Allocated Bullion Exchange

Dear Turd & Turdites,

As a member of the ABX I thought I’d give you an update that I learnt about last week and received by official e-mail confirmation early this afternoon (21 June 2016). The e-mail is as follows (my comments follow):

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Dear Member,

In an effort to provide fair, orderly and transparent markets, the ABX Listing Committee conducts quarterly reviews of all hubs and contract offerings. The purpose of these reviews is to place front and centre the objective of providing deep liquidity with institutional pricing for physical allocated precious metals.

HUB SUSPENSION
As a result of the latest review conducted in May 2016, the review committee has voted to suspend the following hubs effective 5.00pm Thursday 30 June 2016 AEST:

Australia

Global

• Istanbul
• Bangkok
• Auckland
• Shanghai

The closing of these hubs allows for ABX to focus our liquidity in higher volume hubs.

AUSTRALIA/AUD CONTRACT SUSPENSION
To coincide with the suspension of the listed Australian hubs, ABX shall be removing the following contracts traded in AUD effective 5.00pm Friday 29 July 2016 AEST:

GOLD

SILVER

• Austrian Philharmonic

PLATINUM

• 1/2 ounce Pooled Contract
• 1 Kg bar
• Canadian Maple

Existing holdings for continuing ABX contracts will be transported from Melbourne, Adelaide and Perth to Sydney at no cost.

Clients with holdings delisted within Australia, and who do want to have their holdings relocated, can choose from the options below:

1. Take delivery of the metal for which ABX will waive the withdrawal fee and facilitate transportation to you at cost price;
(An amnesty period of 90 days shall be provided for withdrawal following the delisting of contracts. If your metal is not withdrawn in this time frame, ABX member services will contact you to determine delivery or disposal) or

2. Trade out of positions on MetalDesk prior to contract delisting.
Note: In Australia clients cannot collect from vaults.

GLOBAL/USD CONTRACT SUSPENSION
To coincide with the suspension of the above listed Global hubs, ABX shall be removing the following contracts traded in USD effective 5.00pm Friday 29 July 2016 AEST:

GOLD

• ½ Ounce Pool
• Kangaroo
• Buffalo
• Maple
• Philharmonic
• Panda

SILVER

• 1oz Pool
• Kookaburra/Koala
• Eagle
• Maple
• Philharmonic
• 10 oz Minted

PLATINUM

• ½ ounce Pool
• Maple

Existing holdings for continuing ABX contracts will be transported from the suspended vault to a vault location of your choice free of charge. Please nominate, or a new vault location will be assigned to you by ABX.

Clients with contracts delisted may choose one of the options listed below:

1 Take delivery of the metal for which ABX will waive the withdrawal fee and facilitate transportation to you at cost price;
(An amnesty period of 90 days shall be provided for withdrawal following the delisting of contracts. If your metal is not withdrawn in this time frame, ABX member services will contact you to determine delivery or disposal) or

2. Trade out of positions on MetalDesk prior to contract delisting.
Note: With vaults ex Australia you may be eligible to collect directly from vaults.

Since 2012, Bullion Capital has been the trading entity and a full member of Australian Bullion Exchange (ABX) and as a result of this, ABX has been successful in creating a strong and viable value proposition for our members and associate members. Now, as ABX moves to the next exciting phases of growth, we must make the necessary changes to ensure ongoing transparency in all that we do and prepare the transition to a fully integrated institutional exchange framework.

Listed below are the following changes that will take effect from Friday 1 July 2016:

• Bullion Capital will be acquired by BCL Capital Management Ltd and will cease trading as a business arm of Australian Bullion Exchange Limited.

• Australian Bullion Exchange Ltd will formally change its name to Allocated Bullion Exchange Ltd.

• Bullion Capital will remain a Full Member of Allocated Bullion Exchange (ABX) with no interruption to existing service provision to you.

With these changes comes the appointment of Bullion Capital's strong and experienced leadership team that will be there to assist in your growth and investment objectives:

Tony Velez – t------@bullioncapital. com
Edward Stanley-Cary – e-------@bullioncapital. com
Jeremy Dean – j-------@bullioncapital. com

For further information please contact your member or contact ABX directly on +61 7 3211 5007 or info @ abx.com.

Yours faithfully,
ABX Listing Committee

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