Exhibit 10.2


JPMORGAN CHASE BANK, N.A.


and 


THE BANK OF NEW YORK MELLON

solely in its capacity as trustee of the ETFS Platinum Trust

and not individually






	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 UNALLOCATED ACCOUNT AGREEMENT

 	
  

 
	
  

 	
  

 	
  

 













	
  

 	
  

 
	
 THIS AGREEMENT
 is made with effect on and from [_______], 2009

 
	
  

 
	
 BETWEEN 

 
	
  

 	
  

 
	
 (1)

 	
 JPMORGAN CHASE BANK, N.A,
 whose principal place of business in England is at 125 London Wall, London
 EC2Y 5AJ (the “Custodian”); and

 
	
  

 	
  

 
	
 (2)

 	
 THE BANK OF NEW YORK MELLON, a New York
 banking corporation, solely in its capacity as trustee of the ETFS Platinum
 Trust created under the Trust Agreement identified below and not individually
 (the “Trustee”),
 which expression shall, wherever the context so admits, include the named
 Trustee and all other persons or companies for the time being the trustee or
 trustees of the Trust Agreement (as defined below) as trustee for the
 Shareholders (as defined below). 

 
	
  

 	
  

 
	
 INTRODUCTION 

 
	
  

 	
  

 
	
 (1)

 	
 The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the
 Trust Agreement.

 
	
  

 	
  

 
	
 (2)

 	
 An Authorized Participant may apply to become a Shareholder by: (i)
 applying for Shares in accordance with an Authorized Participant Agreement
 and (ii) depositing the relevant amount of Bullion into the Unallocated
 Account.

 
	
  

 	
  

 
	
 (3)

 	
 The Custodian has agreed to transfer Bullion deposited into the
 Unallocated Account to the Allocated Account and where applicable, other
 accounts, pursuant to the terms of this Agreement. 

 
	
  

 	
  

 
	
 (4)

 	
 In order to effect redemptions of Shares, Bullion must be transferred
 from the Allocated Account to the Unallocated Account by way of
 de-allocation, and must then be delivered to the Shareholder Account.

 
	
  

 	
  

 
	
 (5)

 	
 The Trustee has agreed that the Unallocated Account will be
 established by the Trustee for the account of the Trust, and that the Trustee
 will have the sole right to give instructions for the making of any payments
 into or out of the Unallocated Account.

 
	
  

 	
  

 
	
 IT IS AGREED AS
 FOLLOWS 

 
	
  

 
	
 1.

 	
 INTERPRETATION 

 
	
  

 	
  

 
	
 1.1

 	
 Definitions:
 Words and expressions defined in the Prospectus, unless otherwise defined
 herein, have the same meanings when used in this Agreement. In addition, in
 this Agreement, unless there is anything in the subject or context
 inconsistent therewith the following expressions shall have the following
 meanings: 

 
	
  

 	
  

 
	
  

 	
 “Affiliate” means an
 entity that directly or indirectly through one or more 

 


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 intermediaries, controls, or is controlled by, or is under common
 control with the Custodian;

 
	
  

 	
  

 
	
  

 	
 “Allocated Account”
 means the loco London allocated Bullion account, number [ ], or the loco
 Zurich allocated Bullion account, number [ ], each established in the name of
 the Trustee, with the Custodian pursuant to the Allocated Account Agreement;

 
	
  

 	
  

 
	
  

 	
 “Allocated Account Agreement”
 means the Allocated Account Agreement dated [ ] between the Trustee and the
 Custodian pursuant to which the Allocated Account is established and
 operated; 

 
	
  

 	
  

 
	
  

 	
 “AP Account” means a
 loco London or Zurich account maintained on an unallocated basis by the
 Custodian or a Bullion clearing bank for the Authorized Participant, as
 specified in the applicable Transfer Notice;

 
	
  

 	
  

 
	
  

 	
 “Application” means an
 offer by an Authorized Participant to the Trust (in the form prescribed by
 the Trust) to subscribe for Shares, being an offer on terms referred to in
 the Prospectus and in accordance with the provisions of the relevant
 Authorized Participant Agreement;

 
	
  

 	
  

 
	
  

 	
 “Application Date” means
 the New York Business Day on which a valid Application Form is received (or
 deemed to be received) by the Trustee in accordance with the relevant
 Authorized Participant Agreement;

 
	
  

 	
  

 
	
  

 	
 “Application Form” means
 a Purchase Order as defined in the Authorized Participant Agreement;

 
	
  

 	
  

 
	
  

 	
 “Authorized Participant”
 means a person which has entered into an Authorized Participant Agreement
 with the Sponsor and the Trustee in relation to Shares and which: (a) is a
 person who (i) is a registered broker-dealer or other securities market
 participant such as a bank or other financial institution which is not
 required to register as a broker-dealer to engage in securities transactions
 and (ii) is a participant in DTC; (b) is approved by the Sponsor (in its
 absolute discretion); and (c) has established an AP Account;

 
	
  

 	
  

 
	
  

 	
 “Authorized Participant Agreement”
 means a written agreement between the Trustee, the Sponsor and another person
 under which such person is appointed to act as an “Authorized Participant,”
 in relation to Shares and if such agreement is subject to conditions
 precedent, provided that such conditions have been satisfied; 

 
	
  

 	
  

 
	
  

 	
 “Authorized Signatory” means, in relation to any person, an
 individual who is duly empowered to bind such person and whose authority is
 evidenced by a resolution of the board of directors (or any other appropriate
 means of authorisation) of such person, and, in relation to the Trustee, any
 individual named in the Trustee’s Authorized Signatory list having due
 authority to bind the Trustee, which list shall be provided by the Trustee
 from time to time; 

 
	
  

 	
  

 
	
  

 	
 “Availability Date” means the London/Zurich Business Day on
 which the 

 


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 Trustee
 requests the Custodian to credit to the Unallocated Account Bullion debited
 from the Allocated Account; 

 
	
  

 	
  

 
	
  

 	
 “Benchmark Price” means, as of any day,
 that publicly available per ounce price of Bullion used by the Trust on such
 day to value the Trust’s Bullion, which is expected to be the London PM Fix
 but is subject to change by the Sponsor in accordance with the Trust
 Agreement;

 
	
  

 	
  

 
	
  

 	
 “Bullion” means platinum in physical form
 complying with the Rules of the Relevant Association held by the Custodian or
 any Sub-Custodian under the Allocated Account Agreement and/or any credit
 balance in the Unallocated Account as the context requires;

 
	
  

 	
  

 
	
  

 	
 “Conditions” means the terms and
 conditions on and subject to which Shares are issued in the form or
 substantially in the form set out in the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “General Notice” means any notice given in
 accordance with this Agreement other than a Transfer Notice;

 
	
  

 	
  

 
	
  

 	
 “Loco London” means in respect of an
 account holding Bullion, the custody, trading or clearing of such Bullion in
 London, United Kingdom;

 
	
  

 	
  

 
	
  

 	
 “Loco Zurich” means in respect of an
 account holding Bullion, the custody, trading or clearing of such Bullion in
 Zurich, Switzerland;

 
	
  

 	
  

 
	
  

 	
 “London Business Day” means a day (other
 than a Saturday or a Sunday or a public holiday in England) on which
 commercial banks generally and the London platinum market are open for the
 transaction of business in London;

 
	
  

 	
  

 
	
  

 	
 “London/Zurich Business Day” means a day
 which is both a London Business Day and a Zurich Business Day;

 
	
  

 	
  

 
	
  

 	
 “Management
 Fee” means the amount of Bullion which may be debited from the
 Metal Accounts at the end of each month and paid to the Sponsor Account in
 accordance with the terms of the Prospectus;

 
	
  

 	
  

 
	
  

 	
 “Metal
 Accounts” means the Allocated Account and the Unallocated Account;
 

 
	
  

 	
  

 
	
  

 	
 “Metal Entitlement” means as at any date
 and in relation to any Share the amount(s) of Bullion to which the
 Shareholder is entitled on Redemption of that Share on that date in
 accordance with the Conditions;

 
	
  

 	
  

 
	
  

 	
 “New York Business Day” means a “Business
 Day” as defined in the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Point of Delivery” means such date and
 time that the recipient (or its agent) acknowledges in written form its
 receipt of delivery of Bullion;

 


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 “Prospectus” means the prospectus
 constituting a part of the registration statement filed on Form S-1,
 Registration Number 333-158381 with the Securities Exchange Commission in
 accordance with the U.S. Securities Act of 1933, as amended, in relation to
 the Shares dated on or about [ ], 2009 as the same may be modified,
 supplemented or amended from time to time;

 
	
  

 	
  

 
	
  

 	
 “Redemption” means the redemption of
 Shares by the Trust in accordance with the Conditions;

 
	
  

 	
  

 
	
  

 	
 “Redemption Obligations” means the
 obligation of the Trust on Redemption of a Share to make payment or deliver
 Bullion to the relevant Authorized Participant or Shareholder in accordance
 with the Conditions;

 
	
  

 	
  

 
	
  

 	
 “Relevant Association” means the London
 Platinum and Palladium Market or its successors;

 
	
  

 	
  

 
	
  

 	
 “Rules”
 means the rules, regulations, practices and customs of the Relevant
 Association (including without limitation the rules as to Good Delivery), the
 Bank of England and such other regulatory authority or other body as shall
 affect the activities contemplated by this Agreement; 

 
	
  

 	
  

 
	
  

 	
 “Shareholder” means the beneficial owner of one or more Shares;

 
	
  

 	
  

 
	
  

 	
 “Shareholder Account” means a loco London
 or Zurich account maintained on an unallocated basis by the Custodian or a
 Bullion clearing bank, as applicable, for an Authorized Participant or a
 Shareholder, as specified in the applicable Redemption Notice;

 
	
  

 	
  

 
	
  

 	
 “Shares” means the units of fractional
 undivided beneficial interest in and ownership of the Trust which are issued
 by the Trust and named “ETFS Physical Platinum Shares” and created pursuant
 to and constituted by the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Sponsor” means ETF Securities USA LLC, its successors and assigns and any successor
 Sponsor appointed pursuant to the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Sponsor Account” means a loco London or
 Zurich account maintained on an unallocated basis by the Custodian or a Bullion clearing
 bank, as applicable, for the Sponsor;

 
	
  

 	
  

 
	
  

 	
 “Transfer Notice” means any notice of a
 deposit or withdrawal made pursuant to clause 3 or clause 4 of this
 Agreement;

 
	
  

 	
  

 
	
  

 	
 “Trust” means the ETFS Platinum Trust
 formed pursuant to the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Trust Agreement” means the Depositary
 Trust Agreement of the ETFS Platinum Trust dated on or about [ ], as amended
 from time to time, between the ETF
 Securities USA LLC, as Sponsor, and The Bank of New York Mellon, as
 Trustee; 

 


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 “Unallocated Account” means the loco
 London unallocated Bullion account, number [ ], or the loco Zurich
 unallocated Bullion account, number [ ], each established in the name of the
 Trustee, with the Custodian pursuant to this Agreement on an Unallocated
 Basis;

 
	
  

 	
  

 
	
  

 	
 “Unallocated Basis” means, with respect to an Unallocated Account
 maintained with the Custodian, that the person in whose name the account is
 held is entitled to delivery in accordance with the Rules of an amount of
 Bullion equal to the amount of Bullion standing to the credit of the person’s
 account but is an unsecured creditor in any Bullion that the Custodian owns
 or holds.

 
	
  

 	
  

 
	
  

 	
 “VAT”
 means value added tax as provided for in the Value Added Tax Act 1994 (as
 amended or re-enacted from time to time) and legislation supplemental thereto
 and any other tax (whether imposed in the United Kingdom in substitution
 thereof or in addition thereto or elsewhere) of a similar fiscal nature; and

 
	
  

 	
  

 
	
  

 	
 “Withdrawal Date” means the London/Zurich
 Business Day on which the Trustee wishes a withdrawal of Bullion from the
 Unallocated Account to take place.

 
	
  

 	
  

 
	
  

 	
 “Zurich Business Day” means a day (other
 than a Saturday or a Sunday or a public holiday in Zurich) on which
 commercial banks generally and the Zurich platinum market are open for the
 transaction of business in Zurich; and

 
	
  

 	
  

 
	
  

 	
 “Zurich Sub-Custodian” means any firm
 selected by the Custodian to hold platinum on behalf of the Custodian in the
 firm’s Zurich vault premises on a segregated basis, in the manner provided in
 clauses 7.2 and 7.3 of the Allocated Account Agreement and whose appointment
 has been approved in writing by the Sponsor (such approval not to be
 unreasonably with held). 

 
	
  

 	
  

 
	
 1.2

 	
 Headings: The headings
 in this Agreement do not affect its interpretation. 

 
	
  

 	
  

 
	
 1.3

 	
 Singular and
 plural: References to the singular include the
 plural and vice versa. 

 
	
  

 	
  

 
	
 2.

 	
 UNALLOCATED ACCOUNT 

 
	
  

 	
  

 
	
 2.1

 	
 Opening
 Unallocated Account: The Custodian shall open
 and maintain the Unallocated Account in the name of the Trustee (in its
 capacity as trustee for the Shareholders).

 
	
  

 	
  

 
	
 2.2

 	
 Denomination of
 Unallocated Account: The Unallocated Account
 will hold deposits of Bullion and will be denominated in fine troy ounces.

 
	
  

 	
  

 
	
 2.3

 	
 Unallocated Account Reports:
 For each London/Zurich Business Day, by no later than the following
 London/Zurich Business Day, the Custodian will provide the Trustee access to
 information showing the increases and decreases 

 


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 to the
 Bullion standing to the Trustee’s credit in the Unallocated Account, and
 identifying separately each transaction and the New York or London Business
 Day on which it occurred. On each London/Zurich Business Day on which Bullion
 is deposited or that is a Withdrawal Date, the Custodian will send the
 Trustee a notification of (i) each separate transaction transferring Bullion
 to the Unallocated Account, including the amount of Bullion transferred to
 the Unallocated Account and the AP Account or Shareholder Account from which
 such Bullion is transferred, (ii) the amount of Bullion transferred from the
 Unallocated Account to the Allocated Account or to any AP Account or
 Shareholder Account and (iii) the amount of any remaining Bullion in the
 Unallocated Account, and the Custodian will use commercially reasonable
 efforts to send the notification by 9:00 a.m. (New York time). In addition,
 the Custodian will provide the Trustee such information about the increases
 and decreases to the Bullion standing to the Trustee’s credit in the
 Unallocated Account on a same-day basis at such other times and in such other
 form as the Trustee and the Custodian shall agree. For each calendar month,
 the Custodian will provide the Trustee within a reasonable time after the end
 of the month a statement of account for the Unallocated Account. Such reports will be made available to the
 Trustee by means of the Custodian’s proprietary electronic Bullion Transfer
 System website (“eBTS”). In the event eBTS is unavailable for any reason, the
 Trustee and the Custodian will agree upon a temporary notification system for
 making such reports available to the Trustee.

 
	
  

 	
  

 
	
 2.4

 	
 Reversal of
 Entries: The Custodian shall reverse any
 provisional or erroneous entries to the Unallocated Account which it
 discovers or of which it is notified with effect back-valued to the date upon
 which the final or correct entry (or no entry) should have been made
 (including, without limitation, where the Custodian has credited a deposit
 made pursuant to clause 3.1(b) and on receipt by the Custodian of the Bullion
 if it is determined that the Bullion does not comply with the Rules or that
 it is not the required weight).

 
	
  

 	
  

 
	
 2.5

 	
 Provision of
 Information: The Custodian agrees that it will
 forthwith notify the Trustee in writing of any encumbrance of which it is
 aware is or is purported to have been created over or in respect of the
 Unallocated Account or any of the amounts standing to the credit thereof. 

 
	
  

 	
  

 
	
 2.6

 	
 Access:
 The Custodian will allow the Sponsor and the Trustee and their Bullion
 auditors (currently Inspectorate International Limited) access to its
 premises during normal business hours, to examine the Bullion and such
 records, as they may reasonably require to perform their respective duties
 with regard to investors in Shares. The Trustee agrees that any such access
 shall be subject to execution of a confidentiality agreement and agreement to
 the Custodian’s security procedures, and such audit shall be at the Trust’s
 expense and shall be limited to no more than twice a calendar year, provided
 however that any second visit within the same calendar year shall be subject
 to the consent of the Custodian, such consent not to be unreasonably
 withheld. 

 
	
  

 	
  

 
	
 3. DEPOSITS

 
	
  

 	
  

 
	
 3.1

 	
 Procedure:
 The Custodian shall receive deposits of Bullion into the

 


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 Unallocated Account (in the manner and accompanied by such
 documentation as the Custodian may require) by: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 de-allocation of Bullion held in the Allocated Account on redemption
 of Shares by a Shareholder or Authorized Participant or for any other purpose
 authorized by the Trust Agreement; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 de-allocation of Bullion held in the Allocated Account for payment of
 the Management Fee; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 transfer of Bullion from an AP Account relating to the same kind of
 Bullion and having the same denomination as that to which the Unallocated
 Account relates on Application by an Authorized Participant for Shares. 

 
	
  

 	
  

 	
  

 
	
  

 	
 No other methods of deposit are permitted.

 
	
  

 	
  

 	
  

 
	
 3.2

 	
 Loco Designation
 for Deposits: The
 Custodian shall receive deposits of Bullion pursuant to clause 3.1 into the
 Unallocated Account loco Zurich or loco London, provided, however, that the
 Custodian shall bear all costs, including all insurance costs, relating to
 any transfers between loco London and loco Zurich. 

 
	
  

 	
  

 	
  

 
	
 3.3

 	
 Notice
 Requirements: Notice of intended deposit must be
 received by the Custodian from the Trustee no later than 3:00 p.m. (London
 time) one London/Zurich Business Day prior to the Availability Date and
 specify the weight (in fine troy ounces of platinum) to be credited to the
 Unallocated Account, the Availability Date, the account from which such
 deposit will be transferred, and any other information which the Custodian
 may, with the agreement of the Trustee, from time to time require. When by
 reference to the Trustee’s notifications and instructions to the Custodian,
 the Custodian reasonably believes an amount of Bullion has been credited to
 the Unallocated Account in error, the Custodian will notify the Trustee
 promptly and, pending a joint resolution of the error, will treat such amount
 as not being subject to the standing instruction in clause 5.2 below. 

 
	
  

 	
  

 	
  

 
	
 3.4

 	
 Right to Amend
 Procedure: The Custodian may amend the procedure
 in relation to the deposit of Bullion only where such amendment is caused by
 a change in the Rules or procedures of the Relevant Association. The
 Custodian will, whenever practicable, notify the Trustee and the Sponsor
 within a commercially reasonable time before the Custodian amends its
 procedures or imposes additional ones in relation to the transfer of Bullion
 into and from the Unallocated Account, and in doing so the Custodian will
 consider the Trustee’s needs to communicate any such change to Authorized
 Participants and others. 

 
	
  

 	
  

 	
  

 
	
 4. WITHDRAWALS

 
	
  

 	
  

 	
  

 
	
 4.1

 	
 Procedure:
 The Trustee may at any time give instructions to the Custodian for the
 withdrawal of Bullion standing to the credit of the Unallocated Account in 

 


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 such form as may be agreed by the parties from time to time, provided that a withdrawal may be made
 only by: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 transfer to a Shareholder Account relating to the same kind of
 Bullion and having the same denomination as that to which the Unallocated
 Account relates when Shares are redeemed; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 transfer to the Sponsor Account for payment of the Management Fee; or
 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 transfer of Bullion to the Allocated Account; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 the collection of Bullion from the Custodian at its vault premises,
 or such other location as the Custodian may direct by notice to the party
 taking delivery received not later than one London/Zurich Business Day prior
 to the Availability Date, at the Trust’s expense and risk; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 delivery of Bullion to such location as the Trustee directs, at the
 Trust’s expense and risk; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 transfer to an account maintained by the Custodian or by a third
 party on an unallocated basis in connection with the sale of Bullion or other
 transfers permitted under the Trust Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
 and no other methods of withdrawal are permitted, save that the
 Trustee agrees to exercise its rights under clauses 4.1(d) and (e) on an
 exceptional basis only. Any Bullion made available to the relevant person (as
 instructed by the Trustee) pursuant to clauses 4.1(d) and (e) will be in a
 form which complies with the Rules or in such other form as may be agreed
 between the Trustee and the Custodian the combined fine weight of which will
 not exceed the number of fine ounces of Bullion the Trustee has instructed
 the Custodian to debit. The Custodian is entitled to select the Bullion to be
 made available to the relevant person (as instructed by the Trustee) provided
 it is in the same form as that deposited. To the extent that the Trustee is
 authorized to sell Bullion under the Trust Agreement, the Custodian may, but
 is not required to, purchase such Bullion; provided that the Custodian’s
 purchase price for such Bullion must be the Benchmark Price.

 
	
  

 	
  

 	
  

 
	
 4.2

 	
 Loco Designations
 for Withdrawals: The Custodian may transfer
 Bullion from the Unallocated Account loco Zurich or loco London for all
 withdrawals under clause 4.1, provided, however, that the Custodian shall
 bear all costs, including all insurance costs, relating to any transfers
 between loco London and loco Zurich. 

 
	
  

 	
  

 	
  

 
	
 4.3

 	
 Notice
 Requirements: Any notice relating to a
 withdrawal of Bullion must be in writing and: 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 if it relates to a withdrawal pursuant to clauses 4.1(a) or 4.1(b),
 to be in such form as may be agreed by the parties from time to time; 

 
	
  

 	
  

 	
  

 
	
  

 	
 and in all cases be received by the Custodian no later than 3:00 p.m
 (London 

 


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 time) on the Withdrawal Date unless otherwise agreed. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 if it relates to a transfer pursuant to clause 4.1(c), be in the form
 of an Application (which shall be sufficient instruction for the purposes of
 this Agreement) and be received by the Custodian no later than 3:00p.m.
 (London time) on the day which is one London/Zurich Business Day prior to the
 Withdrawal Date. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 if it relates to a withdrawal pursuant to clause 4.1(d) or (e), be
 received by the Custodian no later than 11:30 a.m. (London time) not less
 than two London/Zurich Business Days prior to the Withdrawal Date unless
 otherwise agreed and specify the name of the person or carrier that will
 collect the Bullion from the Custodian or the identity of the person to whom
 delivery is to be made, as the case may be; 

 
	
  

 	
  

 	
  

 
	
  

 	
 and in all cases, specify the weight (in fine troy ounces of
 platinum) of the Bullion to be debited from the Unallocated Account, the
 Withdrawal Date and any other information which the Custodian may, with the agreement
 of the Trustee from time to time require. 

 
	
  

 	
  

 	
  

 
	
 4.4

 	
 Right to Amend
 Procedure: The Custodian may amend the procedure
 for the withdrawal of Bullion from the Unallocated Account only where such
 amendment is caused by a change in the Rules or procedures of the Relevant
 Association. Any such amendment will be subject to the conditions of the
 preceding clause 4.3 and will be promptly notified to the Sponsor and the
 Trustee, such notice to be given in advance of implementation whenever
 practicable. 

 
	
  

 	
  

 	
  

 
	
 4.6

 	
 Delivery
 Obligations: Unless otherwise instructed by the
 Trustee on behalf of the Trust or the relevant person, the Custodian shall
 make any transportation and insurance arrangements in respect of delivery of
 Bullion in accordance with its usual practice. Where instructions are given,
 the Custodian shall use all reasonable efforts to comply with the same. The
 Custodian shall not be obliged to effect any requested delivery if, in its
 reasonable opinion, this would cause the Custodian or its agents to be in
 breach of the Rules or other applicable law, court order or regulation; the
 costs incurred would be excessive or delivery is impracticable for any
 reason. With the exception of any delivery pursuant to clause 4.3, all
 insurance and transportation costs shall be for the account of the Trust. 

 
	
  

 	
  

 	
  

 
	
 4.7

 	
 Risk:
 With the exception of any transfer pursuant to clause 4.2, where there is a
 shipment from the Custodian of Bullion, all right, title and risk in and to
 such Bullion shall pass at the Point of Delivery to the relevant person for
 whose account the Bullion is being delivered. 

 
	
  

 	
  

 	
  

 
	
 4.8

 	
 Allocation:
 Subject to clause 5.2 below, in the case of a transfer under clause 4.1(c),
 the Custodian will use its commercially reasonable endeavours to complete the
 allocation of such deposits of Bullion by not later than 2:00 p.m. (London
 time) on the London/Zurich Business Day after receipt of notice given in the
 form prescribed in clause 4.3(b). Following the Custodian’s 

 


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 receipt of such notice, the Custodian shall identify bars or ingots
 of a weight most closely approximating, but not exceeding, the balance in the
 Unallocated Account and shall transfer such weight from the Unallocated
 Account to the Allocated Account. The Trustee acknowledges that the process of
 allocation of Bullion to the Allocated Account from the Unallocated Account
 may involve minimal adjustments to the weights of Bullion to be allocated to
 adjust such weight to the number of whole bars available. 

 
	
  

 	
  

 
	
 5. INSTRUCTIONS

 
	
  

 	
  

 
	
 5.1

 	
 Giving of Instructions:
 Only the Trustee shall have the right to give instructions to the Custodian
 for deposit of Bullion to or withdrawal of Bullion from the Unallocated
 Account. All instructions given by the Trustee to the Custodian shall be
 given in writing and signed by two Authorized Signatories of the Trustee. The
 Trustee shall notify the Custodian in writing of the names of the people who
 are authorized to give instructions on the Trustee’s behalf. Until the
 Custodian receives written notice to the contrary, the Custodian is entitled
 to assume that any of those people have full and unrestricted power to give
 instructions on the Trustee’s behalf. The Custodian is also entitled to rely
 on any instructions which are from, or which purport to emanate from, any
 person who appears to have such authority. 

 
	
  

 	
  

 
	
 5.2

 	
 Continuous
 Allocation of Bullion: Without prejudice to
 clause 5.1 above, unless otherwise notified by the Trustee in writing, the
 Trustee hereby instructs the Custodian that, whenever Bullion is to be
 transferred from an AP Account to the Metal Accounts, it will combine such
 Bullion with any Bullion then standing to the credit of the Unallocated
 Account (excluding Bullion which has been de-allocated in order to effect
 delivery of Bullion to a redeeming Authorized Participant or Shareholder or
 pursuant to other withdrawal occurring on such day) and to the fullest extent
 possible, transfer such Bullion to the Allocated Account such that the amount
 of Bullion that remains standing to the credit of the Trustee in the Unallocated
 Account does not exceed [192] fine ounces at the close of each London/Zurich
 Business Day. 

 
	
  

 	
  

 
	
 5.3

 	
 Account not to be
 Overdrawn: The Unallocated Account may not at
 any time have a debit balance thereon, and no instruction shall be valid to
 the extent that the effect thereof would be for the Unallocated Account to
 have a debit balance thereon. 

 
	
  

 	
  

 
	
 5.4

 	
 Amendments:
 Once given, instructions continue in full force and effect until they are
 cancelled, amended or superseded. Notice of amendment shall have effect only
 upon actual receipt by the Custodian. 

 
	
  

 	
  

 
	
 5.5

 	
 Unclear or
 Ambiguous Instructions: If, in the Custodian’s
 opinion, any instructions are unclear or ambiguous, the Custodian shall use
 reasonable endeavours (taking into account any relevant time constraints) to
 obtain clarification of those instructions from the Trustee and, failing
 that, the Custodian may in its absolute discretion and without any liability
 on its part, act upon what the Custodian believes in good faith such
 instructions to be or 

 


10









	
  

 	
  

 	
  

 	
  

 
	
  

 	
 refuse to take any action or execute such instructions until any
 ambiguity or conflict has been resolved to the Custodian’s satisfaction. 

 
	
  

 	
  

 	
  

 
	
 5.6

 	
 Refusal to
 Execute: The Custodian will, where practicable,
 refuse to execute instructions if in the Custodian’s opinion they are or may
 be contrary to the Rules or any applicable law. 

 
	
  

 	
  

 	
  

 
	
 6. CONFIDENTIALITY

 
	
  

 	
  

 	
  

 
	
 6.1

 	
 Disclosure to
 Others: Subject to clause 6.2, each of the
 Trustee and the Custodian shall respect the confidentiality of information
 acquired under this Agreement and will not, without the other party’s
 consent, disclose to any other person any transaction or other information
 acquired about the other party, its business or the Trust under this
 Agreement, in the event such other party has made clear, at or before the
 time such information is provided, that such information is being provided on
 a confidential basis. 

 
	
  

 	
  

 	
  

 
	
 6.2

 	
 Permitted
 Disclosures: Each party accepts that from time
 to time any other party may be required by law or the Rules, or requested by
 a government department or agency, fiscal body or regulatory or listing
 authority or as otherwise necessary in conducting the Trust’s business, to
 disclose information acquired under this Agreement. In addition, the
 disclosure of such information may be required by a party’s auditors, by its
 legal or other advisors, by a company which is in the same group of companies
 as a party (i.e., a subsidiary
 or holding company of a party) or (in the case of the Trustee) by any
 beneficiary of the trusts constituted by the Trust Agreement. Each party
 irrevocably authorises the others to make such disclosures without further
 reference to such party. 

 
	
  

 	
  

 	
  

 
	
 7. CUSTODY SERVICES
 

 
	
  

 	
  

 	
  

 
	
 7.1

 	
 Appointment:
 The Trustee hereby appoints the Custodian to act as custodian of the Bullion
 in accordance with this Agreement and any Rules which apply to the Custodian.
 

 
	
  

 	
  

 	
  

 
	
 7.2

 	
 Safekeeping of
 Bullion: The Custodian will be responsible for
 the safekeeping of the Bullion on the terms and conditions of this Agreement.
 

 
	
  

 	
  

 	
  

 
	
 7.3

 	
 Ownership of
 Bullion: The Custodian will identify in its
 books that the Bullion belongs to the Trustee (on trust for the
 Shareholders). 

 
	
  

 	
  

 	
  

 
	
 8. REPRESENTATIONS
 

 
	
  

 	
  

 	
  

 
	
 8.1

 	
 Trustee’s
 Representations: The Trustee represents and
 warrants to the Custodian that (such representations and warranties being
 deemed to be repeated upon each occasion of withdrawal of Bullion under this
 Agreement): 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (1)

 	
 the Trustee has all necessary authority, powers, consents, licences
 and authorisations (which have not been revoked) and has taken all

 


11









	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 necessary action to enable it lawfully to enter into and perform its
 duties and obligations under this Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (2)

 	
 the persons entering into this Agreement on the Trustee’s behalf have
 been duly authorized to do so; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (3)

 	
 this Agreement and the obligations created under it are binding upon
 and enforceable against the Trustee, as trustee of the Trust, in accordance
 with its terms (subject to applicable principles of equity) and do not and will
 not violate the terms of the Rules or any order, charge or agreement by which
 the Trustee is bound. 

 
	
  

 	
  

 	
  

 	
  

 
	
 8.2

 	
 Custodian’s
 Representations: The Custodian represents and
 warrants to the Trust that (such representations and warranties being deemed
 to be repeated upon each occasion of withdrawal of Bullion under this
 Agreement): 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (1)

 	
 the Custodian has all necessary authority, powers, consents, licences
 and authorisations (which have not been revoked) and has taken all necessary
 action to enable it lawfully to enter into and perform its duties and
 obligations under this Agreement; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (2)

 	
 the persons entering into this Agreement on behalf of the Custodian
 have been duly Authorized to do so; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (3)

 	
 this Agreement and the obligations created under it are binding upon
 the Custodian and enforceable against the Custodian in accordance with its
 terms (subject to applicable principles of equity) and do not and will not
 violate the terms of the Rules or any order, charge or agreement by which the
 Custodian is bound. 

 
	
  

 	
  

 	
  

 	
  

 
	
 9. FEES AND EXPENSES

 
	
  

 	
  

 	
  

 	
  

 
	
 9.1

 	
 Fees:
 There will be no fees charged by the Custodian for the services provided by
 it under this Agreement. Payment of such fees will be made by the Sponsor
 under the Allocated Account Agreement. 

 
	
  

 	
  

 	
  

 	
  

 
	
 9.2

 	
 Expenses:
 The Trustee has procured the Sponsor’s written agreement, to which the
 Custodian has agreed, to pay to the Custodian on demand all costs, charges
 and expenses (excluding (i) any relevant taxes and VAT, duties and other
 governmental charges, (ii) fees for storage and insurance of the Bullion,
 which will be recovered under the Allocated Account Agreement, and (iii)
 indemnification obligations of the Trustee under clause 11.5, which will be
 paid under the following sentence) incurred by the Custodian in connection
 with the performance of its duties and obligations under this Agreement or
 otherwise in connection with the Bullion. The Trustee will procure payment on
 demand, solely from and to the extent of the assets of the Trust, any other costs,
 charges and expenses not paid by the Sponsor under its agreement with the
 Custodian procured under this clause 9.2 (including any relevant taxes and
 VAT, duties, other governmental charges and indemnification claims of the
 Custodian payable by the Trustee pursuant to clause 11.5, but excluding fees 

 


12









	
  

 	
  

 
	
  

 	
 for storage and insurance of the Bullion, which will be recovered
 under the Allocated Account Agreement) incurred by the Custodian in
 connection with the Bullion. 

 
	
  

 	
  

 
	
 9.3

 	
 Default Interest:
 If the Trustee and the Sponsor fail to procure payment to the Custodian
 any amount when it is due, the Custodian reserves the right to charge
 interest (both before and after any judgment) on any such unpaid amount
 calculated at a rate equal to 1% above the overnight London Interbank Offered
 Rate (LIBOR) for the currency in which the amount is due. Interest will
 accrue on a daily basis and will be due and payable as a separate debt. 

 
	
  

 	
  

 
	
 9.4

 	
 Credit Balances: No
 interest or other amount will be paid by the Custodian on any credit balance
 on an Unallocated Account. 

 
	
  

 	
  

 
	
 9.5

 	
 Recovery from
 Trust: Amounts payable pursuant to this clause 9
 shall not be debited from the Unallocated Account, but shall be payable on
 behalf of the Trust, and the Custodian hereby acknowledges that it will have
 no recourse against Bullion standing to the credit of the Unallocated Account
 or to the Trustee in respect of any such amounts. 

 
	
  

 	
  

 
	
 10. VALUE ADDED TAX

 
	
  

 	
  

 
	
 10.1

 	
 VAT Inclusive:
 All sums payable under this Agreement by the Trust to the Custodian shall be
 deemed to be inclusive of VAT if and to the extent VAT is properly chargeable
 on any supplies made by the Custodian to the Trust pursuant to this
 Agreement. 

 
	
  

 	
  

 
	
 10.2

 	
 VAT Invoice:
 If VAT is properly chargeable on any supplies made by the Custodian to
 the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT
 invoice to the Trust. 

 
	
  

 	
  

 
	
 11. SCOPE OF RESPONSIBILITY

 
	
  

 	
  

 
	
 11.1

 	
 Exclusion of
 Liability: The Custodian will use reasonable
 care in the performance of its duties under this Agreement and will only be
 responsible for any loss or damage suffered as a direct result of any
 negligence, fraud or wilful default on its part in the performance of its
 duties, and in which case its liability will not exceed the market value of the
 Bullion lost or damaged at the time such negligence, fraud or wilful default
 is discovered by the Custodian, provided that the Custodian notifies the
 Trust and the Trustee promptly after any discovery of such lost or damaged
 Bullion. If the Custodian delivers from the Unallocated Account Bullion that
 is not of the fine weight the Custodian has represented to the Trustee,
 recovery by the Trustee, to the extent such recovery is otherwise allowed,
 shall not be barred by any delay in asserting a claim because of the failure
 to discover such loss or damage regardless of whether such loss or damage
 could or should have been discovered. 

 
	
  

 	
  

 
	
 11.2

 	
 No Duty or
 Obligation: The Custodian is under no duty or
 obligation to make or take any special arrangements or precautions beyond
 those required by the Rules or as specifically set forth in this Agreement. 

 


13








	
  

 	
  

 
	
 11.3

 	
 Insurance:
 The Custodian (or one of its Affiliates) shall make such insurance
 arrangements from time to time in connection with the Custodian’s custodial
 obligations under this Agreement as the Custodian considers appropriate and
 will be responsible for all costs, fees and expenses (including any relevant
 taxes) in relation to such insurance policy or policies. Upon reasonable
 prior written notice, in connection with the preparation of the initial
 registration statement under the United States Securities Act of 1933, as
 amended, covering any Shares, the Custodian will allow its insurance to be
 reviewed by the Trustee and by the Sponsor. The Custodian also will allow the
 Trustee and the Sponsor to review such insurance in connection with any
 amendment to that initial registration statement and from time to time, in
 each case upon reasonable prior written notice from the Trustee. Any
 permission to review the Custodian’s insurance is limited to the term of this
 agreement and is conditioned on the reviewing party executing a form of
 confidentiality agreement provided by the Custodian, or if the
 confidentiality agreement is already in force, acknowledging that the review
 is subject thereto.

 
	
  

 	
  

 
	
 11.4

 	
 Force Majeure:
 The Custodian shall not be liable for any delay in performance, or for the
 non-performance of any of its obligations under this Agreement by reason of
 any cause beyond the Custodian’s reasonable control. This includes any act of
 God or war or terrorism or any breakdown, malfunction or failure of transmission,
 communication or computer facilities, industrial action, acts and regulations
 of any governmental or supra national bodies or authorities or regulatory or
 self-regulatory organization or failure of any such body, authority or
 organization, for any reason, to perform its obligations; provided, however,
 that the Custodian agrees to use reasonable efforts to assist the Trustee in
 finding a replacement custodian (including, but not limited to, agreeing to
 an assignment of its rights and obligations hereunder) should any event
 described in this clause 11.4 so prevent the Custodian from performing its
 obligations.

 
	
  

 	
  

 
	
 11.5

 	
 Indemnity:
 The Trustee, solely from and to the extent of the assets of the Trust, shall
 indemnify and keep indemnified the Custodian (on an after tax basis) on
 demand against all costs and expenses, damages, liabilities and losses (other
 than VAT and the expenses assumed by the Sponsor under its agreement with the
 Custodian procured under clause 9.2) which the Custodian may suffer or incur,
 directly or indirectly in connection with this Agreement except to the extent
 that such sums are due directly to the negligence, wilful default or fraud of
 the Custodian. 

 
	
  

 	
  

 
	
 11.6

 	
 Third Parties:
 Except with respect to the Trust, which shall be considered a beneficiary of
 this entire Agreement, and the Sponsor, which shall be a beneficiary (as
 applicable) of clauses 2.6 and 11.3, the Custodian does not owe any duty or
 obligation or have any liability towards any person who is not a party to
 this Agreement. Except as set forth in this clause 11.6, this Agreement does
 not confer a benefit on any person who is not a party to it. The parties to
 this Agreement do not intend that any term of this Agreement shall be
 enforceable by any person who is not a party to it and do intend that the
 Contracts (Rights of Third Parties) 1999 Act shall not apply to this
 Agreement, 

 


14









	
  

 	
  

 
	
  

 	
 provided
 that the Sponsor may enforce its rights under clauses 2.6 and 11.3. Nothing
 in this paragraph is intended to limit the obligations hereunder of any
 successor Trustee of the Trust or to limit the right of any successor Trustee
 of the Trust to enforce the Custodian’s obligations hereunder.

 



12. TERM AND
TERMINATION


	
  

 	
  

 	
  

 
	
 12.1

 	
 Method:
 Subject to clause 12.2 below, either the Trustee or the Custodian may
 terminate this Agreement for any reason including if the Custodian or Zurich
 Sub-Custodian ceases to offer the services contemplated by this Agreement to
 its clients or proposes to withdraw from the Bullion business, by giving not
 less than 90 days’ written notice to the other party. Any such notice given
 by the Trustee must specify: 

 
	
  

 	
  

 
	
  

 	
 (1)

 	
 the date on
 which the termination will take effect; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 the person
 to whom the Bullion is to be made available; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

 	
 all other necessary
 arrangements for the redelivery of the Bullion to the order of the Trustee. 

 
	
  

 	
  

 	
  

 
	
 12.2

 	
 Term: This Agreement shall have a fixed
 term up to and including five years and will automatically renew for a
 further term of five years thereafter unless terminated by the parties in
 accordance with this clause 12; provided that during such periods this
 Agreement may be terminated immediately upon written notice as follows: 

 
	
  

 	
  

 
	
  

 	
 (1)

 	
 by the
 Trustee, if the Custodian ceases to offer the services contemplated by this
 Agreement to its clients or proposes to withdraw from the Bullion business; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 by the
 Trustee or the Custodian, if it becomes unlawful for the Custodian to be a
 party to this Agreement or to offer its services to the Trust on the terms
 contemplated by this Agreement or if it becomes unlawful for the Trustee or
 the Trust to receive such services or for the Trustee to be a party to this
 Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

 	
 by the
 Custodian, if there is any event which, in the Custodian’s reasonable view,
 indicates the Trust’s insolvency or impending insolvency; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (4)

 	
 by the
 Trustee, if there is any event which, in the Trustee’s sole view, indicates
 the Custodian’s insolvency or impending insolvency; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (5)

 	
 by the
 Trustee, if the Trust is to be terminated; or

 
	
  

 	
  

 	
  

 
	
  

 	
 (6)

 	
 by the
 Trustee or by the Custodian, if the Allocated Account Agreement ceases to be
 in full force and effect at any time.

 
	
  

 	
  

 	
  

 
	
 12.3

 	
 Change in Trustee:
 If there is any change in the identity of the Trustee in 

 


15









	
  

 	
  

 
	
  

 	
 accordance
 with the Trust Agreement, then the Custodian, the Trustee and the Trust shall
 execute such documents and shall take such actions as the new Trustee and the
 outgoing Trustee may reasonably require for the purpose of vesting in the new
 Trustee the rights and obligations of the outgoing Trustee, and releasing the
 outgoing Trustee from its future obligations under this Agreement.

 
	
  

 	
  

 
	
 12.4

 	
 Redelivery
 Arrangements: If the Trustee does not make arrangements
 acceptable to the Custodian for the redelivery of the Bullion the Custodian
 may continue to store the Bullion, in which case the Custodian will continue
 to charge the fees and expenses payable under clause 10 of the Allocated
 Account Agreement. If the Trustee has not made arrangements acceptable to the
 Custodian for the redelivery of the Bullion within six months of the date
 specified in the termination notice as the date on which the termination will
 take effect, the Custodian will be entitled to sell the Bullion and account
 to the Trustee for the proceeds. 

 
	
  

 	
  

 
	
 12.5

 	
 Existing Rights:
 Termination shall not affect rights and obligations then outstanding under
 this Agreement which shall continue to be governed by this Agreement until
 all obligations have been fully performed. 

 
	
  

 	
  

 
	
 13. NOTICES

 
	
  

 
	
 13.1

 	
 Transfer Notices: Subject
 to clause 5.1, any Transfer Notice shall be in writing in English and shall
 be marked “Urgent – This Requires Immediate Attention” and signed by or on
 behalf of the party giving it (or its duly Authorized representative). Any
 Transfer Notice shall be sent either by facsimile or such other authenticated
 method as may, from time to time, be agreed between the parties. Any Transfer
 Notice shall be deemed to have been given, made or served upon actual receipt
 by the recipient.

 
	
  

 	
  

 
	
 13.2

 	
 General Notices:
 Any General Notice shall be in writing in English and shall be marked “Urgent
 – This Requires Immediate Attention” and shall be signed by or on behalf of
 the party giving it (or its duly Authorized representative). Any General
 Notice shall be given, made or served by sending the same by pre-paid
 registered post (first class if inland, first class airmail if overseas) or
 facsimile transmission. Any General Notice sent by pre-paid registered post
 shall be deemed to have been received three London/Zurich Business Days in
 the case of inland post or seven London/Zurich Business Days in the case of
 overseas post after dispatch. Any General Notice sent by facsimile shall be
 deemed to have been given, made or served upon actual receipt by the
 recipient.

 
	
  

 	
  

 
	
 13.3

 	
 The addresses
 and numbers of the parties for the purposes of clauses 13.1 and 13.2 are:

 






	
  

 	
  

 	
  

 
	
  

 	
 The Custodian:

 	
 JPMorgan Chase Bank, N.A. 

 
	
  

 	
  

 	
 125 London Wall, London EC2Y 5AJ

 
	
  

 	
  

 	
 Attention:
 Peter Smith – Global Commodities

 
	
  

 	
  

 	
 Facsimile
 No. +44 207 777 4915

 


16









	
  

 	
  

 	
  

 
	
  

 	
 The Trustee:

 	
  

 
	
  

 	
  

 	
 The Bank of
 New York Mellon

 
	
  

 	
  

 	
 2 Hanson
 Place

 
	
  

 	
  

 	
 Brooklyn,
 New York 11217

 
	
  

 	
  

 	
 Attention:
 Donald Guire

 
	
  

 	
  

 	
 Facsimile:
 718-315-4927

 
	
  

 	
  

 	
  

 
	
  

 	
 or such
 other address or facsimile number as shall have been notified (in accordance
 with this clause) to the other party hereto. The address and numbers of the
 Sponsor for purposes of receiving notices under this Agreement is:

 
	
  

 	
  

 	
  

 
	
  

 	
 The Sponsor:

 	
  

 
	
  

 	
  

 	
 ETF
 Securities USA LLC

 
	
  

 	
  

 	
 c/o ETF
 Securities Representative Office

 
	
  

 	
  

 	
 6th
 Floor

 
	
  

 	
  

 	
 2 London
 Wall Buildings

 
	
  

 	
  

 	
 London EC2M
 5UU

 
	
  

 	
  

 	
 Telephone:
 +442074404330

 
	
  

 	
  

 	
 Attention:
 US Fund Services

 






	
  

 	
  

 
	
 13.4

 	
 Recording of
 Calls: Each of the Custodian and the Trustee may
 record telephone conversations without use of a warning tone. Such records
 will be the recording party’s sole property and accepted by the other parties
 hereto as evidence of the orders or instructions given. 

 
	
  

 	
  

 
	
 14. GENERAL 

 
	
  

 
	
 14.1

 	
 Role of Trustee:
 The Trustee is a party to this Agreement solely in its capacity as Trustee
 for the Shareholders and accordingly (i) the Trustee shall only be liable to
 satisfy any obligations under this Agreement, including any obligations or
 liabilities arising in connection with any default by the Trustee under this
 Agreement, to the extent of the assets held from time to time by the Trustee
 as trustee of the trusts constituted by the Trust Agreement (the “Trust Assets”) to the extent
 authorized by the Trust Agreement and (ii) no recourse shall be had to (a)
 any assets other than the Trust Assets, including any of the assets held by
 the Trustee as trustee, co-trustee or nominee of a trust other than the
 trusts constituted by the Trust Agreement, as owner in its individual
 capacity or in any way other than as trustee of the trusts constituted by the
 Trust Agreement; or (b) the Trustee for any assets that have been distributed
 by the Trustee to the beneficiaries of the trusts constituted by the Trust
 Agreement. 

 
	
  

 	
  

 
	
 14.2

 	
 No Advice:
 The Custodian’s duties and obligations under this Agreement do not
 include providing the other party hereto with investment advice. In asking
 the Custodian to open and maintain the Unallocated Account, the Trustee
 acknowledges that it is pursuant to the Trust Agreement and the Custodian
 shall not owe the Trustee or the Trust any duty to exercise any judgment on
 their behalf as to the merits or suitability of any deposits into, or
 withdrawals 

 


17









	
  

 	
  

 
	
  

 	
 from, the
 Unallocated Account.

 
	
  

 	
  

 
	
 14.3

 	
 Rights and
 Remedies: The Custodian hereby waives any right
 it has or may hereafter acquire to combine, consolidate or merge the Metal
 Accounts with any other account of the Trust or the Trustee or to set off any
 liabilities of the Trust or of the Trustee to the Custodian and agrees that
 it may not set off, transfer or combine or withhold payment of any sum
 standing to the credit or to be credited to the Metal Accounts in or towards
 or conditionally upon satisfaction of any liabilities to it of the Trust or
 the Trustee. Subject thereto, the Custodian’s rights under this Agreement are
 in addition to, and independent of, any other rights which the Custodian may
 have at any time in relation to the Bullion.

 
	
  

 	
  

 
	
 14.4

 	
 Assignment: This Agreement is for the benefit of and binding upon the parties hereto
 and their respective successors and assigns. Save as expressly provided
 herein, no party may assign, transfer or encumber, or purport to assign,
 transfer or encumber any right or obligation under this Agreement unless the
 other party otherwise agrees in writing except that consent is not required
 where the Custodian assigns, transfers or encumbers any right or obligation
 under this Agreement to an Affiliate. This clause shall not restrict the
 Custodian’s power to merge or consolidate with any party, or to dispose of
 all or part of its custody business and further provided that this clause
 shall not restrict the Trustee from assigning its rights hereunder to a
 Shareholder to the extent required for the Trust to fulfill its obligations
 under the Trust Agreement. 

 
	
  

 	
  

 
	
 14.5

 	
 Amendments:
 Any amendment to this Agreement must be agreed in writing and be signed
 by all of the parties hereto. Unless otherwise agreed, an amendment will not
 affect any legal rights or obligations which may already have arisen. 

 
	
  

 	
  

 
	
 14.6

 	
 Partial
 Invalidity: If any of the clauses (or part of a
 clause) of this Agreement becomes invalid or unenforceable in any way under
 the Rules or any law, the validity of the remaining clauses (or part of a
 clause) will not in any way be affected or impaired. 

 
	
  

 	
  

 
	
 14.7

 	
 Entire Agreement: This
 document represents the entire agreement between the parties in respect of
 its subject matter save for any agreements made with fraudulent intent, and
 excludes any prior agreements or representations. This Agreement supersedes
 and replaces any prior existing agreement between the parties hereto relating
 to the same subject matter. 

 
	
  

 	
  

 
	
 14.8

 	
 Counterparts: This Agreement may be executed in any number of counterparts each of
 which when executed and delivered is an original, but all the counterparts
 together constitute the same agreement. 

 
	
  

 	
  

 
	
 14.9

 	
 Business Days:
 If any obligation falls due to be performed on a day which is not a New York
 Business Day or a London/Zurich Business Day, as the case may be, then the
 relevant obligations shall be performed on the next succeeding Business Day. 

 


18









	
  

 	
  

 
	
 14.10

 	
 Prior Agreements: The Custodian or any member of the JP Morgan group of companies (the “JP Morgan Group”) may trade in
 Shares for its own account as principal, may have underwritten or may
 underwrite an issue of Shares or, together with any such entities’ directors,
 officers or employees, may have a long or short position in Shares or in any
 related security or instrument. Brokerage or other fees may be earned by any
 member of the JP Morgan Group or persons associated with them in respect of
 any business transacted by them in all or any of the aforementioned
 securities or instruments. This Agreement supersedes and replaces any prior
 existing agreement between the parties hereto relating to the same subject
 matter. 

 
	
  

 	
  

 
	
 15. GOVERNING LAW AND JURISDICTION 

 
	
  

 
	
 15.1

 	
 Governing Law:
 This Agreement is governed by, and will be construed in accordance with,
 English law. 

 
	
  

 	
  

 
	
 15.2

 	
 Jurisdiction: The
 Trustee and the Custodian agree that the courts of the State of New York, in
 the United States of America, and the United States federal court located in
 the Borough of Manhattan in such state are to have jurisdiction to settle any
 disputes or claims which may arise out of or in connection with this
 Agreement and, for these purposes the Trustee and the Custodian irrevocably
 submits to the non-exclusive jurisdiction of such courts, waive any claim of
 forum non conveniens and any objection to laying of venue, and further waive
 any personal service. 

 
	
  

 	
  

 
	
 15.4

 	
 Waiver of
 Immunity: To the extent that the Trustee may in
 any jurisdiction claim for it as Trustee, the Trust or its assets any
 immunity from suit, judgment, enforcement or otherwise howsoever, the Trustee
 agrees not to claim and irrevocably waives any such immunity which it would
 otherwise be entitled to (whether on grounds of sovereignty or otherwise) to
 the full extent permitted by the laws of such jurisdiction. 

 
	
  

 	
  

 
	
 15.5

 	
 Service of Process:
 Process by which any proceedings are begun may be served on a party by
 being delivered to the address specified below. This does not affect any
 right to serve process in another manner permitted by law. 

 
	
  

 	
  

 
	
  

 	
 Custodian’s
 Address for service of process:

 
	
  

 	
  

 
	
  

 	
 JPMorgan Chase Bank, N.A. 

 
	
  

 	
 125 London Wall, London EC2Y 5AJ

 
	
  

 	
 Attention:
 Peter Smith – Global Commodities

 
	
  

 	
  

 
	
  

 	
 With a copy to:

 
	
  

 	
  

 
	
  

 	
 JPMorgan
 Chase Bank, N.A.

 
	
  

 	
 125 London
 Wall, 13th Floor

 
	
  

 	
 London EC2Y
 5AJ

 
	
  

 	
 Facsimile
 No.: +44 (0)20 7325 8150

 
	
  

 	
 Attention:
 Legal Department-FX and Derivatives Group

 


19









	
  

 	
  

 
	
  

 	
 Trustee’s Address
 for service of process:

 
	
  

 
	
  

 	
 The Bank of
 New York Mellon

 
	
  

 	
 One Wall
 Street

 
	
  

 	
 New York,
 New York 10286 

 
	
  

 	
 Attention:
 Legal Department

 


20





EXECUTED by
the parties: 


Signed on
behalf of and for JPMORGAN CHASE BANK,
N.A. by 


	
  

 	
  

 	
  

 
	
 Signature

 	 

 	
  

 






	
  

 	
  

 	
  

 
	
 Name

 	 

 	
  

 






	
  

 	
  

 	
  

 
	
 Title

 	 

 	
  

 



Signed on behalf of and for 

THE BANK OF NEW YORK MELLON solely in its capacity
as trustee of the ETFS Platinum Trust and not individually by 


	
  

 	
  

 	
  

 
	
 Signature

 	 

 	
  

 






	
  

 	
  

 	
  

 
	
 Name

 	 

 	
  

 






	
  

 	
  

 	
  

 
	
 Title

 	 

 	
  

 



21