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Exchange Traded Forum Montreal - October 9, 2013

ROYAL CANADIAN MINT - VISION

"To be the Best Mint in the World"

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ROYAL CANADIAN MINT – BUSINESS LINES

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Canadian Circulation Foreign Business

Winnipeg

ROYAL CANADIAN MINT – BUSINESS LINES

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Numismatics Bullion, Refinery & ETR

Ottawa

INTRODUCING THE ETR PROGRAM

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Secure Efficient Convenient

SECURE – ROYAL CANADIAN MINT

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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

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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 FundsPhysical Bullion Funds Bullion Futures ContractBullion Futures Contract ETR ETR

Investor

Asset Manager

Investor

Counterparty

Investor

EFFICIENT – LOW TOTAL COST

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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 Mint’s institutional clients with the benefit of liquidity through a TSX listing

FLEXIBLE REDEMPTION AND OPTIONS

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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

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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)

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3 $12

$13

$14

$15

$16

$17

$18

$19

$20

$21

$22

MNT

NAV (CAD)

CANADIAN SILVER RESERVES – TSX: MNS/MNS.U

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IPO November 2012 Direct investor exposure to silver, not silver producers Purchase Right - 2014

Total: 5,010,994 ETRs / 3,091,870 oz

Values as of Sept 30, 2013

MNS VS. NET ASSET VALUE (CAD)

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$12

$13

$14

$15

$16

$17

$18

$19

$20

$21

$22

MNS

NAV (CAD)

Cash Redemption

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Gold ETR Closed-End Funds Exchange 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 Trust Central Gold Trust SPDR Gold Shares iShares Gold Trust iShares 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 Mint CIBC HSBC Bank USA JPMorgan Chase Bank, N.A. Bank of Nova Scotia

Authorized Participants

Authorized Participants Designated Brokers and Underwriters

350-430 oz/ 1 LGD Bar N/A 9,706 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)

NAV N/A NAV NAV NAV

LGD Bars N/A LGD Bars LGD 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 Funds Closed-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% Physical1.1% Cash

(0.1%) Other Liabilities

Royal Canadian Mint

0.75%

ScotiaMocatta

0.45%0.49%

(Subsidized cost: 0.33%)

CIBC HSBC 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 lessassociated fees

NAV lessassociated fees

n/aNAV less

associated feesNAV less

associated fees

Redemption Form

LGD BarsLGD Bars LGD Bars

99.9% minimum purity Maple Leaf Coins

100 oz barsLGD Bars

Cash Redemption

Silver ETR

100% Physical98.6% Physical

1.4% Cash100% Physical

Authorized Participants Only

Authorized Participants Only

Market Cap of Fund ($mm)

US$11,013US$1,473 $149 $109 US$609$100

Sprott Physical Silver Trust

Silver Bullion Trust

iShares Silver Trust

ETFs Silver Trust

100.4% Physical0.4% Cash.

(0.8%) Forw. Con.(1)

n/a

n/a

n/a

n/a

Silver Comparative Investments

Note: All data presented as per latest publicly available information on October 5, 2012. 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, 2012.

(3) Based on issue price of $20.00.(4) Assuming 1,000 oz per LGD bar.

GOLD/SILVER ETR COMPARISON

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ETR Symbol MNT/MNT.U MNS/MNS.U

Service Fee(All-In)

35 bps (0.35%) 45 bps (0.45%)

Minimum Redemption

10,000 ETRs 5,000 ETRs

Products Offered

Newly Minted 99.99% GML Kilo & LGD Bars

Newly Minted 99.99% SML; 100 oz & LGD Bars

Purchase Right 2012 - 1.5 million ETRs 2014

CONTACT US

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Steve Higgins

Senior Manager, ETR ProgramTel: 613.993.9833Toll Free: 1.866.677.1477Fax: 613-990-8944Email: higgins@mint.cawww.reserves.mint.ca

Royal Canadian Mint320 Sussex DriveOttawa, OntarioK1A 0G8