November 2017 Gold ETF Fund Flows. December 6, 2017

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1 November 2017 Gold ETF Fund December 6, 2017

2 Gold ETF Key Takeaways: Global gold-backed ETFs collectively hold 2,357t, as funds added 9.1t in November Europe led inflows in October, as investors added 15.8t (US$622mn, 1.5% AUM) of gold through funds listed in the region ishares Physical Gold ETC added 7.0t (US$292mn, 3.1% AUM) Two currency-hedged funds in Europe grew by almost 20% Regional flows European funds added 15.8t (US$622mn, 1.5% AUM) North America had outflows of 5.4t (US$198mn, 0.38% AUM), declining for the second month in a row. Asian funds lost 0.3t (US$200k, 0% AUM) Individual fund flows ishares Gold Trust added 7.0t (US$292mn, 3.1% AUM) SPDR Gold Shares led outflows worldwide with 11.2t (US$451mn, 1.3% AUM) coming out of the fund. In Europe, three currency-hedged funds grew substantially on a percentage basis. db Physical Gold Euro Hedged ETC added 5.3t (US$195mn, 14% AUM). UBS ETF CH-Gold CHF hedged added 4.2t (US$163mn, 19% AUM). db Physical Gold ETC EUR added 2.3t (US$95mn, 18% AUM). ETFS Physical Gold added 2.3t, increasing their AUM by 2%. Year-to-date trends European funds continued to lead inflows and captured 75% of global inflows this year, adding 143t (US$5.7bn, 14% AUM) of gold to their holdings in North America had inflows worth 62.3t (US$2.9bn, 5.5% AUM) Asian funds had outflows of 13.7t (US$455mn, 14% AUM) during the year Other regions had marginal outflows of 0.1t (US$8.7mn, 0.5% AUM) over the period. World Gold Council October 2017 Fund Year-to-date (YTD) flows As of 11/30/2017 North America , % Europe , % Asia % Other % Net inflows , % Net outflows % Total , % Month-to-date (MTD) flows As of 11/30/2017 North America % Europe % Asia % Other % Net inflows , % Net outflows % Total % *As of 30 October Source: Bloomberg, Company Filings, World Gold Council 2

3 November 2017 fund flows Month-to-date (MTD) flows As of 11/30/2017 MTD as a percentage of previous period AUM As of 11/30/2017 North America % North America % Europe % Europe % Asia % Asia % Other % Other % Net inflows , % Net inflows , % Net outflows % Net outflows % Total % Total % Top 15 flows Country Δ tonnes Top 15 flows Country Δ tonnes ishares Gold Trust US % EUWAX GOLD II GR % db Physical Gold Euro Hedged ETC GR % UBS ETF CH-Gold CHF hedged SW % UBS ETF CH-Gold CHF hedged SW % db Physical Gold ETC EUR GR % ETFS Physical Gold LN % db Physical Gold Euro Hedged ETC GR % db Physical Gold ETC EUR GR % db Physical Gold GBP Hedged ETC LN % ishares Physical Gold ETC LN % Bosera Gold Exchange Trade Open-End Fund ETF CH % Japan Physical Gold ETF JT % FinEx Gold ETF USD RM % Gold Bullion Securities Ltd LN % Japan Physical Gold ETF JT % ishares Gold CHF Hedged ETF CH SW % ishares Gold EUR Hedged ETF CH SW % ETFS Physical Swiss Gold LN % ETFS GBP Daily Hedged Physical Gold LN % ETFS EUR Daily Hedged Physical Gold IM % ETFS EUR Daily Hedged Physical Gold IM % Pictet CH Precious Metals Fund - Physical Gold SW % ishares Gold Trust US % EUWAX GOLD II GR % ishares Gold CHF Hedged ETF CH SW % ETFS GBP Daily Hedged Physical Gold LN % ETFS Physical Gold LN % ETFS Physical Swiss Gold Shares US % UBS ETF CH-Gold EUR hedged SW % Bottom 15 flows Country Δ tonnes Bottom 15 flows Country Δ tonnes ICICI Prudential Gold iwin ETF IN % AXIS GOLD ETF IN % ETFS Physical PM Basket LN % Sprott Physical Gold Trust US % Huaan Yifu Gold ETF CH % Source Physical Gold P-ETC LN % UBAM CH - Gold + SW % ishares Gold ETF CH SW % ishares Gold ETF CH SW % BetaShares Gold Bullion ETF Currency Hedged AU % ZKB Gold ETF SW % Aditya Birla Sun Life Gold ETF IS % ishares Gold Bullion ETF CN % SPDR Gold Shares US % E Fund Gold Tradable Open-end Securities InvestmeCH % ICICI Prudential Gold iwin ETF IN % UTI-Gold Exchange Traded Fund IN % NewGold Issuer Ltd SJ % Sprott Physical Gold Trust US % UBAM CH - Gold + SW % Xetra-Gold GR % ishares Gold Bullion ETF CN % Royal Canadian Mint - Canadian Gold Reserves CN % Invesco India Gold Exchange Traded Fund IN % NewGold Issuer Ltd SJ % Royal Canadian Mint - Canadian Gold Reserves CN % Source Physical Gold P-ETC LN % E Fund Gold Tradable Open-end Securities Investment CH % SPDR Gold Shares US % UTI-Gold Exchange Traded Fund IN % Source: Bloomberg, Company Filings, World Gold Council World Gold Council October 2017 Fund 3

4 2017 Year-to-date fund flows Year-to-date (YTD) flows As of 11/30/2017 YTD flows as a percentage of previous year AUM As of 11/30/2017 North America , % North America , % Europe , % Europe , % Asia % Asia % Other % Other % Net inflows , % Net inflows , % Net outflows % Net outflows % Total , % Total , % Top 15 flows Country Δ tonnes Top 15 flows Country Δ tonnes Xetra-Gold GR , % Safe Port Physical Gold 95+ Fund LE % ishares Gold Trust US , % ETFS GBP Daily Hedged Physical Gold LN % Source Physical Gold P-ETC LN , % db Physical Gold GBP Hedged ETC LN % SPDR Gold Shares US % EUWAX GOLD II GR % ishares Physical Gold ETC LN % db Physical Gold Euro Hedged ETC GR % db Physical Gold Euro Hedged ETC GR % FinEx Gold ETF USD RM % ETFS Physical Gold LN % Graniteshares Gold Trust US % UBS ETF CH-Gold CHF hedged SW % Xetra-Gold GR , % db Physical Gold ETC LN % Source Physical Gold P-ETC LN , % ETFS Physical Swiss Gold LN % UBS ETF CH-Gold CHF hedged SW % ETFS Metal Securities Australia Ltd - ETFS Physical Gold AU % ishares Physical Gold ETC LN % ETFS GBP Daily Hedged Physical Gold LN % ETFS Physical Swiss Gold LN % Pictet CH Precious Metals Fund - Physical Gold SW % db Physical Gold ETC LN % EUWAX Gold GR % SPDR Long Dollar Gold Trust US % Bosera Gold ETF I CH ETFS Metal Securities Australia Ltd - ETFS Physical Gold AU % Bottom 15 flows Country Δ tonnes Bottom 15 flows Country Δ tonnes AXIS GOLD ETF IN % Royal Canadian Mint - Canadian Gold Reserves CN % BMG Gold Bullion Fund CN % UTI-Gold Exchange Traded Fund IN % UTI-Gold Exchange Traded Fund IN % HDFC Gold Exchange Traded Fund IN % Kotak Gold ETF IN % Kotak Gold ETF IN % HDFC Gold Exchange Traded Fund IN % SBI-ETF Gold IN % Safe Port Precious Metals 95+ Fund LE % Thanachart Gold ETF TB % SBI-ETF Gold IN % ETFS Physical PM Basket LN % ETFS Physical PM Basket LN % AXIS GOLD ETF IN % ZKB Gold ETF SW % Invesco India Gold Exchange Traded Fund IN % Royal Canadian Mint - Canadian Gold Reserves CN % IDBI Gold ETF IN % Sprott Physical Gold Trust US % Istanbul Gold Exchange Traded Fund TI % NewGold Issuer Ltd SJ % Huaan Yifu Gold ETF CH % Guotai Gold ETF CH % E Fund Gold Tradable Open-end Securities Investment Fund CH % E Fund Gold Tradable Open-end Securities Investment Fund CH % Safe Port Precious Metals 95+ Fund LE % Huaan Yifu Gold ETF CH % Guotai Gold ETF CH % Source: Bloomberg, Company Filings, World Gold Council World Gold Council October 2017 Fund 4

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