Analysis of Sovereign Bullion Portfolio - CrownGold Reserves

Gold2me.com

April 7th 2017

Contents

1 What is this about? 2

2 The Offer 3

3 Sovereign Bullion Portfolio "Off-Market" Private Treaty Sale 33.1 What we say on that? . . . . . . . . . . . . . . . . . . . . . . 43.2 They are "legal mandate" . . . . . . . . . . . . . . . . . . . . 5

4 DESCRIPTION OF PRODUCT 64.1 COMMODITY . . . . . . . . . . . . . . . . . . . . . . . . . . 64.2 FORMAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.3 PURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.4 HALLMARK . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.5 QUANTITY . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.6 STORAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.7 INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.8 TRADE STATUS . . . . . . . . . . . . . . . . . . . . . . . . . 8

5 TERMS OF PURCHASE 85.1 MODALITY . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.2 DISCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.3 CONTRACT SIZE . . . . . . . . . . . . . . . . . . . . . . . . 95.4 FIRST LIFT . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.5 FURTHER LIFTS . . . . . . . . . . . . . . . . . . . . . . . . 95.6 DELIVERY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.7 PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

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5.8 FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.9 SPECIAL FEATURES: . . . . . . . . . . . . . . . . . . . . . 105.10 TRANSACTION PROCEDURES . . . . . . . . . . . . . . . 125.11 CONFIDENTIAL SELLER INFORMATION . . . . . . . . . 145.12 PROOF OF PRODUCT . . . . . . . . . . . . . . . . . . . . . 145.13 FULL CORPORATE OFFER / OFFICIAL MANDATE PA-

PERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155.14 CONTRACT NEGOTIATIONS . . . . . . . . . . . . . . . . . 16

6 Robert Cohen 166.1 Statements to Robert Cohen . . . . . . . . . . . . . . . . . . . 20

6.1.1 Analysis of the pictures sent by entity "Robert Cohen" 20

7 Who is Robert Cohen? 21

8 Hong Kong Bullion Scams 21

9 Hong Kong’s Largest Gold Bullion Vault 21

10 Conclusion 21

1 What is this about?

Sovereign Bullion Portfolio - Crown Gold Reserves, sale of gold from HongKong, with 200 metric tonnes of gold per week, is a pretentious and by allindications fake and fraudulent offer being sent by the entity named RobertCohen and Jones Wyatt Corp. The article is debunking the fictitious argu-ments claimed in the fraudulent offer.

This article is published under Creative Commons Attribution 4.0 li-cense, and the information received from mentioned parties was received inaccordance with the Goldivanti LP website Terms & Conditions.

The parties that have submitted the article to GOLDIVANTI LP wereRobert Cohen with the website http://www.joneswyatt.com and his LinkedInprofile, and the assumption is that he has the copyright on the offer, yet theoffer has been submitted under the Creative Commons Attribution 4.0 li-cense, so it can be published, modified, changed, distributed, copied as wewish. Thanks to authors.

The other party such as jumcorptn@gmail.com, fully anonymous, hasbeen distributing the *Sovereign Bullion Portfolio - Crown Gold Reserves"

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offers, with the copies to all kind of genuine and not genuine gold traders.We have got the same offer through 2 parties.

And we don’t buy it.And here it will be explained why we don’t buy it.In short, when somebody is sending an "offer for gold" to GOLDIVANTI

LP that is clearly fraudulent, that somebody shall expect no privacy or"confidentiality", until it is explicitly stated. That is in accordance with thewebsite terms and conditions.

It’s such a good thing that people are inquiring to us and submittingtheir articles under the permissive copyright license, so that we may publishthis kind of aticles online.

Our website Gold2me.com has got this offer from Goldivanti LP and wefound it interesting, so it is being published on this independent website,that is run by US jurisdiction.

2 The Offer

The offer is marketed by Robert Cohen with the wordings such as:

• Crown Gold Reserves (Hong Kong)• Sovereign Bullion Portfolio• "Off-Market" Private Treaty Sale• Private and Confidential• Valid until June 30, 2017• Stock Regularly Replenished• Sovereign Bullion Consignment

The Sovereign Bullion Portfolio offer is available for download, and itwas given to us under the Creative Commons Attribution 4.0 license, sothat everybody is free to distribute it, modify it – or just read the license tounderstand your rights.

It is distributed as Portable Document Format (PDF) file, through emails,and we guess it is distributed to hundreds of not thousands of people whoare in gold industry.

3 Sovereign Bullion Portfolio "Off-Market" PrivateTreaty Sale

It starts like this:

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• Second Quarter, 2017

• Private and Confidential

• Valid until June 30, 2017

• CROWN GOLD RESERVES

• STOCK REGULARLY REPLENISHED

• SOVEREIGN BULLION PORTFOLIO "OFF-MARKET"PRIVATE TREATY SALE

• EXECUTIVE SUMMARY

• SOVEREIGN BULLION CONSIGNMENT

• CROWN GOLD RESERVES (HONG KONG)

• FORMAL OFFER TO SELL

• FIRST LIFT: 200 MT of product

3.1 What we say on that?

1. Neither the offer is private nor "confidential", it is being distributedto public through the mailing list, and without any subscription. It ispretentious claim to make it sound more authentic.

2. Crown Gold Reserves is the statement to give the impression thatgold bullion offer is related to "crown". Which crown? Is it BritishCrown? Is it maybe Hong Kong crown? I mean Hong Kong is aspecial administrative region of China, and China has no crowns. Thepretentious title Crown Gold Reserves is there for naive people.

3. Stock Regularly Replenished is to say that 200 metric tonnes ofgold are regularly refilled, that also means it is regularly sold. So, if itis regularly sold, I mean, they claim to have 200 bloody metric tonnesof gold, that are regularly sold and refilled in their storages, then whythey are sending this same joke of the offer to hundreds and thousandsof unknown and supposed buyers. Why don’t they simply offer thesame gold to the previous buyer, finally it is regularly replenished, theyshall have no problem to sell it "regularly" to their present "buyers",if there would be such.

4. Sovereign Bullion Consignment, that is just a title of the business.There is no such thing as being sovereign in any kind of transactionsinvolving banks, as sovereign means autonomous and independent, that

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title is left just for few people in the world. As soon as a bank, orcountry’s laws are used in transaction, say good bye to any sovereignity.Yet the title is to make us believe that offer is real.

5. First Lift: 200 MT of product – I mean, they want to say 200metric tonnes of gold?! Considering that current value of gold is US$40,390.98, then the value of 200,000 kilograms of gold shall be US$8,078,196,582.83.

My education is not of that quality that I can read that number. So,I have asked my computer to spell it out in English language. And itsays, it is eight billion, seventy-eight million, one hundred and ninety-six thousand, five hundred and eighty-two dollars and eighty-threecents.

So, they have "regularly sold" gold worth more than 8 billion dollars,I mean just the commission of 1% on 8 bullions is like US $80,000,000which is 80 million US dollars. Mr. Robert Cohen thus claims in theoffer to have received this commission multiple times. Regularly.

3.2 They are "legal mandate"

Let’s move on with the quotation of their "gold offer" and the analysis.

We are the Legal Mandate for a Sovereign Seller/Title Holderwho holds title of ownership to considerable bullion assets inHong Kong.

When somebody is a "legal mandate" that means they have a legal doc-ument authorizing them to sell or buy or do other actions for the principal.

At the moment of such representation, the mandate letter shallbe shown to party to which one is representing.

Yet they are not only showing the mandate letter, they are hiding it.That is further the indication of fraud or money laundering.

We are authorized to offer for sale the below GLD standard bul-lion in accordance with the terms and conditions hereafter setforth, subject to acceptance of the final Sale and Purchase Agree-ment.

When somebody is authorized by legal document, the legal documentis to be shown at that moment or at the moment of request to show theauthorization. Yet, they are hiding all the matters and details.

Maybe the "Crown" does not want to get disclosed?

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The transaction will be managed exclusively within the secureconfines of the banking system under full banking scrutiny andvigilance and in conformity with applicable laws and interna-tional standards and regulations. This being Sovereign bullion,the proceedings will be subject to close regulatory oversight.

Well, if that above would be true, Mr. Robert Cohen would be alreadyin jail for breaking all the regulations in regards to money laundering thatapply in United Kingdom.

The Seller’s Transacting Bank is HSBC, Hong Kong, Main Of-fice. Buyers may elect, as their Payment Settlement Bank, anymajor Bank in Hong Kong or they may utilize the Seller’s parentBank, HSBC Bank, London, Head Office. The sale proceeds willbe remitted by the Seller to the countries involved to finance wor-thy government infrastructure projects and other humanitarian,charitable and public interest works.

Now they want to tell us, that they are regularly sending 8 billion dollarsto governments and they are financing humanitarian, charitable and publicinterest of the world.

How generous? Robert, this is truly amazing.

NOTICE: There are controlling government Treaties that regu-late the conduct of sale. These Sovereign agreements preclude theSeller from transacting with Buyers who are unable or unwillingto observe the terms and procedures stated herein.

There are no "treaties". The jurisdiction of sale is specified in agreement,and any court proceedings are taking place in the jurisdiction as per theagreement. If there is no special jurisdiction specified, the court jurisdictionis where the sale has taken place.

The author of that fake and fraudulent offer wish to give us some legalwishy-washy statements, that we simply think it is authentic. It is not.

4 DESCRIPTION OF PRODUCT

4.1 COMMODITY

GLD Standard Bullion

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4.2 FORMAT

12.5 KG Bars, with registered serial numbers

4.3 PURITY

999.5/1000 or better fineness

4.4 HALLMARK

Internationally Recognized Hallmarks, less than five years old(principally Metalor refinery, Hong Kong)

We have asked Metalor in Hong Kong, and we are waiting on their answer(or no answer at all).

Dear Sirs,

Please let me know, if possible, maybe it is public informationthat you can tell me, does Metalor in Hong Kong produces morethan 200 metric tonnes per year?

We have got offer Sovereign Gold Portfolio where they claim tohave 200 metric tonnes of gold produced by Metalor Hong Kong.

Give me some information that is public.

Thank you

4.5 QUANTITY

"Large-tonnage" inventory (stocks regularly replenished)

4.6 STORAGE

HSBC-sanctioned private security warehouse in Hong Kong

4.7 INSURANCE

Insured by Lloyd’s of London for its full LBMA market value

We have asked Lloyd’s of London if they are able to ensure the regularlyreplenished stocks of gold in Hong Kong worth 8 billion dollars, yetwe did not receive any answer. Maybe they are not interested to waste theirtime on fraudulent claims.

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Hello,

I have got an inquiry from UK, Richard Cohen, who claims thatLLoyds in London is insuring the gold of 200 metric tonnes, whichare "regularly replenished" for the full LBMA gold market value.

Considering that current value of gold is US $40,001.32, then thevalue of 200000 kilograms of gold shall be US $8,000,263,173.15.

According to him, LLoyds is insuring that gold located in HongKong.

My question is not if you are providing an insurance or not tothem, or to confirm it, or similar.

My question is simply: would the Lloyds in UK, in London, everinsure the gold located in some HSBC warehouse in Hong Kong,with that market value?

That is simple question. It does not ask you to reveal any details,simply let me know if that would be legally possible and by yourpolicies feasible or not.

4.8 TRADE STATUS

Freely liftable and tradeable and fully exportable All governmental/agencyclearances and approvals No liens, charges or encumbrances Export permitsissued already in name of Seller

5 TERMS OF PURCHASE

5.1 MODALITY

An "off-market" private transaction to be performed on a "bankofficer-to-bank officer" basis. Major world Banks only

When a transaction is "off-market" it means it is not offered on worldmarkets such as London bullion market or New York or Japan markets. Thatis alright in itself, many gold transactions are off-market, and there is noteven need to put attention to "off-market", I mean it is "off-market", doesit mean it is some kind of a benefit or what?

Yet, the transactions which are like that, private, bank officer to bankofficer, then why in the hell are you sending the offer to me, and also toTanzanian fake dealers of gold, and to all kind of dubious people, together

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with genuine people, I mean, why in the hell you are pretending not to knowthat all those people not have the 8 billion dollars in their pocket or bankaccount, whatever. What is wrong with you?

If the transaction is to be from bank officer to bank officer, so why don’tyou let them do it? Why do you need to send the offers?

5.2 DISCOUNT

Gross 8% and Net 6% discount to the Buyer, based on the "sec-ond fixing", LBMA gold price

That is written only to make it sound authentic. If you cannot buy 200metric tonnes of gold, it really does not matter if the fixing is from themorning or evening of the London time.

They wish to sound like they are selling 200 metric tonnes of gold everyday, so the fixing should matter.

Now to discounts. Buyer is supposed to receive large income and profiton such discounts. Why don’t they make themselves that large income andprofit?

At least, from the fraction of one percent, they could ask a professionalcon-man to make the offer sound more realistic. This way it is stupid andnaive criminal document.

Remember, it is regularly replenished, they have sold it already, andregularly, they received large commissions.

5.3 CONTRACT SIZE

To suit Buyer’s requirements (minimum 200 MT of product)

5.4 FIRST LIFT

200 MT of product

Sure, we are running to buy. 8 billion dollars is here. Second fixingLBMA?

5.5 FURTHER LIFTS

Minimum 200 MT Lift amounts. Flexible daily, weekly or monthlyLifts. One-year contracts with rolls/extensions available

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http://rcdrun.com/images/depository/website/640/dreamstime_m_25725801.jpg

That deserves a fricking big LOL!I understand they are asking for minimum of 8 billion dollars paid, as it

is for 200 metric tonnes, but weekly, monhtly lifts?They claim to be able to sell 200 metric tonnes weekly? Monhtly?

5.6 DELIVERY

FOB Hong Kong, four (4) delivery options available (See below)

5.7 PAYMENT

"Ledger-to-Ledger" transfer of payment in US Dollars. Othermajor world currencies available

What is to mean "ledger to ledger"? Every accountant shall know thatevery transfer must be recorded in the ledger of the both parties. Yet this isto sound "smart" for the naive people.

5.8 FEES

• 2% Consultancy Fees, payable as follows:

• 1% to Seller’s side (closed), payable by Seller

• 1% to Buyer’s side, payable by Buyer or Seller as agreed

The IMFPA will be made an integral part of the contract

5.9 SPECIAL FEATURES:

A. The bullion is sold with full Government Export Approval and Tax PaidClearance. This being Sovereign-owned bullion, the Chinese government hasno jurisdiction over the product. The export permits have already been is-sued and will be confirmed to the Buyer during the Bank Table Top Meeting.

B. The "ledger-to-ledger" transfer of payment on closing can be con-ducted in any major Bank in Hong Kong. The Seller will open a bankaccount in the Buyer’s Bank; alternatively, the Seller can assist the Buyerwith an account in HSBC, Hong Kong.

C. Western Buyers who prefer to maintain their funds in Europe mayutilize the Seller’s parent Bank, HSBC Bank, London, Head Office as the

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Payment Settlement Bank for purposes of blocking funds prior to assayingthe product and settling payment.

D. The Seller is willing to deliver the product, at Seller’s expense, toLBMA accredited Metalor refinery, Hong Kong, for a final assay and GLDcertification prior to purchase. Alternatively, Buyers may attend at theSeller’s security warehouse with their inspection team to assay the productprior to purchase.

E. The Seller is also willing to deliver the product, at Seller’sexpense, to Metalor refinery, Hong Kong for a final assay andGLD certification; then arrange for HSBC, Hong Kong to transferthe newly assayed metal from the refinery to the Bank’s vault ordepository to permit a new Bank SKR in the Buyer’s name uponclosing.

Bank’s don’t issue "Safe Keeping Receipts", yet the terminology is sowell known in the fraudulent world, why not mention it?!

F. The Seller is also willing, under certain circumstances, to deliver theproduct, at the Seller’s expense, to the Hong Kong International Airport,Free Trade Zone.

G. The Seller will provide the Buyer with two-weeks free ware-house storage and insurance cover after purchase to allow theBuyer additional time to finalize his arrangements regarding in-surance and storage or physically lifting the goods.

For people who have 8 billion dollars, that benefit to provide them withthe free warehouse is nothing but bullshit. No gold owner is to trust thewarehouse they don’t have under the strict control.

H. The contract contains a Two Percent (2%) penalty clause fornon-performance by either Party. The Seller reserves the right toreport defaulting Buyers to the appropriate authorities. Offend-ers face lengthy jail terms under Hong Kong law.

The author is hidden behind their website, and the pretentious talk, yethe is the one that shall report more about the experiences in the jails ofHong Kong.

I. The transaction can be conducted on a wholly "bank-to-bank"(payment against transfer of title) basis - without any require-ment that the Buyer block his funds or move his funds first into

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Hong Kong or HSBC Bank, London - provided the Buyer doesnot require to inspect/assay the product prior to settling pay-ment.

http://rcdrun.com/images/depository/website/640/dreamstime_m_27003052.jpg

I mean that one deserves one big WTF?So, it is alright for them to receive the fricking 8 billion dollars

provided the buyer of those 200 metric tonnes of fricking gold is goingto believe you that gold is gold and is going to avoid any inspections andassaying???

Fucking criminals! I would really like to do something with their teeth,to see if they are yet so shiny after the face to face treatment.

5.10 TRANSACTION PROCEDURES

The transaction is being conducted as an "Off-Market, PrivateSale", managed exclusively within the banking system.

That is nonsense. If it is exclusively within the banking systemwhy are you sending then emails around?

The procedures are fully bank-compliant and have been approvedby the Seller’s Transacting Bank, HSBC, Hong Kong, Main Of-fice.

The procedures are, generally, as follows:

1. The Buyer and Seller or their legal mandates negotiate thecontract and finalize the Sale & Purchase Agreement ("SPA").

2. The Buyer and Seller sign the SPA electronically and lodgethe contract with their respective Banks.Note: Manually signed contracts will be exchanged by theParties inside the Bank during the scheduled Table TopMeeting described below.

3. The Parties arrange a "window time” for their Bank Officersto communicate and confirm Proof of Funds and Proof ofProduct.

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4. The Seller’s Bank Officer contacts the Buyer’s Bank Officerduring the appointed window time. The Bank Officers en-gage in a full and frank discussion confirming the POF/POPstatus of their respective bank customers.

5. The Buyer’s Bank Officer transmits a Bank ConfirmationLetter via SWIFT 799 to the Seller’s Bank Officer con-firming Proof of Funds. The Seller’s Bank Officer remits aSWIFT MT 600 (Precious Metal Trade Confirmation Mes-sage) confirming Proof of Product.Note: Where the Buyer’s Confirming Bank is located inHong Kong, POP/POF verification is confirmed via SecureBank Facsimile. No SWIFT messages. The Buyer’s BankOfficer transmits a Bank Confirmation Letter or Bank TearSheet and receives, in return, a true copy of the Seller’sSafekeeping Receipt.

6. The Buyer transfers his purchase funds into his chosen Bankin Hong Kong. The Seller then opens a payment settlementaccount in the Buyer’s Bank to facilitate the "ledger-to-ledger" transfer of payment upon closing. Alternatively, theSeller can assist the Buyer to open a bank account in HSBC,Hong Kong.Note: The Buyer, in lieu of transferring his purchase fundsinto Hong Kong, may transfer his funds into HSBC Bank,London, Head Office and utilize HSBC Bank, London as thePayment Settlement Bank.

7. The Seller’s Bank Officer convenes a Table Top Meetinginside the Bank with the Seller and Buyer’s delegation inattendance and provides the Buyer’s Bank Officer with au-thenticated "true" copies of all pertinent product documents.

8. The Buyer, after confirmation of the product documents byhis Bank Officer, instructs his Bank Officer to blocks hisfunds in his account in favor of the Seller’s account as aguarantee of payment as per the terms of the Agreement.

9. The Buyer attends at the Seller’s private security warehousewith his certified inspection team and assays the product.Alternatively, at the Buyers’ option, the Seller delivers theproduct to Metalor refinery, Hong Kong for a final assay.Note: The Seller can also arrange, upon request, for HSBC,

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Hong Kong to collect the newly assayed product from Met-alor refinery and move the Au Metal into the Bank’s vaultor bullion depository.

10. The Seller’s Bank Officer, after completion of the final as-say, convenes a Bank Table Top Meeting with the Seller andBuyer’s delegation in attendance. The Bank Officers set thepurchase price, then proceed, under full banking scrutiny, toclose the transaction on a "payment-against-delivery (trans-fer of title)" basis.

5.11 CONFIDENTIAL SELLER INFORMATION

The Sovereign Seller/Title Holder is the accredited representa-tive for, and has sole signatory authority to act on behalf of, aconsortium of Governments, principally in Asia and the PacificRim region, and holds title of ownership to a substantial cacheof bullion stock.

Accredited by whom?Representing which party?Consortium of which governments?

This is one of the largest stockpiles of GLD standard bullionin all of Asia. The Seller’s product is fully documented. Thecomplete records pertaining to the origin and provenance of thebullion are maintained at HSBC, Hong Kong and will be madeavailable to qualified Buyers during the scheduled Bank TableTop Meeting. The bullion assets were moved into Hong Kongover a span of a number of years. During that period, at varioustimes and intervals through to the present day, the Seller hasbeen actively selling down the Au bullion, while at the same timeacquiring new product to replenish the stock and supplementexisting inventories.

And now they are contacting the shoemakers of Bulgaria, maybe theyhave 8 billion dollars?

5.12 PROOF OF PRODUCT

We understand the Buyer’s concerns regarding the genuineness ofthe Seller’s product; we have the same concerns on our side of the

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aisle regarding the Buyer’s financial capability. For security rea-sons - and for reasons of confidentiality related to the Sovereignnature of the product - we do not provide advance Proof of Prod-uct to non-qualified "third-parties" via the internet or sit-downmeetings or by any other means.

Of course not. As first, if your identity would be disclosed you would endup in the jail, surely you don’t want to engage into any verification of thegold or identities of parties.

Equally, though, in deference to the Buyer’s legitimate privacyand security concerns, we do not require that interested Buyersprovide advance Proof of Funds. Proof of Product and Proofof Funds will be confirmed, internally, on a "bank-tobank" ba-sis only, once the Parties have lodged a fully executed contractwith their respective Banks and the Buyer has been cleared Bankcompliance. This assures that only bank-qualified Buyers whoare "ready, willing and able" to fulfill the contract gain access tothe Seller’s sensitive product information.

Which means, until then, you are walking around with this kind of wishy-washy stories.

5.13 FULL CORPORATE OFFER / OFFICIAL MANDATEPAPERS

For privacy and security reasons, we do not release, on a purelyspeculative basis, sensitive personal and/or corporate informa-tion regarding the Seller to someone we do not know or have notaccepted to transact with; in the same way that no Buyer is goingto release his personal and/or corporate information to someonehe does not know or has not accepted to transact with.

Which means you are violating all the money laundering laws of HongKong, United Kingdom and whatever consortium of governments are there,Asia, Pacific, who else you represent? Ah, yes, the Crown.

In any offer there must be clear information about:

1. Who is the party selling the product? Their name, address, contactinformation. Such is never private and confidential, that is businessobligation in every transaction. You say who you are. You cannot justbe yet another PHP List website owner like Robert Cohen.

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That is just "common sense" business logic.

No, it is not, it is for naive people to make them believe.You are the fucking retarded criminal. And that is the true "common

sense" business logic.

We would be pleased to provide the Buyer with a formal FullCorporate Offer, to include our official mandate papers, oncewe have held preliminary discussions with the Buyer or his le-gal mandate and have confirmed that the Buyer is interested inpurchasing the Seller’s product, and is willing to comply withthe Seller’s procedures, and is otherwise competent to performthe transaction. Presumably, the Buyer goes through a similarcalculus before providing the Seller with a formal Letter of intent.

The terminology "Full Corporate Offer" is fake terminology, and usedonly and exclusively by criminals who have never seen the real gold in bulk.And who have never conducted similar transactions.

5.14 CONTRACT NEGOTIATIONS

We would be pleased to engage in meaningful contract discussionswith interested Buyers and/or their legal mandates.

We can move very speedily to contract-signing and closing. Weoperate responsibly and professionally and are experienced atconducting Au bullion transactions.

Consultants are encouraged to protect their confidential sourcesat all times. A Non-Circumvention & Non-Disclosure Agreementis available upon request.

Additional information, including a copy of the Sale & PurchaseAgreement, is available to interested Buyers and/or their legalmandates only.

6 Robert Cohen

Robert Cohen has approached us where in his email he claims, that he is thefounding member of:

• Sovereign Capital (Hong Kong) International

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• Sovereign Bullion Portfolio

• Sovereign Wealth Initiative

He used 2 email addresses, such as <robertcohen@qvrindustries.com>and <robertcohen@joneswyatt.com> and his Skype: robertcohen27 and heclaims to be "Executive Director/Chief Legal Officer" of the Jones WyattCorp. with the website being Jones Wyatt Corp.

On February 22nd 2016, he claimed to have "recently replenished thestock", I mean he would have for 1% of the commmission, and he is to receivemuch more, but I am saying for 1% of the commission, he would already havereceived more than 80 million dollars. With that money, one can travel theworld bank to bank, and not just contact yet another shoemakers in Bulgaria,or disabled people in Tanzania.

On March 17 2016, he was pleased to announce:

For your information -

HONGKONG SOVEREIGN BULLION | LARGE BLOCK SOLD

We are pleased to announce that we have sold a large block ofSovereign-owned bullion.

DONE AND GONE!

A special thanks to our Seller team on the ground in Hong Kongfor their excellent work.

On March 30th 2016, he stated:

There has been an important new development -

HONG KONG SOVEREIGN BULLION | EUROPEAN SET-TLEMENT BANK (HSBC BANK, LONDON)

We are working closely now with HSBC Bank, London, the par-ent Bank of HSBC, Hong Kong and a respected Bullion Bank inits own right.

Western Buyers who prefer to maintain their funds within Europecan now utilize HSBC Bank, London as their exclusive EuropeanSettlement Bank for purposes of blocking their funds prior toinspecting the Seller’s product and for settling payment uponclosing. We no longer require Buyers to move their funds intoHong Kong!

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On September 22nd 2016, Robert Cohen claims:

We have been selling the product quite successfully this past 18months.

And following these "funny" procedures too.

But thanks for asking.

Then we said:

If you have been selling "product" successfully, why then in theworld you don’t sell to those same entities who bought it firsttime.

Then Robert Cohen (entity for us, we don’t know their real identity),answered:

Well, we do.

I mean they are long term multi-tranche transactions.

But we have very substantial quantities of product, which areconstantly replenished.

So we can still write contracts with other Seller.

Does that mean there are "other Sellers"? Are they also Crown?Then we asked Robert Cohen on September 22nd 2016:

Is it possible to order 200 tonnes, for 52 weeks, or one year?

Where he answered with:

200 MT per week for one year is fine.

I would write the contract for a total contract quantity for say10,000 MT.

First Lift of 200 MT.

Subsequent lifts of 200 per week for 53 consecutive week untilthe contract is exhausted.

Something like that. . . .

Robert

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So, he is kind of getting very serious and claims that 200 metric tonnescan be delivered week by week. 52 weeks x 200 metric tonnes of goldamounts to 10,400,000 kilograms of gold.

Considering that current value of gold is US $40,390.98, then the valueof 10400000 kilograms of gold shall be US $420,066,222,307.34.

Wow?Then in the next email to "Robert Cohen":

Dear Robert,

I was just testing you. It is impossible to supply that amount oftonnes of gold. You are obviously doing something unrealistic,and I don’t know why and for which purposes.

52 x 200 tonnes would be 10,400 tonnes. So far nobody in theworld does not own this much gold. There was one person, hedied, who owned more than 3,000 tonnes of gold. There is nocompany in the world that ownes this much gold. Just that youknow, no individual, and no company.

Gold is not a potato.

So, whatever you are doing sounds funny, it is not realistic atall. You don’t know what you are speaking about and you lackinformation of quantities of gold available on this Earth.

You are welcome to do some real business in Tanzania, to makesome gold. That business is not going to give you commissions.

Jean Louis

Where Robert Cohen answered on September 22nd 2016:

Jean

I knew you weren’t serious.

So I just played along with it.

Had a bit of a laugh. . . .

Robert

He also claimed to have been in their warehouses numerous times:

Jean:

You are wrong on the facts.

19

I have been in our warehouses numerous times.

And, more importantly, we have sold major blocks of productalready.

What can I tell you.

Nothing wrong with 1/2 KG of unprocessed gold. I applaud youfor it!

Regards

Robert

6.1 Statements to Robert Cohen

Your pictures are not realistic, this is not science fiction movie. I doubt thatany of those pictures is your real picture, that you made it. That is numberone indication that it is wrong.

6.1.1 Analysis of the pictures sent by entity "Robert Cohen"

http://www.gold2me.com/images/sovereign-gold-bullion-hong-kong/1.jpg

That picture is appearing on the website: CW Metalcasting so it cannotbe truly original picture of the refining and melting operation in anywayconnected to the entity known as "Robert Cohen".

Same picture appears on multiple other websites.http://www.gold2me.com/images/sovereign-gold-bullion-hong-kong/

2.jpgThat picture is appearing on the Dover Air Force Base website, where

they describe their C-5M critical cargo. It cannot be in any way directlyrelated to the Hong Kong purchase of gold and certainly not to RobertCohen.

Same picture appears on multiple other websites.http://www.gold2me.com/images/sovereign-gold-bullion-hong-kong/

3.jpgThat picture belongs to Fort Knox, probably. We don’t know it, as it

appears on multiple websites, such as on 10 Most Secure Locations on thePlanet.

http://www.gold2me.com/images/sovereign-gold-bullion-hong-kong/4.jpg

That picture is yet another computer wallpaper that appears on multiplewebsites. You may download it yourself.

20

Mr. Robert Cohen was asked and requested to send the mandate letter.Yet, he refused to do so. We think that is either very naive or dumb personyet probably somebody trying to make money on scam.

7 Who is Robert Cohen?

We don’t know.We don’t bloody know who is "Robert Cohen".Maybe this entity named "Robert Cohen" is just using the name to

say that he is connected to some precious metal conferences like: PreciousSummit where one of the real Robert Cohen appears on pictures.

8 Hong Kong Bullion Scams

We can find many warnings of Hong Kong Bullion Scams on Internet:

• Gold Scam in Hong Kong

• Hong Kong Sega Bullion Limited

• Hong Kong Gold Market Hit by Sophisticated Scam

• One Ton Gold Shipment Into Hong Kong Revealed To Contain JustWorthless Metal

• Fake gold scam hammers Hong Kong jewellers

9 Hong Kong’s Largest Gold Bullion Vault

According to news from 2012, the Hong Kong’s Largest Gold Bullion Vaultcan hold 1,000 metric tonnes of gold.

Reference: Hong Kong’s Largest Gold Bullion Vault Signals Rising AsianWealth

Yet, that is nothing, Robert Cohen may hold so much more as 1000tonnes is just one month of what they are "selling"

10 Conclusion

Non-identified entities sending pretentious gold offers with all the secrets andsupposed confidentiality are to be taken cautiosly.

21

Robert Cohen’s offer of Sovereign Gold Portfolio have all the indicationsof fake and fraudulent offer and shall be avoided.

22

Seco

nd Q

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er, 2

017

Pr

ivat

e an

d C

onfid

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l

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alid

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BBUU

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TT "" PP

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SIG

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ENT

C

RO

WN

GO

LD R

ESER

VES

(HO

NG

KO

NG

) FO

RM

AL

OFF

ER T

O S

ELL

We

are

the

Lega

l M

anda

te f

or a

Sov

erei

gn S

elle

r/Titl

e H

olde

r w

ho h

olds

titl

e of

ow

ners

hip

to c

onsi

dera

ble

bullio

n as

sets

in H

ong

Kong

. We

are

auth

oriz

ed to

offe

r fo

r sa

le t

he b

elow

GLD

sta

ndar

d bu

llion

in a

ccor

danc

e w

ith t

he t

erm

s an

d co

nditi

ons

here

afte

r set

forth

, sub

ject

to a

ccep

tanc

e of

the

final

Sal

e an

d Pu

rcha

se A

gree

men

t.

The

trans

actio

n w

ill b

e m

anag

ed e

xclu

sive

ly w

ithin

the

sec

ure

conf

ines

of

the

bank

ing

syst

em u

nder

ful

l ba

nkin

g sc

rutin

y an

d vi

gila

nce

and

in c

onfo

rmity

with

ap

plic

able

law

s an

d in

tern

atio

nal s

tand

ards

and

reg

ulat

ions

. Th

is b

eing

Sov

erei

gn

bulli

on, t

he p

roce

edin

gs w

ill b

e su

bjec

t to

clos

e re

gula

tory

ove

rsig

ht.

The

Sel

ler's

Tra

nsac

ting

Ban

k is

HS

BC

, Hon

g K

ong,

Mai

n O

ffice

. Buy

ers

may

ele

ct,

as th

eir P

aym

ent S

ettle

men

t Ban

k, a

ny m

ajor

Ban

k in

Hon

g K

ong

or th

ey m

ay u

tiliz

e th

e S

elle

r's p

aren

t Ban

k, H

SB

C B

ank,

Lon

don,

Hea

d O

ffice

. The

sal

e pr

ocee

ds w

ill

be r

emitt

ed b

y th

e S

elle

r to

the

cou

ntrie

s in

volv

ed t

o fin

ance

wor

thy

gove

rnm

ent

infra

stru

ctur

e pr

ojec

ts a

nd o

ther

hum

anita

rian,

cha

ritab

le a

nd p

ublic

inte

rest

wor

ks.

NO

TIC

E: T

here

are

con

trolli

ng g

over

nmen

t Tr

eatie

s th

at r

egul

ate

the

cond

uct

of

sale

. The

se S

over

eign

agr

eem

ents

pre

clud

e th

e S

elle

r fro

m tr

ansa

ctin

g w

ith B

uyer

s w

ho a

re u

nabl

e or

unw

illin

g to

obs

erve

the

term

s an

d pr

oced

ures

sta

ted

here

in.

DDEE

SSCC

RRII PP

TT IIOO

NN OO

FF PP

RROO

DDUU

CCTT

CO

MM

OD

ITY

:

GLD

Sta

ndar

d B

ullio

n

FOR

MA

T

: 12

.5 K

G B

ars,

with

regi

ster

ed s

eria

l num

bers

PUR

ITY

:

999.

5/10

00 o

r bet

ter f

inen

ess

HA

LLM

AR

K

:

Inte

rnat

iona

lly R

ecog

nize

d H

allm

arks

, les

s th

an fi

ve y

ears

ol

d (p

rinci

pally

Met

alor

refin

ery,

Hon

g K

ong)

QU

AN

TITY

: "L

arge

-tonn

age"

inve

ntor

y (s

tock

s re

gula

rly re

plen

ishe

d)

STO

RA

GE

: H

SB

C-s

anct

ione

d pr

ivat

e se

curit

y w

areh

ouse

in H

ong

Kon

g

INSU

RA

NC

E

: In

sure

d by

Llo

yd's

of L

ondo

n fo

r its

full

LBM

A m

arke

t val

ue

TRA

DE

STA

TUS

:

Free

ly li

ftabl

e an

d tra

deab

le a

nd fu

lly e

xpor

tabl

e

A

ll go

vern

men

tal/a

genc

y cl

eara

nces

and

app

rova

ls

N

o lie

ns, c

harg

es o

r enc

umbr

ance

s

E

xpor

t per

mits

issu

ed a

lread

y in

nam

e of

Sel

ler

STO

CK

R

EG

ULA

RLY

R

EP

LEN

ISH

ED

STO

CK

R

EG

ULA

RLY

R

EP

LEN

ISH

ED

STO

CK

R

EGU

LAR

LY

REP

LEN

ISH

ED

2 of

4

rr ee

TT EERR

MMSS

OOFF

PPUU

RRCC

HHAA

SSEE

MO

DA

LITY

: A

n "o

ff-m

arke

t" pr

ivat

e tra

nsac

tion

to b

e pe

rform

ed o

n a

"ban

k of

ficer

-to-b

ank

offic

er" b

asis

. Maj

or w

orld

Ban

ks o

nly

DIS

CO

UN

T

: G

ross

8%

and

Net

6%

dis

coun

t to

the

Buy

er, b

ased

on

the

"s

econ

d fix

ing"

, LB

MA

gol

d pr

ice

CO

NTR

AC

T SI

ZE

: To

sui

t Buy

er's

requ

irem

ents

(min

imum

200

MT

of p

rodu

ct)

FIR

ST L

IFT

:

200

MT

of p

rodu

ct

FUR

THER

LIF

TS

: M

inim

um 2

00 M

T Li

ft am

ount

s. F

lexi

ble

daily

, wee

kly

or m

onth

ly

Li

fts.

One

-yea

r con

tract

s w

ith ro

lls/e

xten

sion

s av

aila

ble

DEL

IVER

Y

: FO

B H

ong

Kong

, fou

r (4)

del

iver

y op

tions

ava

ilabl

e (S

ee b

elow

)

PAYM

ENT

:

"Led

ger-

to-L

edge

r" tr

ansf

er o

f pay

men

t in

US

Dol

lars

Oth

er m

ajor

wor

ld c

urre

ncie

s av

aila

ble

FEES

: 2%

Con

sulta

ncy

Fees

, pay

able

as

follo

ws:

1%

to S

elle

r's s

ide

(clo

sed)

, pay

able

by

Sel

ler

1% to

Buy

er's

sid

e, p

ayab

le b

y B

uyer

or S

elle

r as

agre

ed

The

IMFP

A w

ill b

e m

ade

an in

tegr

al p

art o

f the

con

tract

SPEC

IAL

FEA

TUR

ES:

A.

The

bulli

on i

s so

ld w

ith f

ull

Gov

ernm

ent

Exp

ort

App

rova

l an

d Ta

x P

aid

Cle

aran

ce. T

his

bein

g S

over

eign

-ow

ned

bulli

on, t

he C

hine

se g

over

nmen

t has

no

juris

dict

ion

over

the

prod

uct.

The

expo

rt pe

rmits

hav

e al

read

y be

en is

sued

an

d w

ill b

e co

nfirm

ed to

the

Buy

er d

urin

g th

e B

ank

Tabl

e To

p M

eetin

g.

B.

The

"ledg

er-to

-ledg

er"

trans

fer

of p

aym

ent

on c

losi

ng c

an b

e co

nduc

ted

in a

ny

maj

or B

ank

in H

ong

Kong

. The

Sel

ler w

ill op

en a

ban

k ac

coun

t in

the

Buye

r's B

ank;

al

tern

ativ

ely,

the

Selle

r can

ass

ist t

he B

uyer

with

an

acco

unt i

n H

SBC

, Hon

g Ko

ng.

C.

Wes

tern

Buy

ers

who

pre

fer t

o m

aint

ain

thei

r fun

ds in

Eur

ope

may

utili

ze th

e Se

ller's

pa

rent

Ban

k, H

SBC

Ban

k, L

ondo

n, H

ead

Offi

ce a

s th

e Pa

ymen

t Set

tlem

ent B

ank

for p

urpo

ses

of b

lock

ing

fund

s pr

ior t

o as

sayi

ng th

e pr

oduc

t and

set

tling

paym

ent.

D.

The

Sel

ler

is w

illin

g to

del

iver

the

pro

duct

, at

Sel

ler's

exp

ense

, to

LB

MA

-ac

cred

ited

Met

alor

refin

ery,

Hon

g K

ong,

for a

fina

l ass

ay a

nd G

LD c

ertif

icat

ion

prio

r to

pur

chas

e. A

ltern

ativ

ely,

Buy

ers

may

atte

nd a

t th

e S

elle

r's s

ecur

ity

war

ehou

se w

ith th

eir i

nspe

ctio

n te

am to

ass

ay th

e pr

oduc

t prio

r to

purc

hase

.

E.

The

Selle

r is

als

o w

illing

to

deliv

er t

he

prod

uct,

at S

elle

r's e

xpen

se,

to M

etal

or

refin

ery,

Hon

g Ko

ng fo

r a fi

nal a

ssay

and

GLD

cer

tific

atio

n; th

en a

rrang

e fo

r HSB

C,

Hon

g Ko

ng t

o tra

nsfe

r th

e ne

wly

ass

ayed

met

al f

rom

the

ref

iner

y to

the

Ban

k's

vaul

t or d

epos

itory

to p

erm

it a

new

Ban

k SK

R in

the

Buye

r's n

ame

upon

clo

sing

.

F.

The

Sel

ler i

s al

so w

illin

g, u

nder

cer

tain

circ

umst

ance

s, to

del

iver

the

prod

uct,

at

the

Sel

ler's

exp

ense

, to

the

Hon

g K

ong

Inte

rnat

iona

l Airp

ort,

Free

Tra

de Z

one.

G.

The

Sel

ler

will

pro

vide

the

Buy

er w

ith tw

o-w

eeks

free

war

ehou

se s

tora

ge a

nd

insu

ranc

e co

ver

afte

r pu

rcha

se t

o al

low

the

Buy

er a

dditio

nal t

ime

to f

inal

ize

his

arra

ngem

ents

rega

rdin

g in

sura

nce

and

stor

age

or p

hysi

cally

liftin

g th

e go

ods.

H.

The

cont

ract

con

tain

s a

Two

Perc

ent (

2%)

pena

lty c

laus

e fo

r no

n-pe

rform

ance

by

eith

er P

arty

. The

Sel

ler

rese

rves

the

right

to r

epor

t def

aulti

ng B

uyer

s to

the

appr

opria

te a

utho

ritie

s. O

ffend

ers

face

leng

thy

jail

term

s un

der H

ong

Kong

law

.

I. Th

e tra

nsac

tion

can

be c

ondu

cted

on

a w

holly

"ba

nk-to

-ban

k" (

paym

ent-

agai

nst-t

rans

fer o

f titl

e) b

asis

- w

ithou

t any

requ

irem

ent t

hat t

he B

uyer

blo

ck h

is

fund

s or

mov

e hi

s fu

nds

first

into

Hon

g Ko

ng o

r HSB

C B

ank,

Lon

don

- pro

vide

d th

e Bu

yer d

oes

not r

equi

re to

insp

ect/a

ssay

the

prod

uct p

rior t

o se

ttlin

g pa

ymen

t.

3 of

4

TT RRAA

NNSS

AACC

TT IIOO

NN PP

RROO

CCEE

DDUU

RREE

SS

The

trans

actio

n is

bei

ng c

ondu

cted

as

an "

Off-

Mar

ket,

Priv

ate

Sal

e",

man

aged

ex

clus

ivel

y w

ithin

the

bank

ing

syst

em. T

he p

roce

dure

s ar

e fu

lly b

ank-

com

plia

nt a

nd

have

bee

n ap

prov

ed b

y th

e Se

ller's

Tra

nsac

ting

Bank

, HSB

C, H

ong

Kong

, Mai

n O

ffice

.

The

proc

edur

es a

re, g

ener

ally

, as

follo

ws:

1.

The

Buy

er a

nd S

elle

r or t

heir

lega

l man

date

s ne

gotia

te th

e co

ntra

ct a

nd fi

naliz

e th

e S

ale

& P

urch

ase

Agr

eem

ent (

"SP

A")

.

2.

The

Buy

er a

nd S

elle

r si

gn t

he S

PA

ele

ctro

nica

lly a

nd lo

dge

the

cont

ract

with

th

eir r

espe

ctiv

e B

anks

. N

ote:

Man

ually

sig

ned

cont

ract

s w

ill b

e ex

chan

ged

by t

he P

artie

s in

side

the

B

ank

durin

g th

e sc

hedu

led

Tabl

e To

p M

eetin

g de

scrib

ed b

elow

.

3.

The

Par

ties

arra

nge

a "w

indo

w t

ime”

for

the

ir B

ank

Offi

cers

to

com

mun

icat

e an

d co

nfirm

Pro

of o

f Fun

ds a

nd P

roof

of P

rodu

ct.

4.

The

Sel

ler's

B

ank

Offi

cer

cont

acts

th

e B

uyer

's

Ban

k O

ffice

r du

ring

the

appo

inte

d w

indo

w

time.

Th

e B

ank

Offi

cers

en

gage

in

a

full

and

frank

di

scus

sion

con

firm

ing

the

PO

F/P

OP

sta

tus

of th

eir r

espe

ctiv

e ba

nk c

usto

mer

s.

5.

The

Buy

er's

Ban

k O

ffice

r tra

nsm

its a

Ban

k C

onfir

mat

ion

Lette

r vi

a S

WIF

T 79

9 to

the

Sel

ler's

Ban

k O

ffice

r co

nfirm

ing

Pro

of o

f Fu

nds.

The

Sel

ler's

Ban

k O

ffice

r rem

its a

SW

IFT

MT

600

(Pre

ciou

s M

etal

Tra

de C

onfir

mat

ion

Mes

sage

) co

nfirm

ing

Pro

of o

f Pro

duct

. N

ote:

Whe

re th

e B

uyer

's C

onfir

min

g B

ank

is lo

cate

d in

Hon

g K

ong,

PO

P/P

OF

verif

icat

ion

is c

onfir

med

via

Sec

ure

Ban

k Fa

csim

ile. N

o S

WIF

T m

essa

ges.

The

B

uyer

's B

ank

Offi

cer t

rans

mits

a B

ank

Con

firm

atio

n Le

tter o

r Ban

k Te

ar S

heet

an

d re

ceiv

es, i

n re

turn

, a tr

ue c

opy

of th

e S

elle

r's S

afek

eepi

ng R

ecei

pt.

6.

The

Buy

er t

rans

fers

his

pur

chas

e fu

nds

into

his

cho

sen

Bank

in H

ong

Kon

g.

The

Selle

r th

en o

pens

a p

aym

ent

settl

emen

t ac

coun

t in

the

Buy

er's

Ban

k to

fa

cilit

ate

the

"ledg

er-to

-ledg

er" t

rans

fer o

f pay

men

t upo

n cl

osin

g. A

ltern

ativ

ely,

the

Selle

r can

ass

ist t

he B

uyer

to o

pen

a ba

nk a

ccou

nt in

HSB

C, H

ong

Kong

. N

ote:

The

Buy

er,

in li

eu o

f tra

nsfe

rrin

g hi

s pu

rcha

se f

unds

into

Hon

g K

ong,

m

ay tr

ansf

er h

is fu

nds

into

HS

BC

Ban

k, L

ondo

n, H

ead

Offi

ce a

nd u

tiliz

e H

SB

C

Ban

k, L

ondo

n as

the

Paym

ent S

ettle

men

t Ban

k.

7.

The

Sel

ler's

Ban

k O

ffice

r co

nven

es a

Tab

le T

op M

eetin

g in

side

the

Bank

with

th

e S

elle

r and

Buy

er's

del

egat

ion

in a

ttend

ance

and

pro

vide

s th

e B

uyer

's B

ank

Offi

cer w

ith a

uthe

ntic

ated

"tru

e" c

opie

s of

all

perti

nent

pro

duct

doc

umen

ts.

8.

The

Buy

er,

afte

r co

nfirm

atio

n of

the

pro

duct

doc

umen

ts b

y hi

s B

ank

Offi

cer,

inst

ruct

s hi

s B

ank

Offi

cer

to b

lock

s hi

s fu

nds

in h

is a

ccou

nt i

n fa

vor

of t

he

Sel

ler's

acc

ount

as

a gu

aran

tee

of p

aym

ent a

s pe

r the

term

s of

the

Agr

eem

ent.

9.

The

Buy

er a

ttend

s at

the

Sel

ler's

priv

ate

secu

rity

war

ehou

se w

ith h

is c

ertif

ied

insp

ectio

n te

am a

nd a

ssay

s th

e pr

oduc

t. A

ltern

ativ

ely,

at

the

Buy

ers'

opt

ion,

th

e S

elle

r del

iver

s th

e pr

oduc

t to

Met

alor

refin

ery,

Hon

g K

ong

for a

fina

l ass

ay.

Not

e: T

he S

elle

r ca

n al

so a

rran

ge,

upon

req

uest

, fo

r H

SB

C,

Hon

g K

ong

to

colle

ct th

e ne

wly

ass

ayed

pro

duct

from

Met

alor

refin

ery

and

mov

e th

e A

u M

etal

in

to th

e B

ank'

s va

ult o

r bul

lion

depo

sito

ry.

10.

The

Selle

r's B

ank

Offi

cer,

afte

r co

mpl

etio

n of

the

final

ass

ay, c

onve

nes

a Ba

nk

Tabl

e To

p M

eetin

g w

ith t

he S

elle

r an

d Bu

yer's

del

egat

ion

in a

ttend

ance

. Th

e Ba

nk O

ffice

rs s

et th

e pu

rcha

se p

rice,

then

pro

ceed

, und

er fu

ll ba

nkin

g sc

rutin

y,

to c

lose

the

trans

actio

n on

a "p

aym

ent-a

gain

st-d

eliv

ery

(tran

sfer

of t

itle)

" bas

is.

4 of

4

11.

CCOO

NNFF II

DDEE

NNTT II

AALL

SSEE

LL LLEE

RR II NN

FF OORR

MMAA

TT IIOO

NN

The

Sove

reig

n Se

ller/T

itle

Hol

der

is t

he a

ccre

dite

d re

pres

enta

tive

for,

and

has

sole

si

gnat

ory

auth

ority

to a

ct o

n be

half

of, a

con

sorti

um o

f Gov

ernm

ents

, prin

cipa

lly in

Asi

a an

d th

e Pa

cific

Rim

reg

ion,

and

hol

ds t

itle

of o

wne

rshi

p to

a s

ubst

antia

l ca

che

of

bullio

n st

ock.

Thi

s is

one

of t

he la

rges

t sto

ckpi

les

of G

LD s

tand

ard

bullio

n in

all

of A

sia.

The

Sel

ler's

pro

duct

is

fully

doc

umen

ted.

The

com

plet

e re

cord

s pe

rtain

ing

to t

he

orig

in a

nd p

rove

nanc

e of

the

bulli

on a

re m

aint

aine

d at

HS

BC

, Hon

g K

ong

and

will

be

mad

e av

aila

ble

to q

ualif

ied

Buy

ers

durin

g th

e sc

hedu

led

Ban

k Ta

ble

Top

Mee

ting.

The

bulli

on a

sset

s w

ere

mov

ed in

to H

ong

Kon

g ov

er a

spa

n of

a n

umbe

r of

yea

rs.

Dur

ing

that

per

iod,

at

vario

us t

imes

and

int

erva

ls t

hrou

gh t

o th

e pr

esen

t da

y, t

he

Sel

ler h

as b

een

activ

ely

selli

ng d

own

the

Au

bullio

n, w

hile

at t

he s

ame

time

acqu

iring

ne

w p

rodu

ct to

repl

enis

h th

e st

ock

and

supp

lem

ent e

xist

ing

inve

ntor

ies.

(1

) P

RO

OF

OF

PRO

DU

CT

We

unde

rsta

nd t

he B

uyer

's c

once

rns

rega

rdin

g th

e ge

nuin

enes

s of

the

Sel

ler's

pr

oduc

t; w

e ha

ve th

e sa

me

conc

erns

on

our

side

of t

he a

isle

reg

ardi

ng th

e B

uyer

's

finan

cial

cap

abili

ty. F

or s

ecur

ity re

ason

s - a

nd fo

r rea

sons

of c

onfid

entia

lity

rela

ted

to

the

Sov

erei

gn n

atur

e of

the

prod

uct -

we

do n

ot p

rovi

de a

dvan

ce P

roof

of P

rodu

ct to

no

n-qu

alifi

ed "

third

-par

ties"

via

the

int

erne

t or

sit-

dow

n m

eetin

gs o

r by

any

oth

er

mea

ns. E

qual

ly, t

houg

h, in

def

eren

ce to

the

Buy

er's

legi

timat

e pr

ivac

y an

d se

curit

y co

ncer

ns, w

e do

not

requ

ire th

at in

tere

sted

Buy

ers

prov

ide

adva

nce

Pro

of o

f Fun

ds.

Pro

of o

f P

rodu

ct a

nd P

roof

of

Fund

s w

ill b

e co

nfirm

ed,

inte

rnal

ly,

on a

"ba

nk-to

-ba

nk"

basi

s on

ly,

once

the

Par

ties

have

lodg

ed a

ful

ly e

xecu

ted

cont

ract

with

the

ir re

spec

tive

Ban

ks a

nd t

he B

uyer

has

bee

n cl

eare

d B

ank

com

plia

nce.

Thi

s as

sure

s th

at o

nly

bank

-qua

lifie

d B

uyer

s w

ho a

re "r

eady

, will

ing

and

able

" to

fulfi

ll th

e co

ntra

ct

gain

acc

ess

to th

e S

elle

r's s

ensi

tive

prod

uct i

nfor

mat

ion.

(2

) FU

LL C

OR

POR

ATE

OFF

ER /

OFF

ICIA

L M

AN

DA

TE P

APE

RS

For

priv

acy

and

secu

rity

reas

ons,

we

do n

ot r

elea

se, o

n a

pure

ly s

pecu

lativ

e ba

sis,

se

nsiti

ve p

erso

nal a

nd/o

r co

rpor

ate

info

rmat

ion

rega

rdin

g th

e S

elle

r to

som

eone

we

do n

ot k

now

or

have

not

acc

epte

d to

tran

sact

with

; in

the

sam

e w

ay th

at n

o Bu

yer

is

goin

g to

rel

ease

his

per

sona

l and

/or

corp

orat

e in

form

atio

n to

som

eone

he

does

not

kn

ow o

r has

not

acc

epte

d to

tran

sact

with

. Tha

t is

just

"com

mon

sen

se" b

usin

ess

logi

c.

We

wou

ld b

e pl

ease

d to

pro

vide

the

Buy

er w

ith a

for

mal

Ful

l C

orpo

rate

Offe

r, to

in

clud

e ou

r of

ficia

l man

date

pap

ers,

onc

e w

e ha

ve h

eld

prel

imin

ary

disc

ussi

ons

with

th

e Bu

yer

or h

is le

gal m

anda

te a

nd h

ave

conf

irmed

tha

t th

e Bu

yer

is in

tere

sted

in

purc

hasi

ng th

e Se

ller's

pro

duct

, and

is w

illing

to c

ompl

y w

ith th

e Se

ller's

pro

cedu

res,

an

d is

oth

erw

ise

com

pete

nt t

o pe

rform

the

tra

nsac

tion.

Pre

sum

ably

, th

e Bu

yer

goes

th

roug

h a

sim

ilar c

alcu

lus

befo

re p

rovi

ding

the

Sel

ler w

ith a

form

al L

ette

r of i

nten

t.

CCOO

NNTT RR

AACC

TT NN

EEGG

OOTT II

AATT II

OONN

SS

•

We

wou

ld

be

plea

sed

to

enga

ge

in

mea

ning

ful

cont

ract

di

scus

sion

s w

ith

inte

rest

ed B

uyer

s an

d/or

thei

r leg

al m

anda

tes.

• W

e ca

n m

ove

very

spe

edily

to c

ontra

ct-s

igni

ng a

nd c

losi

ng. W

e op

erat

e re

spon

sibl

y an

d pr

ofes

sion

ally

and

are

exp

erie

nced

at c

ondu

ctin

g Au

bul

lion

trans

actio

ns.

• C

onsu

ltant

s ar

e en

cour

aged

to

prot

ect

thei

r co

nfid

entia

l sou

rces

at

all t

imes

. A

N

on-C

ircum

vent

ion

& N

on-D

iscl

osur

e A

gree

men

t is

avai

labl

e up

on re

ques

t.

• A

dditi

onal

info

rmat

ion,

incl

udin

g a

copy

of

the

Sal

e &

Pur

chas

e A

gree

men

t, is

av

aila

ble

to in

tere

sted

Buy

ers

and/

or th

eir l

egal

man

date

s on

ly.