Exhibit 4.1
 TRUST INDENTURE
 OF
 streetTRACKS ® GOLD TRUST
 DATED AS OF NOVEMBER 12, 2004
 between
 WORLD GOLD TRUST SERVICES, LLC,
as Sponsor
 and
 THE BANK OF NEW YORK,
as Trustee
 EFFECTIVE NOVEMBER 12, 2004




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TABLE OF CONTENTS
 ARTICLE I DEFINITIONS
    
    
    1ARTICLE II SCOPE OF TRUSTEES DUTIES, INITIAL DEPOSIT AND DECLARATION OF TRUST, SUBSEQUENT
CREATIONS AND ISSUANCE
    
    
    11Section 2.01. Scope of Trustees Duties
    
    
    11Section 2.02. Initial Deposit, Declaration of Trust and Issuance of Initial Creation Baskets
    
    
    14Section 2.03. Subsequent Creations and Issuance of Creation Baskets
    
    
    14Section 2.04. Requirements for Deposits of Gold
    
    
    17Section 2.05. Creation Basket Gold Deposit Amount
    
    
    17ARTICLE III ADMINISTRATION OF THE TRUST
    
    
    18Section 3.01. Initial Expense
    
    
    18Section 3.02. Custody of Gold: Allocated and Unallocated Accounts, Additional Custodians and
Successor Custodians, Duty to Monitor Custodians, Certain Requirements for Custody Agreements,
Duty to Allocate Gold, Trust Assets to be Free of Liens, etc.
    
    
    18Section 3.03. Cash Account
    
    
    21Section 3.04. Reserve Account
    
    
    22Section 3.05. Certain Deductions and Distributions
    
    
    22Section 3.06. Statements and Reports
    
    
    24Section 3.07. Sale of Gold or other Property
    
    
    24Section 3.08. Counsel; Marketing Agent
    
    
    25Section 3.09. Notice to Sponsor
    
    
    25Section 3.10. Book-Entry-Only System, Global Security
    
    
    26Section 3.11. Trust to be administered as Grantor Trust
    
    
    29ARTICLE IV EVALUATION OF GOLD
    
    
    30Section 4.01. Evaluation of Gold
    
    
    30Section 4.02. Responsibility of the Trustee for Evaluations
    
    
    30ARTICLE V TRUST EVALUATION AND REDEMPTION OF REDEMPTION BASKETS
    
    
    30Section 5.01. Trust Evaluation
    
    
    30Section 5.02. Redemption of Redemption Baskets
    
    
    31Section 5.03. Other Redemption Procedures
    
    
    33ARTICLE VI TRANSFER OF streetTRACKS® GOLD SHARES
    
    
    33Section 6.01. Transfer of streetTRACKS® Gold Shares
    
    
    33ARTICLE VII SPONSOR
    
    
    33Section 7.01. Responsibility and Duties
    
    
    33Section 7.02. Certain Matters Regarding Successor Sponsor
    
    
    33
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Section 7.03. Resignation of Sponsor; Successors
    
    
    34Section 7.04. Compensation of the Sponsor
    
    
    34Section 7.05. Liability of Sponsor and Indemnification
    
    
    35ARTICLE VIII TRUSTEE
    
    
    36Section 8.01. General Definition of Trustees Rights, Duties and Responsibilities
    
    
    36Section 8.02. Books, Records and Reports; Audit
    
    
    41Section 8.03. Agreement on File
    
    
    42Section 8.04. Compensation of Trustee
    
    
    42Section 8.05. Indemnification of Trustee
    
    
    43Section 8.06. Resignation, Discharge or Removal of Trustee; Successors
    
    
    44Section 8.07. Qualifications of Trustee
    
    
    46ARTICLE IX TERMINATION
    
    
    46Section 9.01. Procedure Upon Termination
    
    
    46Section 9.02. Moneys to Be Held Without Interest to Beneficial Owners
    
    
    48Section 9.03. Dissolution of Sponsor Not to Terminate Trust
    
    
    48ARTICLE X MISCELLANEOUS PROVISIONS
    
    
    48Section 10.01. Amendment and Waiver
    
    
    48Section 10.02. Registration (Initial and Continuing) of streetTRACKS® Gold Shares;
Certain Securities Law Filings
    
    
    49Section 10.03. License Agreement with the Licensor
    
    
    49Section 10.04. Right of Sponsor to Direct Trustee to Declare a Split of streetTRACKS®
Gold Shares
    
    
    50Section 10.05. Indemnification of Underwriter and Initial Marketing Agent
    
    
    50Section 10.06. Reduction in Fees of Sponsor and Initial Marketing Agent
    
    
    51Section 10.07. Certain Matters Relating to Beneficial Owners
    
    
    51Section 10.08. Prospectus Delivery
    
    
    52Section 10.09. New York Law to Govern
    
    
    52Section 10.10. Consent to Jurisdiction
    
    
    52Section 10.11. Merger
    
    
    53Section 10.12. Notices
    
    
    53Section 10.13. Severability
    
    
    54Section 10.14. Headings
    
    
    54Section 10.15. Counterparts
    
    
    54
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TRUST INDENTURE
 OF
 streetTRACKS ® GOLD TRUST
    ®
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   ARTICLE I
 DEFINITIONS
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ARTICLE II
 SCOPE OF TRUSTEES DUTIES, INITIAL DEPOSIT AND DECLARATION OF
TRUST, SUBSEQUENT CREATIONS AND ISSUANCE
OF CREATION BASKETS, REQUIREMENTS FOR DELIVERY OF GOLD
 Section 2.01. Scope of Trustees Duties
  11




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(1)
    
    enter into the Custody Agreements with the Initial Custodian and
discharge its duties thereunder;(2)
    
    enter into a Participant Agreement with each Participant and discharge
its responsibilities thereunder;(3)
    
    receive from Participants and process properly submitted Purchase
Orders, as described in Section 2.03(a);(4)
    
    in connection with Purchase Orders, (i) receive Cash Deposits defined
in Section 2.03(c)) from Participants, (ii) notify the Custodian to expect to
receive a transfer into the Trust Unallocated Account of the Gold that a
Participant has instructed the Custodian to deliver to the Trust Unallocated
Account, (iii) instruct the Custodian to allocate and transfer allocated gold from
the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive
reports relating to the Custody Accounts from the Custodian indicating, among other
things, that the Custodian has received Gold from Participants for the credit of
the Trust and has allocated such Gold to the Trust Allocated Account, as described
in Section 2.03(a)(iii), 3.02(d) and as provided in the Custody Agreements under
which such Gold is received;(5)
    
    in connection with Purchase Orders, deliver Creation Baskets to the
Depository for the account of the Participant placing a Purchase Order for which
the Trustee has received the Participants Cash Deposit, if any, and (through the
Custodian) the Participants Creation Basket Gold Deposit Amount (the Cash Deposit
and the Creation Basket Gold Deposit Amount together constituting the Creation
Basket Deposit), as described in Section 2.03(b);(6)
    
    receive from Participants and process properly submitted Redemption
Orders, as described in Section 5.02, or as may from time to time be permitted by
Section 5.03;(7)
    
    in connection with Redemption Orders, instruct the Custodian to
transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account
and (ii) from the Trust Unallocated Account to the Participant Unallocated Account
of the redeeming Participant, as described in Section 5.02;(8)
    
    in connection with Redemption Orders, receive from the redeeming
Participant through the Depository, and thereupon cancel, streetTRACKS®
Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from
time to time be permitted by Section 5.03;(9)
    
    on behalf of the Trust, enter into Custody Agreements as provided in
Section 3.02(a) and (d), monitor the performance of the Custodian (as described in
Section 3.02(c)) and enforce each Custody Agreement, as described in Section
3.02(c), and give the instructions to a Custodian provided in Sections 3.02(e) and
(g);
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(10)
    
    determine on each Business Day (i) the Creation Basket Gold Deposit
Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or
to be received by the Trust, as described in Article IV, (iii) the Adjusted Net
Asset Value and Net Asset Value of the Trust and the Net Asset Value per
streetTRACKS® Gold Share, as described in Section 5.01;(11)
    
    establish and maintain (i) the Cash Account as described in Sections
3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or
arrange for custody of the Trusts assets other than cash and Gold; and record the
ownership of the Trusts assets as provided in Section 3.02(f)(12)
    
    accrue and pay charges of the Trust as described in Section 3.05, and
sell Gold to raise cash to pay such charges pursuant to Section 3.05(d);(13)
    
    distribute to the Beneficial Owners any excess cash in the Cash
Account, as described in Section 3.05(e);(14)
    
    sell Gold as authorized or directed pursuant to Section 3.07;(15)
    
    notify the Sponsor of notices received and take actions as provided in
Section 3.09;(16)
    
    interact with the Depository as provided in Section 3.10 or as
otherwise required hereunder;(17)
    
    keep proper books of record and account of all transactions of the
Trustee under this Agreement, as described in Section 8.02(a), maintain a copy of
this Agreement available for inspection as provided in Section 8.03, and furnish to
DTC Participants after the end of each Fiscal Year, an annual report and other
information, as described in Section 3.06;(18)
    
    take the actions authorized under Sections 7.03 and 8.01(s) in the
circumstances described therein affecting the Sponsors continued performance under
this Agreement;(19)
    
    arrange for the annual audit of the accounts of the Trust and prepare
or cause to be prepared tax and other regulatory filings as provided in Section
8.02;(20)
    
    communicate as described in Section 3.10 with Beneficial Owners as may
from time to time be required in connection with the administration of the Trust;(21)
    
    terminate the Trust in accordance with Article IX, as described
therein;(22)
    
    enter into and discharge its duties under the Reimbursement Agreements
identified in Section 10.05; and
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(23)
    
    undertake such actions, in the Trustees discretion, as the Trustee
shall deem necessary or desirable to protect the Trust and the rights and interest
of the Beneficial Owners in accordance with this Agreement.
 Section 2.02. Initial Deposit, Declaration of Trust and Issuance of Initial Creation
Baskets.
  ® ®
  Section 2.03. Subsequent Creations and Issuance of Creation Baskets
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(i)
    
    On any Business Day, a Participant may submit a request to the Trustee to
create one or more Creation Baskets (such request by a Participant, a Purchase Order)
in the manner provided in the Participant Agreement. Purchase Orders must be received
by the Order Cut-Off Time on a Business Day (the Purchase Order Date). The Trustee
will process Purchase Orders only from Participants with respect to which the
Participant Agreement is in full force and effect. The Trustee and the Sponsor will
each maintain and make available at their respective offices specified in Section 10.12
during normal business hours a current list of the Participants with respect to which
the Participant Agreement is in full force and effect. The Sponsor directs the Trustee
to deliver a copy of the Prospectus to each Participant prior to its execution and
delivery of the Participant Agreement.(ii)
    
    Any Purchase Order is subject to rejection by any of the Sponsor or the Trustee
pursuant to Section 2.03(e).(iii)
    
    After accepting a Participants Purchase Order, the Trustee will issue and
deliver Creation Baskets to fill a Participants Purchase Order at or shortly after
9:00 a.m. New York time on the third Business Day after the Purchase Order Date, but
only if by such time the Trustee has received (A) for its own account, the Transaction
Fee, (B) for the account of the Trust the Cash Deposit, if any, and (C) notice from the
Custodian (which need not be the Custodians official report of transactions for such
day) that the Custodian has received for the account of the Trust to the credit of the
Trust Unallocated Account (or other Custody Account provided for in the relevant
Custody Agreement), from the Participant Unallocated Account (or other account of the
Participant from which Gold may be transferred to the Trust in accordance with the
relevant Custody Agreement) the Creation Basket Gold Deposit Amount due from the
Participant submitting the Purchase Order.
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Section 2.04. Requirements for Deposits of Gold
   Section 2.05. Creation Basket Gold Deposit Amount
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ARTICLE III
 ADMINISTRATION OF THE TRUST
 Section 3.01. Initial Expense
 ® ®
 Section 3.02. Custody of Gold: Allocated and Unallocated Accounts, Additional Custodians
and Successor Custodians, Duty to Monitor Custodians, Certain Requirements for Custody Agreements,
Duty to Allocate Gold, Trust Assets to be Free of Liens, etc .
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(i)
    
    That Gold held by the Custodian will be held in a vault maintained under the
control of the Custodian, or held by or for a sub-custodian employed as authorized by
the relevant Custody Agreement.(ii)
    
    That the Custodian shall deliver Gold held on behalf of the Trust by the
Custodian, or by or for any sub-custodian employed by the Custodian, only to such
persons and at such times as specified in instructions furnished to it by the Trustee
in a writing signed by an authorized person or by authenticated electronic
transmission, or any substantial equivalent, and each Custody Agreement shall contain
an explicit undertaking by the Custodian to this effect.(iii)
    
    That as of the close the business on any Business Day, the balance of any
Custody Account maintained by a Custodian for the Trust on an Unallocated Basis shall
not exceed the maximum fine weight of the standard measure of Gold used by the
Custodian for Good Delivery in the market in which it operates, for example, 430 Fine
Ounces in the London market.(iv)
    
    That when the Trustee instructs the Custodian (1) to debit Gold from a Trust
Allocated Account maintained by the Custodian for transfer to a Custody Account
maintained by the Custodian for the Trust on an Unallocated Basis and (2) to execute
the instruction on the same Business Day as and in connection with one or more
instructions the Trustee gives to the Custodian, the Custodian will use commercially
reasonable efforts to execute the instructions in a manner that minimizes the time the
Gold to be debited from the Trust Allocated Account stands to the credit of the Custody
Account maintained for the Trust by the Custodian on an Unallocated Basis.(v)
    
    That Gold transferred from a Custody Account of the Trust maintained on an
Unallocated Basis (including any transfers for deposit to a Trust Allocated Account) or
upon transfer from a Trust Allocated Account for credit to the Custody Account of the
Trust maintained on an Unallocated Basis will be in a
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form which complies with the relevant requirements for Good Delivery and that, if
the weight and fineness of Gold delivered by the Custodian upon transfer from the
Custody Account of the Trust maintained on an Unallocated Basis is determined to be
different from that reported to the Trustee by the Custodian, the Custodian will
make appropriate credits or debits to the Custody Accounts maintained by the
Custodian for the Trust such that the total Fine Ounces credited by the Custodian to
Custody Accounts of the Trust equal the amount reported to the Trustee.(vi)
    
    That, in the event Gold withdrawn from a Custody Account of the Trust
maintained on an Unallocated Basis does not comply with the relevant requirements for
Good Delivery or is not of the weight and fineness represented in the Custodians
account records, recovery in accordance with the Custody Agreements shall not be barred
by delay in asserting a claim because of the failure to discover such loss or damage,
regardless of whether the loss or damage could or should have been discovered.(vii)
    
    That (A) the Custodian will be obligated to use reasonable care and will be
responsible to the Trust for any loss resulting directly from its negligence, fraud or
willful misconduct, (B) the Custodian will maintain, at no cost to the Trust,
appropriate insurance in regard to its Gold and custody business, and (C) that the
Custodian will periodically allow the Trustee to review such insurance from time to
time upon reasonable prior notice and will provide the Sponsor information regarding
such insurance required by the Sponsor in connection with the maintenance of the
registration of the streetTRACKS® Gold Shares, in each case subject to
appropriate confidentiality agreements.(viii)
    
    That the Trusts assets held by the Custodian or by or for any sub-custodian employed
by the Custodian will not be subject to any right, charge, security interest, lien or
claim of any kind except (1) a claim of payment by the Custodian or any sub-custodian
for the safe custody or administration of the Trusts assets or, (2) in the case of a
Custody Account maintained by a Custodian on an Unallocated Basis, liens or rights in
favor of creditors of such Custodian arising under bankruptcy, insolvency or similar
laws, and the Custodian shall provide a representation to the foregoing effect.(ix)
    
    That the beneficial ownership of the Gold will be freely transferable without
the payment of money or value other than for safe custody or administration.(x)
    
    That the Trusts independent public accountants will be given access to records
identifying assets of the Trust and access to the Trusts assets as required for
confirmation of the contents of those records.(xi)
    
    That the Trustee will receive (1) for each Business Day by no later than the
following Business Day, information showing the movement of Gold into and out of the
Custody Accounts maintained by the Custodian for the Trust, in sufficient detail to
identify each transaction, the Business Day on which it occurred and
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information to allow the Trustee to determine the Custodians compliance with the
requirements set forth in clause (iii) of this paragraph (d) relating to the
intended maximum amount of Gold to be held in a Custody Account maintained by the
Custodian for the Trust on an Unallocated Basis and (2) periodic reports (not less
than quarterly) with respect to the safekeeping of the Trusts assets which shall
identify separately the assets held by the Custodian and the assets held by each
sub-custodian used by the Custodian and the assets held by each other party holding
assets of the Trust on behalf of the Custodian or a sub-custodian.(xii)
    
    That the Custodian irrevocably consents to the jurisdiction of the courts of
the State of New York and of any Federal Court located in the Borough of Manhattan in
such State in connection with any action, suit or other proceeding arising out of or
relating to the custody agreement or any action taken or omitted thereunder, and waives
any claim of forum non conveniens and any objections as to laying of venue, and further
waives personal service of any summons, complaint or other process and agrees that
service thereof may be made by certified or registered mail directed to the Custodian
at its address for purposes of notices specified in the relevant Custody Agreement.
   ®
 Section 3.03. Cash Account
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Section 3.04. Reserve Account
  Section 3.05. Certain Deductions and Distributions
   (1)
    
    Trustees fees as set forth in Section 8.04 and Sponsors fees as set
forth in Section 7.04;(2)
    
    expenses of custody, deposit or delivery of the Gold (exclusive of any
expenses borne by a Depositor or redeeming Participant as provided herein or in the
Participant Agreement), and disbursements charged by and indemnification due any
Custodian;(3)
    
    fees of the Trustee for extraordinary services performed under this
Agreement;(4)
    
    taxes, as provided herein, and various other governmental charges;
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(5)
    
    any taxes, fees and charges payable by the Trustee with respect to
Creation Baskets or Redemption Baskets;(6)
    
    expenses and costs of any action taken by a Trustee Indemnified Party
or a Sponsor Indemnified Party to protect the Trust and the rights and interests of
Beneficial Owners;(7)
    
    indemnification of the Trustee or the Sponsor as provided in this
Agreement, including, without limitation, in Sections 7.05 and 8.05;(8)
    
    expenses incurred in contacting Beneficial Owners in the manner
described in Section 3.10;(9)
    
    legal and auditing expenses, and the compensation paid to agents
employed by the Trustee as permitted hereunder;(10)
    
    fees paid to the Depository for custody of streetTRACKS®
Gold Shares;(11)
    
    federal and state annual fees in keeping the registration of
streetTRACKS® Gold Shares on a current basis pursuant to Section 10.02
for the issuance of Creation Baskets;(12)
    
    expenses of the Sponsor relating to the printing and distribution of
marketing materials describing the Trust and streetTRACKS® Gold Shares
(including but not limited to, associated legal, consulting, advertising and
marketing costs and other out-of-pocket expenses);(13)
    
    fees and expenses of the Marketing Agent;(14)
    
    reimbursement of the Underwriter and the Marketing Agent in respect of
unpaid indemnification obligations of the Sponsor as provided in Section 10.05; and(15)
    
    stationery, postage and all other out-of-pocket expenses of the Trust
not otherwise stated above incurred by it, the Sponsor or the Custodian or any
Additional Custodian or Successor Custodian pursuant to actions permitted or
required under this Agreement.
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® ®
 ®
 Section 3.06. Statements and Reports
  Section 3.07. Sale of Gold or other Property
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Section 3.08. Counsel; Marketing Agent
  ®
 Section 3.09. Notice to Sponsor
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Section 3.10. Book-Entry-Only System, Global Security
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Section 3.11. Trust to be administered as Grantor Trust
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ARTICLE IV
 EVALUATION OF GOLD
 Section 4.01. Evaluation of Gold
  Section 4.02. Responsibility of the Trustee for Evaluations
  ARTICLE V
 TRUST EVALUATION AND REDEMPTION OF REDEMPTION BASKETS
 Section 5.01. Trust Evaluation
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® ®
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 Section 5.02. Redemption of Redemption Baskets
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Section 5.03. Other Redemption Procedures
 ®
 ARTICLE VI
 TRANSFER OF streetTRACKS®GOLD SHARES
 Section 6.01. Transfer of streetTRACKS®Gold Shares
 ® ® ®
 ARTICLE VII
 SPONSOR
 Section 7.01. Responsibility and Duties
  Section 7.02. Certain Matters Regarding Successor Sponsor
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Section 7.03. Resignation of Sponsor; Successors
 ® ®
 Section 7.04. Compensation of the Sponsor
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Section 7.05. Liability of Sponsor and Indemnification
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ARTICLE VIII
 TRUSTEE
 Section 8.01. General Definition of Trustees Rights, Duties and Responsibilities
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(i)
    
    for acting in accordance with or conclusively relying upon any instruction,
notice, demand, certificate or document from the Sponsor, a Participant or any entity
acting on behalf of the Sponsor or a Participant which the Trustee believes is given
pursuant to or is authorized by this Agreement;(ii)
    
    for any indirect, consequential, punitive or special damages, regardless of the
form of action and whether or not any such damages were foreseeable or contemplated; or(iii)
    
    for an amount in excess of the value of the assets of the Trust.
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  ® ®
 Section 8.02. Books, Records and Reports; Audit
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Section 8.03. Agreement on File
  Section 8.04. Compensation of Trustee
  0.02%
    

    
    on the first
    
    $10 billion of value0.00%


    
    on any excess
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Section 8.05. Indemnification of Trustee
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Section 8.06. Resignation, Discharge or Removal of Trustee; Successors
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Section 8.07. Qualifications of Trustee
  ARTICLE IX
 TERMINATION
 Section 9.01. Procedure Upon Termination
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1
  (i)
    
    pay to itself individually from the Trust an amount equal to the sum of (1) its
accrued compensation for its ordinary services, (2) any compensation due it for
extraordinary services, (3) any advances made but not yet repaid and (4) reimbursement
of any other disbursements as provided herein;
 
 1
    
    It is intended that streetTRACKS® Gold
Shares will be listed for trading on the Exchange. Transactions involving
streetTRACKS® Gold Shares in the public trading market will be
subject to customary brokerage charges and commissions. There can be no
assurance, however, that streetTRACKS® Gold Shares will always be
listed on the Exchange. Following the initial twelve-month period following
formation of the Trust and commencement of trading on the Exchange, the
Exchange will consider the suspension of trading in or removal from listing of
streetTRACKS® Gold Shares when, in its opinion, further dealings
appear unwarranted if: (a) the Trust has more than sixty (60) days remaining
until termination and there are fewer than 50 record Beneficial Owners for
thirty (30) or more consecutive trading days; or (b) such other event shall
occur or condition shall exist which, in the opinion of the Exchange, makes
further dealings on the Exchange inadvisable. 47




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(ii)
    
    deduct any and all other fees and expenses from the Trust in accordance with
the provisions of Section 3.05 hereof;(iii)
    
    deduct from the Trust any amounts which it, in its sole discretion, shall deem
requisite to be added to the Reserve Account for any applicable taxes or other
governmental charges that may be payable out of the Trust and any other contingent or
future liabilities;(iv)
    
    distribute to the Depository for distribution each Beneficial Owners interest
in the remaining assets of the Trust; and(v)
    
    disseminate to each Beneficial Owner as provided in Section 3.10 a final
statement as of the date of the computation of the amount distributable to the
Beneficial Owners, setting forth the data and information in substantially the form and
manner provided for in Section 3.06 hereof.
 Section 9.02. Moneys to Be Held Without Interest to Beneficial Owners
  Section 9.03. Dissolution of Sponsor Not to Terminate Trust
  ARTICLE X
 MISCELLANEOUS PROVISIONS
 Section 10.01. Amendment and Waiver
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®
 ® ®
  Section 10.02. Registration (Initial and Continuing) of streetTRACKS®Gold
Shares; Certain Securities Law Filings
 ® ® ®
 Section 10.03. License Agreement with the Licensor
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®
  Section 10.04. Right of Sponsor to Direct Trustee to Declare a Split of street
TRACKS®Gold Shares
 ® ® ®
 Section 10.05. Indemnification of Underwriter, Initial Marketing Agent and Authorized
Participants
    50




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Section 10.06. Reduction in Fees of Sponsor and Initial Marketing Agent
    Section 10.07. Certain Matters Relating to Beneficial Owners
 ® ® ®
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®
    Section 10.08. Prospectus Delivery
 ®
 Section 10.09. New York Law to Govern
  Section 10.10. Consent to Jurisdiction
 ®
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Section 10.11. Merger
  Section 10.12. Notices
  If to the Sponsor, to:
    
    World Gold Trust Services, LLC444 Madison Avenue, 3rd FloorNew York, New York 10022Attention: Mr. J. Stuart ThomasFacsimile: (212) 688-0410with a copy to:
    
    Carter Ledyard & Milburn LLP2 Wall StreetNew York, New York 10005Attention: Steven J. Glusband, Esq.Facsimile: (212) 732-3232If to the Trustee, to:
    
    The Bank of New York2 Hanson PlaceBrooklyn, New York 11217Attention: ADR AdministrationFacsimile: (718) 315-4881with a copy to:
    
    Emmet, Marvin & Martin, LLP120 BroadwayNew York, New York 10271Attention: Peter B. Tisne, Esq.Facsimile: (212) 238-3100
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Section 10.13. Severability
  Section 10.14. Headings
  Section 10.15. Counterparts
  54




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World Gold Trust Services, LLCBy:
    
    /s/ J. Stuart ThomasTitle:
    
    Managing DirectorName:
    
    J. Stuart Thomas
  The Bank of New YorkBy:
    
    /s/ Alfred IrvingTitle:
    
    Vice-PresidentName:
    
    Alfred Irving
  55




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STATE OF NEW YORK
    
    
    ): ss.:COUNTY OF NEW YORK
    
    
    )
  /s/ Glen K. WesterbackNotary Public
  56




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STATE OF NEW YORK
    
    
    )ss.:COUNTY OF NEW YORK
    
    
    )
  /s/ Stephen F. LappertNotary Public
  57




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Depositor 
Bear Hunter Structured
    
    Creation Basket Deposit
30,000 Fine Ounces of Gold
    
    Shares Issued
300,000Products, LLC
 A-1