash redemptions. Proceeds of sales are typically receipted in three business days but are dependent on South African Reserve Bank timing.

Reporting to Client: SA Bullion I.S. provides Clients with statements on a quarterly basis for the quarters ending March, June, September and December of every year. Termination: The Client may terminate this mandate with immediate effect. Both parties understand that the termination of thi s mandate will relate to the authority of SA Bullion I.S. to act on behalf of the Client. FICA: The Client hereby agrees to provide all documentation and information required in terms of the Financial Intelligence Centre Act. No. 38 of 2001, and understands that SA Bullion I.S. is prohibited from processing any transactions on the Clients behalf until all such documentation and information has been received. FATCA In April 2014 the South African Revenue Service (SARS) entered into an intergovernmental agreement with the US Department of the Treasury with respect to FATCA, whose primary purpose is to combat tax evasion by US persons (citizens and green-card holders living in the US or abroad) using foreign financial institutions outside the US. FATCA governs the exchange of tax-related information between South Africa and the US on a reciprocal basis in terms of the existing double taxation agreement between the two countries. SA Bullion I.S. is required by the US government, under FATCA, to report information regarding the accounts of clients who are US persons to the US Internal Revenue Service via SARS.

Tax considerations: SA Bullion I.S. cannot be held responsible for any tax that the Client may be required to pay whether direct, indirect or consequential. All interest earned on the Client's cash managed in the Client's Nedbank call account will be detailed on an annual IT3 b Tax Certificate then posted and emailed to the Client on an annual basis. The Client accepts full responsibility to declare all taxable income or capital gain in terms of the Income Tax Act of 1962.

General: All Notices required to be served by one party on the other, shall be given in writing by prepaid registered post or delivered by hand to the address stated on the front of this mandate. If delivered by hand to the address stated on the front of this mandate such notice will be deemed to have been duly received by the addressee on the date of delivery or if posted by prepaid registered post be deemed to have been received by the addressee on the 5th day following the date of such posting. This mandate constitutes the entire agreement between the parties and no other provisions, conditions, warranties or representations whatsoever, made by any party or that party's agent, other than those contained herein shall be of force or effect. This mandate shall replace any previous mandate concluded between the Client and SA Bullion I.S. No amendment of, additions to, cancellation or novation of this mandate shall be of any force or effect, unless such ame ndment, addition, cancellation or novation is reduced to writing and signed by both parties. mandate. Declaration: The Client, by signing this form, states and declares that he or she has read and understood the terms and conditions pertaining to this Client mandate and the authorizations granted to SA Bullion I.S. The Client warrants that all statements and information provided are true and correct and that these statements and information will form the basis of the agreement which is entered into between the Client and SA Bullion I.S. The Client confirms that he / she has not signed the Client mandate as a blank form and that all the details were inserted before the Client signed the Client mandate.

Investor Confirmation, SA Bullion I.S. will send a welcome letter to the Investor after it has processed the investment which Will include a confirmation of investment particulars. SA Bullion I.S. will send a transaction advice to the Investor after every purchase or redemption of Gold bullio n Krugerrand/s. Administrative Processes: Acceptance of the Client's application is at the full discretion of SA Bullion I.S. The business cut-off for receiving an instruction is 13h00. The instruction will only be processed once the funds reflect in the designated bank account of SA Bullion I.S. and all the required documents and proof of deposit have been received. Should an instruction be received after 13h00, it will only be processed on the following business day (excluding weekends and public holidays). SA Bullion I.S. will carry out purchases of one ounce Gold Bullion Krugerrands at the earliest possible dealing opportunity. This excludes recurring monthly debit order investments and phase in purchases. The purchasing date of one ounce Gold Bullion Krugerrands for recurring monthly debit order investments and phase in investments is the 10th day of each month. Where the 10th day is a weekend or public holiday purchases will be processed on the soonest business day there-after. SA Bullion I.S. will not be responsible for any failure, malfunction or delay of any networks or electronic or mechanical device or any other form of communication used in the acceptance and processing of transactions. SA Bullion I.S. reserves the right to, in its sole and absolute discretion, unilaterally accept or reverse any transaction. SA Bullion I.S. will not be liable to make good or compensate any Investor or third party for any damages {whether direct or consequential), losses, claims or expenses resulting there from. The Investor and any third party indemnify SA Bullion I.S. accordingly.

The Krugerrand is not a defined Financial Product and is therefore not a regulated product.

Nedbank call account needs analysis (only applicable to SA residents): The Client acknowledges his/her needs to be as follows To manage his/her recurring/once off cash contributions in a Nedbank Call Account which will deliver a market-related interest rate with liquidity, accessibility and transactional functionality. The primary and only purpose of the Client's Call Bank Account held with Nedbank Corporate Banking is to accumulate sufficient funds to enable SA Bullion I.S. to facilitate the purchase of wholly indivisible units of One Ounce Gold Bullion Krugerrands which will be owned in title by the client as per the authorit y granted to SA Bullion I.S. detailed in the Client Mandate

Risk Profile: The Nature of the Call Bank Account would appeal to Clients with a low/conservative risk profile. FAIS category of financial products: The call bank account is categorized under the FAIS Legislation as deposits as defined in the Banks Act 12 months or less. Product Supplier: The call bank account will be held with Nedbank Limited South Africa. Banking Charges: Nedbank Limited does not charge a fixed monthly fee for the opening and maintenance of the call bank account. The first seven rand and fifty cents of interest earned for each month on the call bank account is paid to Nedbank Limited and is reflected as such on the Clients call account bank statement. If the interest earned is less than seven rand and fifty cents in the respective month then Nedbank does not levy any charges against the Clients call bank account. This ensures that the Clients capital balance earns wholesale rates of interest and is not eroded by the monthly fee charged by Ne dbank Limited. This fee is subject to change, Nedbank will inform SA Bullion I.S. of any changes. SA Bullion I.S. will in turn communicate this to the client.

Financial advice in respect of Nedbank call account: In compliance with licence category 1.18 of the F AIS Act, It is a legal requirement that you, the investor, are provided with financial advice regarding the cash portion of your investment with SA Bullion Investor Services. This advice may be provided by your financial advisor but where your financial advisor is not licenced to provide such advice, we undertake to provide this advice. This advice is only in respect of the aforementioned cash holdings with SA Bullion Investor Services. We do not undertake to provide financial advice in any other specific category or in terms of your overall financial affairs. Your cash element with SA Bullion I.S. is held in a call account at Nedbank Limited. As deposits are held on the balance sheet of a bank, there are risks related to the good standing of the bank. Nedbank is one of South Africa's four largest banks and is listed on the Johannesburg Stock Exchange. It is principally regulated by the South African Reserve Bank and it has a major shareholder in the form of Old Mutual. At time of writing Ned bank's credit ratings met all reasonable requirements. Your cash is held in a call account. A call account is a demand account and therefore entails no fixed-investment periods. Immediate withdrawals are permissible. A liquidity problem is unlikely to present itself unless the bank goes insolvent or it experiences cash withdrawal demands that exceed it's supply of cash. It is presently extremely unlikely that Nedbank Limited would go insolvent or experience liquidity problems caused by a run on the bank. In the event of a run on the bank it is highl y likely that the central bank would supply liquidity to Ned bank owing to the fact that Nedbank is a substantial component of South Africa's banking system. Your cash component with SA Bullion is likely to be a small component relative to your gold holdings and you are therefore likely to have relatively little value at risk. Furthermore, it is likely that your investments with SA Bullion I.S. are a relatively small component of your overall holdings, further mitigating your value at risk. Overall, the risks attached to this component of your assets are very small.

Nedbank Call account mandate: Nedbank Corporate; Corporate Saver Division; Reg No. 1951/00009/06; Nedbank Limited Corporate Saver Mandate, Made and entered into by and between SA Bullion I.S. and the client. The Client instructs SA Bullion LS.to open a call bank account under the main SA Bullion I.S. Agent account with Nedbank (or its successor in title) which will be in the name of the client for the purpose of fulfilling the objectives as described in the Client Mandate. The client understands that they will not be able to transact directly via other Nedbank branches or Head Office. All transactions must be addressed to and actioned by SA Bullion I.S .. The client will receive bank statements emailed directly from Nedbank Limited on a monthly basis and will be granted online access to view the account. It is recorded that SA Bullion I.S. is an accountable institution in terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA) and is ob liged to comply with the provisions of FICA, which provisions, inter alia require SA Bullion I.S. to establish and verify the identity of its clients. The client agrees to provide to SA Bullion I.S. all of the supporting, verification and other documentation prescribed in terms of FICA and as required by SA Bullion I.S. By offering the Corporate Saver product, SA Bullion I.S. is rendering an intermediary service as contemplated in the Financial Advisory and Intermediary Services Act, No.37 of 2002 (FAIS) and by collecting or accounting for moneys payable by the client to a product supplier in respect of a financial product, SA Bullion I.S. acts as agent of the client. The client in instructing SA Bullion I.S. to render the intermediary service and to deposit the client's money with Nedbank, is acting as principal, thereby creating and establishing a banker-customer relationship between the client and Nedbank. SA Bullion I.S.does not benefit from this arrangement in any way and does not earn any fees or interest from Nedbank Limited. The Client receives the full interest at a rate set by Nedbank Limited on any capital balance in the Clients' Nedbank call bank account.

Statutory disclosure and contact information: Unit 003 The Old Castle Brewery No. 6 Beach Road Woodstock 7925 South Africa; PO Box 12092 Mill Street 8010 South Africa; Telephone: +27 21 447 32 40; email: business@sabullion.co.za; website: www.sabullion.co.za Statutory Disclosure SA Bu Ilion I.S. is authorized by the Financial Services Board to conduct this business. A copy of the license, which contains details of the financial services we are authorized to provide, is on display in our offices, and is available on request. SA Bullion I.S. has been rendering financial advisory and intermediary services since 2008, and meet all the criteria related to the Fit and Proper Regulations. SA Bullion I.S. holds Fidelity Cover in respect of the authority we hold to conduct this business. SA Bullion I. S. or the shareholders do not hold more than 10% of the shares issued by any product supplier. SA Bullion I.S. is authorized and accredited to provide advice and intermediary services for Nedbank Corporate Saver, a product of Nedbank Limited, Registration Number 1951/00009/06 Complaints; Should you not be satisfied with the service you receive from SA Bullion Investor Services you are kindly requested to contact our Compliance Department using the contact details provided. We undertake to acknowledge your complaint in writing and will advise you of the name of the individual that will resolve your complaint. Shoud you be unsatifisfied with the response you receive from SA Bullion Investor Servces, or should you have a complaint about the advice given to you by your Financial Advisor, you may take up your complaint, in writing, with the Ombud for Financial Services Providers. The Ombuds contact details are: Postal: PO Box 74571, Lynwood Ridge, 0040 Telephone: +27 12 410 9080 email: info@faisombud.co.za