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Website Agreement

This website (the "Website") is an online information service provided by the Royal Canadian Mint (the "Mint") in respect of its Canadian Gold Reserves Program and Canadian Silver Reserves Program (the "Program") and the exchange-traded receipts (the "ETRs") issued thereunder. The use of this Website by you is subject to your compliance with the terms and conditions set forth below. PLEASE READ THIS DOCUMENT CAREFULLY BEFORE ACCESSING OR USING THE WEBSITE. BY ACCESSING OR USING THE WEBSITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH BELOW. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS AND CONDITIONS, YOU MAY NOT ACCESS OR USE THE WEBSITE. THE MINT MAY MODIFY THIS AGREEMENT AT ANY TIME, AND SUCH MODIFICATIONS SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING OF THE MODIFIED AGREEMENT ON THE WEBSITE. YOU AGREE TO REVIEW THE AGREEMENT PERIODICALLY TO BE AWARE OF SUCH MODIFICATIONS AND YOUR CONTINUED ACCESS OR USE OF THE WEBSITE SHALL BE DEEMED YOUR CONCLUSIVE ACCEPTANCE OF THE MODIFIED AGREEMENT.

Material to be Consulted in its Entirety

All materials on this Website are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclosure, disclaimers or restrictions apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

No Offer or Solicitation

MATERIAL CONTAINED IN THIS WEBSITE IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.

Nothing on this Website constitutes a solicitation or offer by the Mint to buy or sell products or services of any kind whatsoever including, without limitation, an offer to sell the ETRs or any other securities issued by the Mint under the Program. This Website, including the Information Statement contained herein, has been provided to assist holders of ETRs and prospective purchasers in making an investment decision with respect to the ETRs. The Information Statement available on this Website is current as of the date set out therein and, in providing the Information Statement, the Mint does not represent or create any implication that there has been no change in the affairs of the Mint since the date set out therein.

Notice to Non-Canadian Residents

The ETRs may not be offered or sold in any jurisdiction outside of Canada except in circumstances which do not constitute a public offering or distribution under the laws of the jurisdiction where the ETRs are to be offered or sold. You should inform yourself of and observe any and all such restrictions. In particular, the ETRs have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons. No securities commission or similar authority has in any way passed upon the merits of the ETRs and any representation to the contrary may be an offence.

No Advice

The information provided on this Website is intended for informational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice, and you should not rely on the information in this Website for such advice. Many factors unknown to Mint may affect the applicability of any statement or comment made on this Website to your particular circumstances. You should directly consult your financial professional or other advisors before acting on any information on this Website. The material on this Website is provided with the understanding that the Mint is not acting in a fiduciary capacity.

Forward-looking Statements

Certain statements in this Website may be "forward-looking statements" which reflect the Mint's expectations regarding future growth, supply and demand of assets, any appreciation in the value of assets, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour" and similar expressions have been used to identify these forward-looking statements. Such forward-looking statements reflect the Mint's current beliefs with respect to future events and are based on information currently available to the Mint. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those risks and uncertainties discussed elsewhere on this Website. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this Website. These factors should be considered carefully and prospective investors should not place undue reliance on these forward-looking statements. Although the forward-looking statements contained on this Website are based upon what the Mint currently believes to be reasonable assumptions, the Mint cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of inclusion on this Website, and the Mint does not intend, and the Mint does not assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances.

Copyright

The information, text, photographs, software, animation files, graphics, video and audio files, products and other materials (collectively "Contents") contained on this Website are owned by the Mint and are protected by domestic and international copyright laws.

"Copyright (c) 2015 Royal Canadian Mint. All Rights Reserved"

Except as specifically permitted herein, no portion of the Contents of this Website may be reproduced in any form or by any means without the prior written consent from the Mint.

Use of Website Contents

Reproduction, transfer, distribution or storage of part or all of the Contents in any form without the prior written consent of the Mint is prohibited, unless otherwise specified. However, the Mint consents that you may download one (1) copy of the Contents on your computer for your personal, non-commercial use provided you keep intact all copyright, trademark, and other proprietary notices. You shall not modify, reformulate, adapt, alter, adjust, change, disassemble, frame or decrypt any of the Contents of this Website. The use of news releases and other documents classified as public is permitted in public communications if the source of the information is stated.

The Mint reserves the right to require that you delete, destroy or otherwise remove any Contents that are used in a manner that in the Mint's opinion is contrary to, or otherwise inappropriate, derogatory or offensive.

Links to Third-Party Websites

For your convenience, the Mint may include links to websites that are owned or operated by third parties. By accessing a third-party website, you understand that it is independent from the Mint and that the Mint has no control over the content of such third-party websites and cannot assume any responsibility for materials created or published by such third-party websites. In addition, a link to a third-party's website does not imply that the Mint endorses the website, the information or the content of such website. It is your responsibility to ensure that you review and agree to the terms and conditions applicable to such website before using it.

PLEASE NOTE THAT THE MINT IS NOT RESPONSIBLE FOR WEBCASTING OR ANY OTHER FORM OF TRANSMISSION RECEIVED FROM ANY LINKED WEBSITE.

Privacy and Confidential Information

The Mint is pleased to hear from you and welcomes your comments. However, unless otherwise explicitly stated herein or in the Privacy & Security Policy by submitting information or material of any kind to any of our servers you agree that such information or material: (i) will NOT be deemed confidential, (ii) will NOT contain any item that is unlawful or otherwise unfit and (iii) that you own the material or have the right to provide it to us and that its use by the Mint does NOT violate the intellectual property or other rights of any third parties. Furthermore, by submitting information or material, you grant the Mint an unrestricted, perpetual, worldwide, royalty-free, irrevocable license to use, reproduce, display, perform, modify, transmit, create derivative works from, and distribute the materials or information for any purpose without liability.

The Mint's Privacy & Security Policy is a binding part of these terms and conditions.

YOU AGREE NOT TO TAKE ACTION AGAINST THE MINT IN RELATION TO THE INFORMATION OR MATERIALS THAT YOU SUBMIT AND YOU AGREE TO INDEMNIFY THE MINT IF ANY THIRD PARTY TAKES ACTION IN RELATION TO SUCH INFORMATION OR MATERIALS.

Trademarks

The trademarks and logos displayed on the Website are the property of the Mint or other third parties. You are not permitted to use the trademarks displayed on this Website without the prior written consent of the Mint or any such third parties that may own the trademarks.

Warranties and Disclaimers

THE MINT INTENDS FOR THE CONTENTS ON THIS WEBSITE TO BE ACCURATE AND RELIABLE, HOWEVER, SINCE THE CONTENT HAS BEEN COMPILED BY THE MINT FROM A VARIETY OF SOURCES, THIS WEBSITE AND THE CONTENTS HEREIN ARE PROVIDED TO YOU ON AN "AS IS" AND "AS AVAILABLE" BASIS. THE MINT DOES NOT WARRANT THAT THE USE OF THIS WEBSITE WILL BE UNINTERRUPTED, ERROR-FREE, STABLE OR SUITABLE. THE MINT MAKES NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED ABOUT THE WEBSITE, ITS AVAILABILITY, OR ITS OPERATION, INCLUDING WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OR THOSE ARISING BYLAW, STATUTE, USAGE OF TRADE, OR COURSE OF DEALING.

Information on this Website could include technical or other inaccuracies or typographical errors. The Mint may make improvements and/or changes in the Contents described in this Website at any time.

Limitation of Liability

IN NO EVENT, IN REGARD TO THIS WEBSITE OR ANY OTHER THIRD PARTY-LINKED WEBSITE, WILL THE MINT BE LIABLE TO ANY PARTY FOR ANY SPECIAL, INCIDENTAL, DIRECT, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND OR DAMAGES WHATSOEVER INCLUDING WITHOUT LIMITATION, THOSE RESULTING FROM ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, LOSS PROFITS, BUSINESS INTERRUPTION AND LOSS OF DATA, WHETHER OR NOT ADVISED OF THE POSSIBILITY OF DAMAGE.

IN NO EVENT WILL THE MINT BE LIABLE FOR ANY DIRECT OR INDIRECT DAMAGES ARISING IN CONNECTION WITH THIS WEBSITE (NOR WITH ANY HYPERLINKED WEBSITE), INCLUDING, WITHOUT LIMITATION (I) ANY INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR INFORMATION, AND THE LIKE) ARISING OUT OF THE USE OF OR INABILITY TO USE THE WEBSITE, OR ANY INFORMATION PROVIDED ON THE WEBSITE, OR DOWNLOADED FROM THE SITE, OR ANY DELAY OF SUCH INFORMATION OR SERVICE, EVEN IF THE MINT OR ITS AUTHORIZED REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR (II) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE WEBSITE AND/OR MATERIALS OR INFORMATION DOWNLOADED THROUGH THE WEBSITE. IN THE EVENT THAT A COURT OF COMPETENT JURISDICTION FINDS THAT THE ABOVE LIMITATION DOES NOT APPLY TO YOU, THE MINT'S LIABILITY WILL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.

Indemnity

You agree to defend, indemnify and protect the Mint from any and all liabilities, costs and expenses including reasonable legal fees, related to any violation of this Agreement by you or in connection with the use of this Website or the placement or transmission of any information or Contents on this Website by you.

Jurisdiction

The Mint controls this Website (excluding linked websites) from its offices within the Province of Ontario, Canada. By accessing this Website you and the Mint agree that all matters relating to your access to, or use of, this Website shall be governed by the statutes and laws of the Province of Ontario. You and the Mint also agree and hereby submit to the exclusive personal jurisdiction and venue of the courts of the Province of Ontario with respect to such matters. The Mint makes no representation that Contents of this Website are appropriate or available for use in other locations, and accessing them from territories where their contents are illegal or prohibited. Those who choose to access this Website from other locations do so on their own initiative and are responsible for compliance with local laws. Any cause of action or claim you may have with respect to the Website must be commenced within one (1) year after the claim or cause of action arises or such claim or cause of action is barred. Neither the course of conduct between the parties nor trade practice shall act to modify any provision of this Agreement. The Mint may assign its rights and duties under this Agreement to any party at any time without notice to you.

Invalidity

If, for any reason whatsoever, any terms and conditions of this Agreement are deemed by a court to be void, voidable or otherwise unenforceable, such determination shall not affect the remaining provisions hereof.

Changes

The Mint reserves the right to change or remove any Contents from the Website, in whole or in part, at its sole discretion, at any time, without notice.

Waiver

The Mint's failure to insist upon or to enforce strict performance of any provision of this Agreement or of the Privacy & Security Policy shall not be construed as a waiver of any provision or right.

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