Exhibit 10.2


JPMORGAN CHASE BANK, N.A.


and


THE
BANK OF NEW YORK MELLON

solely in its capacity as trustee of the ETFS Asian Gold Trust

and not individually




UNALLOCATED ACCOUNT AGREEMENT















	
  

 	
  

 
	
 THIS AGREEMENT is made with effect on and
 from [•], 2010

 
	
  

 	
  

 
	
 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 Asian Gold 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 allocated Bullion account,
 number [•] 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 [•], 2010 between the Trustee and the Custodian pursuant to
 which the Allocated Account is established and operated;

 
	
  

 	
  

 
	
  

 	
 “AP Account”
 means a loco London or Singapore 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/Singapore Business Day on which the Trustee requests the
 Custodian to credit to the Unallocated Account Bullion 

 


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 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 gold 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 Singapore” means, in respect of an account holding
 Bullion, the custody, trading or clearing of such Bullion in Singapore;

 
	
  

 	
  

 
	
  

 	
 “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 gold bullion market are open for the transaction of business
 in London;

 
	
  

 	
  

 
	
  

 	
 “London/Singapore Business Day” means a day which is both a
 London Business Day and a Singapore 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 333-168227 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 [•], 2010,
 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 Bullion Market
 Association or its successors;

 
	
  

 	
  

 
	
  

 	
 “Rules” means the rules,
 regulations, practices and customs of the Relevant Association (including
 without limitation the requirements of “Good Delivery” under the rules of the
 Relevant Association), 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 Singapore 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 Asian Gold Shares” and created pursuant to and
 constituted by the Trust Agreement;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “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 Singapore 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;

 


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 “Trust” means the ETFS Asian Gold Trust formed pursuant
 to the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Trust Agreement” means the Depositary Trust Agreement of
 the ETFS Asian Gold Trust dated on or about [•], 2010, as amended from time to
 time, between the ETF Securities USA
 LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;

 
	
  

 	
  

 
	
  

 	
 “Unallocated Account” means the loco London unallocated
 Bullion account, number [•], or the loco Singapore 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/Singapore Business Day on
 which the Trustee wishes a withdrawal of Bullion from the Unallocated Account
 to take place.

 
	
  

 	
  

 
	
 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 to
 three decimal places.

 
	
  

 	
  

 
	
 2.3

 	
 Unallocated
 Account Reports: For each London/Singapore Business Day, by no later than the following
 London/Singapore Business Day, the Custodian will provide the Trustee access
 to information showing the increases and decreases to the Bullion standing to
 the Trustee’s credit in the Unallocated Account, and identifying separately
 each transaction and the New York 

 


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 Business Day or London
 Business Day on which it occurred. On each London/Singapore 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 Unallocated Account
 (in the manner and accompanied by such documentation

 


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 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 as follows:

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 if pursuant to clause 3.1(a) and (b) above, then into the Unallocated
 Account loco Singapore; or

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 if pursuant to clause 3.1(c) above, then into the Unallocated Account
 loco London or loco Singapore, provided that the loco designation shall be
 the same as for the AP Account from which the transfer is made.

 
	
  

 	
  

 	
  

 
	
 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/Singapore Business Day prior to the Availability Date and
 specify the weight (in fine troy ounces of gold) 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. 

 


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 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
 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/Singapore Business Day
 prior to the Availability Date, at the Trust’s expense and risk; or

 
	
  

 	
  

 	
  

 
	
  

 	
 (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 shall transfer
 Bullion from the Unallocated Account loco Singapore for all withdrawals under
 clause 4.1.

 
	
  

 	
  

 	
  

 
	
 4.3

 	
 Loco Swaps: In the event that the Custodian receives a
 loco London deposit pursuant to clause 3.1(c) above, the Custodian shall
 effectuate withdrawals pursuant to clause 4.1(c) by transferring Bullion from
 the Unallocated Account loco London to the Unallocated Account loco Singapore
 and then to the Allocated Account. In the event that the Custodian receives a
 loco London 

 


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 withdrawal
 pursuant to clause 4.1(a) below, the Custodian shall effectuate deposits
 pursuant to clause 3.1(a) by transferring Bullion from the Allocated Account
 to the Unallocated Account loco Singapore and then to the Unallocated Account
 loco London. The Custodian shall bear all costs, including all insurance
 costs, relating to any transfers between loco London and loco Singapore.

 
	
  

 	
  

 	
  

 
	
 4.4

 	
 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), 4.1(b)or
 4.1(f), to be in such form as may be agreed by the parties from time to time
 and be received by the Custodian no later than 3:00 p.m. (London 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 3:00 p.m.
 (London time) on the day which is one London/Singapore 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/Singapore 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 gold) 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. 

 
	
  

 	
  

 	
  

 
	
 4.5

 	
 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 notification
 conditions of the preceding clause 3.4 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

 


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 any delivery pursuant to 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 4.3, 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/Singapore Business Day after receipt of notice given in the
 form prescribed in clause 4.4(b). Following the Custodian’s 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 withdrawals
 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 430.000 fine ounces at the close of each London/Singapore 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

 


10









	
  

 	
  

 
	
  

 	
 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 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. 

 


11









	
  

 	
  

 	
  

 	
  

 
	
 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 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,

 


12









	
  

 	
  

 
	
  

 	
 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, of 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 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 neither the Trustee nor the Sponsor, as the case may be, procures
 payment to the Custodian of any amount when it is due, the Custodian reserves
 the right to charge the relevant party 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

 


13









	
  

 	
  

 
	
  

 	
 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. 

 
	
  

 	
  

 
	
 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

 


14









	
  

 	
  

 	
  

 
	
  

 	
 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, 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 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

 


15









	
  

 	
  

 	
  

 
	
  

 	
  

 	
 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 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/Singapore Business Days

 


16









	
  

 	
  

 	
  

 
	
  

 	
 in
 the case of inland post or seven London/Singapore 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

 
	
  

 	
  

 	
  

 
	
  

 	
 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:
 +44 207 440 4330

 
	
  

 	
  

 	
 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

 


17









	
  

 	
  

 
	
  

 	
 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 acting 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 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

 


18









	
  

 	
  

 
	
  

 	
 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/Singapore Business Day, as the case may be, then the
 relevant obligations shall be performed on the next succeeding New York
 Business Day or London/Singapore Business Day, as applicable. 

 
	
  

 	
  

 
	
 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 party’s address specified below. This does not affect any
 right to serve process in another manner permitted by law. 

 


19









	
  

 	
  

 
	
  

 	
 Custodian’s Address for service of process:
 

 
	
  

 	
  

 
	
  

 	
 JPMorgan Chase Bank, N.A. 

 
	
  

 	
 125 London Wall

 
	
  

 	
 London EC2Y 5AJ

 
	
  

 	
 Facsimile
 No.: +44 207 777 4915

 
	
  

 	
 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

 
	
  

 	
  

 
	
  

 	
 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

 	
  

 
	
  

 	

 


 
	
  

 	
  

 	
  

 
	
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Signed on
behalf of and for 

THE BANK
OF NEW YORK MELLON solely in its capacity as 

trustee of the ETFS Asian Gold Trust
and not individually by 


	
  

 	
  

 	
  

 	
  

 
	
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[Signature Page to ETFS Asian Gold Trust 

Allocated Account Agreement]


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