Audit

INDEPENDENT AUDITOR'S REPORT

Auresco Institute as the entity behind Xaurum project prepared its financial statements in accordance with the Slovenian tax and statistical regulations. Part of these financial statements – inventory - was audited by PwC. Management of Institute Auresco prepared the Schedule of Gold Inventory, which was subject of audit by PwC. Inventory line item in financial statements consists solely of gold bars (gold reserves). During the process, Auresco Institute enabled access to all documents connected with its operation.

Auditors counted all of Xaurum gold reserves in Turkey and Slovenia in total amount of 129,119 kg as part of their audit of gold reserves (inventory). They have also inspected relevant documentation related to purchasing of gold reserves.

Auditors issued unqualified opinion on the Inventory Schedule on 5 April 2018.

Link to the auditor's opinion together with the Gold Inventory Schedule:

STORAGE

All the gold reserves are stored at Loomis, except 6351 g in locally for faster melting. The gold is prepaid as 1g 999.9 good delivery gold bars and stored as 1 kg or 0.5 kg bars, to decrease costs.

Loomis operates in 20 countries and has 21,000 employees and about 400 branch offices, and is one of the world’s leading companies in international valuables logistics. When our new gold supplies exceed 1 kg, they are transported from Nadir to Loomis, and the gold quantity of the account is updated.

The purchased gold is owned by individual holder according to the Terms of Use of Institute Auresco. You can read the authenticated statements below. Each statement has attached authenticated English translation at the end.