NAFA News May 2015

maY 2014

NORT H A MERICAN F UR AUC T IONS

65 Skyway ave. ToronTo, on M9w 6C7 Canada | Tel: +1.416.675.9320 | fax: +1.416.675.6865 | www.nafa.Ca

NaFa NEWS

- President's message - significant court Victories oVer animal rights extremism - fur farmers celebrate in the netherlands- dennis basso- nafa 2014 toP lots & auction rePorts- inVesting in your future

Over 5.4 milliOn mink sOld

Page 1

Dear Rancher,

NAFA closed its May mink sale last week amid extremely challenging conditions which resulted in a near perfect-storm of external factors that have come together to create a much more problematic marketplace. As each international auction has progressed this season, the buying community has begun to approach its purchases with greater caution in an attempt to find a market level. As our valuable consignor, it is important for you to know that NAFA is doing everything it can to ensure your product remains the coveted commodity that it has always been, despite this market correction.

There are many factors that are creating this lack of confidence and uncertainty in our market. China and Russia did not experience a cold winter this past season. Within China, the pelt importation issues with the arrest and detention of members of the Chinese fur trade has continued to hamper the market. At the same time, real estate values in China are declining and banks there are tightening up their credit lines significantly. Coinciding with this, we have the political issues within Russia itself. As a result, there remains a significant carryover of finished garments and pelt inventory that were purchased last season at historically high prices. The combined effect of all of these issues has created a tight money problem within the buying community

However, to compound the problem, was the unprecedented use of buyer incentives in the first February European auction to induce buyers to purchase goods as a means to address their liquidity issues. With a deposit of 25 percent, buyers were allowed to purchase with up to seven months or more to clear the goods. Operating under these incentives, buyers were purchasing goods on speculation, which has ultimately resulted in the creation of a false market. This false market also caused producers themselves to believe that the market would continue to support the expansion of mink production. Given these developments, it was difficult to anticipate such a sudden change in the marketplace.

All these factors have brought about a sudden and significant lack of confidence within the trade as to the true value of mink pelts. All of this has contributed to a market drop in every auction since the beginning of this year, with prices declining, for the most part, 15 to 20 percent in each auction.

The important factor for our producers to know is the staff and management of NAFA have successfully navigated these difficult waters before and so will we once again. Your company is strong and together we will work to return to a more prosperous market as soon as possible.

• NAFA is in a strong financial position – for years, we have managed our balance sheet with careful pragmatism, wise spending and sensible savings. During the more prosperous years of soaring prices and unquenchable demand from buyers, NAFA was vigilant and prudent; a mitigation strategy was planned to deal with this eventual turn in the market.

• NAFA’s assortments are the best in the world representing the finest mink in the world. We have always worked with our producers to ensure the assortments meet their expectations. As we move forward, we will continue to adjust these assortments to ensure they benefit both our producers and buyers.

• NAFA’s auctions have always attracted the most buyer attendance of any North American auction. This past auction, registered buyer attendance approached 400, to include some 46 Greek buyers, a record for a May auction. Though this attendance is down from the record numbers in 2013, it was a strong representation of the world trade given the very difficult turn of events in the market since February.

• NAFA’s clearance levels from our February auction are impressive, despite the downturn in the marketplace. 83 percent of the goods purchased in February have been paid for. It is vitally important to you, our producers, to clear inventories at a time like this and ensure the strength of your company. NAFA will continue to diligently work to clear all of our goods as quickly and efficiently as possible.

President's message

Page 2

This new fur market will still have to be experienced with all of its unfortunate realities. It will ultimately lead to a reduction in production, which is needed to alleviate the problem of supply and demand and getting production back in line with market demand is key in any market recovery. But at the same time, this will still cause hardship for so many of you who have worked so tirelessly to produce such a high quality and internationally recognized product.

Despite the challenging marketplace, NAFA’s mandate was to move your product into the marketplace to help create cashflow for you. In this very difficult market, we achieved close to 100 percent in sales of most mink color types and sizes. Thus far, this means we were also able to achieve clearances of nearly 90 percent of our producers crop. Overall, in the May auction, we sold 5.4 million mink. This is a significant accomplishment in a market that can only be described as tenuous at best.

Looking ahead, the remainder of 2014 is expected to be more of a struggle. NAFA will remain fiscally responsible, strong and diligent in its efforts to restore confidence to the market. Our niche marketing efforts will continue and our robust labeling program will assist us in attracting buyers to our auctions

As always, we wish you the very best in the summer season. Sincerely,

Michael D. Mengar, President & CEO

Page 3

Significant Court Victories Over Animal Rights Extremism

Fur Farmers Celebrate in The Netherlands

The second victory occurred this week in The Netherlands. A court in the Hague overturned a new law that would have banned the breeding of animals for fur. The law would have had a serious financial impact on breeders and would have set a dangerous precedent for the fur farming industry in Europe

The legislation to phase out fur farming was passed by the senate at the end of 2012, three years after it was agreed to by the lower house.

The Netherlands has approximately 160 fur farms and is producing five million pelts a year and it employs 1,400 people. This ruling overturns the legislation and opens the door to continued fur farming.

In the world of animal rights extremism and farming, there is some good news to report on two fronts. First, this week it was learned that the parent company of Ringling Brothers & Bailey Circus reached a final settlement with the Humane Society.

The American Society for the Prevention of Cruelty to Animals (ASPCA) and other animal rights groups first sued the circus operator, Feld Entertainment Inc., in 2000 and alleged that Asian elephants were being abused in violation of the Endangered Species Act. A federal judge dismissed the case for lack of standing in 2009 and said the animal rights groups paid a former employee at least $190,000 to secure his participation as a plaintiff in the litigation. A federal appeals court upheld the dismissal of the suit in 2011.

Feld Entertainment then filed a $20 million racketeering lawsuit against the ASPCA and other animal rights groups, claiming they engaged in bribery, obstruction of justice and other acts.

The company says the latest settlement brings the total it recovered to more than $25 million, the equivalent of its legal fees.

This is a significant step forward in the on-going court battles with extremists.

Page 4

Each year NAFA invites a designer to create a very unique garment in Black NAFA Mink to serve as the signature piece of their international marketing campaign. In the ten short years since the Black NAFA label was launched, Black NAFA has come to be recognized as the finest quality of mink in the world and designers have come to covet the opportunity to work with this most precious of minks.

dennis Basso, renowned new York designer, has accepted naFa’s invitation to create the garment that will become the focal point of the 2014/15 naFa print campaign. “designing with Black naFa mink creates a high quality, luxuriously classic feel and from this i will create a modern silhouette”, he announced.

DENNIS BASSO CREATES SUPER GLAMOROUS BLaCK NaFa WRAP

Basso is a maestro of fur creation. His business began with the selling of pelts in 1983 and shortly thereafter he launched the first fur collection under his own name brand. From that moment he captured the attention of fashion media and celebrities. In 2002 Basso was inducted into the prestigious Council of Fashion Designers of America and five years later debuted his first prêt-à-porter collection at Mercedes Benz Fashion Week in New York. The ensuing years found Basso entering the world of haute couture and establishing himself as one of America’s premier designers.

The Dennis Basso label is now a multi national luxury brand. The flagship store is located on Madison Avenue in New York and the collection is featured in Harrods in London and Tsum in Moscow. Fur boutiques can also be found in Aspen and Vail, Colorado.

the beauty of Black naFa mink is timeless and universal. in the hands of a master furrier like Basso, innovation adds another dimension. Basso declared his inspiration for the Black naFa signature garment as an “experimentation in personal styling. this piece was designed around the concept of convertible luxury.” this unique Black naFa mink garment will make its public debut in august in moscow.

naFa 2014 toP lots & auction rePorts

John & twan Van ansem with yannis beinis. richard, linda & bob Zimbal with Jindo.

mike & Kyle Patrick with langiotti.

naFa 2014 toP lots & auction rePortsOFFERED % SOLD TOP 539,211 94% $1920.00

OFFERED % SOLD TOP 538,707 93% $1,650.00

the top lot of black nafa — male was purchased by tassos langiotis for langiotti. Produced by Patrick collection.

black Male

NAP - 1/1X BLACK NAFA SILVER LABELLED VSL

4X0 $101.17 $78.49 $93.62 $76.97

3X0 $91.62 $70.28 $86.19 $73.50

00 $79.94 $60.83 $75.43 $65.09

0 $67.27 $49.74 $61.37 $50.83

1 $56.18 $39.38 $48.61 $39.29

Overall Average $78.96 $57.63 $72.97 $62.55


0 $64.35 $44.10 $55.92 $48.55

1 $58.24 $41.49 $53.78 $43.98

2 $53.72 $33.07 $47.78 $33.49

3 $38.77 $25.14 $33.85 $25.05

4 $29.29 $19.72 $24.76 $18.95

Overall Average $52.78 $33.85 $47.05 $36.67


4X0 $94.12 $75.29 $90.31 $72.03

3X0 $82.78 $67.60 $80.67 $65.15

00 $72.07 $57.26 $69.48 $52.21

0 $56.04 $45.65 $54.69 $41.85

1 $44.38 $37.93 $43.30 $36.62

Overall Average $69.82 $56.67 $67.67 $53.50


0 $61.77 $43.96 $55.47 $45.02

1 $54.97 $39.10 $50.86 $39.03

2 $46.62 $33.37 $44.01 $30.56

3 $33.31 $26.67 $32.02 $21.92

4 $24.14 $19.27 $23.26 $17.28

Overall Average $47.01 $35.07 $44.34 $32.54

NAP - 3 5 Star 4 Star Labelled VSL

4X0 $67.00 $60.00 $63.32 $55.00

3X0 $60.50 $57.44 $59.34 $46.13

00 $50.10 $44.10 $48.16 $40.60

0 $36.54 $34.84 $35.97 $30.00

1 $30.51 $24.97 $28.35 $26.00

2 $23.00 $20.23 $22.03 $18.72

Overall Average $44.16 $40.10 $42.72 $36.84


0 $39.00 $31.82 $36.01 $30.33

1 $34.64 $24.08 $30.30 $23.83

2 $24.95 $19.39 $22.51 $18.37

3 $18.92 $15.03 $16.70 $16.00

4 $16.00 $13.36 $14.88 $13.00

Overall Average $26.68 $19.36 $23.32 $20.17


4X0 $57.00 $56.00 $56.55 $51.00

3x0 $51.59 $48.36 $50.61 $45.00

00 $42.89 $35.94 $40.92 $37.00

0 $32.46 $28.91 $30.96 $28.00

1 $27.42 $24.28 $26.06 $22.31

Overall Average $41.25 $35.02 $39.11 $34.75


0 $31.00 $25.00 $28.34 $23.00

1 $26.13 $20.15 $23.29 $21.00

2 $22.28 $16.74 $20.61 $17.16

3 $17.61 $13.66 $15.53 $13.19

Overall Average $22.78 $17.39 $20.61 $18.12

the top lot of black nafa — female was purchased by Jindo co., ltd. for Jindo, of seoul, Korea. Produced by Zimbal mink.

black FeMale

Page 6

blue iris FeMale

blue iris Male

the top lot of blue iris mink — female was purchased by er fur trading co-op. for guy laroche furs. Produced by Zimbal mink.

OFFERED % SOLD TOP 36,582 100% $92.00

OFFERED % SOLD TOP 38,989 100% $250.00

Size GOLD SILVER LABELLED VSL4X0 $83.31 $68.63 $77.20 $61.75000 $85.54 $68.08 $80.70 $63.3100 $83.55 $62.22 $73.83 $55.550 $72.63 $52.25 $57.45 $44.18

Overall Average $83.69 $60.12 $73.11 $55.09

Size GOLD SILVER LABELLED VSL0 $56.57 $41.40 $50.70 $42.361 $57.59 $41.33 $52.64 $39.662 $51.54 $35.81 $44.41 $31.963 $34.40 $27.11 $28.34 $21.44

Overall Average $54.31 $36.36 $46.76 $35.50

OFFERED % SOLD TOP 325,788 100% $300.00

OFFERED % SOLD TOP 292,015 93% $230.00

the top lot of mahogany mink — male was purchased by P.J. Zeitlin & co. ltd. for huasi agriculture development co. ltd., of beijing, china. Produced by Walt brown.

the top lot of mahogany mink — female was purchased by P.J. Zeitlin & co. ltd. for huasi agriculture development co. ltd., of beijing, china. Produced by Walt brown.

Mahogany Male

Mahogany FeMale

NAP - 1/1X GOLD SILVER LABELLED VSL5X0 $74.09 $68.00 $73.14 $68.004x0 $69.37 $62.93 $67.70 $64.003x0 $66.30 $59.24 $65.01 $59.3800 $57.22 $48.87 $55.41 $54.700 $46.66 $42.10 $45.13 $43.921 $41.14 $35.12 $38.82 $35.27

Overall Average $59.67 $50.29 $57.46 $55.29

NAP - 1/1X GOLD SILVER LABELLED VSL00 $51.65 $46.00 $50.82 $48.060 $48.63 $42.72 $46.13 $43.911 $43.98 $37.76 $42.50 $39.902 $36.34 $30.07 $34.38 $31.123 $30.16 $22.92 $27.16 $24.82

Overall Average $39.85 $32.31 $37.52 $36.06

NAP - 2/2X GOLD SILVER LABELLED VSL5X0 $65.48 $65.48 $62.594x0 $62.38 $55.95 $60.73 $59.483x0 $54.28 $48.86 $52.71 $48.3100 $46.66 $42.74 $45.71 $39.700 $39.93 $35.16 $38.89 $31.751 $38.17 $35.61 $37.32 $34.90

Overall Average $49.47 $44.85 $48.27 $44.03

NAP - 2/2X GOLD SILVER LABELLED VSL00 $45.56 $45.56 $42.070 $42.45 $38.92 $41.56 $39.071 $37.54 $34.13 $35.87 $31.762 $31.32 $27.75 $30.40 $25.653 $24.00 $24.27 $24.07 $20.31

Overall Average $32.26 $30.70 $31.78 $28.77

NAP - 3 5 Star 4 Star Labelled VSL4x0 $54.97 $50.36 $53.10 $48.843x0 $46.68 $44.81 $45.96 $42.9400 $40.20 $38.20 $39.44 $35.350 $36.09 $29.62 $33.28 $27.971 $31.58 $28.30 $30.35 $22.27

Overall Average $41.68 $38.19 $40.32 $36.62

NAP - 3 5 Star 4 Star Labelled VSL00 $34.00 $34.00 $29.000 $31.09 $26.64 $28.50 $25.761 $27.10 $23.94 $25.41 $22.572 $23.08 $20.35 $21.56 $18.703 $17.46 $15.51 $16.60 $14.99

Overall Average $23.57 $21.21 $22.34 $20.21

NAP - 4 5 Star 4 Star Labelled VSL4X0 $52.45 $49.70 $50.25 $41.293x0 $45.78 $42.17 $42.60 $36.3400 $39.80 $35.71 $36.08 $30.260 $34.50 $31.14 $31.28 $25.001 $27.71 $23.17 $19.62

Overall Average $40.33 $35.55 $35.27 $29.51

NAP - 4 5 Star 4 Star Labelled VSL0 $26.69 $23.21 $23.13 $19.211 $20.00 $18.60 $18.77 $17.072 $16.65 $16.45 $16.28 $14.963 $15.00 $14.56 $14.54 $13.28

Overall Average $18.01 $17.40 $17.34 $15.49

Page 7

OFFERED % SOLD TOP 684,154 96% $310.00

OFFERED % SOLD TOP 652,557 97% $260.00

the top lot of demi brown mink — male was purchased by tolis gogos for abel furs trading llc., of dubai, uae. Produced by dittrich / unicorn.

the top lot of demi brown mink — female was purchased by P.J. Zeitlin & co. ltd. for robert girme, of hong Kong. Produced by dittrich / unicorn.

deMi broWn Male

deMi broWn FeMale

NAP - 1/1X GOLD SILVER LABELLED VSL5x0 $62.41 $59.25 $61.37 $56.824x0 $58.84 $56.31 $58.13 $54.543x0 $54.03 $49.63 $52.66 $49.482x0 $45.87 $42.54 $45.08 $39.150 $38.68 $32.88 $36.85 $31.391 $30.31 $30.31 $23.73

Overall Average $51.35 $48.88 $50.67 $45.96

NAP - 4 GOLD SILVER LABELLED VSL5x0 $50.83 $48.14 $47.564x0 $47.00 $49.00 $46.30 $44.003x0 $43.01 $42.85 $41.68 $37.1800 $35.97 $34.96 $34.76 $31.730 $29.53 $28.36 $28.44 $24.251 $23.31 $22.62 $22.59 $18.96

Overall Average $35.49 $35.16 $34.72 $31.80


Overall Average $36.32 $33.55 $35.77 $33.00

NAP - 2/2X GOLD SILVER LABELLED VSL6x0 $62.00 $63.00 $62.64 $58.575x0 $62.53 $55.13 $58.13 $55.584x0 $56.70 $50.83 $54.43 $52.023x0 $50.66 $45.90 $49.29 $45.532x0 $43.28 $35.44 $41.19 $36.340 $34.00 $28.65 $32.85 $28.271 $27.74 $27.74 $23.63

Overall Average $47.93 $44.46 $46.88 $44.51


Overall Average $33.65 $30.32 $32.72 $30.90

NAP – 2/2x 5 Star 4 Star Labelled VSL6x0 $60.60 $60.00 $60.22 $58.005x0 $56.32 $54.99 $55.27 $55.154x0 $52.49 $51.00 $51.24 $51.933x0 $46.21 $45.06 $45.39 $46.152x0 $39.75 $38.98 $39.21 $38.820 $33.99 $32.74 $33.32 $30.241 $27.00 $26.91 $26.97 $24.85

Overall Average $40.60 $42.54 $41.74 $42.13

NAP - 3 5 Star 4 Star Labelled VSL00 $34.50 $31.57 $30.63 $26.800 $31.46 $26.58 $27.36 $23.801 $27.11 $24.10 $24.84 $21.292 $22.86 $20.16 $21.14 $17.193 $18.27 $16.24 $16.93 $13.06

Overall Average $25.45 $23.28 $23.85 $20.03

NAP - 3 5 Star 4 Star Labelled VSL5x0 $55.00 $54.38 $53.74 $50.604x0 $50.00 $49.40 $49.11 $44.943x0 $45.16 $42.85 $43.41 $40.822x0 $37.58 $35.94 $36.23 $32.340 $32.77 $30.82 $31.12 $26.571 $26.50 $24.96 $25.25 $20.93

Overall Average $40.06 $38.89 $39.12 $35.42

NAP - 4 5 Star 4 Star Labelled VSL00 $28.00 $25.58 $26.28 $20.460 $25.81 $21.00 $21.74 $18.481 $21.43 $19.53 $19.67 $16.642 $17.75 $17.48 $17.41 $14.443 $15.28 $15.40 $15.26 $12.01

Overall Average $19.28 $18.31 $18.28 $15.18

Page 8

Page 9

the top lot of Pearl mink — female was purchased by yannis beinis for Karen rizzi Pellicce, of dubai, uae. Produced by dittrich / unicorn.Pearl FeMale

Pearl MaleOFFERED % SOLD TOP 128,942 100% $84.00

OFFERED % SOLD TOP 105,271 100% $220.00

Pastel Male

Pastel FeMale

the top lot of Pastel mink — male was purchased by yannis beinis for Karen rizzi Pellicce, of dubai, uae. Produced by dittrich / unicorn.

OFFERED % SOLD TOP 128,942 100% $270.00

OFFERED % SOLD TOP 105,271 100% $92.00

PaloMino Male

PaloMino FeMale

OFFERED % SOLD TOP 23,376 100% $80.00

OFFERED % SOLD TOP 16,476 100% $69.00


Overall Average $45.14 $43.76 $44.95 $42.49

SIZE GOLD SILVER LABELLED VSL00 $40.79 $40.79 $45.510 $64.10 $39.04 $54.81 $37.231 $61.48 $38.16 $50.07 $37.512 $46.79 $27.21 $35.09 $27.703 $33.78 $22.47 $27.04 $20.35

Overall Average $56.11 $33.16 $44.04 $33.96

NAP - 1/1X GOLD SILVER LABELLED VSL5X0 $82.53 $82.53 $74.684x0 $76.11 $74.69 $75.44 $70.163x0 $68.82 $66.10 $68.20 $62.8500 $62.06 $58.33 $61.32 $54.220 $51.38 $45.29 $50.63 $44.001 $38.85 $38.85 $32.64

Overall Average $62.77 $62.32 $62.68 $59.38

SIZE GOLD SILVER LABELLED VSL5X0 $79.94 $79.94 $86.084X0 $78.60 $73.70 $77.03 $77.68000 $77.33 $60.12 $69.97 $68.0600 $67.29 $48.86 $56.43 $54.740 n/a $40.42 $40.42 $44.90

Overall Average $74.74 $55.79 $65.64 $64.05

SIZE GOLD SILVER LABELLED VSL4X0 $73.08 $70.78 $72.29 $71.58000 $68.51 $65.29 $67.50 $58.6100 $60.50 $50.91 $57.57 $52.670 $46.29 $46.29 $40.00

Overall Average $63.07 $61.89 $62.76 $56.73

SIZE GOLD SILVER LABELLED VSL0 $61.66 $57.16 $59.71 $41.151 $58.83 $39.30 $51.61 $38.032 $40.87 $24.00 $34.20 $32.843 $29.47 $29.47 n/a

Overall Average $52.70 $38.47 $47.83 $38.30


Overall Average $44.37 $44.79 $44.49 $41.03

NAP - 2/2X GOLD SILVER LABELLED VSL5X0 $81.38 $77.00 $80.694x0 $75.29 $70.67 $73.91 $67.703x0 $67.86 $64.19 $67.01 $59.8400 $61.06 $54.79 $59.77 $53.990 $49.95 $38.76 $44.72 $44.081 $40.96 $30.00 $37.92 $33.73

Overall Average $64.25 $57.38 $62.54 $54.37


Overall Average $30.58 $27.45 $28.28 $26.45

NAP - 3 5 Star 4 Star Labelled VSL4x0 $65.21 $64.18 $67.383x0 $62.37 $59.42 $58.28 $51.1200 $57.56 $56.05 $54.63 $41.950 $45.69 $39.12 $40.83 $35.381 $36.34 $31.14 $34.21 $30.45

Overall Average $52.69 $46.57 $49.42 $42.09

NAP - 4 5 Star 4 Star Labelled VSL0 $32.00 $28.00 $29.74 $26.001 $27.02 $24.17 $19.812 $25.43 $25.00 $22.87 $18.733 $21.82 $21.82 $15.88

Overall Average $24.91 $25.92 $23.42 $19.28

NAP - 4 5 Star 4 Star Labelled VSL4x0 $58.79 $58.79 $47.003x0 $51.28 $49.41 $41.0000 $44.33 $42.55 $41.99 $34.210 $36.29 $34.00 $34.68 $28.941 $30.00 $28.35 $23.53

Overall Average $41.55 $40.29 $39.85 $33.35

Page 9

silverblue Male

OFFERED % SOLD TOP 51,649 100% $220.00silverblue FeMale

OFFERED % SOLD TOP 71,067 100% $88.00

the top lot of silver blue — female was purchased by sotiris Vogiatzis for efd Papadopoulos furs, of Kastoria, greece. Produced by dittrich / unicorn.

the top lot of White mink — male was purchased by tolis gogos for abel furs trading llc., of dubai, uae. Produced by Zimbal mink.

White FeMale

White Male

OFFERED % SOLD TOP 89,929 100% $65.00

OFFERED % SOLD TOP 125,597 100% $320.00

saPPhire FeMale

saPPhire Malethe top lot of sapphire mink — male was purchased by Philippe debourcieu for msV italia srl, of milan, italy. Produced by Zimbal mink.

OFFERED % SOLD TOP 13,921 100% $82.00

OFFERED % SOLD TOP 13,003 100% $330.00

NAP - 1/1X GOLD SILVER LABELLED VSL0 $60.27 $57.00 $59.97 $53.351 $56.70 $50.70 $56.30 $48.742 $46.61 $43.00 $46.45 $41.123 $35.27 $35.27 $36.00

Overall Average $52.13 $50.21 $52.02 $46.91

SIZE GOLD SILVER LABELLED VSL00 $53.74 $43.52 $50.35 $46.460 $52.89 $46.00 $49.61 $42.831 $46.81 $41.18 $44.10 $38.132 $34.95 $32.13 $33.53 $27.893 $23.69 $23.69 $19.23

Overall Average $45.41 $40.38 $43.10 $38.05

NAP - 1/1X GOLD SILVER LABELLED VSL5x0 $84.64 $88.00 $85.004x0 $81.26 $86.86 $82.38 $81.123x0 $72.13 $78.55 $73.06 $69.8400 $60.61 $65.05 $61.23 $60.540 $55.42 $54.06 $55.26 $51.111 $46.89 $42.00 $45.55 $39.00

Overall Average $67.35 $72.28 $68.08 $65.55

SIZE GOLD SILVER LABELLED VSL5X0 $79.06 $73.48 $75.60 $70.774X0 $74.32 $70.48 $72.61 $64.87000 $68.60 $62.36 $65.76 $57.3700 $59.43 $51.44 $56.36 $48.310 $48.77 $41.36 $45.46 $40.27

Overall Average $66.28 $61.36 $64.08 $57.25

SIZE GOLD SILVER LABELLED VSL4X0 $81.65 $82.00 $81.74 $74.39000 $81.17 $76.01 $79.92 $66.9900 $75.20 $66.98 $72.22 $58.400 $69.65 $61.00 $63.55 $47.32

Overall Average $78.56 $68.78 $75.23 $60.03

SIZE GOLD SILVER LABELLED VSL0 $70.14 $49.01 $63.89 $44.591 $74.06 $54.97 $68.96 $47.332 $65.15 $48.30 $58.28 $35.193 $42.00 $38.02 $38.83 $23.83

Overall Average $70.44 $50.10 $63.49 $40.99

NAP - 2/2X GOLD SILVER LABELLED VSL0 $60.68 $53.22 $58.62 $53.841 $55.35 $50.05 $54.72 $48.712 $47.71 $44.02 $47.17 $40.223 $37.16 $34.00 $36.99 $36.00

Overall Average $52.43 $48.78 $51.89 $46.50

NAP - 2/2X GOLD SILVER LABELLED VSL4x0 $85.03 $80.68 $83.79 $79.053x0 $73.96 $73.65 $73.91 $70.942x0 $61.80 $57.75 $61.28 $60.8500 $51.51 $45.46 $50.42 $44.750 $43.00 $40.00 $42.00 $33.00

Overall Average $66.21 $63.44 $65.69 $64.08


Overall Average $39.13 $33.37 $37.38 $33.26

NAP - 3 5 Star 4 Star Labelled VSL4x0 $69.35 $66.00 $67.46 $66.003x0 $63.00 $62.00 $62.65 $54.002x0 $55.00 $51.00 $53.92 $50.53

0 $44.97 $42.00 $44.31 $45.001 $37.62 $34.00 $36.61 $35.00

Overall Average $50.75 $49.90 $50.51 $46.65

NAP - 4 5 Star 4 Star Labelled VSL0 $37.00 $37.00 $32.001 $31.82 $32.00 $31.62 $28.002 $25.62 $27.00 $26.11 $23.073 $20.00 $20.00 $20.00 $21.00

Overall Average $28.41 $29.69 $28.89 $26.02

NAP - 4 5 Star 4 Star Labelled VSL4x0 $65.00 $60.00 $61.70 $54.003x0 $58.36 $49.38 $53.45 $46.552x0 $49.60 $41.56 $45.69 $33.810 $38.63 $35.42 $37.27 $29.441 $29.00 $33.00 $30.80

Overall Average $51.76 $46.35 $49.20 $37.47

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