News:

ProceduresNEW FED and World Gold Council International Procedures:

1. The Seller or his Mandate issue a full corporate offer.

2. The Buyer/Buyer's Mandate submits a Letter of Intent and/or RWA (Ready, Willing and Able) with full banking coordinates and permission to do a soft probe. (BANK OFFICER TO BANK OFFICER ONLY)

3. The Seller/Seller's Mandate and Buyer/Buyer's Mandate exchange signed and sealed contract with full banking coordinates.

4. Seller/Seller's Mandate extends an invitation for the Buyer's bullion officer to contact the Seller's bullion officer.

5. The Buyer/Buyer's Mandate accepts the invitation of the Seller's bullion officer.

6. The Buyer's bullion officer initiates the contact with the Seller's bullion officer by KTT.

7. The Seller's bullion officer will be instructed by the Seller to verify the AU metal, the quantity available, and to disclose any/all liens and encumbrances attached to the metal.

8. Upon receipt of the proof of existence of the Au metal and the certificate of authority to sell, the Buyer will instruct his bullion officer to confirm the availability of funds to be used as payment when the gold is delivered.

9. The Buyer and the Seller agree on a window time for exchange. The payment to the Seller will be disbursed within 24 hours against the transfer of ownership of the metal. Commissions will be paid immediately and without delay to each appointed paymaster. The paymaster will likewise pay to the intermediaries their earned commission.

10. Control Authorities to be contacted by Buyer's bank to obtain purchase authorization.

11. Any "Lifts" will be conducted by financial institutions identified in the FCO and/or final contract locations as listed.