Novem Gold AG 9490 Vaduz

Report of Factual Findings of Agreed-upon Procedures

Reconciliation of gold stock of Novem Gold AG

Zürich Schaan Genève Buchs Member of Grant Thornton International Ltd

HR-Nr. FL-0001.105.991-2 MWST-Nr. 51053

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Grant Thornton AG Bahnhofstrasse 15 P.O. Box 663 FL-9494 Schaan T +423 237 42 42 F +423 237 42 92 www.grantthornton.li

Report of Factual Findings of Agreed-upon Procedures to the Board of Directors of Novem Gold AG, Vaduz

Agreed-upon procedures - reconciliation of gold stock of Novem Gold AG - Q4/2019

We have performed the procedures agreed with you and enumerated below with respect to the reconcilia-tion of gold stock of Novem Gold AG. Our engagement was undertaken in accordance with the Interna-tional Standard on Related Services 4400 applicable to agreed-upon procedures engagements.

The procedures were performed solely to assist you in your assessment whether the stock list provided by the custodian of the gold does conform with the gold on stock as of the date of the reconciliation. We sum-marize the performed procedures and our results of the factual findings of agreed-upon procedures as fol-lows:

Our procedures

1. We have announced the custodian of the gold that we will perform an on-site reconciliation of gold stock as of 29th November 2019 (agreed-upon procedures for quarter 4/2019). Based on the stock list we reconciled whether the amount of gold stated in the stock list as of 29th November 2019 does conform to the amount of gold on stock as of 29th November 2019;

2. We compared the amount of NNN-tokens shown in the blockchain explorer of NEL NewEconoLabs (https://scan.nel.group/nep5/0x1e892bd588ea4ab409b3a93d3049d6115c6727f3) to the amount of NNN-tokens issued as of 29th November 2019 in the enclosure of this report;

3. We checked mathematically whether the amount of gold (item 1) does conform to the amount of tokens (item 2) by a ratio of 1 (gram Gold) to 100 (NNN-token).

Our findings

1. We determined that the amount of gold shown on the stock list as of 29th November 2019 does conform to amount of gold on stock as of 29th November 2019. The total amount of gold stock in vault is shown in the enclosure of this report;

2. We determined that the amount of NNN-tokens which was shown in the blockchain explorer of NEL NewEconoLabs (https://scan.nel.group/nep5/0x1e892bd588ea4ab409b3a93d3049d6115c6727f3) does con-form to the amount of NNN-token as of 29th November 2019 in the enclosure of this report;

3. We determined that the amount of gold (item 1) does conform to the amount of tokens

(item 2) by a ratio of 1 to 100.

Zürich Schaan Genève Buchs Member of Grant Thornton International Ltd

HR-Nr. FL-0001.105.991-2 MWST-Nr. 51053

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We would like to point out that the following audit procedures were not in the scope of our procedures:

x We did not perform any audit procedures regarding the quality of the gold on stock.

Because the above procedures do not constitute either an audit or a review made in accordance with Inter-national Standards on Auditing or International Standards on Review Engagements, we do not express any assurance on the gold on stock as of 29th November 2019.

Had we performed additional procedures or had we performed an audit or a review of the financial state-ments in accordance with International Standards on Auditing or International Standards on Review En-gagements, other matters might have come to our attention that would have been reported to you.

Our report is solely for the purpose set forth in the second paragraph of this report and only for your infor-mation and is not to be used for any other purpose or to be distributed to any other parties. This report re-lates only to the purpose stated above and does not extend to any financial statements of Novem Gold AG taken as a whole. This report will be published only on the official website of Novem Gold AG (www.novemgold.com).

Schaan, 2nd December 2019

Grant Thornton AG

Egon Hutter Certified accountant

ppa Mathias Eggenberger Certified accountant

Enclosure: Statement of gold stock in vault of Novem Gold AG as of 29th November 2019

NNN

NOVEM GOLD AG

Statement of gold stock in vault

Novem Gold AG obligates itself to report on the amount of stock hold in the vault stored by OZL Liechtenstein. A new report will be issued once gold is added or removed from the vault and therefore NNN tokens are minted or burned.

Reporting date: 2019-11-29

Total amount of gold stock in vault: 31,157.43 gram (in gold bars of the following size: 0.1g, 0.5g, 1g, 5g, 10g, 20g, ounce, 50g, 100g, 250g, 500g)

Total amount of NNN tokens minted: 3,115,743 tokens

1 gram of gold equals 100 NNN tokens. The NNN tokens are issued on the NEO blockchain and comply to the NEP-5 standard. The NNN contract hash: 0x1e892bd588ea4ab409b3a93d3049d6115c6727f3.

Additionally there are quarterly stock audits by our external auditor Grant Thornton that will be made available.

Report Issuer: © 2019 NOVEM GOLD AG. ALL RIGHTS RESERVED.