GOLD CORPORATION STRATEGIC DEVELOPMENT PLAN 2011/12 2015/16

Strategic Development Plan 2011/12-2015/16 - FINAL 14 June 2011 TRIM: 11/28632 (includes efficiency dividend)

Strategic Development Plan 2011/12-2015/16 - FINAL 14 June 2011 TRIM: 11/28632 (includes efficiency dividend)

TABLE OF CONTENTS

1. 2. 3. 4. 5. 6. 7. 8. 9.

INTRODUCTION ............................................................................................................. 1 THE BUSINESS .............................................................................................................. 1 BUSINESS PRIORITIES FOR 2011/12 2015/16 ......................................................... 4 BUSINESS ENVIRONMENT ........................................................................................... 4 SIGNIFICANT ISSUES .................................................................................................... 6 PERSONNEL .................................................................................................................. 6 FINANCIAL PLAN ........................................................................................................... 7 CAPITAL INVESTMENT PLAN ...................................................................................... 8 NOTE ON FINANCIAL PARAMETERS .......................................................................... 9

10. EFFICIENCY DIVIDED .................................................................................................... 9

APPENDIX A FINANCIAL OUTCOMES AND BUSINESS / TARGETS .......................................... 11 APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / INCOME STATEMENT ............. 12 APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / BALANCE SHEET .................... 13 APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET / CASH FLOW STATEMENTS ... 14

Strategic Development Plan 2011/12-2015/16 - FINAL 14 June 2011 TRIM: 11/28632 (includes efficiency dividend)

STRATEGIC DEVELOPMENT PLAN 2011/12 2015/16

1.

INTRODUCTION

The growth in demand for precious metal products over the last few years has presented Gold Corporation with unprecedented opportunities for profitability and growth. The organisation has been able to take advantage of these opportunities because of an ongoing capital expenditure programme, organisation development and the acquisition of full ownership of the gold refinery. It is anticipated that demand for precious metals will continue at a high level during the plan period and that Gold Corporation will continue to deliver satisfactory profits, make significant tax equivalent and dividend payments to the Western Australian Government and meet its funding needs from its own resources.

2.

THE BUSINESS

Gold Corporation, using the trading name The Perth Mint, is an integrated precious metals business, starting with the refining of gold and silver, moving on to the production of London Good Delivery bullion bars, value added bars, bullion coins, coin blanks and other bullion products and finally providing safe storage for bullion to investors from around the world. It is Australias sole gold refiner and sole producer of the Australian legal tender bullion coin series. It is also licensed to produce Australian legal tender numismatic, collector or commemorative coins and produces such coins on behalf of other issuing authorities as well. Over 90% of its revenue is generated from exports and it is one of Western Australias major exporters. Gold Corporation has two subsidiaries; Western Australian Mint and GoldCorp Australia but its integrated business operates within Gold Corporation itself and the two subsidiaries in such a way that it is impossible to give meaningful financial figures for the subsidiaries. The figures in this plan are for Gold Corporation as a whole and its integrated business. Aspects of the business are: Gold Refining The refinery located near Perth International Airport refines nearly all of Australias gold production, gold produced in surrounding countries and varying quantities of recycled gold, mainly from Asia. Gold mines produce most of their gold in the form of dor a gold alloy with silver usually the main other metal, together with some base metals. After the dor arrives
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at the refinery it is weighed, melted and assayed, after which the producers bullion account is credited with the precious metal ounces. It takes the refinery about ten days to refine the gold and silver and after that it is ready to be used elsewhere in the organisation, to be sold to customers around the world as bullion (bars and other forms) or, failing either of these, to be shipped to the bullion market in London as London Good Delivery bars. Coin Blanks, Bullion Coins, Numismatic Coins and Minted Bars Some of the gold and silver is turned into coin blanks, either for sale to other mints around the world or for use in The Perth Mints own products. The latter include; Bullion Coins The Perth Mint is one of a handful of mints worldwide which produce bullion coins and is the sole official issuer of Australias bullion coin series which includes coins like the Australian gold Kangaroo, the silver Kookaburra and Koala, and the Lunar series in both metals. The purpose of bullion coins is to make available to the public and institutions a convenient way of acquiring precious metals in a form that can be trusted, is difficult to forge, is easily recognisable and is readily tradable. Numismatic Coins These are also sometimes referred to as modern numismatic coins, commemorative coins or collector coins. The Perth Mint is one of two mints issuing Australian legal tender numismatic coins and it also issues coins which are legal tender of Tuvalu, Cook Islands and, occasionally, other countries. The Australian numismatic coins celebrate Australian culture, places, history, nature and events, and they also promote Australia around the world. Minted Bars These are becoming popular in some markets around the world and are minted in the same way as coins. Bearing the mark of a known mint or refiner and packed in tamper proof packaging, they represent another way in which precious metal can be acquired conveniently. Depository The Safe Storage of Precious Metals Perth Mint Depository allows customers to own precious metals with the following advantages: They do not have to deal with the problems associated with taking physical possession of the metal, like transport, physical security or insurance. The metal can be liquidated (sold for cash) readily and the cash remitted to the customers bank account. The customer does not have to transport it anywhere and can give the instruction to sell from anywhere in the world.
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Customers wishing to invest in precious metals in Perth Mint Depository have access to the following types of products: Unallocated Metal: A customer owns part of a pool of precious metal. The metal is in various locations: the mint, the refinery, vaults or in bullion banks in London. The metal is used to fund the bullion needs of Gold Corporation and the metal in London is kept there for liquidity and transactional purposes. The advantage to customers is that they pay no storage fees. Allocated Metal: Specific precious metal items (coins or bars) are kept for customers in the vaults. The metal is not used by Gold Corporation and there is a storage charge for the service. Pool Allocated Metal: (Soon to be launched). Customers own a share in a stock of bullion bars kept in vaults. Gold Corporation does not use the metal and a storage charge (lower than for Allocated Metal) is payable. The ways in which customers have access to these products are: Perth Mint Certificate Program: This is for small investors. Perth Mint Depository Services: This is for investors wishing to invest larger amounts. Perth Mint Gold; This is for gold only and is a security listed on the Australian Stock Exchange.

The Visitor Experience The Perth Mint is housed in a beautiful heritage building, erected when the Perth Branch of the (British) Royal Mint was founded in 1899. The site contains all of Gold Corporations operations, other than the refinery, and accommodation has been increased over the years with the addition of a number of new buildings. Part of the ground floor of the original building is taken up by the Visitor Experience which includes a retail outlet as well as the exhibition. The retail outlet sells not only The Perth Mints own products; coins and bullion bars, but other Australian goods like natural gold nuggets, South Sea pearls, opals, pink diamonds and all these items set in jewellery. The exhibition is an interesting tourist attraction displaying historical and modern coins and gold bars, and visitors get a glimpse of the actual coin minting process through security glass. The highlight of any visit is the hourly gold pour in the historic melt house, in which a 200 ounce bar of pure gold is melted and poured into a bar with much drama.

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3.

BUSINESS PRIORITIES FOR 2011/12 2015/16

The business priorities for the period are: Unallocated Metal: As the need for unallocated silver has been more than met, the new Pool Allocated product, for which storage fees will be charged, will be launched during the current financial year and this will be promoted during the period. More unallocated gold is required and this will be promoted during the period until needs are met, when Pool Allocated gold will also be launched and promoted. This is likely to happen two years into the period. Perth Mint Gold, re-listed on the ASX under AQUA rules, will be promoted to superannuation funds and institutional investors as part of the drive to increase unallocated gold. Bullion Coins: During the period the production capacity of bullion coins will be increased by the purchase of a third automatic press and some ancillary equipment. Penetration of the USA market for bullion coins will be a priority and this will involve appointing new distributors, developing internet B2B capability, safe storage depositories in the USA and the launch, early in the period, of a new marketing campaign. E-Commerce: The web site will continuously be updated to maintain the growth of e-commerce around the world, including the internet sales of bullion products. Visitor Experience Redevelopment: The shop redevelopment will be completed in the current financial year and the exhibition redevelopment will be done during the period. New ERP Computer System: The main ERP computer system will be replaced during the period.

4.

BUSINESS ENVIRONMENT

The world financial crisis and associated economic recession has resulted in greater profit opportunities for The Perth Mint. Whereas there is talk of recovery there is no certainty that the causes of the financial crisis have been adequately addressed or that the much wished for economic recovery has indeed started. A two speed economy has arisen in the world with North America, Europe and Japan languishing while many parts of the developing world are booming. What is apparent is that the business environment faced by The Perth Mint for the next five or so years will be uncertain and could be volatile and full of surprises. In the face of such uncertainty it
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is best to consider a number of environmental scenarios any of which, singly or in combination, could eventuate. These are listed below:

Environmental Scenarios
ENVIRONMENTAL SCENARIOS The worlds financial crisis remains unresolved and the economic recession in the developed world continues. Stock market rallies in the developed world are not supported by corporate earnings and prove to be unsustainable. EFFECT ON THE PERTH MINT High levels of interest in precious metals continue. Metal flows into Depository and the demand for bullion coins booms. Disposable income reduces affecting demand for numismatic coins. Tourism suffers and jewellery sales languish, affecting the Visitor Experience. Precious metal prices soar. Sales of GC investment products boom. There may be a rush for ownership of physical coins and bars and a flight from Depository products. Restrictions could be placed on ownership of precious metals in certain countries and metal may even be confiscated. Lack of trust between banking counterparties could make doing business difficult. Investors dump gold and silver as other investment assets become more attractive. Metals flow out of Depository and ETFs and precious metal prices crash. The demand for bullion coins goes negative as these are melted in large quantities. Use of precious metals in jewellery and industrial applications increases but not enough to maintain prices which languish at low levels for years. GCs business badly affected except for the refinery, numismatic coins and the Visitor Experience. Metals prices will soar and demand for bullion coins and Depository investments will boom.

The financial crisis worsens and some financial institutions, currencies and governments are threatened. The booming developing countries are eventually affected. Trade barriers spring up or competitive devaluations of currencies are attempted. Depression conditions, possibly combined with social unrest, develop.

Financial institutions stabilise and the world economy begins to recover and then even to boom. Inflation is kept under control.

Governments stimulus packages result in excess money creation and high inflation.

It would be unwieldy to work with four environmental scenarios in the figures presented in the Strategic Development Plan so a view about the future will have to be taken. It is assumed that the current uncertainties in the world economy will persist and the current high level of demand for precious metal will continue. Every now and again
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an event like the Greek sovereign debt issue will occur, causing a spike in demand for bullion coins and other forms of precious metals very much the first scenario in the table above with conditions tending towards those described in the second scenario for short periods from time to time.

5.

SIGNIFICANT ISSUES

The past few years have shown the extent to which Gold Corporation is affected by the environment. The global financial crisis created a boom for the organisation and demand for precious metals still remains higher than before. The world economy continues to be unstable and there is little consensus as to what the future may hold. The key for Gold Corporation is to be flexible and optimise its performance irrespective of economic and market conditions. The consolidation of the gold refinery into Gold Corporations operations and the actions mentioned in the Business Priorities section above should allow for more consistent profits in the future despite changing market conditions. Gold Corporation is self funding but it does have a significant ongoing capital expenditure programme. Raising the dividend payout ratio to 75% may, if maintained for a long time, affect the ability of the organisation to fund necessary capital expenditure without increasing borrowings.

6.

PERSONNEL

Gold Corporation has 328 permanent employees and just over 100 casual staff. The permanent staff numbers are not expected to change significantly over the plan period and, based on the business environment assumed, the casual staff are expected to fluctuate around the current figure. Professional skills include the disciplines of accounting, finance, information technology, metallurgy, artistic design, marketing, sales, customer service, production management, process control, treasury, science, engineering, and human resources. There are also tradespersons, factory and clerical staff and security staff. Historically, staff turnover has been low and no problems are anticipated in maintaining the necessary skills during the plan period.

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7.

FINANCIAL PLAN

Because of a change in the way gold going through the refinery is sold as from the beginning of the 2010/11 financial year, and the change in accounting treatment required, the revenue and cost of sales figures in the plan will be lower than in the 2009/10 year and the figures previously entered into TIMS. Not only is Gold Corporations turnover lower, it is also not as affected by the gold price. The fees, premiums and other revenues actually earned by Gold Corporation are not affected by this change and nor are the profits or cash flows.

The financial objectives of Gold Corporation are: To earn a commercial return on its capital. To meet its capital expenditure and other funding requirements from its own resources. To pay tax equivalent and a 75% dividend to Government. To maintain a conservative level of debt.

According to the financial projections, Gold Corporation will achieve its financial objectives during the plan period. It will be seen that the return on net assets increases to and remains at a high level. This is due to the incorporation of the refinery and the benefits from the capital expenditure programme and marketing activities. The debt to equity ratio remains low as all capital expenditure will be internally funded and now further borrowings will be required.

Forecast Accruals to Government

2010-11 Net Flows Income tax equivalent Rates and taxes equivalent Dividend Total $000 6,006 1,330 9,772 17,108 2011-12 $000 7,666 1,370 10,511 19,547 2012-13 $000 8,143 1,411 13,416 22,970 2013-14 $000 8,497 1,453 14,251 24,201 2014-15 $000 8,766 1,497 14,869 25,132 2015-16 $000 8,821 1,542 15,340 25,703

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Forecast Net Debt Levels

2010-11 $000 Cash and cash equivalents Less: Borrowings Net Debt-Forecast Surplus 23,974 (3,500) 20,474 2011-12 $000 23,364 (3,500) 19,864 2012-13 $000 23,521 (3,500) 20,021 2013-14 $000 27,577 (3,500) 24,077 2014-15 $000 31,613 (3,500) 28,113 2015-16 $000 35,314 (3,500) 31,814

8.

CAPITAL INVESTMENT PLAN

2010-11 $000 Fixed assets- plant and equipment etc Intangibles - Computer software Total forecast 7,718 1,600 9,318

2011-12 $000 6,000 1,500 7,500

2012-13 $000 6,000 1,500 7,500

2013-14 $000 6,000 1,500 7,500

2014-15 $000 6,000 1,500 7,500

2015-16 $000 6,000 1,500 7,500

Fixed Assets, Including Plant and Equipment The Capital expenditure in the mint and refinery is managed in terms of a rolling 10-year plan. This contains replacement of equipment due to wear and tear, technology upgrades, efficiency improvements, waste reduction, safety enhancements and security enhancements. A third automatic press will be bought in the 2010/11 year, after which no more presses will be required. The spike in the 2011/12 year is caused by the building of a bullion vault at a cost of $3.5 million. The Perth Mint Visitor Experience has successfully operated for nearly two decades and is in need of refurbishment. The shop refurbishment has just been completed and the refurbishment of the exhibition will be done during the plan period; in the 2011/12 and 2012/13 years.

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Intangibles The implementation of an enterprise wide computer system is essential for the organisations future success and will be done during the plan period. Growth in e-commerce has been significant and further exciting growth is forecast. The technology develops rapidly so continuous development of the web site is required.

Note: The lease on the refining site near the airport expires in 2026. If it cannot be renewed, the refinery will have to be relocated to a new site (to be leased or purchased) between 2022 and 2026 at a considerable capital cost. This is for information only it is beyond the term of this plan.

9.

NOTE ON FINANCIAL PARAMETERS

The financial parameters within this document contain unapproved capital expenditure, net debt and net flows to/from government. State Government approval will be obtained prior to any commitments and/or actions being undertaken which will affect approved parameters. State Government approval will also be sought prior to commencing new projects not included within the State Governments approved financial parameters.

10.

EFFICIENCY DIVIDEND
As announced by the Government on 19 May 2011, Gold Corporation will be enacting a series of savings initiatives designed to meet a 5% efficiency dividend between 2011-2012 to 2014-2015. The savings targeted in each year are displayed below:
2011-2012 Discretionary Operating Expenses ($000) Rate (%) Reduction in expenses ($000) Estimated increase in Tax Equivalent Payments ($000) Estimated increase in Dividends ($000) 71,496 5 3,575 1,072 2012-2013 74,386 5 3,719 1,116 2013-2014 77,072 5 3,854 1,156 2014-2015 79,855 5 3,993 1,198

1,877

1,953

2,023

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An implementation plan, detailing where exact savings will be made, will be provided to the Minister and Treasurer by 30 June 2011. A progress report will then be provided by 10 October, with this information used for the Governments 2011-12 Mid Year Review (MYR). The dividend and tax implications resulting from the above reductions in expenditure will be modelled between now and the October progress report.

M E HARBUZ Chief Executive Officer

14 June 2011

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APPENDIX A FINANCIAL OUTCOMES AND BUSINESS TARGETS

Forecast 2010-11
$000 Projected

2011-12
$000

2012-13
$000

2013-14
$000

2014-15
$000

2015-16
$000

Assumptions
Gold price - USD Exchange rate USD/AUD Dividend provision rate - percentage after-tax profit
1150 0.900 75% 1294 0.883 75% 1315 0.825 75% 1322 0.771 75% 1328 0.736 75% 1328 0.736 75%

Financial outcome
Operating profit before income tax Operating profit after income tax Dividend (for previous fin year) Total debt Net debt - Forecast Surplus Net asset/Equity Capital expenditure
20,021 14,015 9,772 3,500 20,474 100,910 9,318 25,554 17,888 10,511 3,500 19,864 108,777 9,140 27,144 19,001 13,416 3,500 20,021 114,852 11,000 28,322 19,826 14,251 3,500 24,077 120,917 7,000 29,220 20,454 14,869 3,500 28,113 126,991 7,000 29,403 20,582 15,340 3,500 31,814 132,723 7,000

Performance Indicators
Return on fixed assets(projected Debt to equity ratio Return on equity (before tax)
26% 3% 20% 31% 3% 23% 31% 3% 24% 32% 3% 23% 33% 3% 23% 33% 3% 22%

Accruals to Government
Income tax Local Government Rates expense Dividend Total accrual to government
6,006 1,330 9,772 17,108 7,666 1,370 10,511 19,547 8,143 1,411 13,416 22,970 8,497 1,453 14,251 24,201 8,766 1,497 14,869 25,132 8,821 1,542 15,340 25,703

Strategic Development Plan 2011/12-2015/16 14 June 2011 TRIM: 11/28632 (includes efficiency dividend)

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APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET INCOME STATEMENT

APPENDIX B - FINANCIAL STATEMENTS FOR THE BUDGET INCOME STATEMENT

Audited 2009/10

Forecast
2010/11 $000 $000

Projected
2011-12 2012/13 $000 6,658,688 2013-14 $000 2014/15 $000 2015/16 $000

REVENUE Sale of goods & Services

$000

5,759,926

5,384,737

5,941,585

7,380,508

8,002,506

8,245,688

EXPENSES Cost of sales Salaries & wages Staff costs - other Superannuation Borrowing costs Depreciation & Amortisation State tax on payroll Electricity and water exp All other expenses Total Expenditure Net profit before tax/dividend Income tax expenses Dividend expense Total tax and dividend Profit after tax & dividend
5,682,934 17,286 415 1,601 2,918 3,574 900 1,025 30,573 5,741,226 18,700 5,671 15,991 21,662 -2,962 5,288,350 24,181 505 1,792 281 4,780 1,330 1,525 41,972 5,364,716 20,021 6,006 9,772 15,778 4,243 5,835,206 24,907 747 2,191 281 5,654 1,370 2,025 43,651 5,916,031 25,554 7,666 10,511 18,177 7,377 6,546,768 25,654 770
2,565

7,264,667 26,424 793

2,642

7,882,857 27,216 816

2,722

8,122,800 28,033 841

2,803

281 6,572 1,411

2,126

281 6,481 1,453

2,233

281 6,452 1,497

2,344

281 6,459 1,542

2,461

45,397 6,631,544 27,144 8,143 13,416 21,559 5,585

47,213 7,352,186 28,322 8,497 14,251 22,747 5,575

49,101 7,973,286 29,220 8,766 14,869 23,635 5,585

51,065 8,216,285 29,403 8,821 15,340 24,161 5,241

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APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET BALANCE SHEET

Final audited Forecast Year to 2009-10 2010-11 $000 $000 Projected 2013-14 $000

CURRENT ASSETS

2011-12 $000

2012-13 $000

2014-15 $000

2015-16 $000

Cash and cash equivalents 94,269 88,974 Receivables 6,150 6,200 Precious metal 2,699,127 2,670,000 Inventories 11,908 14,500 Prepayments 2,040 2,050 Total Current Assets 2,813,494 2,781,724 NON-CURRENT ASSETS Property, Plant & Equipment Land and Buildings at fair value- (net) Plant & equipment ( at cost-net) Total prop, plant & equipt net Intangibles (at cost-net) Total Non-Current Assets
48,724 19,321 68,045 396 49,303

88,364 88,521 92,577 96,613 100,314 6,200 6,200 6,200 6,200 6,200 2,670,000 2,670,000 2,670,000 2,670,000 2,670,000 14,500 14,500 14,500 14,500 14,500 2,050 2,050 2,050 2,050 2,050 2,781,114 2,781,271 2,785,327 2,789,363 2,793,064

49,885

50,469

51,057

51,647

52,240

26,764
76,067

29,145
79,030

32,873
83,342

33,961
85,018

34,923
86,570

35,774
88,014

1,331 77,398

2,554 81,584

3,369 86,712

2,913 87,931

2,609 89,179

2,406 90,420

68,441

TOTAL ASSETS 2,881,935 2,859,121 CURRENT LIABILITIES Payables Prec Metal borrowigs-leases Borrowings WATC Precious metal borrowings Current tax Liability Provisions Employee benefits Total Current Liabilities Non - Current Liabilities Deferred tax liability Employee benefits Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS

2,862,698 2,867,983 2,873,258 2,878,542 2,883,484

99,360 217,001 3,500 2,458,619 3,253 87 3,604 2,785,424

79,045 150,000 3,500 2,520,000 1,502 95 3,700

2,757,842

74,340 70,000 3,500 2,600,000 1,917 95 3,700

2,753,552

73,430 0 3,500 2,670,000 2,036 95 3,700

2,752,761

72,552 0 3,500 2,670,000 2,124 95 3,700

2,751,971

71,695 0 3,500 2,670,000 2,191 95 3,700

2,751,181

70,891 0 3,500 2,670,000 2,205 95 3,700

2,750,391

130 204 334

150 220 370

150 220 370

150 220 370

150 220 370

150 220 370

150 220 370

2,785,758 2,758,212 96,177

2,753,922 2,753,131 2,752,341 2,751,551 2,750,761 108,776 114,852 120,917 126,991 132,723

100,910

EQUITY Share capital Asset revaluation reserve Accumulated surplus

31,603 20,819 43,755

31,603 21,309 47,998

31,603 21,799 55,375

31,603 22,289 60,960

31,603 22,779 66,535

31,603 23,269 72,119

31,603 23,759 77,361

TOTAL EQUITY

96,177

100,910

108,777

114,852

120,917

126,991

132,723

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APPENDIX B FINANCIAL STATEMENTS FOR THE BUDGET CASH FLOW STATEMENTS

2009-10 $000 Forecast 2010-11 $000 2011-12 $000 2012-13 $000 Projected 2013-14 $000 2014-15 $000 2015-16 $000

Receipts - sales goods & services Other - receipts Total Receipts Payments salaries & wages Superannuation Payment of interest State taxes All other payments Payments for electricity & water Payment for inventories Total payments Net cash flow Operating
Cash flow from Investing

5,753,103 6,150 5,759,253 17,300 1,530 3,360 1,250 324,000 1,320 5,368,984 5,717,744 41,509

5,134,737 250,000
5,384,737

5,681,585 260,000
5,941,585

6,398,688 260,000
6,658,688

7,120,508 260,000
7,380,508

7,742,506 260,000
8,002,506

7,985,688 260,000
8,245,688

24,181 1,792 281 1,330 344,877 1,525 4,990,950 5,364,936 19,801

24,907 2,191 281 1,370 369,478 2,025 5,516,266 5,916,517 25,068

25,654 2,565 281 1,411 379,049 2,126 6,218,386 6,629,472 29,216

26,424 2,642 281 1,453 386,150 2,233 6,927,022 7,346,205 34,303

27,216 2,722 281 1,497 394,070 2,344 7,539,204 7,967,334 35,172

28,033 2,803 281 1,542 392,629 2,461 7,782,578 8,210,327 35,361

Payment fixed assets Payment - intangibles Net cash flow Investing Cash flow to/from Governments TER -Income tax payment Dividend payment Net cash flow Governments SUMMARY Net cash flows Operating Net cash flows Investing Net cash flows Governments Net movement in cash Cash at beginning period GC - Closing Balance Other adjustments - Depositors Funds Cash at end of period

13,769 216 -13,985

7,718 1,600 -9,318

6,000 1,500 -7,500

6,000 1,500 -7,500

6,000 1,500 -7,500

6,000 1,500 -7,500

6,000 1,500 -7,500

7,962 15,991 -23,953

6,006 9,772 -15,778

7,666 10,511 -18,177

8,143 13,416 -21,559

8,497 14,251 -22,747

8,766 14,869 -23,635

8,821 15,340 -24,161

41,509 -13,985 -23,953 3,571 25,698 29,269 65,000 94,269

19,801 -9,318 -15,778 -5,295 29,269 23,974 65,000 88,974

25,068 -7,500 -18,177 -609 23,974 23,364 65,000 88,364

29,216 -7,500 -21,559 157 23,364 23,521 65,000 88,521

34,303 -7,500 -22,747 4,056 23,521 27,577 65,000 92,577

35,172 -7,500 -23,635 4,037 27,577 31,614 65,000 96,614

35,361 -7,500 -24,161 3,700 31,614 35,314 65,000 100,314

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