ZUGANG ZU GLOBALEN ROHSTOFFMÄRKTEN MIT ETPs FAMILY OFFICE FORUM, WIESBADEN 2014 BERNHARD WENGER – HEAD OF GERMANY, AUSTRIA & CEE

INHALT  Das Makro-Umfeld3  Rohstoffe als Anlageklasse14  Platin und Palladium21  Kupfer27  Kontaktdaten31 INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 2

DAS MAKRO-UMFELD INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 3

DER GLOBALE WIRTSCHAFTSAUFSCHWUNG WEITET SICH AUS INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 4 Weltweites BIP Wachstum, aufgeteilt nach Ländern Quelle: IMF, ETF Securities

US-WIRTSCHAFT SCHEINT SICH ZU VERBESSERN INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 5 US ISM vs Non-Farm Payrolls US ISM-Einkaufsmanagerindex / Beschäftigte außerhalb der Landwirtschaft Monatl. Abweichung (linke y-Achse), Monatl. Werte (rechte y-Achse), Feb Quelle: Bloomberg, ETF Securities

ANPASSUNG DER ROHSTOFFPREISE AN NIEDRIGERES WACHSTUM IN CHINA… INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 6 Wachstum China / Rohstoffpreise Quelle: Bloomberg, ETF Securities

... UND STARKE ERWARTUNGEN AN ROHSTOFFANGEBOT INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 7 Erwartetes Marktangebot für Mais, Weizen und Sojabohnen Auf 100 indexiert = 2009, von 2009 bis 2014F Erwartetes Marktangebot für Kupfer, Aluminium und Zink Auf 100 indexiert = 2009, von 2009 bis 2014F Erwartetes Marktangebot für Erdöl und US-Erdgas Auf 100 indexiert = 2009, von 2009 bis 2014F Quelle: USDA, ETF Securities E = erwartet zum Jahresende, F = Prognose Quelle: Australian Government Bureau of Resources and Energy Economics, ETF Securities E = erwartet zum Jahresende, F = Prognose Quelle: EIA, ETF Securities E = erwartet zum Jahresende, F = Prognose

CHINAS’ APPETIT FÜR ROHSTOFFE BLEIBT STARK INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 8 Wachstum Chinesischer Rohstoff-Importe in 2013 Quelle: Bloomberg, China Customs, ETF Securities

…UND SOLLTE ÜBER DIE KOMMENDEN JAHRE STARK BLEIBEN INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 9 Steigendes Pro-Kopf-Einkommen treibt Rohstoff-Nachfrage Quelle: World Bank, ETF Securities Stand: 2011

STEIGENDE NACHFRAGE DURCH VORANSCHREITENDE URBANISIERUNG INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 10 Urbanisierungsrate %-Anteil der Bevölkerung der in urbanen Gebieten lebt Quelle: United Nations, Department of Economic and Social Affairs, Population Division

VERSTÄDTERUNG ALS GROßER EINFLUSSFAKTOR FÜR ERHÖHTE ROHSTOFFNACHFRAGE 11 Shanghai Shanghai INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

ENTWICKLUNG IN DUBAI 12 Dubai Dubai INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

POTENTIAL STEIGENDER ROHSTOFFPREISE DURCH ERHOLUNG DER US-WIRTSCHAFT INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 13 DJ-UBS Commodity Index vs US Leading Index

ROHSTOFFE ALS ANLAGEKLASSE INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 14

CHANCEN DURCH ROHSTOFFANLAGEN 15 D IVERSIFIKATIONS - VORTEILE W IRTSCHAFTS - WACHSTUMS IN SCHWELLEN - MÄRKTEN P OSITIVE KORRELATION ZUR INFLATION Aufgrund von historisch langfristig niedriger Korrelation zu traditionellen Bond- und Aktienindizes Steigende Nachfrage von rapide wachsenden Industrienationen treiben Rohstoffpreise nach oben In Zeiten hoher und unerwarteter Inflation haben Rohstoffe rückblickend häufig besser performed INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

DIVERSIFIKATIONSEIGENSCHAFTEN VON ROHSTOFFEN 16 Quelle: ETF Securities, Bloomberg Rohstoffe durch DJ UBS Commodity Index repräsentiert Täglich gleitende Jahreskorrelation mit Rohstoffen Tägl. Daten von Dez – 2013 INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

SIGNIFIKANTER ZUSAMMENHANG ZWISCHEN ROHSTOFFPREISEN UND INFLATION 17 Source: ETF Securities, Bloomberg Rohstoffe vs. Inflation Jährl. %, vierteljährl, 30.Sep INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED Quelle: ETF Securities, Bloomberg

STARKE PERFORMANCE VON ROHSTOFFEN IM LETZTEN JAHRZEHNT 18 Quelle: ETF Securities, Bloomberg Performance von Aktien, Anleihen und Rohstoffen über 10 Jahre INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

ROHSTOFF-PERFORMANCE IM ÜBERBLICK INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 19

PALLADIUM, KUPFER UND BLEI ALS BESTE PERFORMER IN WACHSTUMSMÄRKTEN INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 20 Quelle: Bloomberg, ETF Securities Average monthly performance during the best 20% months of growth performance over the past 10 years (from October 2003 to October 2013). Growth is calculated as the simple average of US ISM and EU PMI growth on a 3-month moving average basis. Commodity performance is calculated from the relevant commodity-specific sub-indices of the DJ-UBS Commodity Index SM. Monthly returns are in USD from October 2003 to October Performance von Rohstoffen wenn Produktionszyklus zulegt

PLATIN UND PALLADIUM STEIGENDE NACHFRAGE + PRODUKTIONSUNTERBRECHUNGEN = STARKES ANGEBOTSDEFIZIT INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 21

UNTERSCHIEDLICHE NACHFRAGE-FAKTOREN FÜR PLATIN UND PALLADIUM INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 22 Globale Platin Nachfrage, nach Anwendung % von der Gesamtnachfrage, Daten von 2013 Globale Palladium Nachfrage, nach Anwendung % von der Gesamtnachfrage, Daten von 2013 Quelle: Johnson Matthey, ETF Securities

CHINAS’ PLATIN-SCHMUCKBEDARF – EINE IMMER WICHTIGER WERDENDE NACHFRAGEQUELLE INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 23 Chinas‘ Schmuckindustrie als Quelle für Platin-Nachfrage % von Platin-Gesamtnachfrage, jährl. Daten, Chinas‘ Platin-Schmuck-Nachfrage tsd. Unzen, jährl. Daten,

ANGEBOTSDEFIZIT BEI PLATIN UND PALLADIUM INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 24 Platin und Palladium Defizit/Überschuss, % globales Angebot Quelle: Johnson Matthey, ETF Securities

MITTELFRISTIGE PREISUNTERGRENZE DURCH HOHE PRODUKTIONSKOSTEN INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 25 Kosten für Platin-Produktion sind gestiegen USD/Unze, jährliche Daten, – Quelle: Bloomberg, ETF Securities * Der Durchschnitt wurde anhand der zwei größten Platin Produzenten, die 69% der gesamten Platin-Produktion umfassen, Anglo American Platinum und Impala Platinum

PLATINANGEBOT ZU 72% AUF SÜDAFRIKA KONZENTRIERT Quelle: Johnson Matthey, ETF Securities % % % % % % % % % Anteil Südafrikas an der Gesamtversorgung Angebot durch Platinminen nach Ländern, in ‘000 Unzen 26 INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED

KUPFER STARKE NACHFRAGE, ÜBERSCHÄTZTES ANGEBOT INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 27

INDUSTRIEMETALLE KORRELIEREN TENDIENZIELL VERZÖGERT, ABER STARK MIT DEM PRODUKTIONSZYKLUS INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 28 Industriemetalle vs. Industrieproduktion % jährlich; monatliche Daten von Quelle: Bloomberg *DJ-UBS Industrial Metals Total Return Sub-IndexSM

ABBAU GLOBALER KUPFER-LAGERBESTÄNDE INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 29 Kupferbestände Tägliche Daten, –

VERSTÄRKTE AUFLÖSUNG VON LME LAGERSCHEINEN AUF KUPFER = STEIGENDE PHYSISCHE NACHFRAGE INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 30 Rekordnahe Auflösungen von LME Lagerscheinen tsd. Lagerscheine, – Quelle: Bloomberg

ETF SECURITIES KONTAKTDATEN INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 31

WICHTIGE HINWEISE (I) INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 32 General This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”). This communication is only targeted at qualified investors as such term is defined in Directive 2010/73/EU and professional investors as such term is defined in Directive 2004/39/EC. The products discussed in this communication are issued by ETFS Commodity Securities Limited (“CSL”), ETFS Hedged Commodity Securities Limited (“HCSL”), ETFS Hedged Metal Securities Limited (“HMSL”), Swiss Commodity Securities Limited (“SCSL”), ETFS Foreign Exchange Limited (“FXL”), ETFS Industrial Metal Securities Limited (“IML”), ETFS Metal Securities Limited (“MSL”), ETFS Oil Securities Limited (“OSL”), Gold Bullion Securities Limited (“GBS” and, together with CSL, HCSL, HMSL, SCSL, FXL, IML, MSL and OSL, the “Issuers”) and ETFX Fund Company plc (the “Company”). Each Issuer is regulated by the Jersey Financial Services Commission. The Company is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a “Fund”) and is organised under the laws of Ireland. The Company is regulated, and has been authorised as a UCITS by the Central Bank of Ireland (the “Financial Regulator”) pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). Italy: When being made within Italy, this communication is for the exclusive use of the “qualified investors” and its circulation among the public is prohibited. Switzerland: When being made within Switzerland, this communication is for the exclusive use by “Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (“CISA”) and its circulation among the public is prohibited. US: This communication is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, the Company or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this communication nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers, the Company nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes. This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this communication may be based on back testing. Back tested performance is purely hypothetical and is provided in this communication solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchaser or sale would be unlawful under the securities law of such jurisdiction. This communication should not be used as the basis for any investment decision. ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by the Issuers and the Company may be structured products involving a significant degree of risk and may not be suitable for all types of investor. This communication is aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer or the Company which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuers or the shares of the Company which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers and the Company. The relevant prospectus for each Issuer and the Company may be obtained from Please contact ETFS UK at or for more

WICHTIGE HINWEISE (II) INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 33 General This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”). This communication is only targeted at qualified investors as such term is defined in Directive 2010/73/EU and professional investors as such term is defined in Directive 2004/39/EC. The products discussed in this communication are issued by ETFS Commodity Securities Limited (“CSL”), ETFS Hedged Commodity Securities Limited (“HCSL”), ETFS Hedged Metal Securities Limited (“HMSL”), Swiss Commodity Securities Limited (“SCSL”), ETFS Foreign Exchange Limited (“FXL”), ETFS Industrial Metal Securities Limited (“IML”), ETFS Metal Securities Limited (“MSL”), ETFS Oil Securities Limited (“OSL”), Gold Bullion Securities Limited (“GBS” and, together with CSL, HCSL, HMSL, SCSL, FXL, IML, MSL and OSL, the “Issuers”) and ETFX Fund Company plc (the “Company”). Each Issuer is regulated by the Jersey Financial Services Commission. The Company is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a “Fund”) and is organised under the laws of Ireland. The Company is regulated, and has been authorised as a UCITS by the Central Bank of Ireland (the “Financial Regulator”) pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). Italy: When being made within Italy, this communication is for the exclusive use of the “qualified investors” and its circulation among the public is prohibited. Switzerland: When being made within Switzerland, this communication is for the exclusive use by “Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (“CISA”) and its circulation among the public is prohibited. US: This communication is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, the Company or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this communication nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers, the Company nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes. This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this communication may be based on back testing. Back tested performance is purely hypothetical and is provided in this communication solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchaser or sale would be unlawful under the securities law of such jurisdiction. This communication should not be used as the basis for any investment decision. ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by the Issuers and the Company may be structured products involving a significant degree of risk and may not be suitable for all types of investor. This communication is aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer or the Company which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuers or the shares of the Company which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers and the Company. The relevant prospectus for each Issuer and the Company may be obtained from Please contact ETFS UK at or for more

WICHTIGE HINWEISE (III) INVESTMENTS MAY GO UP OR DOWN IN VALUE AND YOU MAY LOSE SOME OR ALL OF THE AMOUNT INVESTED P 34 General This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”). This communication is only targeted at qualified investors as such term is defined in Directive 2010/73/EU and professional investors as such term is defined in Directive 2004/39/EC. The products discussed in this communication are issued by ETFS Commodity Securities Limited (“CSL”), ETFS Hedged Commodity Securities Limited (“HCSL”), ETFS Hedged Metal Securities Limited (“HMSL”), Swiss Commodity Securities Limited (“SCSL”), ETFS Foreign Exchange Limited (“FXL”), ETFS Industrial Metal Securities Limited (“IML”), ETFS Metal Securities Limited (“MSL”), ETFS Oil Securities Limited (“OSL”), Gold Bullion Securities Limited (“GBS” and, together with CSL, HCSL, HMSL, SCSL, FXL, IML, MSL and OSL, the “Issuers”) and ETFX Fund Company plc (the “Company”). Each Issuer is regulated by the Jersey Financial Services Commission. The Company is an open-ended investment company with variable capital having segregated liability between its sub-funds (each a “Fund”) and is organised under the laws of Ireland. The Company is regulated, and has been authorised as a UCITS by the Central Bank of Ireland (the “Financial Regulator”) pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). Italy: When being made within Italy, this communication is for the exclusive use of the “qualified investors” and its circulation among the public is prohibited. Switzerland: When being made within Switzerland, this communication is for the exclusive use by “Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (“CISA”) and its circulation among the public is prohibited. US: This communication is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, the Company or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers or the Company has been filed with any securities commission or regulatory authority. Neither this communication nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers, the Company nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 1940 or qualified under any applicable state securities statutes. This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this communication may be based on back testing. Back tested performance is purely hypothetical and is provided in this communication solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchaser or sale would be unlawful under the securities law of such jurisdiction. This communication should not be used as the basis for any investment decision. ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by the Issuers and the Company may be structured products involving a significant degree of risk and may not be suitable for all types of investor. This communication is aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer or the Company which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuers or the shares of the Company which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers and the Company. The relevant prospectus for each Issuer and the Company may be obtained from Please contact ETFS UK at or for more