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Investor Presentaiton

mln oz Palladium Market Balance As of May 2013 no major supplies on the market from Russian state palladium reserves -11% decline in Pd supply in 2012 due to South African unrests and mines put on care & maintenance +7% growth in demand for autocatalysts mainly due to North American and Chinese vehicle production increase in 2012 In recent years, supply was absorbed by strong emergence of investment demand. Net investments in 2012 resulted in 430koz. In recent 6 months Pd ETFs are up by 21%. In the long run, consumption growth rate should continue to exceed production growth rate and move palladium market into sustained deficit ETF Pd holdings Global supply & demand balance Palladium Supply/Demand (koz) 8,750 8,500 8,250 8,000 7,750 7,500 7,250 7,000 6,750 6,500 6,250 6,000 חי 2010 2011 2012F 2013F 2014F 2015F 1,750 1,500 1,250 1,000 750 500 250 0 -250 -500 -750 -1,000 -1,250 Market Surplus/(Deficit) (koz) Market Surplus Market Deficit -Supply -Demand Palladium consumption by industry & regions 2,500 2,000 1,500 1,000 0,500 Other 1% Investment 6% Autocats 67% Other 18% China 16% North America 24% EU 23% Apr-07 Electrical 15% Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Japan Other funds Deutsche Bank Julius Baer ■ZKB ETF Securities Dental Chemical 6% 5% 19% NORILSK NICKEL Source: Johnson Matthew, Renaissance Capital, Deutsche Bank, HSBC, Macquarie research, VTB capital, Bloomberg, Reuters 12
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