Document:

EX-4.1.6

 Exhibit 4.1.6 

Execution Copy 
 AMENDMENT
NO. 6 
 dated as of April 14, 2015 

to 
 Trust Indenture 

of SPDR® GOLD TRUST 

dated as of November 12, 2004 

This Amendment (this “Amendment”), dated as of April 14, 2015, is to the Trust Indenture (the “Trust
Indenture”) of the SPDR® GOLD TRUST (the “Trust”), dated as of November 12, 2004, and as amended from time to time, between World Gold Trust Services, LLC, as
the sponsor of the Trust (the “Sponsor”), and The Bank of New York Mellon, as the trustee of the Trust (the “Trustee”). 

WHEREAS, the Sponsor proposes to amend the Trust Indenture for the principal purpose of establishing a unitary fee structure under which the
Sponsor will be responsible for the ordinary fees and expenses of the Trust in return for the Trust’s payment to the Sponsor of a fee of 0.40% per year of the daily net asset value of the Trust (the “First Proposal”). The
Sponsor also proposes to amend the Trust Indenture to permit the Sponsor to employ affiliates to provide marketing and other services to the Trust (the “Second Proposal”). The Sponsor has determined that each of the First Proposal
and the Second Proposal will require the consent of the DTC Participants acting on direction of the Beneficial Owners of at least 51% of the outstanding SPDR® Gold Shares of the Trust. To
obtain this consent, the Sponsor arranged for a Consent Solicitation Statement, dated June 19, 2014, to be sent to the Beneficial Owners for purposes of soliciting their consent to the First Proposal and the Second Proposal; 

WHEREAS, the Sponsor has received confirmation from the Trustee that Beneficial Owners holding at least 51% of the outstanding SPDR® Gold Shares of the Trust have consented to both the First Proposal and the Second Proposal; 

WHEREAS, Section 10.01 of the Trust Indenture provides, in pertinent part, that the Sponsor and the Trustee may amend the Trust Indenture
from time to time “with the consent of the DTC Participants acting on the direction of Beneficial Owners of at least 51% of the outstanding SPDR® Gold Shares to add provisions to or
change or eliminate any of the provisions of this Agreement or to modify the rights of Beneficial Owners”; and 
 WHEREAS, all
conditions and requirements necessary to make this Amendment a valid instrument that is legally binding on the parties hereto and on the Beneficial Owners have been satisfied. 

NOW, THEREFORE, the Sponsor and the Trustee agree as follows: 

1. A. The definition of “Adjusted Net Asset Value” set forth in Article I of the Trust Indenture is hereby deleted in its entirety.

 B. Clauses (10), (12) and (13) of Section 2.01 of the Trust Indenture are hereby
amended to read in their entirety as follows: 
  

	 	(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
and (iii) the Net Asset Value of the Trust and the Net Asset Value per SPDR® Gold Share, as described in Section 5.01; 

* * * 
  

	 	(12)	accrue and pay certain 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(c); 

 

	 	(13)	distribute to the Beneficial Owners any excess cash in the Cash Account, as described in Section 3.05(d); 

C. Sections 3.05(a), (b) and (c) of the Trust Indenture are hereby amended to read in their entirety as follows: 

Section 3.05. Expenses Assumed by the Sponsor; Certain Deductions and Distributions. 

(a) Effective as of the date of this Agreement, the Sponsor shall be responsible for the payment of the following fees and expenses: 

 

	 	(1)	the fees for the Trustee’s ordinary services and the reimbursement of its customary and ordinary out-of-pocket expenses as set forth in Section 8.04; 

 

	 	(2)	subject to the prior written approval of the Sponsor, compensation paid to agents employed by the Trustee as permitted hereunder; 

  

	 	(3)	fees, expenses and other charges of the Initial Custodian payable by the Sponsor under the Allocated Bullion Account Agreement and the Unallocated Bullion Account Agreement and, subject to the prior written approval of
the Sponsor, (i) other fees, expenses and charges for the custody, deposit or delivery of Gold and services related to the custody and safekeeping of Gold (exclusive of (y) fees for services to be performed by the Trustee and (z) any
expenses borne by a Depositor or redeeming Participant as provided herein or in the Participant Agreement) and (ii) fees, expenses and charges charged by any other Custodian pursuant to a Custody Agreement. 

  
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	 	(4)	expenses incurred in contacting Beneficial Owners in the manner described in Section 3.10 up to an aggregate amount for any fiscal year of $500,000; 

 

	 	(5)	audit and accounting fees and expenses of the Trust; 

  

	 	(6)	legal fees and expenses (including the costs of any litigation) of (i) the Sponsor and the Trust, (ii) the Custodian and (iii) the Trustee under Section 8.01(h), up to an aggregate amount for any
fiscal year of $500,000; 

  

	 	(7)	fees paid to the Depository for custody of SPDR® Gold Shares; 

  

	 	(8)	federal and state annual fees in keeping the registration of SPDR® Gold Shares on a current basis pursuant to Section 10.02 for the issuance of Creation
Baskets and the other fees and expenses described in Section 10.02, including fees and expenses related to the registration, qualification, maintenance or discontinuance of the SPDR® Gold
Shares for offering and sale, the listing, maintenance or discontinuance of the SPDR® Gold Shares on the Exchange or one or more other exchanges or securities markets and the preparation and
filing of the Trust’s periodic and other reports or documents required under federal, state or foreign securities or other laws; 

  

	 	(9)	expenses relating to the printing and distribution of marketing materials describing the Trust and SPDR® Gold Shares (including associated legal, consulting,
advertising and marketing costs and other out-of-pocket expenses); 

  

	 	(10)	fees of the Initial Marketing Agent and the out-of-pocket expenses of the Initial Marketing Agent as provided in Section 3.08(b); 

 

	 	(11)	expenses related to the maintenance of a website for the Trust, including licensing costs, and the marketing of the SPDR® Gold Shares by the Sponsor, as provided
for by Section 7.04; and 

  

	 	(12)	any other expenses expressly payable by the Sponsor under this Agreement. 

 (b) The following
charges are or may be accrued and paid by the Trust: 
  

	 	(1)	the Sponsor’s fees as set forth in Section 7.04; 

  

	 	(2)	 expenses and other charges of the Initial Custodian payable by the Trustee on behalf of the Trust under the Allocated Bullion Account Agreement and
the Unallocated Bullion Account Agreement 

  
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(including (i) any relevant taxes, duties and governmental charges and (ii) the obligation to indemnify the Initial Custodian) and, subject to the prior written approval of the Sponsor,
(i) other expenses and charges for the custody, deposit or delivery of Gold and services related to the custody and safekeeping of Gold and (ii) expenses and charges charged by other Custodian pursuant to a Custody Agreement;

  

	 	(3)	the expenses of the Trustee described in Section 8.04(b) and the fees of the Trustee for extraordinary services performed under this Agreement; 

 

	 	(4)	taxes, as provided herein, and various other governmental charges; 

  

	 	(5)	any taxes, fees and charges payable by the Trustee with respect to Creation Baskets or Redemption Baskets; 

  

	 	(6)	any taxes or other governmental charges imposed on the Sponsor in respect of the Trust, its assets, including Gold, or the SPDR® Gold Shares; 

 

	 	(7)	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; 

 

	 	(8)	indemnification of the Trustee or the Sponsor as provided in this Agreement, including in Sections 7.05 and 8.05; 

  

	 	(9)	expenses incurred in contacting Beneficial Owners in the manner described in Section 3.10 exceeding an aggregate amount for any fiscal year of $500,000; 

 

	 	(10)	reimbursement of the Underwriter, the Marketing Agent and the Participants in respect of unpaid indemnification obligations of the Sponsor as provided in Section 10.05; 

 

	 	(11)	the amount of any legal fees and expenses (including the costs of any litigation) of (i) the Sponsor and the Trust, (ii) the Custodian and (iii) the Trustee under Section 8.01(h) in excess of an
aggregate amount for any fiscal year of $500,000; and 

  

	 	(12)	all other expenses of the Trust not assumed by the Sponsor under Section 3.05(a), including all such other expenses identified as chargeable to the Trust under this Agreement. 

(c) The Trustee shall, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell Gold
in such quantity and at such times as may be necessary to permit payment of the expenses of the Trust, including any of the expenses enumerated in subsection (b) above. The Trustee is 

  
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conclusively authorized to sell Gold at such times and in the smallest amounts required to permit payment of expenses as they come due, it being the intention to minimize the Trust’s
holdings of assets other than Gold. Neither the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from sales of Gold so made. Further, the Trustee shall not be liable or responsible in any way for depreciation or
loss incurred by reason of any sale made pursuant to the Sponsor’s direction. 
 D. The last sentence of Section 3.06 of the Trust
Indenture is hereby amended to read in its entirety as follows: 
 The cost of the preparation and distribution of the
annual report shall be paid by the Sponsor under Section 3.05(a). 
 E. Sections 3.08(a) and (b) of the Trust Indenture are hereby
amended to read in their entirety as follows: 
 Section 3.08. Counsel; Marketing Agent; Sponsor Activities. 

(a) The Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in
connection with the Gold and the Trust, including any legal matters relating to the possible disposition or acquisition of any Gold. The fees and expenses of such counsel shall be paid by the Sponsor or the Trust as provided in Sections 3.05(a) and
(b). 
 (b) To assist the Sponsor in marketing SPDR® Gold Shares,
which assistance shall include but shall not be limited to the developing and executing a marketing plan and preparing marketing materials, the Sponsor shall enter into a Marketing Agent Agreement with the Initial Marketing Agent in the form annexed
as Exhibit E-2 hereto concurrently with the execution of this Agreement. The Sponsor may also from time to time employ such other additional or successor Marketing Agent(s) on such terms and conditions as the Sponsor determines. The Initial
Marketing Agent is entitled to receive from the Sponsor fees for its ordinary services in accordance with a separate written agreement between the Sponsor and the Initial Marketing Agent. The Initial Marketing Agent is entitled to receive
reimbursement from the Sponsor for its out-of-pocket expenses in accordance with a separate written agreement between the Sponsor and the Initial Marketing Agent. The fees and expenses of any successor or additional Marketing Agent(s) shall be paid
or reimbursed by the Sponsor in such manner as the Sponsor may determine from time to time. The Sponsor shall not be answerable for the default or misconduct of the Initial Marketing Agent and shall not be answerable for the default or misconduct of
any successor or additional Marketing Agent(s) if the Sponsor shall have selected such successor or additional Marketing Agent(s) with reasonable care. The Trustee shall have no liability for the terms, value or validity of any agreement entered
into by the Sponsor with a Marketing Agent or for the default or misconduct of any Marketing Agent. So long as the Marketing Agent Agreement with the Initial Marketing Agent shall be in effect, the name of the Trust shall be that identified in the
preamble hereto, except to the extent the Sponsor and the Initial Marketing Agent shall otherwise determine. 

  
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 F. The following new Section 3.08(c) is hereby added to the Trust Indenture: 

(c) To assist the Sponsor in marketing the SPDR® Gold Shares and in
other activities, the Sponsor may employ one or more of its affiliates to carry out marketing and other activities for the Trust, subject to Section 7.04. 

G. Section 3.10(f) of the Trust Indenture is hereby amended to read in its entirety as follows: 

(f) As described above, the Trustee will recognize the Depository or its nominee as the owner of all SPDR® Gold Shares for all purposes except as expressly set forth in this Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows.
Pursuant to the Depository Agreement, the Depository is required to make available to the Trustee upon request a listing of the SPDR® Gold Share holdings of each DTC Participant. The Trustee
shall inquire of each such DTC Participant as to the number of Beneficial Owners holding SPDR® Gold Shares, directly or indirectly, through such DTC Participant. The Trustee shall provide each
such DTC Participant with sufficient copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be
transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Sponsor or the Trust, as provided by Sections 3.05(a) and (b), shall pay to each such DTC Participant an amount as reimbursement for the
expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 
 H. Section 5.01 of the
Trust Indenture is hereby amended to read in its entirety as follows: 
 Section 5.01. Trust Evaluation. 

As of the Evaluation Time on each Business Day, the Trustee shall subtract all accrued but unpaid fees, expenses and other
liabilities of the Trust from the total value of the Gold determined by the Trustee pursuant to Section 4.01 and all other assets of the Trust (other than any amounts credited to the Reserve Account). The resulting figure is the “Net Asset
Value” of the Trust. The Trustee shall also divide the Net Asset Value of the Trust by the number of SPDR® Gold Shares outstanding as of the Evaluation Time on the date of the evaluation
then being made, which figure is the “Net Asset Value per SPDR® Gold Share.” For purposes of this Section 5.01:
(i) SPDR® Gold Shares deliverable under a Purchase Order shall be considered to be outstanding beginning on the first Business Day following the Purchase Order Date therefor;

  
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and (ii) SPDR® Gold Shares deliverable under a Redemption Order shall not be considered to be outstanding on and after the first
Business Day following the Redemption Order Date therefor. Fractions smaller than $0.01 shall be disregarded in such evaluations. 

Net Asset Value and Net Asset Value per SPDR® Gold Share shall be
computed in accordance with generally accepted accounting principles in the United States. The Trustee’s estimation of accrued but unpaid fees, expenses and liabilities shall be conclusive upon all persons interested in the Trust and no
revision or correction in any computation made pursuant to this Agreement shall be required by reason of any difference in amounts estimated from those actually paid. 

I. Section 7.04 of the Trust Indenture is hereby amended to read in its entirety as follows: 

Section 7.04. Compensation of the Sponsor. 

As compensation for performing services under this Agreement and services provided in connection with the maintenance of a web
site for the Trust, including licensing costs, and with the marketing of SPDR® Gold Shares, and for the payment by the Sponsor of the fees and expenses identified in Section 3.05(a), the
Sponsor shall receive a fee in an amount per annum equal to 0.40% of (i) the total value of the Gold determined by the Trustee pursuant to Section 4.01 and all other assets of the Trust (other than any amounts credited to the Reserve
Account) less (ii) accrued but unpaid fees, expenses and liabilities of the Trust as of the Business Day prior to the day for which the fee is computed, which fee shall be computed and accrue daily and be paid monthly in arrears. The Sponsor is
entitled to receive reimbursement from the Trust for expenses incurred by it to the extent such expenses are chargeable to the Trust under Section 3.05(b), except that the Sponsor is not entitled to charge the Trust for fees of agents for
performing services the Sponsor is required to perform under this Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 7.04. The Sponsor may, at its sole discretion and from
time to time, waive all or a portion of its fee payable under this Section 7.04 for such periods of time as shall be specified in the Sponsor’s written notice of such fee waiver to the Trustee. The Sponsor is under no obligation to waive
its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder. 

J. Section 8.01(h) of the Trust Indenture is hereby amended to read in its entirety as follows: 

(h) Advice of Counsel. The Trustee may consult with legal counsel of its own choosing, at the expense of the Sponsor or the
Trust as provided by Sections 3.05(a) and (b), as to any matter relating to this Agreement, and the Trustee shall not incur any liability in acting in good faith in accordance with any advice from such counsel. 

  
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 K. Section 8.01(r) of the Trust Indenture is hereby amended to read in its entirety as
follows: 
 (r) Trustee’s Liability for Custodial Services and Agents. Subject to Section 3.02 hereof, the Trustee
shall not be answerable for the default of the Initial Custodian or any Custodian employed at the direction of the Sponsor or selected by the Trustee with reasonable care. The Trustee may also employ custodians for Trust assets other than Gold,
agents, attorneys, accountants, auditors and other professionals and shall not be answerable for the default or misconduct of any such custodians, agents, attorneys, accountants, auditors and other professionals if such custodians, agents,
attorneys, accountants, auditors or other professionals shall have been selected with reasonable care. The fees and expenses charged for custody, deposit or delivery of Gold and services related to the custody and safekeeping of Gold by any
Custodian (including, for avoidance of doubt, any fees paid to the Initial Custodian under the Allocated Bullion Account Agreement and Unallocated Bullion Account Agreement) or by any agents, attorneys, accountants, auditors or other professionals,
and expenses reimbursable to any Custodian pursuant to a Custody Agreement are payable by the Sponsor or the Trust as provided by Sections 3.05(a) and (b). Fees paid for custody of assets other than Gold shall be an expense of the Trustee. 

L. Sections 8.02(c) and (d) of the Trust Indenture are hereby amended to read in their entirety as follows: 

(c) The Trustee shall make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is
advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its
administration. The expense of accountants employed to prepare tax returns and tax reports shall be paid by the Sponsor. 

(d) The accounts of the Trust shall be audited, as required by law and as may be directed by the Sponsor, by independent
certified public accountants designated from time to time by the Sponsor and the cost of such audit shall be paid by the Sponsor. The report of such accountants shall be furnished by the Trustee to Beneficial Owners upon request. 

M. Sections 8.04(a) and (b) of the Trust Indenture are hereby amended to read in their entirety as follows: 

Section 8.04. Compensation of Trustee. 

(a) The Trustee is entitled to receive from the Sponsor fees for its ordinary services under this Agreement and reimbursement
for its customary and ordinary out-of-pocket expenses incurred under this Agreement in accordance with a separate written agreement between the Sponsor and the Trustee. 

  
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 (b) The Trustee is entitled to charge the Trust for all expenses incurred by it
under this Agreement, including expenses identified as charges to the Trust under Section 3.05(b) or otherwise in this Agreement, except for (i) amounts specified in the preceding Section 8.04(a) and (ii) fees of agents for
performing services the Trustee is required to perform under this Agreement. 
 N. Numbered clause (i) in Section 9.01(c) of the
Trust Indenture is hereby amended to read in its entirety as follows: 
 Upon receipt of proceeds from the sale of the last
Gold held hereunder, the Trustee shall: 
  

	 	(i)	pay to itself individually from the Trust an amount equal to the sum of (1) any compensation due it for extraordinary services, (2) any advances made but not yet repaid and (3) reimbursement of any other
disbursements (other than disbursements to be paid by the Sponsor under Section 8.04(a)) as provided herein; 

 O. The
last sentence of Section 10.02 of the Trust Indenture is amended to read in its entirety as follows: 
 Fees and
expenses related to the registration, qualification, maintenance or discontinuance of the SPDR® Gold Shares for offering and sale, the listing, maintenance or discontinuance of the SPDR® Gold Shares on the Exchange and on one or more other exchanges or securities markets, the preparation and filing of the Trust’s periodic and other reports required under federal, state or
foreign securities or other laws, registration charges, blue sky fees, printing costs, mailing costs, attorney’s fees, and other miscellaneous out-of-pocket expenses related to the activities described in this Section 10.02 shall be borne
by the Sponsor in the manner provided for by Section 3.05(a). 
 P. Section 10.03(b) of the Trust Indenture is amended to read in
its entirety as follows: 
 (b) The Sponsor shall be responsible for the cost of such licenses in accordance with
Section 3.05(a). 
 Q. Section 10.06 of the Trust Indenture is hereby deleted in its entirety. The remaining subsequent Sections
of Article X of the Trust Indenture and any other references to Sections 10.07 to 10.15 of the Trust Indenture shall be deemed renumbered accordingly to reflect such deletion. 

  
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 2. Except as modified by this Amendment, the Trust Indenture shall remain unmodified and in full
force and effect. 
 3. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Trust
Indenture. 
 4. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an
original, but together shall constitute one and the same amendment. 
 5. This Amendment shall be effective as of July 17, 2015. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Sponsor and the Trustee have duly executed and delivered this Amendment
as of the date first above written. 
  

			
	 WORLD GOLD TRUST SERVICES, LLC,
 as
Sponsor

		
	 By:
	 	/s/ William Rhind
	 Name:
	 	William Rhind
	 Title:
	 	Chief Executive Officer
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	 By:
	 	/s/ Stephen Cook
	 Name:
	 	Stephen Cook
	 Title:
	 	Managing Director

 [Signature Page to Amendment No. 6 to 

Trust Indenture of SPDR® GOLD TRUST] 

  
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 SPDR® GOLD TRUST 

Notice of Amendment of Trust Indenture 

Effective as of July 17, 2015, the Trust Indenture was amended to provide that, in return for the Trust’s payment to the Sponsor of a fee
of 0.40% per year of the daily net asset value, or daily NAV, of the Trust, as calculated for compensation purposes, the Sponsor will be responsible for all ordinary fees and expenses of the Trust. 

This notice is provided as directed by the Trust Indenture. No action by owners of
SPDR® Gold Shares is required. 
 The Bank of New York Mellon

 TrusteeEX-10.1

 Exhibit 10.1 

Execution Copy 

HSBC BANK PLC 
 and

 THE BANK OF NEW YORK MELLON, 

not in its individual capacity, but solely as 

TRUSTEE OF THE SPDR®
GOLD TRUST 
  

 
 SPDR® GOLD TRUST 
 SECOND
AMENDED AND RESTATED 
 ALLOCATED BULLION
ACCOUNT AGREEMENT 
  

 
  

  

					
		 		 	

 THIS AGREEMENT is made on as of July 17, 2015. 

BETWEEN 
  

	(1)	HSBC BANK PLC, a company incorporated in England, whose principal place of business in England is at 8 Canada Square, London E14 5HQ (“we” or “us”); and 

 

	(2)	The Bank of New York Mellon, not in its individual capacity, but solely as trustee (the “Trustee”) of SPDR® Gold Trust (the
“Trust”) as established pursuant to the Trust Indenture (defined below) (“you”). 

 INTRODUCTION 

Pursuant to a Novation Agreement, dated June 4, 2014, between HSBC Bank USA, National Association (“HSBC USA”), us and you, effective as
of December 22, 2014, we succeeded to all of the rights and obligations of HSBC USA under that certain First Amended and Restated Allocated Bullion Account Agreement (the “First A/R Agreement”), dated June 1, 2011, as
amended, between HSBC USA and you. Under the First A/R Agreement, HSBC USA agreed to open and maintain for you an Allocated Account and to provide other services to you in connection with your Allocated Account. You and we now wish to amend and
restate the First A/R Agreement to make further amendments. This Agreement now sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those services and your Allocated Account.

 IT IS AGREED AS FOLLOWS 
  

	1.	INTERPRETATION 

  

	1.1	Definitions: In this Agreement: 

 “Account Balance” means, in
relation to the Allocated Account, the specific Precious Metal held by us for you as from time to time identified in, and recorded on, the Allocated Account. 

“Agreement” means this Second Amended and Restated Allocated Bullion Account Agreement between you and us, as the same may be
amended from time to time. 
 “Allocated Account” means, in relation to Precious Metal, the account maintained by us in
your name recording the amount of, and identifying, the Bullion received and held by us for you on an allocated basis pursuant to this Agreement. 

“Availability Date” means the Business Day on which you wish us to credit to your Allocated Account an amount of Bullion
debited from your Unallocated Account. 
 “Bullion” means the Precious Metal held for you under this Agreement or standing
to your credit in your Unallocated Account, as the case may be. 

  

					
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 “Business Day” means a day other than (i) a day on which the Exchange (as
such term is defined in the Trust Indenture) is closed for regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a) a day on which
banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day on which banking institutions in the United Kingdom or
in such other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or
completed before the close of the business day may not be so executed or completed. 
 “LBMA” means The London Bullion
Market Association or its successors. 
 “LBMA Gold Price” means the London gold price per troy ounce of gold for delivery
in London through a member of the LBMA authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s), and published by the LBMA on its website at www.lbma.org.uk or by its
successor that publically displays prices. 
 “Participant” means a Participant as defined in the Trust Indenture. 

“Participant Agreement” means that certain Participant Agreement in effect from time to time between the Trustee, the Sponsor
and each Participant, as those terms are defined in the Trust Indenture. 
 “Participant Unallocated Account” means the
Precious Metal account a Participant is required by the Participant Agreement to have maintained by us for such Participant on an Unallocated Basis. 

“Point of Delivery” means such date and time that the recipient or its agent acknowledges in written form its receipt of
delivery of Precious Metal. 
 “Precious Metal” means gold. 

“Rules” means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good
delivery), the Financial Services Authority, the Bank of England and such other regulatory authority or body applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian. 

“Sponsor” means World Gold Trust Services, LLC. 

“Sub-Custodian” means a sub-custodian, agent or depository (including an entity within our corporate group) selected by us to
perform any of our duties under this Agreement, including the custody and safekeeping of Bullion. 
 “Third Party Unallocated
Account” means a Precious Metal account maintained by us on an Unallocated Basis in the name of a person other than you in your capacity as Trustee of the Trust. 

  

					
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 “Trust Indenture” means that certain Trust Indenture of SPDR® Gold Trust, dated as of November 12, 2004, between World Gold Trust Services, LLC, as Sponsor, and The Bank of New York Mellon, as Trustee, as amended and/or restated from time to time. 

“Unallocated Account” means, in relation to Precious Metal, the account maintained by us in your name recording the amount of
Precious Metal held on an Unallocated Basis pursuant to the Unallocated Bullion Account Agreement that, in the case of a positive balance, we have a contractual obligation to transfer to you and that, in the case of a negative balance, if so
permitted by us, you have a contractual obligation to transfer to us. 
 “Unallocated Basis” means, with respect to a
Precious Metal account maintained with us, that the person in whose name the account is held is entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the
person’s account but has no ownership interest in any Precious Metal that we own or hold. 
 “Unallocated Bullion Account
Agreement” means that certain Second Amended and Restated Unallocated Bullion Account Agreement between you and us dated as of the date of this Agreement, as amended and/or restated from time to time. 

“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. 

“Withdrawal Date” means the Business Day on which you wish to withdraw Bullion from your Allocated Account. 

 

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

  

	1.3	Singular and plural; other usages:  

  

	 	(a)	References to the singular include the plural and vice versa. 

  

	 	(b)	“A or B” means “A or B or both.” 

  

	 	(c)	“Including” means “including but not limited to.” 

  

	2.	ALLOCATED ACCOUNT 

  

	2.1	Opening the Allocated Account: We shall open and maintain the Allocated Account for you in respect of Bullion, and we shall hold the Bullion in the Allocated Account on an allocated basis pursuant to this
Agreement. 

  

	2.2	Deposits and withdrawals: The Allocated Account shall evidence and record the holdings of Bullion in, and the movements of Bullion into and out of, the Allocated Account. 

  

					
		 	-3-	 	

	2.3	Denomination of the Allocated Account: The Precious Metal recorded in the Allocated Account shall be denominated in fine ounces of gold to three decimal places. 

 

	2.4	Reports: For each Business Day, by no later than the following Business Day, we will transmit to you by authenticated SWIFT message(s) information showing the movement of Bullion into and out of your
Allocated Account, and identifying separately each transaction and the Business Day on which it occurred. In addition, we will provide you such information about the movement of Bullion into and out of your Allocated Account on a same-day basis at
such other times and in such other form as you and we shall agree. In the case of any difference between the information provided by authenticated SWIFT message and the information we provide you pursuant to the immediately preceding sentence, the
SWIFT message will be controlling, and we shall not be liable for your or any third party’s reliance on the information we provide to you by means other than SWIFT message. For each calendar month, we will provide you within a reasonable time
after the end of the month a statement of account for your Allocated Account, accompanied by one or more weight lists in respect of the Bullion in your Allocated Account as of the last Business Day of the calendar month, containing information
sufficient to identify each bar of Bullion held in your Allocated Account and the party having physical possession thereof. We also will provide you additional weight lists in respect of the Bullion in your Allocated Account from time to time upon
your request, but only on the condition that you may not request weight lists as a way to obtain them routinely on a more frequent basis than the monthly basis on which we are undertaking to provide them. Each weight list shall include information
sufficient to identify each bar of Bullion held by any Sub-Custodian or any sub-custodian of a Sub-Custodian. 

  

	2.5	Reversal of entries: In order to maintain the accuracy of our books and records, but without limiting our responsibilities or liability under this Agreement, we shall reverse or amend any entries to your
Allocated Account to correct errors that we discover or of which we are notified with, if we deem it necessary, effect back-valued to the date upon which the correct entry (or no entry) should have been made. Without limiting the foregoing, if
Bullion delivered to your Allocated Account upon withdrawal from your Unallocated Account is determined to be of a fineness or weight different from the fineness or weight we have reported to you, (i) we shall debit your Allocated Account and
credit your Unallocated Account with the requisite amount of Bullion if the determination reduces the total fine ounces of Bullion that should have been credited to your Allocated Account, and (ii) we shall credit your Allocated Account and
debit your Unallocated Account with the requisite amount of Bullion if the determination increases the total fine ounces of Bullion that should have been credited to your Allocated Account. 

 

	2.6	 Access: Upon reasonable prior written notice, we will, during our normal business hours, allow your or the Sponsor’s
representatives, not more than twice during any calendar year, and your independent public accountants, in connection with their audit of the financial statements of the Trust, to visit our premises and examine the Bullion and such records
maintained by us in relation to your Allocated Account as they may reasonably require. Any such visit shall be conducted over such number of Business Days as may be reasonably necessary to complete the examination which is the purpose of such visit.
You shall bear all costs relating to such visits and exams, including any out of pocket or 

  

					
		 	-4-	 	

 
other costs we may incur in connection therewith. Our providing of any such visits or exams is conditioned on the relevant parties complying with all our security rules and procedures and
undertaking to keep confidential all information they obtain in accordance with a form of confidentiality agreement we will provide. If at the time of any visit none of the Bullion is at our premises, the relevant parties will not be permitted to
visit our vault. Any visits by your representatives pursuant to clause 2.6 of the Unallocated Bullion Account Agreement shall be deemed to be a visit for purposes of this clause 2.6. To the extent that our activities under this Agreement are
relevant to the preparation of the filings required of the Trust under the securities laws of the United States, we will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate with you and the Sponsor and
your and the Sponsor’s representatives to provide such information concerning our activities as may be necessary for such filings to be completed. 
  

	3.	TRANSFERS INTO THE ALLOCATED ACCOUNT 

  

	3.1	Procedure: We shall receive transfers of Bullion into your Allocated Account only at your instruction given pursuant to your Unallocated Bullion Account Agreement, by debiting Bullion from your Unallocated
Account and allocating such Bullion to your Allocated Account, unless we otherwise agree in writing. For any instruction we have received to transfer Bullion standing to your credit in your Unallocated Account to your Allocated Account pursuant to
clause 4.2(b) of the Unallocated Bullion Account Agreement, we shall allocate the amount of Bullion indicated in such instruction as soon as practicable and by no later than 2:00 p.m. (London time) on the date of allocation, provided that, if we are
required to use one or more Sub-Custodians for the allocation process, we shall use our best efforts to complete such allocation by no later than 2:00 p.m. (London time) on the date of allocation. As of 2:00 p.m. (London time) on the date of
allocation, we shall send you an authenticated electronic message (Swift MT199) notifying you of the status of the allocation process and including (i) the amount of Bullion transferred to your Unallocated Account from each Participant’s
Participant Unallocated Account, separately stated; (ii) the amount of Bullion that has been transferred into your Allocated Account from your Unallocated Account and (iii) the amount of Bullion, if any, remaining in the your Unallocated
Account. Notwithstanding the foregoing, when New York is on daylight savings time and London is not on daylight savings time, the references to 2:00 p.m. (London time) in this clause 3.1 shall be deemed to be 1:00 p.m. (London time). Notwithstanding
anything else to the contrary and in the absence of manifest error, the information contained in such authenticated electronic message shall represent our official and conclusive records. Additionally, we shall send you promptly after the foregoing
message an e-mail (or other agreed upon form of communication) including a bar list for the Bullion that has been allocated. 

  

	3.2	Power to amend procedure: We may amend our procedure for the transfer of Bullion into your Allocated Account or impose additional procedures therefor upon your and the Sponsor’s prior written consent,
provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a change in the Rules or applicable law. We will notify you within a commercially reasonable time before we amend our
procedures or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will consider your needs to communicate any such change to Participants and others. 

  

					
		 	-5-	 	

	4.	TRANSFERS FROM THE ALLOCATED ACCOUNT 

  

	4.1	Procedure and instructions: We will transfer Bullion from your Allocated Account to such persons and at such times as specified in your instructions to us and not otherwise. Unless you instruct us
otherwise, we will transfer Bullion from your Allocated Account only by debiting Bullion from your Allocated Account and crediting the Bullion to your Unallocated Account. When you instruct us in accordance with clause 4.4, we will transfer Bullion
from your Allocated Account by debiting Bullion from your Allocated Account and making such Bullion available for collection or delivery as provided in clause 4.4. All instructions to transfer Bullion from your Allocated Account must:

  

	 	(a)	in the normal course, be received by us no later than 9:00 a.m. (London time) on (i) the day that is two Business Days prior to the Withdrawal Date or (ii), in the case of a transfer of Bullion to your Unallocated
Account in connection with a redemption of Trust shares that has been held open one Business Day, on the Withdrawal Date, unless we otherwise agree; 

  

	 	(b)	specify (i) the minimum number of fine ounces of Bullion to be debited from your Allocated Account and (ii), if you are identifying the Bullion to be debited, the serial numbers of the Bullion to be debited; and

  

	 	(c)	provide any other information which we may from time to time require, including, where applicable, the name of the person that will collect the Bullion from us or, if applicable, to whom we are to deliver it, and the
Withdrawal Date. 

  

	4.2	Power to amend procedure: We may amend our procedure for the withdrawal of Bullion from your Account Balance or impose additional procedures therefor upon your and the Sponsor’s prior written consent,
provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a change in the Rules or applicable law. We will notify you within a commercially reasonable time before we amend our
procedures or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will consider your needs to communicate any such change to Participants and others. 

 

	4.3	Specification of Bullion: Unless you instruct us as to the serial numbers of the Bullion to be debited, we are entitled to select the Bullion to be debited from your Allocated Account. When you instruct us
to debit a minimum amount of Bullion from your Allocated Account for credit to your Unallocated Account without specifying the serial numbers of the Bullion to be debited, we will select the Bullion to be debited and will use commercially reasonable
efforts to select for deallocation the smallest amount of Bullion necessary to satisfy your instruction. When you notify us of a debit of Bullion pursuant to clause 4.1 in the case of a redemption of Trust shares that has been held open one Business
Day, you may not specify the serial numbers of the Bullion to be debited to your Allocated Account. 

  

					
		 	-6-	 	

	4.4	Physical withdrawals of Bullion: Subject to clause 5.4, upon your instruction, we will debit Bullion from your Allocated Account and make the Bullion available for collection by you or, if separately
agreed, for delivery by us, at your expense and risk. You and we agree nevertheless that you expect to withdraw Bullion physically from your Allocated Account (rather than by crediting it to your Unallocated Account) only in exceptional
circumstances, as for example when we are unable to transfer Precious Metal on an Unallocated Basis. In the case of all physical withdrawals of Bullion from your Allocated Account, unless we agree to undertake delivery, you must collect, or arrange
for the collection of, the Bullion being withdrawn from us, the Sub-Custodian or other party having physical possession thereof. We will advise you of the location from which the Bullion may be collected no later than one Business Day prior to the
Withdrawal Date. When we have agreed separately to deliver Bullion in connection with a physical withdrawal, we shall make transportation and insurance arrangements on your behalf in accordance with our usual practice unless we have agreed in
writing to other arrangements, with which we shall use commercially reasonable efforts to comply. Anything in this Agreement to the contrary notwithstanding, and without limiting your right to withdraw Bullion physically, we shall not be obliged to
effect any requested delivery if, in our commercially reasonable opinion, this would cause us or our 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. When pursuant to your instruction Bullion, including Bullion allocated to the Allocated Account in connection with the overdraft facility provided for in clause 4.7 of the Unallocated Bullion Account Agreement, is
physically withdrawn from your Allocated Account, all risk in and to the Bullion withdrawn shall pass at the Point of Delivery to the person to whom or for whose account such Bullion is transferred, delivered or collected. If you instruct us as to
the serial number of one or more whole bars of Bullion to be debited, the Bullion you specify will be made available for collection or delivery as soon as reasonably practicable. 

 

	5.	INSTRUCTIONS 

  

	5.1	Your representatives: We will act only on instructions given in accordance with this clause 5.1 and clause 14 and will not otherwise act on instructions given by any person claiming to have a beneficial
interest in the Trust. You shall notify us promptly in writing of the names of the people who are authorized to give instructions on your behalf. Until we receive written notice to the contrary, we are entitled to assume that any of those people
have full and unrestricted power to give us instructions on your behalf. We are 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	Amendments: Once given, instructions continue in full force and effect until we receive further instructions that they are cancelled, amended or superseded. We must receive an instruction cancelling,
amending or superseding a prior instruction before the time the prior instruction is acted upon. Any instructions shall have effect only after actual receipt by us in accordance with clause 14 of this Agreement. 

  

					
		 	-7-	 	

	5.3	Unclear or ambiguous instructions: If, in our commercially reasonable opinion, any instructions are unclear or ambiguous, we shall use reasonable endeavours (taking into account any relevant time
constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe 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 our satisfaction. 

  

	5.4	Refusal to execute: We reserve the right to refuse to execute instructions if (i) in our commercially reasonable opinion they are or may be contrary to the Rules or applicable law or (ii), with
respect to instructions relating to the full withdrawal of the aggregate balance of Bullion standing to your credit in your Allocated Account and your Unallocated Account, a negative balance is outstanding on your Unallocated Account. Additionally,
we shall in no circumstances have any obligation to act upon any instruction which in our commercially reasonable opinion would result in a negative balance on your Allocated Account. Any such refusal or inaction will be promptly notified to you.

  

	6.	CONFIDENTIALITY 

  

	6.1	Disclosure to others: Subject to clause 6.2, we shall treat as confidential and will not, without your consent, disclose to any other person any transaction or other information we acquire about you or
your business pursuant to this Agreement. Subject to clause 6.2, you shall treat as confidential and will not, without our consent, disclose to any other person any information that we provide to you about us or our business pursuant to this
Agreement and that we tell you, at or before the time we provide it, we are providing to you on a confidential basis. 

  

	6.2	Permitted disclosures: Each party accepts that from time to time the other party may be required by law or the Rules, or by a court proceeding or similar process, or requested by or required in connection
with filings made with a government department or agency, fiscal body or regulatory or self-regulatory authority, 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 (e.g., a subsidiary or holding company of a party) or by a Sub-Custodian. Subject to the agreement of the party to which
information is disclosed to maintain it in confidence in accordance with clause 6.1, each party irrevocably authorizes the other to make such disclosures without further reference to such party. 

 

	7.	CUSTODY SERVICES 

  

	7.1	Appointment: You hereby appoint us to act as custodian and bailee of the Bullion comprising the Account Balance in accordance with this Agreement and any Rules and laws which apply to us, and we hereby
accept such appointment. Except as otherwise provided under this Agreement, we do not undertake the responsibility of a trustee or any other duties in relation to such Bullion not implied by the law of bailment. 

  

					
		 	-8-	 	

	7.2	Segregation of Bullion: We will be responsible for the safekeeping of the Bullion on the terms and conditions of this Agreement. We will segregate the Precious Metal comprising the Account Balance in your
Allocated Account from any Precious Metal which we own or which we hold for others by making entries in our books and records to identify such Precious Metal as being held for your Allocated Account, and we will require each Sub-Custodian to
segregate the Precious Metal held by them for us for the benefit of the Trust from any Precious Metal which they own or which they hold for others by making entries in their books and records to identify such Precious Metal as being held for us for
the benefit of the Trust. It is understood that our undertaking to require each Sub-Custodian to segregate Bullion from Precious Metal they own or hold for others reflects the current custody practice in the London bullion market, and that
accordingly we will be deemed to have communicated that requirement prior to the execution of this Agreement by our participation in that market. Entries on our books and records to identify Bullion will refer to each bar of Bullion by refiner,
assay, serial number and gross and fine weight. Additionally, we will require each Sub-Custodian to identify on its books and records each bar of Bullion held by them for us for the benefit of the Trust by refiner, assay, serial number and gross and
fine weight and to provide such information to you upon request. Under current LBMA market practices, the weight lists provided to us by our Sub-Custodians are expected to identify each bar of Bullion held for us for the benefit of the Trust by
refiner, assay, serial number and gross and fine weight and by any other marks required for the identification of a bar of Bullion under the Rules. 

  

	7.3	Ownership of Bullion: We will identify in our books and records that the Bullion belongs solely to you. 

  

	7.4	Location of Bullion: Unless otherwise agreed between you and us, the Bullion held for you in your Allocated Account must be held by us at our London vault premises or, when Bullion has been allocated in a
vault other than our London vault premises, by any Sub-Custodian employed by us as permitted by clause 8.1. We agree that we shall use commercially reasonable efforts promptly to transport any Bullion held for you by a Sub-Custodian to our London
vault premises and such transport shall be at our cost and risk. We agree that all delivery and packing shall be in accordance with the Rules and LBMA good market practices. 

 

	7.5	 Replacement of Bullion: Upon a determination by us that any Bullion credited to the Allocated Account does not comply with the Rules, we
shall as soon as practical replace such Bullion with Bullion which complies with the Rules by (i) debiting the Allocated Account and crediting the Unallocated Account with the requisite amount of Bullion to be replaced, (ii) providing
replacement Bullion which complies with the Rules and which is of an amount that approximates the amount of Bullion to be replaced as closely as practical and (iii) debiting the Unallocated Account and crediting the Allocated Account with the
requisite amount of replacement Bullion. We shall not start the foregoing replacement process on a particular Business Day unless we are reasonably sure that such replacement process can be started and completed in the same Business Day. We shall
notify you by authenticated electronic transmission (including tested telex and authenticate SWIFT) as soon as practical on the Business Day (but no later than the end 

  

					
		 	-9-	 	

 
of business on such Business Day) when (i) we have determined that Bullion credited to the Allocated Account does not comply with the Rules and will be replaced and (ii) when
replacement Bullion has been credited to the Allocated Account in accordance with the above instructions. 
  

	8.	SUB-CUSTODIANS 

  

	8.1	Sub-Custodians: We may appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed
between you and us with the consent of the Sponsor. The Sub-Custodians we select may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be,
or be considered to be, a Sub-Custodian as such term is used herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia
(ScotiaMocatta), Deustche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Barclays Bank PLC. We will notify you if we select any additional Sub-Custodian, or stop using any Sub-Custodian for such purpose. Your receipt of notice that we have selected
a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon your request, we shall confirm to you that from time to time we may
hold Precious Metal for our own account with one or more of each of the Sub-Custodians, provided that this confirmation shall not constitute a representation by us regarding the solvency or creditworthiness of any Sub-Custodian. Any Sub-Custodian
shall be an LBMA member. 

  

	8.2	Liability for Sub-Custodian: Except for our obligations under clause 7.4 related to obtaining delivery of Bullion from Sub-Custodians, we shall not be liable for any loss suffered by you as a result of any
act or omission or insolvency of any Sub-Custodian and any direct or indirect sub-custodian selected or used by such Sub-Custodian, except to the extent directly resulting from our fraud, negligence or bad faith in the appointment of that
Sub-Custodian. 

  

	8.3	Notice: We will provide you on request with the name and address of any Sub-Custodian we select and any direct or indirect sub-custodian selected or used by such Sub-Custodian, along with any other
information which you may reasonably request concerning the appointment of such Sub-Custodian or such direct or indirect sub-custodian. 

  

	9.	REPRESENTATIONS 

  

	9.1	Your representations: You represent and warrant to us that (such representations and warranties being deemed to be repeated upon each occasion Bullion is credited to or debited from your Allocated Account
under this Agreement): 

  

	 	(a)	you are duly constituted and validly existing under the laws of your jurisdiction of constitution; 

  

					
		 	-10-	 	

	 	(b)	you have all necessary authority, powers, consents, licences and authorizations (which have not been revoked) and have taken all necessary action to enable you lawfully to enter into and perform your duties and
obligations under this Agreement; 

  

	 	(c)	the person entering into this Agreement on your behalf has been duly authorized to do so; and 

  

	 	(d)	this Agreement and the obligations created under it constitute your legal and valid obligations which are binding upon you and enforceable against you in accordance with their terms (subject to applicable principles of
equity) and do not and will not violate the terms of the Rules, any applicable laws or any order, charge or agreement by which you are bound. 

  

	9.2	Our representations: We represent and warrant to you that (such representations and warranties being deemed to be repeated upon each occasion Bullion is credited to or debited from your Allocated Account
under this Agreement): 

  

	 	(a)	we are duly constituted and validly existing under the laws of our jurisdiction of constitution; 

  

	 	(b)	we have all necessary authority, powers, consents, licences and authorizations (which have not been revoked) and have taken all necessary action to enable us lawfully to enter into and perform our duties and obligations
under this Agreement; 

  

	 	(c)	the person entering into this Agreement on our behalf has been duly authorized to do so; and 

  

	 	(d)	this Agreement and the obligations created under it constitute our legal and valid obligations which are binding upon us and enforceable against us in accordance with their terms (subject to applicable principles of
equity) and do not and will not violate the terms of the Rules, any applicable laws or any order, charge or agreement by which we are bound. 

  

	10.	FEES AND EXPENSES 

  

	10.1	Fees: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has agreed to pay the fee for our services under this Agreement. Such fee is inclusive of fees for storage and
insurance of the Bullion and any fees and expenses of Sub-Custodians. 

  

	10.2	 Expenses: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has agreed to pay us on demand all ordinary
and customary out-of-pocket costs, charges and expenses, including reasonable legal fees as provided in Section 3.05(a) of the Trust Indenture, incurred by us in connection with the performance of our duties and obligations under this Agreement
or otherwise in connection with the Bullion. You will pay on demand, solely from and to the extent of the assets of the Trust, any other costs, 

  

					
		 	-11-	 	

	 	
charges and expenses (including (i) any relevant taxes charged to us, duties and other governmental charges (other than VAT, which is addressed in Clause 11.1), (ii) reasonable legal
fees as provided in Section 3.05(b) of the Trust Indenture and (iii) indemnification claims payable by you pursuant to clause 12.5) incurred by us in connection with the performance of our duties and obligations under this Agreement or
otherwise in connection with the Bullion that are not payable to us by the Sponsor under its separate written agreement with us. Additionally, you will pay on demand, solely from and to the extent of the assets of the Trust, any amount of our
ordinary and customary out-of-pocket costs, charges or expenses which the Sponsor has failed to pay pursuant to this clause 10.2. 

  

	10.3	Default interest: If you or the Sponsor, as the case may be, fail to pay us any amount when it is due, we reserve the right to charge the relevant party interest (both before and after any judgement) 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 by the relevant party as
a separate debt. 

  

	11.	VALUE ADDED TAX 

  

	11.1	VAT inclusive: All sums payable under this Agreement, including under the separate written agreement referenced in clause 10.1, by the Sponsor or you, as the case may be, shall be deemed to be inclusive of
VAT. 

  

	12.	SCOPE OF RESPONSIBILITY 

  

	12.1	Exclusion of liability: We will use reasonable care in the performance of our duties under this Agreement and will only be responsible to you for any loss or damage suffered by you as a direct
result of any negligence, fraud or wilful default on our part in the performance of our duties, in which case our liability will not exceed the aggregate market value of the Account Balance at the time such negligence, fraud or wilful default is
discovered by us (such market value calculated using the nearest available morning or afternoon LBMA Gold Price following the occurrence of such negligence, fraud or willful default), provided that we notify you promptly after we discover such
negligence, fraud or wilful default. If we credit Bullion to your Allocated Account that is not of the fine weight we have represented to you, recovery by you, to the extent such recovery is otherwise allowed, shall not be barred by your 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. We shall not in any event be liable for any consequential loss, or loss of profit or goodwill.

  

	12.2	No duty or obligation: We are under no duty or obligation to make or take, or require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules or as
specifically set forth in this Agreement. 

  

	12.3	 Insurance: We shall maintain insurance in regard to our business, including our bullion and custody business, on such terms and
conditions as we consider appropriate. We will 

  

					
		 	-12-	 	

 
annually provide you with a copy of our certificate of insurance and, additionally, we will, upon reasonable prior notice, allow our insurance to be reviewed by you and the Sponsor in connection
with any registration statement or amendment thereto under the United States federal Securities Act of 1933, as amended, covering shares of the Trust. Any permission to review our certificate of insurance or insurance is limited to the term of this
Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement we will provide, or if the confidentiality agreement is already in force, acknowledging that the review is subject to it. The foregoing permission for
the Sponsor to review our certificate of insurance or insurance shall cease when the Sponsor ceases to serve the Trust as sponsor. 
  

	12.4	Force majeure: We shall not be liable to you for any delay in performance, or for the non-performance, of any of our obligations under this Agreement by reason of any cause beyond our reasonable
control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or in connection with, any transmission, clearing or settlement facilities, communication or computer facilities, any transport, port, or airport
disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or relevant regulatory or self-regulatory organizations or failure of any such body, authority, or relevant regulatory or
self-regulatory organizations to perform its obligations for any reason. 

  

	12.5	Indemnity: You shall, solely out of the assets of the Trust, indemnify and keep us, and each of our directors, shareholders, officers, employees, agents, affiliates (as such term is defined in
Regulation S-X adopted by the United States Securities and Exchange Commission under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and each such person a “Custodian Indemnified Person” for
purposes of this clause 12.5) indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which any such Custodian Indemnified Person may suffer or incur, directly or indirectly, in connection with
this Agreement except to the extent that such sums are due directly to our negligence, wilful default or fraud or that of such Custodian Indemnified Person. The foregoing indemnity shall not apply to our fees that are paid by the Sponsor pursuant to
clause 10.1. 

  

	12.6	Third parties: You are our sole customer under this Agreement. 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, 3.2, 4.2, 8.1 and 12.3, we do not owe any duty or obligation or have any liability towards any person who is not a party to this Agreement, and, other than the Sponsor and the Custodian Indemnified
Persons, 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, except for the Sponsor
and the Custodian Indemnified Persons, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. 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 our obligations hereunder. 

  

					
		 	-13-	 	

	12.7	No Liens: We will not create any right, charge, security interest, lien or claim against the Bullion, except those in our favour arising under this Agreement or under the Unallocated Bullion Account
Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any Bullion except pursuant to your instructions. Notwithstanding the foregoing sentence, we will not create any right, charge, security interest, lien or claim against the
Bullion with respect to the payment or non-payment by the Sponsor of our fees pursuant to clause 10.1. 

  

	12.8	Other Activities: We and any of our affiliates may act as a Participant or own or hold Precious Metal or shares issued by the Trust or both and may deal with them in any manner, including acting as
underwriter for the shares, with the same rights and powers as if we were not a custodian and bailee hereunder. 

  

	13.	TERMINATION 

  

	13.1	Method: This Agreement may be terminated by: 

  

	 	(i)	either party by giving not less than 90 Business Days’ written notice to the other party; or 

  

	 	(ii)	either party immediately by written notice in the event such party has determined in their commercially reasonable opinion the existence of the presentation of a winding-up order, bankruptcy or analogous event in
relation to the other party. 

 Any such notice given by you must specify: 

 

	 	(a)	the date on which the termination will take effect; 

  

	 	(b)	the person to whom the Bullion is to be delivered; and 

  

	 	(c)	all other necessary arrangements for the delivery of the Bullion to you or to your order. 

  

	13.2	Resignation of Trustee: In the event you resign or are discharged or removed as Trustee, this Agreement will terminate 90 Business Days following your resignation, discharge or removal unless a
successor trustee to the Trust is appointed before the end of the 90 Business Day period or a full liquidation of the Trust is started during the 90 Business Day period and you request us to continue this Agreement in effect until the liquidation is
completed. If a successor Trustee is appointed before the end of the 90 Business Day period, the Custodian and the Trustee shall take such actions and execute such documents as the successor Trustee and the outgoing Trustee may reasonably require
for the purpose of vesting in the successor Trustee the rights and obligations of the outgoing Trustee and releasing the outgoing Trustee from its future obligations under this Agreement. 

 

	13.3	 Redelivery arrangements: Following any termination of this Agreement, if you do not make arrangements acceptable to us for the
redelivery of the Bullion, we may continue to store the Bullion, in which case we will continue to charge the fees and expenses payable under clause 10. If you have not made arrangements acceptable to us for the redelivery

  

					
		 	-14-	 	

 
of the Bullion within 6 months of the date specified in the termination notice as the date on which the termination will take effect, we will be entitled to sell the Bullion and account to you
for the proceeds after deducting any amounts due to us under this Agreement. 
  

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

  

	14.	NOTICES 

  

	14.1	Form: Subject to clause 14.5, any notice, notification, instruction or other communication under or in connection with this Agreement shall be given in writing. References to writing include electronic
transmissions that are of the kind specified in clause 14.2. 

  

	14.2	Method of transmission: Any notice, notification, instruction or other communication required to be in writing may be delivered personally or sent by first class post,
pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including tested telex and authenticated SWIFT) or such other electronic transmission as the parties may from time
to time agree to the party due to receive the notice, notification, instruction, communication, at its address, number or destination set out in this Agreement or another address, number or destination specified by that party by written notice to
the other. 

  

	14.3	Deemed receipt on notice: A notice, notification, instruction or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

  

	14.4	Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by you as evidence of the orders or instructions given that
are permitted to be given orally under this Agreement. 

  

	14.5	Instructions Relating to Bullion: All notices, notifications, instructions and other communications relating to the movement of Bullion in relation to your Allocated Account shall be by way of
authenticated electronic transmission (including authenticated SWIFT), and shall be addressed to: 

 Precious Metals
Operations 
 HSBC Bank plc 
 8
Canada Square 
 London E14 5HQ 

SWIFT: BLIC GB2L 
  

	15.	GENERAL 

  

	15.1	No advice: Our duties and obligations under this Agreement do not include providing you with investment advice. In asking us to open and maintain the Allocated Account, you do so in reliance of your own
judgment, and we shall not owe to you any duty to exercise any judgment on your behalf as to the merits or suitability of any deposits into, or withdrawals from, your Allocated Account. 

  

					
		 	-15-	 	

	15.2	Rights and remedies: Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Account Balance, except that we will not have
any right to set-off against any account we maintain or property that we hold for you under this Agreement any claim or amount that we may have against you or that may be owing to us other than pursuant to this Agreement, no matter how that claim or
amount arose. Notwithstanding the foregoing, we will not have any such right of set-off for any such claim or amount with respect to the payment by the Sponsor of our fee under clause 10.1. 

 

	15.3	Assignment: This Agreement is for the benefit of and binding upon you and us and our respective successors, including any successor trustees and assigns. Except as otherwise provided herein, this Agreement
may not be assigned by either party without the written consent of the other party, except that this clause shall not restrict our power to merge or consolidate with any party, or to dispose of all or part of our custody business. 

 

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

  

	15.5	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. 

  

	15.6	Entire agreement: This document and the Unallocated Bullion Account Agreement represent our entire agreement, and supersede any previous agreements between you and us, relating to the subject matter of
this Agreement. 

  

	15.7	Joint and several liability: If there is more than one of you, your responsibilities under this Agreement apply to each of you individually as well as jointly. 

 

	15.8	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.

  

	15.9	Business Days: If any obligation of either you or us falls due to be performed on a day which is not a Business Day in respect of the Allocated Account in question, then the relevant obligations
shall be performed on the next succeeding Business Day applicable to such account. 

  

	15.10	 Processing of account entries: Except for physical withdrawals as to which transfer of ownership is determined at the Point of Delivery,
records of (i) all deposits to and withdrawals from the Allocated Account and all debits and credits to the Unallocated Account which, pursuant to instructions given in accordance with this Agreement and the Unallocated Bullion Account
Agreement, occur on a Business Day and (ii) all end of Business Day account balances in the Allocated Account and the Unallocated Account 

  

					
		 	-16-	 	

 
are prepared overnight as at the close of our business (usually 4:00 p.m. London time) on that Business Day. For avoidance of doubt, the foregoing sentence is illustrated by the following
examples, which are not intended to create any separate obligations on our part: 
 Reports of a transfer of Precious Metal from a Third
Party Unallocated Account for credit to your Unallocated Account on a Business Day and a debit of Bullion from your Unallocated Account for credit to your Allocated Account on that Business Day pursuant to the standing instruction contained in the
Unallocated Bullion Account Agreement and of the balances in your Allocated Account and your Unallocated Account for that Business Day shall be prepared overnight as at the close of our business on that Business Day. 

Reports of a transfer of Bullion which we debit from your Allocated Account for credit to your Unallocated Account on a Business Day and a
transfer of Bullion which we debit from your Unallocated Account for credit to a Third Party Unallocated Account on that Business Day and of the balances in your Allocated Account and Unallocated Account for that Business Day shall be prepared
overnight as at the close of our business on that Business Day. 
 When you instruct us to debit Bullion from your Allocated Account for
credit to your Unallocated Account and direct us to execute such instruction on the same Business Day as and in connection with one or more instructions that you give to us to debit Bullion from your Unallocated Account, we will use commercially
reasonable efforts to execute the instructions in a manner that minimizes the time the Bullion to be debited from your Allocated Account stands to your credit in your Unallocated Account, save that we shall not be responsible for any delay caused by
late, incorrect or garbled instructions or information from you or any third party. 
  

	15.11	Maintenance of this Agreement: Concurrently with this Agreement, we and you are entering into the Unallocated Bullion Account Agreement. That agreement shall remain in effect as long as this Agreement
remains in effect, and if that agreement is terminated, this Agreement terminates with immediate effect. 

  

	15.12	Prior Agreements: The Agreement supersedes and replaces any prior existing agreement between you and us relating to the same subject matter. 

 

	15.13	Cooperation: During the term of this Agreement, we and you will cooperate with each other and make available to each other upon reasonable request any information or documents necessary to insure that each
of our respective books and records are accurate and current. 

  

	16.	GOVERNING LAW AND JURISDICTION 

  

	16.1	Governing law: This Agreement and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of
statute or regulation or otherwise) are governed by, and will be construed in accordance with, English law. 

  

					
		 	-17-	 	

	16.2	Jurisdiction: We both 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 we both irrevocably submit to the non-exclusive jurisdiction of such courts, waive any claim of forum non
conveniens and any objections to the laying of venue, and further waive any personal service. 

	16.3	Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself or your assets any immunity from suit, judgment, enforcement or otherwise howsoever, you agree not to claim and
irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction. 

 

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

  

							
	 Our address for service of process:
	  	 Your address for service of process

		
	 HSBC Bank plc
 8 Canada Square

London, E14 5HQ, United Kingdom
	  	 BNY Mellon
 1 Canada Square

London, E14 5AL, United Kingdom

	Attention:	  	 Precious Metals Department
 Legal
Department
	  	Attention:	  	Mr. Anthony Ross Whitehill
		  		  	with copies to:
			
		  		  	 The Bank of New York Mellon
 2
Hanson Place
 Brooklyn, New York 11217

		  		  	Attention:	  	ADR Administration
			
		  		  	and
			
		  		  	 The Bank of New York Mellon
 One
Wall Street
 New York, New York 10286

		  		  	Attention:	  	Andrew Pfeifer, Vice President

 [Remainder of page intentionally left blank] 

  

					
		 	-18-	 	

 EXECUTED by the parties as follows 

			
	
	Signed on behalf of
	
	HSBC BANK PLC
	
	by
		
	Signature:	 	/s/ Don G. Pearce
	Name:	 	Don G. Pearce
	Title:	 	Authorized Signatory
	
	 Signed on behalf of

	
	 The Bank of New York Mellon,

not in its individual capacity, but solely as
 Trustee
of the SPDR® Gold Trust,

		
	by	 	
		
	Signature:	 	/s/ Stephen Cook
	Name:	 	Stephen Cook
	Title:	 	Managing Director

 Signature Page 

SPDR® Gold Trust 

Second Amended and Restated 
 Allocated
Bullion Account Agreement

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