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This information does not purport to make any recommendations or provide any investment or other advice with respect to the p other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be m decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs investment decision.

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uld not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any onstrued as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any

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old Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold ation or for any consequential, special, punitive, incidental, indirect or similar damages arising from,

WORLD GOLD COUNCIL

A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Russia 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Russia 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Greece 52 53 Kazakhstan Serbia Sri Lanka Tajikistan Thailand Ukraine Serbia Sri Lanka Thailand Tajikistan B C D E F G H

Recent reported changes in central bank reserve holdings

From January 2002 (tonnes), Updated November2011
This table aims to show major changes in reported central bank reserves and the reason for the changes,which are not always the results of sales or purchases. In general changes of less than one tonne are not included unless they form part of a longer-term programme. Central banks differ in whether gold out on swap is or is not included in reported reserves. Under the IMF Standard Data Dissemination Standards such gold is included in reserves so swap activity does not result in any reported change. However not all central banks yet adhere to this and for others swap activity can result in a change in reported reserves. Detailed notes are given at the end.

Jul 2011 to Dec 2011 Country Bolivia Colombia Czech Republic Kazakhstan Mexico Mongolia Philippines Comments Purchases Purchases Purchases and swaps Additions to reserves and trading Trading activity Buys locally produced gold; may sell or retain in reserves Mainly purchases of gold in the domestic market & other changes Trading activity Purchases Trading activity Jul +2.3 -0.1 -3.1 -0.2 +0.9 -10.3 +4.4 +0.3 -8.0 -1.2 -0.2 -0.7 -19.1 +3.6 +6.7 +3.1 -0.1 Aug +7.0 Sept +7.0 Oct Nov Dec

+9.3 +1.9

+15.6 +1.0

Jan 2011 to Jun 2011 Country Belarus Czech Republic Greece Kazakhstan Korea Malta Mexico Philippines Comments Purchases and swaps Coin purchases and other changes Purchases and swaps Purchases Additions to reserves and trading Buys locally produced gold; may sell or retain in reserves Mainly purchases of gold in the domestic market & other changes Trading activity Purchase Jan -0.1 +0.1 -0.1 +1.6 -0.2 -0.5 +0.6 +7.7 +2.0 Feb +0.3 +14.8 +3.1 -5.4 -1.2 Mar +2.3 -0.1 -1.6 +0.1 +78.5 +18.8 -1.2 +0.3 +9.3 +0.1 Apr +1.1 +5.9 -1.5 +13.7 May -0.2 +1.6 +6.0 +0.5 +1.1 +0.4 June +0.3 +3.1 +25.0 -0.1 +4.2 +5.8 +0.5 +0.0 +18.7 +0.3

Jul 2010 to Dec 2010 Country Bangladesh Belarus Bolivia Germany Comments Purchase of 10 tonnes from the Purchases and swaps Jul +1.5 -4.3 -0.1 +3.0 Aug -3.1 Sept +10.0 +0.4 -0.7 Oct Nov +5.0 Dec +0.3 +7.0 -0.8 -0.1 -

Sales under CBGA2 Coin purchases and other changes Purchases and swaps

WORLD GOLD COUNCIL

A Malta 54 Mexico 55 Mongolia 56 Philippines 57 Russia 58 59 60 61 62 63 64 65 66 67 68 69 Sri Lanka Tajikistan Thailand Ukraine Venezuela Long-term sales programme and periodic additions to reserves. Buying locally produced gold and selling it Buys locally produced gold; may sell or retain in reserves Mainly purchases of gold in the domestic market & other changes Additions to reserves Purchase Purchase of locally produced gold +0.1 -0.1 +4.0 +16.2 +6.9 +15.6 -0.1 +0.2 +9.3 -6.7 +0.1 +0.1 -0.1 -0.2 +20.7 -1.0 -0.1 -19.5 +19.2 +0.7 +0.1 +1.9 -0.1 -0.2 -1.0 +9.0 -0.3 +0.1 -0.3 +1.1 -1.4 +4.5 +0.8 B C D E F G H

Jan 2010 to Jun 2010 Country Belarus Czech Republic Greece Comments Purchases and swaps Jan -0.2 -1.1 -0.1 +4.6 -0.2 Feb -0.1 -0.1 -0.1 +0.2 +4.3 +0.2 +0.1 +3.1 Mar +0.2 -0.1 +3.1 -0.2 +9.5 +18.2 -0.4 +0.1 Apr -3.0 -0.1 -0.1 +1.2 +4.6 -0.8 +0.1 May -0.2 -2.7 -0.1 -0.1 +4.5 +22.5 -2.6 June +0.1 -0.1 -0.2 -3.4 -0.1 +1.5 +6.7 +180.0 +0.0 +1.1 +0.1 -

Coin purchases and other changes 70 71 Kazakhstan Purchases and swaps 72 Malta Long-term sales programme and Mexico periodic additions to reserves. 73 74 Pakistan Buys locally produced gold; may Philippines 75 sell or retain in reserves Mainly purchases of gold in the Russia domestic market & other changes 76 SAMA announced in June that gold Saudi Arabia data from Q1 2008 has been 77 78 Sri Lanka 79 Takijistan 80 Ukraine 81 Venezuela Purchase of locally produced gold 82 83 Jul 2009 to Dec 2009 84 Country Comments 85 Belarus Purchases and swaps 86 Czech Republic 87 France Sales under CBGA2 88 Germany Sales under CBGA The purchase of 200 tonnes from India the IMF took place in October 89 90 Kazakhstan 91 Malta Mauritius 92 93 Mexico 94 Mozambique Philippines 95 Russia 96

Jul +0.1 -0.1 -0.5 -

Aug +1.5 -0.5 -

Sept +6.0 -9.1 -0.7

Oct -

Nov +0.1 -0.9

Dec +0.1 -

Purchases and swaps The purchase of 2 tonnes from the IMF took place inprogramme and Long-term sales November periodic additions to reserves. Unknown Buys locally produced gold; may sell or retain in reserves Mainly purchases of gold in the domestic market & other changes

-1.6 -0.1 +0.3 +0.2 +18.3

+0.9 -0.3 +9.6

-0.1 -3.3 +13.0

- +200.0 +3.1 -2.5 -0.1 -0.1 -0.1 -0.2 +16.6 +2.0 -0.1 -5.9 +6.1

-1.6 -0.1 -0.2 +6.6 +23.5

WORLD GOLD COUNCIL

A B C D -3.7 +0.1 97 Serbia Sri Lanka Additions to reserves 98 99 Sweden Sales under CBGA2 100 Ukraine Purchase of locally produced gold 101 Venezuela 102 103 Jan 2009 to Jun 2009 104 Country Comments 105 Belarus Purchases and swaps The purchase of 454 tonnes of China gold, announced in April 2009 took place over a six-year period from 2003 - 2009 106 107 Czech Republic 108 France Sales under CBGA2 109 Germany Sales under CBGA2 Coin purchases and other changes Greece 110 111 Jordan 112 Kazakhstan Purchases and swaps 113 Malta Long-term sales programme and periodic additions to reserves. 114 Mexico Mozambique Unknown 115 Buys locally produced gold; may Philippines 116 sell or retain in reserves Mainly purchases of gold in the Russia domestic market & other changes 117 Serbia 118 Slovak Republic Transfer to ECB on joining Eurozone (Gold is 15% of 119 contribution to ECB reserves) 120 Sweden Sales under CBGA2 121 Tajikistan 122 Ukraine 123 124 Jul 2008 to Dec 2008 125 Country Comments 126 Albania 127 Belarus Purchases and swaps 128 Bulgaria 129 Czech Republic 130 France Sales under CBGA2 131 Germany Sales under CBGA2 Coin purchases and other changes Greece 132 133 Jordan 134 Kazakhstan Purchases and swaps Long-term sales programme and Mexico periodic additions to reserves. 135 Sales under CBGA2 136 Netherlands Buys locally produced gold; may Philippines 137 sell or retain in reserves Mainly purchases of gold in the 138 Russia 139 Serbia 140 Sweden Sales under CBGA2 141 Switzerland Sales under CBGA2 142 Tajikistan 143 Ukraine E +0.1 -1.6 F +3.3 +0.1 G +0.1 +11.2 +0.1 H

+1.3 +4.4

Jan +1.4

Feb +0.1

Mar -

Apr +2.0

May -0.6

June -1.0

-5.0 -0.2 -0.3 +4.1 -

-23.5 -0.3 -0.3 +0.2 +1.4 +0.1

- +454.0 -0.1 -10.9 -2.0 -0.1 +0.3 +0.3 -0.2 +0.2 +6.8 +0.1 +0.6 -0.1 +0.2 +1.1 +5.0 -

-2.3 -0.3 +0.2 +1.9 -0.8 +0.2 +3.6 +0.1

-2.9 -4.3 +0.6 -0.2 +0.9 +0.3 +2.4 +9.7 -

-3.4 -1.1 +0.1 -

-0.9 +0.1

-1.4 +0.1

-1.4 -

-1.2 -

-0.1 +0.1

Jul -1.1 +0.3 -0.1 -8.4 +0.1 +4.3 +0.9 +9.6 -0.8 -13.1 +0.1 -0.1

Aug +0.7 -5.2 -2.5 +0.9 +14.1 -1.4 -11.4 +0.1

Sept -1.0 -8.2 -0.5 -2.0 +1.4 -0.1 +4.9 +9.2 -1.1 -12.6 +0.1 -

Oct +0.3 -18.8 -0.3 -0.6 +12.0 +11.0 +0.1 -1.2 +0.1

Nov -0.3 -1.3 -0.2 +2.8 -8.0 +3.8 +3.1 -6.2 +0.1 -

Dec -0.6 -15.4 -0.3 -1.0 +0.3 +9.5 +0.1 +0.1

WORLD GOLD COUNCIL

A 144 145 146 147 148 B C D E F G H

149 150 151 152 153 154 155 156

Jan 2008 to Jun 2008 Comments Country Purchases and swaps Belarus Bulgaria Transfer to ECB on joining Cyprus Eurozone (Gold is 15% of contribution to ECB reserves) Czech Repulic transfer from Cyprus and Malta ECB Sales under CBGA2 France Sales under CBGA2 Germany Coin purchases Greece Jordan Purchases and swaps Kazakhstan Laos

Jan -

Feb +3.6 -

Mar +6.1 -

Apr -3.3 -

May -

June -0.3

-0.6 +0.9 -16.1 +0.1 +1.6 -1.9 +1.5 -0.3 -0.2 -0.2 -2.1 +0.5 -1.1 -11.3 -

-0.1 -11.6 +0.1 -3.1 -0.1 -2.1 -0.2 +0.3 -0.7 +10.9 +0.1

-0.1 -7.0 +1.4 -0.3 -0.3 +0.7 +0.2 +5.8 -0.4 -9.7 +0.1

-6.0 +0.1 +0.6 -0.2 +1.2 +0.9 -1.1 -12.5 -

-5.3 -0.6 +1.3 -0.2 +2.4 +1.6 -0.6 -11.4 +0.1 +0.1

-7.6 -4.3 +0.6 -0.1 -0.1 +3.5 -0.9 -12.1 -

157 158 Malta Transfer to ECB on joining Long-term sales programme and Mexico periodic additions to reserves. 159 Buying locally produced gold and selling it 160 Mongolia 161 Paraguay Buys locally produced gold; may Philippines 162 sell or retain in reserves Mainly purchases of gold in the Russia domestic market & other changes 163 164 Sweden Sales under CBGA2 165 Switzerland Sales under CBGA2 166 Tajikistan 167 Ukraine 168 169 Jul 2007 to December 2007 170 Country Comments 171 Austria Sales under CBGA2 172 Belarus Purchases and swaps 173 ECB Sales under CBGA2 174 France Sales under CBGA2 Sales for coins under CBGA2 Germany 175 176 177 178 179 180 Mongolia 181 182 Mozambique 183 Netherlands 184 Philippines 185 Qatar 186 Romania Russia 187 188 Spain 189 Sweden 190 Switzerland 191 Tajikistan 192 Ukraine

Jul -3.0 -8.7

Aug -0.5 -6.2 -8.0

Sept -1.2 +1.6 -7.9

Oct -20.2

Nov +11.9

Dec +0.7 -42.0 -7.4

Greece Jordan Kazakhstan Malta Mexico

Coin purchase Purchases and swaps Purchase to offset ECB transfer? Long-term sales programme and periodic additions to reserves. Buying locally produced gold and selling it Unknown Sales under CBGA2 Buys locally produced gold; may sell or retain in reserves Purchases and a sale Unknown Mainly purchases of gold in the domestic market & other changes Sales under CBGA2 Sales under CBGA2 Sales under CBGA2

-3.1 -2.5 -0.1 +1.4 +0.5 -24.9 -0.8 -34.1 +0.1

+0.9 +0.9 +2.9 +0.5 +10.8 -1.1 -34.1 -

-0.1 +0.1 -4.7 -0.9 -17.6 -1.5 +10.3 -0.8 -30.8 +0.1

+0.1 -0.2 -0.3 -16.5 +3.0 +1.6 -1.0 +9.7 -0.4 -10.9 +0.1

+0.2 +1.6 +6.2 -0.1 +0.9 -2.5 +1.9 +7.6 -0.8 -11.3 +0.3

+0.6 +0.3 -0.1 +0.8 -0.5 -0.2 +4.5 -0.7 -9.8 +0.1 +0.1

WORLD GOLD COUNCIL

A B C D E F G H 193 194 Jan 2007 to June 2007 195 Country Comments 196 Belarus Purchases and swaps Transfer from Slovenia (Jan 07) ECB 197 and sale under CBGA (May 07) 198 France Sales under CBGA 199 Germany Sales for coins Coin purchase 200 Greece Kazakhstan 201 Purchases sales programme and Long-term and swaps periodic additions to reserves. 202 Mexico

Jan +1.9 -10.2 +0.1 +0.9

Feb -13.9 +0.1 -0.1

Mar -3.1 -6.7 0.6 -0.1

Apr -8.3 0.3 -

May -37 -5.5 -1.9 0.1 1.6 -0.1

June -8.0 0.1 -0.2

WORLD GOLD COUNCIL

A Mongolia B Buying locally produced gold and selling it C D E F G 0.3 3.1 0.9 -30.6 -0.5 0.1 H +0.3 -0.3 +4.3 -1.3 -13.9 +0.1 -

203 -2.7 204 Montenegro -1.2 Unknown 205 Mozambique Buys locally produced gold; may Philippines 206 -1.9 -4.2 3.2 -0.6 sell or retain in reserves 207 Qatar +1.5 0.9 5.3 0.5 Purchases Mainly purchases of gold in the 208 Russia +1.3 -2.5 +1.5 209 Serbia +0.1 210 Slovenia -1.9 Transfer to ECB on joining 211 Spain -39.8 -39.8 Sales under CBGA2 212 Sweden -0.6 -0.5 -1.2 -1.0 Sales under CBGA2 213 Switzerland Sales under CBGA2 214 Tajikistan -0.1 +0.1 215 Ukraine +0.2 216 Venezuela -0.3 217 218 July 2006 to December 2006 219 Country Comments Jul Aug Sept Oct 220 Austria -2.0 -2.1 Sales under CBGA 221 ECB Sales under CBGA 222 France -8.1 -4.8 -5.6 -9.6 Sales under CBGA 223 Greece Net purchase of coins Indonesia 224 -17.7 -5.6 225 Portugal -14.9 -19.9 Sales under CBGA 226 Spain -26.8 -6.0 Sales under CBGA 227 Netherlands -1.0 Sales under CBGA 228 Sweden -1.5 -1.0 -0.3 -0.3 Sales under CBGA 229 Mozambique +1.2 Unknown Buying locally produced gold and 230 Mongolia +1.8 -0.1 Purchases and swaps 231 Belarus +3.1 -3.1 Purchases and swaps 232 Kazakhstan Buys locally produced gold; may Philippines sell or retain in reserves. 233 -2.6 -1.3 -0.1 +2.1 Mainly purchases of gold in the 234 Russia -1.1 +0.7 +3.0 +5.0 235 Serbia -0.1 +0.1 -0.2 236 Ukraine +0.1 +0.1 +1.0 Long-term sales programme 237 Mexico -0.1 -0.1 -0.1 -0.1 238 Venezuela 239 * Provisional indication from Eurosystem weekly financial statement and other sources. 240 Jan - June 2006 241 Country Comments Jan Feb Mar Apr 242 ECB Sales under CBGA 243 Austria -2.0 -0.5 -3.0 -3.5 Sales under CBGA 244 France -5.3 -11.9 -6.4 -11.2 Sales under CBGA 245 Germany Sales under CBGA 246 Netherlands -10.5 -27.7 -1.8 Sales under CBGA

Nov -21.1 0.1 -8.2 -8.0 -1.1 -1.2 +3.1 4.7 -0.7 1.2 0.1 -0.1 0.3

Dec -23.0 -7.2 3.6 -5.0 -0.6 +0.9 +3.1 +2.9 +6.1 -1.0 -0.2 -

May -57.0 -0.7 -8.2 -2.0 -

Jun -6.7 -2.3 -

WORLD GOLD COUNCIL

A 247 Sweden Mozambique 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 B Sales under CBGA Unknown C -1.1 D -1.3 E -0.9 F -1.0 G -0.6 H -0.3

-0.6 -0.6 Buying locally produced gold and +2.0 +2.0 Mongolia Buys locally produced gold; may Philippines sell or retain in reserves. -9.3 -0.7 +4.9 -4.5 Belarus Purchases and swaps -3.1 +3.1 Mainly purchases of gold in the Russia domestic market & other changes -0.2 -0.1 Kazakhstan Purchases and swaps +3.1 -3.1 Unknown +0.1 +0.5 Ukraine Unknown +0.0 +0.1 +0.5 Chile -2.2 -0.7 Unknown El Salvador Colombia Long-term sales programme -0.1 -0.2 +0.9 -0.1 Mexico Including other countries -21.3 -22.3 -29.9 -25.5 Total * Provisional indication from Eurosystem weekly financial statement and other sources. July-Dec 2005 Country Austria Belgium France Germany Netherlands Portugal Spain Sweden Mozambique Mongolia Philippines Belarus Kazakhstan Russia Slovenia Tajikistan Ukraine Brazil Mexico Total

+0.3 +5.0 -7.4 -3.3 -0.2 -74.5 +8.8 -3.1 +0.1 -0.1 -3.2

Comments Sales under CBGA Sales under CBGA Sales under CBGA Sales for coins under CBGA Sales under CBGA Sales under CBGA Sales under CBGA Sales under CBGA Unknown Buying locally produced gold and selling it. Buys locally produced gold; may sell or retain in reserves. Recently Purchases and swaps Purchases and swaps Mainly purchases of gold in the domestic market & other changes Unknown Unknown Unknown Unknown Long-term sales programme Including other countries

Jul -18.0 -6.0 -0.5 -9.8 +1.2 +3.0 +3.0 +0.2 -7.7 -1.2 -0.1 -32.3

Aug -12.0 -10.0 +1.2 +0.9 -6.8 -2.0 +0.3 +0.9 -0.1 -28.7

Sep -5.0 -3.1 -0.6 -0.3 -10.4 +2.0 +0.3 +0.1 -1.1 +0.5 -0.1 -16.9

Oct -32.7 -5.5 -20.9 -0.9 -0.3 -0.2 -4.3 +0.3 +0.1 -0.1 -64.0

Nov -15.0 -15.0 -11.5 -0.7 -1.1 -4.3 +0.2 +0.0 +0.3 -46.0

Dec -16.0 -7.0 -10.0 -3.2 -0.4 -3.6 -7.5 +0.7 +0.1 +0.2 -2.5 +0.1 -0.1 -45.0

January to June 2005 Country ECB France Germany Netherlands Portugal Comments Sales under CBGA Sales under CBGA Sales for coins under CBGA Sales under CBGA Jan -7.5 -10.0 Feb -8.4 -23.5 Mar -11.2 -21.6 Apr -47.0 -13.0 May -14.8 -3.4 Jun -31.8 -1.6 -

292 293 294 295 296 297

Spain Sweden Switzerland Mozambique Mongolia Philippines

Sales under CBGA Sales under CBGA Sales under CBGA Sales under CBGA Buying locally produced gold and selling it. Buys locally produced gold; may sell or retain in reserves.

-4.1 -22.2 -0.3 +2.0 -10.0

-10.9 -20.5 -0.3 -5.4

-21.5 +0.5 -9.7

-6.9 +0.6

-25.1 -13.1 -1.2

298

-4.9

-5.1

-1.5

WORLD GOLD COUNCIL

A 299 Belarus 300 Kazakhstan Russia 301 302 Tajikistan 303 Qatar 304 Argentina 305 Brazil 306 El Salvador Long-term sales programme 307 Mexico Including other countries 308 Total 309 310 July-December 2004 311 Country Comments Austria 312 313 314 315 316 317 Philippines 318 319 Thailand 320 Belarus 321 Kazakhstan Macedonia 322 Russia 323 324 Tajikistan B Purchases and swaps Purchases and swaps Mainly purchases of gold in the domestic market & other changes C -2.0 +0.3 -0.4 +0.3 +0.7 -0.1 -56.3 D +0.2 -0.1 -0.3 -2.0 -0.1 -69.2 E +0.5 +0.1 +0.3 -1.4 -0.2 -0.1 -65.1 F 0.5 +0.3 +0.2 +0.7 -0.9 -0.1 -64.7 G -0.4 +0.2 +0.7 -0.1 -29.5 H +0.2 +7.4 -1.4 +1.2 -0.1 -69.5

Jul

Aug

Sep

Oct

Nov

Dec

Germany France Portugal Switzerland Mongolia

Sales under CBGA Sales for coins under CBGA 17 under CBGA except for tonnes used to purchase BIS Sales under CBGA Sales under CBGA Buying and selling locally produced gold. Buys locally produced gold; may sell or retain in reserves. Not known Purchases and swaps Purchases and swaps Gold received from former Yugoslavia Mainly purchases of gold in the domestic market & other changes

-3.4 -26.0 +2.7 +3.8 +0.4 -1.0 +0.4 +10.9 +0.3 -12.7

-23.6 -1.1 -2.4 +2.0 +0.2 +3.4 +0.1 +1.6 -0.1 -23.9

-0.6 -23.6 -0.3 +1.6 +0.7 +0.3 -0.1 -1.1 +0.3 -23.5

-7.5 -22.5 -1.1 -15.2 -0.1 +0.3 -2.4 +0.4 -0.2 -48.6

-23.2 -22.5 +1.8 -14.6 +0.2 +0.3 +0.1 -0.2 -1.6 -0.2 -60.5

-10.0 -8.1 -20.0 -19.8 -4.2 -1.9 +0.2 +0.1 +0.5 -0.3 +0.3 -62.0

325 Qatar Purchases for reserves Argentina diversification 326 327 El Salvador Long-term sales programme 328 Mexico Sale 329 Paraguay Swaps. Reserves stable 330 Venezuela Including other countries 331 Total 332 333 January-June 2004 334 Country Comments Sales for coins under CBGA1 335 Germany Sale under CBGA1 336 Portugal Sales 337 Norway Sales programme under CBGA1 338 Switzerland Buying locally produced gold and Mongolia selling it. 339 Buying locally produced gold and Philippines selling some of it. Rest retained in reserves which have increased steadily over time. 340 Not known 341 Thailand Purchases and swaps 342 Kazakhstan Mainly purchases of gold in the Russia domestic market & other changes 343

Jan -15.9 -25.0 +0.5

Feb -0.1 -4.0 -22.5 +0.3

Mar -13.5 -24.8 -

Apr -23.7 +1.0

May -34.9 -21.4 +1.0

Jun -2.8 -23.6 -0.1

-4.4 +0.2 -

-5.6 +1.6 +0.1 -0.4

-3.7 +0.2 -

+2.1 +0.3 -

+3.4 +1.2 +0.2 +0.3

+2.8 +0.1 -

WORLD GOLD COUNCIL

A Argentina 344 345 346 347 348 349 350 351 352 353 354 355 356 357 Mexico Venezuela Total B Purchases for reserves diversification Long-term sales programme Swaps. Reserves stable Including other countries C +17.4 -0.1 -0.3 -27.7 D +9.3 -0.1 +0.3 -21.0 E +1.6 -0.1 -40.5 F +1.6 +0.4 +0.3 -19.1 G +12.5 -0.1 -33.6 H +0.1 -0.3 -23.3

358 359 360 361 362

363 364 365 366 367 368 369 370 Jan to June 2003 371 Country Comments

July -December 2003 Comments Country Long-term sales programme Canada Germany Sales for coins under CBGA1 Transfer of coins to formal reserves Greece (July); sale in August2. Netherlands Sales programme under CBGA1 Switzerland Sales programme under CBGA1 Sale Ethiopia Buying locally produced gold and Mongolia selling it. Buying locally produced gold and Philippines selling some of it. Rest retained in reserves which have increased steadily over time. Not known Thailand Armenia Sale Purchases and swaps Kazakhstan Not known Macedonia Mainly purchases of gold in the Russia domestic market & other changes Not known Ukraine Sale UAE Long-term sales programme Mexico Swaps. Reserves stable Venezuela Including other countries Total

Jul -3.5 +5.0 -26.9 +0.8

Aug -4.2 -20.0 -22.4 -0.7

Sep -5.8 -24.1 -1.0

Oct -5.0 -26.4 -7.6 +0.8

Nov -30.9 -22.5 -1.0

Dec -2.0 -23.4 -22.4 -2.1

+2.2 -18.3 +0.5 +0.1 -0.2 +2.5 -37.8

-3.0 +0.6 +0.2 -3.4 -0.2 -0.8 -0.1 -55.5

-8.8 +0.3

+3.1 +0.9 +0.2

-11.6 +0.2

+1.7 -1.4 +0.3

+0.2 -0.1 -21.8 -59.2

+0.1 -0.2 +21.2 -10.7

+1.0 -6.2 -0.1 +0.3 -70.9

+1.0 -0.2 +0.3 -48.3

Jan

Feb

Mar

Apr

May

June

WORLD GOLD COUNCIL

A 372 373 374 375 376 Canada Germany Netherlands Portugal Switzerland South Africa B Long-term sales programme Sales for coins under CBGA1 Sales programme under CBGA1 Sales from options under CBGA1 Sales programme under CBGA1 Repayment of gold loan June 2003; previously adjustments to gold holdings held under loan which was dollar denominated. Buying locally produced gold and selling it. Buying locally produced gold and selling some of it. Rest retained in reserves which have increased steadily over time. Not known Purchases and swaps Mainly purchases of gold in the domestic market & other changes Not known Sale Long-term sales programme Swaps. Reserves stable Accounting reasons Including other countries C -9.1 -25.8 D -2.8 -29.9 -22.1 E -22.4 F -2.6 -44.8 -23.6 G -2.8 -22.4 H -3.5 -22.4

377 Mongolia 378 Philippines

-2.8 -2.6

-2.8 -1.0

+2.0

+1.9 +0.9

+2.2 -0.9

-48.2 +0.8

379 380 Thailand 381 Kazakhstan Russia 382 383 Ukraine 384 UAE 385 Mexico 386 Venezuela 387 BIS 388 Total 389 390 July to December, 2002 391 Country Comments Long-term sales programme 392 Canada Netherlands Sales programme under CBGA1 393 Sales programme under CBGA1 394 Switzerland Sales using options under CBGA1 395 Portugal

-12.0 -0.5 +0.1 -0.1 -5.3 -59.1

+4.1 -0.5 -0.6 -0.3 -55.4

+10.8 +0.5 +0.1 -0.2 +2.8 -5.0

+1.1 +0.1 -0.1 +8.4 -58.5

+1.8 +0.6 +9.0 +0.2 -6.2 -0.2 +6.5 +1.8 -21.2

-5.4 +18.2 +0.1 -0.1 -0.1 +8.1 -53.2

July -26.1 -

Aug -2.8 -23.3 -

Sep -23.6 -

Oct -2.8 -5.0 -25.8 -

Nov -5.0 -23.6 -

Dec -2.6 -13.9 -21.2 -14.8

396 South Africa 397 Zimbabwe 398 China Mongolia 399 Philippines

400 401 Kazakhstan Russia 402 403 Chile 404 Mexico 405 Suriname Swaps. Reserves stable 406 Venezuela Including other countries 407 Total 408 409 January to June 2002 410 Country Comments Long-term sales programme 411 Canada Austria Sales programme under CBGA1 412 Sales for coins under CBGA1 413 Germany Sales programme under CBGA1 414 Netherlands Sales programme under CBGA1 415 Switzerland

Adjustments to gold holdings under dollar denominated gold loan Unknown Addition to reserves Buying locally produced gold and selling it Buying locally produced gold, selling some. Rest retained in reserves. Purchases and swaps Mainly purchases of gold in the domestic market & other changes Sales Long-term sales programme

-1.9 +0.4 +1.2

-2.2 +1.9

+0.7

-0.3

-0.3 -1.0

-0.3 +0.4 +99.5 +0.7

+1.8 +0.6 -0.1 -7.3 -2.2 -32.3

+3.5 -0.1 -0.1 -25.5

+2.5 -0.6 +0.1 +1.9 -0.1 -19.0

+3.0 +0.2 +0.1 -0.1 -0.1 -29.5

+0.1 +0.3 -0.2 +0.1 +1.9 -28.6

+5.1 -1.4 +0.4 -0.3 -0.1 +2.2 +51.3

Jan -24.6

Feb -3.0 -22.4

Mar -8.4 -22.7

Apr -3.0 -30.0 -23.6

May -7.5 -24.6

June -1.5 -20.2

WORLD GOLD COUNCIL

A United Kingdom 416 South Africa 417 418 Zimbabwe Mongolia 419 Philippines B Sales programme under CBGA1 Adjustments to gold holdings under dollar denominated gold loan Unknown Buying locally produced gold and selling it Buying locally produced gold, selling some. Rest retained in reserves. Purchases and swaps Mainly purchases of gold in the domestic market & other changes C -20.5 D E -20.3 F G H -

+0.4 -2.0

-2.7 -0.2

+0.3 -0.6 -1.8

+0.5 -0.8

+1.3 -

-0.3 -1.1 +0.3

420 +0.3 +0.7 +2.2 +1.7 +2.5 421 Kazakhstan +0.2 -2.6 -0.6 Russia 422 +1.2 +0.1 +2.5 +1.6 -41.5 423 Oman -9.0 Sales 424 Chile -1.9 425 Bolivia -0.9 Long-term sales programme 426 Mexico -0.5 -0.3 -0.1 -0.1 -0.2 -0.1 Swaps. Reserves stable 427 Venezuela +1.6 - +12.1 -10.6 -8.7 -8.1 Including other countries 428 Total -44.5 -30.8 -40.1 -64.7 -85.5 -30.2 429 430 431 Notes: 432 433 Note for USA: Data reported in the IFS from September 2001 until January 2003 were rounded to the 434 nearest m oz (262 m oz). From February they were reported again to 2 decimal places (261.54 m oz). In 435 addition to causing an apparent rise and fall (of around 14 tonnes) in data for the USA on those dates, this 436 also affected the figure for all countries. Data in this table have been adjusted to show the true change. 437 There are sometimes minor fluctuations in US gold holdings due to the purchase of gold for coins and the coins subsequent sale. These are not included in the above table. 438 439 1. CBGA: Central Bank Gold Agreement. The first term of CBGA covered September 1999 to September 440 2004, the second CBGA covered September 2004 to September 2009 and the third CBGA covers 441 September 2009 to September 2014. 442 2. Not under CBGA as Greece was not a member of EMU at the time the first CBGA was signed. 443 444 - zero or less than 0.05. Where cells are blank information is not yet available. 445 446 Sources: IMF, International Financial Statistics; ECB, Weekly Financial Statement, national sources. 447 448