1 Exchange Traded Forum Montreal - October 9, 2013

ROYAL CANADIAN MINT - VISION "To be the Best Mint in the World " 2

ROYAL CANADIAN MINT – BUSINESS LINES 3 Canadian CirculationForeign Business Winnipeg

ROYAL CANADIAN MINT – BUSINESS LINES 4 Numismatics Bullion, Refinery & ETR Ottawa

INTRODUCING THE ETR PROGRAM 5 SecureEfficientConvenient

SECURE – ROYAL CANADIAN MINT 6 Largest commercial mint in the world Over 100 years of custodial and refining experience Has provided services to over 80 national governments Crown corporation Obligations of the Mint constitute a direct unconditional obligation of Her Majesty in right of Canada Canada has a AAA credit rating

DIRECT BENEFICIAL OWNERSHIP 7 ETR structure gives investors direct interest in purest RCM bullion products without the presence of an intermediary 100% of the bullion is stored at Royal Canadian Mint Physical Bullion Funds Bullion Futures Contract ETR Investor Asset Manager Investor Counterparty Investor

EFFICIENT – LOW TOTAL COST 8 For most investors, purchasing, storing and selling gold and silver is not easy and it may be expensive Because of its custodial and refinery role, the Mint can deliver a cost effective ETR Program All-in annual service fees to cover custody and all other costs of: 0.35% MNT/MNT.U & 0.45% MNS/MNS.U ETR holders receive the same security, quality and service as the Mints institutional clients with the benefit of liquidity through a TSX listing

FLEXIBLE REDEMPTION AND OPTIONS 9 Most investor-friendly overall redemption rights Monthly redemption options for cash or newly cast purest gold and silver RCM products including: 99.99% Gold & Silver Maple Leaf Coins (1 oz); gold Kilo & LGD bars 99.9% Silver 100 oz & LGD bars

CANADIAN GOLD RESERVES – ENTHUSIASTICALLY RECEIVED 10 Largest Canadian IPO in 2011 First gold vehicle that constitutes a direct obligation of a sovereign government 30,000,000 ETRs/$600 Million New Offerings 7.5 million additional ETRs issued Total: 36,910,798 ETRs / 399,755 oz Values as of Sept 30, 2013

MNT VS. NET ASSET VALUE (CAD) 11

CANADIAN SILVER RESERVES – TSX: MNS/MNS.U 12 IPO November 2012 Direct investor exposure to silver, not silver producers Purchase Right Total: 5,010,994 ETRs / 3,091,870 oz Values as of Sept 30, 2013

MNS VS. NET ASSET VALUE (CAD) 13

Cash Redemption 14 Gold ETRClosed-End FundsExchange Traded Funds Canadian Gold Reserves 0.35% 100% Physical Royal Canadian Mint 109 oz/10,000 Receipts (1) NAV (2) Newly Cast.9999 Maple Leafs, Kilobars, LGD Bars Total LTM Fees As a % of NAV Current Holdings Custodian Physical Redemption Minimum Redemption Redemption Price Redemption Form Sprott Physical Gold TrustCentral Gold TrustSPDR Gold SharesiShares Gold TrustiShares Gold Bullion Fund 0.47%0.35%0.40%0.25%0.55% 98.9 Physical, 1.1% Cash (3) 97.5% Physical, 1.7% Cash, 0.8% Gold Certificates (4) 100% Physical, 0.06% Liabilities (5) 100% Physical, 0.2% Liabilities (7) 98.2% Physical, 1.8% Currency Forward Contracts (9) Royal Canadian MintCIBCHSBC Bank USAJPMorgan Chase Bank, N.A.Bank of Nova Scotia Authorized Participants Designated Brokers and Underwriters oz/ 1 LGD BarN/A9,706 oz/1 Basket of 100,000 shares (6) 487oz/1 Basket of 50,000 shares (8) 448 oz/1 Basket of 50,000 Shares (10) NAVN/ANAV LGD BarsN/ALGD Bars LGD and COMEX Bars (1)As of June 6, 2012 (2) See p.17 of the Information Statement (3,4,5) As of March 31, 2012 (6) As of June 6, 2012 (7) As of March 31, 2012 (8,9,10) As of June 6, 2012 Gold Comparative Investments

Exchange Traded FundsClosed-End Funds Total LTM Fees as a % of NAV Current Holdings Custodian Physical Redemption 0.54% JPMorgan Chase Bank, N.A. 0.77% 99.0% Physical 1.1% Cash (0.1%) Other Liabilities Royal Canadian Mint 0.75% ScotiaMocatta 0.45% 0.49% (Subsidized cost: 0.33%) CIBCHSBC Bank USA, N.A. 0.45% 100% Physical Royal Canadian Mint BlackRock Silver Bullion Trust (Formerly Claymore) Minimum Redemption 48,436 oz / 50K shares / ~US$1.7mm 10 LGD Bars / ~26K shares / ~US$349K (4) n/a 99,042 oz / 100K shares / ~US$3.5mm ~2,932 oz (2) / 5K ETRs / $100K (3) Redemption Price NAV less associated fees NAV less associated fees n/a NAV less associated fees NAV less associated fees Redemption Form LGD Bars 99.9% minimum purity Maple Leaf Coins 100 oz bars LGD Bars Cash Redemption Silver ETR 100% Physical 98.6% Physical 1.4% Cash 100% Physical Authorized Participants Only Authorized Participants Only Market Cap of Fund ($mm) US$11,013US$1,473$149$109US$609$100 Sprott Physical Silver Trust Silver Bullion Trust iShares Silver Trust ETFs Silver Trust 100.4% Physical 0.4% Cash. (0.8%) Forw. Con. (1) n/a n/a Silver Comparative Investments Note: All data presented as per latest publicly available information on October 5, and Nov. 5, 2012 for MNS (1) Includes other assets less liabilities. (2) Based on US$/C$ exchange rate and silver price as at October 5, (3) Based on issue price of $ (4) Assuming 1,000 oz per LGD bar.

GOLD/SILVER ETR COMPARISON 16

CONTACT US 17 Steve Higgins Senior Manager, ETR Program Tel: Toll Free: Fax: Royal Canadian Mint 320 Sussex Drive Ottawa, Ontario K1A 0G8