Document:

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                                                                     EXHIBIT 4.2

                    FORM OF AUTHORIZED PARTICIPANT AGREEMENT

AUTHORIZED PARTICIPANT AGREEMENT (this "Agreement") dated as of [ ] among (i)
[XYZ], a [ ] (the "Authorized Participant"), (ii) The Bank of New York, a New
York Banking corporation acting in its capacity as trustee (in such capacity,
the "Trustee") of the [ABC] trust (the "Trust"), a trust created under New York
law pursuant to the provisions of the Depositary Trust Agreement (the "Trust
Agreement") dated [ ], between the Trustee and Barclays Global Investors, N.A.,
a national banking association, in its capacity as sponsor of the Trust (in such
capacity, the "Sponsor"), and (iii) the Sponsor.

                                 R E C I T A L S

         A.       Pursuant to the provisions of the Trust Agreement, the Trust
may from time to time issue or redeem equity securities representing an interest
in the assets of the Trust ("iShares"), in each case only in aggregate amounts
of [ ] (such aggregate amount, a "Basket"), and integral multiples thereof, and
only in transactions with a party who, at the time of the transaction, shall
have signed and in effect an Authorized Participant Agreement with the Trust.

         B.       [XYZ] has requested to become an "Authorized  Participant"
with respect to the Trust (as such term is defined in the Trust Agreement), and
the Sponsor and the Trustee have agreed to such request.

         NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties, hereto, intending to be legally bound, agree as
follows:

         Section 1. Procedures. The Authorized Participant will purchase or
redeem Baskets of iShares of the Trust in compliance with the Trust Agreement as
supplemented by the Creation and Redemption Procedures attached to this
Agreement as Schedule 1 (such procedures, as the same may be amended or modified
from time to time in compliance with the provisions hereof and thereof, the
"Procedures"), using the form attached thereto as Annex I in the case of an
order to purchase one or more Baskets of iShares (the "Purchase Order"), or the
form attached thereto as Annex II in case of an order to redeem one or more
Baskets of iShares (the "Redemption Order"). All Purchase Orders and Redemption
Orders (collectively, "Orders") shall be placed and executed in accordance with
the Trust Agreement as supplemented by the Procedures.

         Section 2. Incorporation of Standard Terms. The Standard Terms attached
hereto as Schedule 2 are hereby incorporated by reference into, and made a part
of, this Agreement.

         Section 3. Conflicts Rules. In case of any inconsistency between the
provisions of this Agreement and the Trust Agreement, the provisions of the
Trust Agreement shall control. In case of inconsistency between the provisions
incorporated by reference into this Agreement pursuant to Section 2 above and
any other provision of this Agreement, the latter will control.

         Section 4. Authorized Representatives. Pursuant to Section 2.01 of the
Standard Terms, attached hereto as Schedule 3 is a certificate listing the
Authorized Representatives of the Authorized Participant.

         Section 5. Notices. Except as otherwise specifically provided in the
Procedures, all notices required or permitted to be given pursuant hereto shall
be given in writing and delivered by personal delivery or by postage prepaid
registered or certified United States first class mail, return

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receipt requested, or by telex, telegram or facsimile or similar means of same
day delivery (with a confirming copy by mail) addressed as follows:

                  (i)      If to the Trustee:

                           The Bank of New York 101 Barclay Street -- Floor 6E
                           New York, NY 10286 Attn:
                           Telephone:
                           Facsimile:

                  (ii)     If to the Sponsor:

                           Barclays Global Investors, N.A.
                           45 Freemont Street
                           San Francisco, CA 94105
                           Attn:
                           Telephone:
                           Facsimile:

                           with a copy to:

                           Barclays Global Investors, N.A.
                           45 Freemont Street
                           San Francisco, CA 94105
                           Attn:  Legal Department
                           Telephone:
                           Facsimile:

                  (iii)    If to the Authorized Participant:

                           [XYZ]
                           [Address]
                           [City, State, ZIP]
                           Attn:
                           Telephone:
                           Facsimile:

or to such other address as any of the parties hereto shall have communicated in
writing to the remaining parties in compliance with the provisions hereof.

                                        2

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date set forth above.

THE BANK OF NEW YORK, in its capacity as
Trustee of the [ABC] Trust,

By:
    ------------------------------
    NAME:
    TITLE:

BARCLAYS GLOBAL INVESTORS, N.A., in
its capacity as Sponsor

By:                                         By:
    ------------------------------              --------------------------------
    NAME:                                       NAME:
    TITLE:                                      TITLE:

[XYZ]

By: ------------------------------
    NAME:
    TITLE:

                                        3

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                                   Schedule 1

                       CREATION AND REDEMPTION PROCEDURES

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                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I        DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION......1

     Section 1.01.  Definitions...............................................1

     Section 1.02.  Interpretation............................................3

     Section 1.03.  Conflicts.................................................3

ARTICLE II      CREATION PROCEDURES...........................................3

     Section 2.01.  Initial Creation of iShares...............................3

     Section 2.02.  Subsequent Creation of iShares............................3

ARTICLE III     REDEMPTION PROCEDURES.........................................5

     Section 3.01.  Redemption of iShares.....................................5

                                       -i-

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                            iSHARES COMEX GOLD TRUST

                       CREATION AND REDEMPTION PROCEDURES

                                    ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         Section 1.01.     Definitions.  For purposes of these Procedures,
unless the context otherwise requires, the following terms will have the
following meanings:

"Authorized Participant" shall have the meaning ascribed to the term in Section
1.1 of the Trust Agreement.

"Authorized Participant Agreement" shall have the meaning ascribed to the term
in Section 1.1 of the Trust Agreement.

"Authorized Representative" shall mean, with respect to an Authorized
Participant, each individual who, pursuant to the provisions of the Authorized
Participant Agreement between such Authorized Participant and the Trustee, has
the power and authority to act on behalf of the Authorized Participant in
connection with the placement of Purchase Orders or Redemption Orders and is in
possession of the personal identification number (PIN) assigned by the Trustee
for use in any communications regarding Purchase or Redemption Orders on behalf
of such Authorized Participant.

"Basket" shall have the meaning ascribed to the term in Section 1.1 of the Trust
Agreement.

"Basket Gold Amount" shall have the meaning ascribed to the term in Section 1.1
of the Trust Agreement.

"Business Day" shall have the meaning ascribed to the term in Section 1.1 of the
Trust Agreement.

"COMEX" means Commodity Exchange, Inc., a subsidiary of New York Mercantile
Exchange, Inc.

"COMEX Relevant Price" shall have the meaning ascribed to the term in Section
1.1 of the Trust Agreement.

"Creation" means the process that begins when an Authorized Participant first
indicates to the Trustee its intention to purchase one or more Baskets pursuant
to these Procedures and concludes with the issuance by the Trustee and Delivery
to such Authorized Participant of the corresponding number of iShares.

"Creation and Redemption Line" shall mean a telephone number designated as such
by the Trustee and communicated to each Authorized Participant in compliance
with the notice provisions of the respective Authorized Participant Agreement.

"Custodial Account" shall mean the account established by the Trustee with the
Custodian pursuant to the Custodian Agreement.

"Custodian Day" shall mean a day on which the facilities at which a Delivery of
Gold is to take place to or by the Custodian on behalf of the Trust are open for
business.

"Custodian" shall mean [ ], a [ ] organized under the laws of [ ], in its
capacity as custodian under the Custodian Agreement, and any successor thereto
in compliance with the provisions thereof.

                                      S1-1

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"Custodian Agreement" shall mean the Custodian Agreement dated [ ], 200[ ] by
and between the Trustee and the Custodian.

"Delivery" shall mean a delivery of Gold or Shares, as applicable, in each case
effected according to the definition of "Deliver" in Section 1.1 of the Trust
Agreement.

"DTC" shall mean The Depository Trust Company, its nominees and their respective
successors.

"Fine Ounces" shall have the meaning ascribed to the term in Section 1.1 of the
Trust Agreement.

"Gold" shall have the meaning ascribed to the term in Section 1.1 of the Trust
Agreement.

"iShares" shall mean shares issued by the Trustee representing fractional,
undivided interests in the net assets of the Trust.

"Initial Creation" shall mean the initial creation of iShares pursuant to the
provisions of Section 2.01.

"Order Cut-Off Time" shall have the meaning ascribed to the term in Section 1.1
of the Trust Agreement.

"Order Date" shall have, (i) with respect to a Purchase Order, the meaning
ascribed to the term in Section 2.3 of the Trust Agreement; and (ii) with
respect to a Redemption Order, the meaning ascribed to the term in Section 2.6
of the Trust Agreement.

"Purchase Order" shall mean an order to purchase one or more Baskets in the form
attached hereto as Annex I.

"Redemption Order" shall mean an order to redeem one or more Baskets in the form
attached hereto as Annex II.

"Sponsor" shall mean Barclays Global Investors, N.A., a national banking
association, in its capacity as sponsor under the Trust Agreement.

"Trustee" shall mean The Bank of New York, a New York banking corporation, in
its capacity as Trustee under the Trust Agreement, and any successor thereto in
compliance with the provisions thereof.

"Trust" shall mean the iShares COMEX Gold Trust, a trust governed by the
provisions of the Trust Agreement.

"Trust Agreement" shall mean the Depositary Trust Agreement dated [ ], 200[ ]
among the Trustee, the Sponsor, all owners and beneficial owners from time to
time of iShares and all depositors.

"Unallocated Basis" shall have the meaning ascribed to the term in Section 1.1
of the Trust Agreement.

         Section 1.02.     Interpretation.  In these Procedures:

         Unless otherwise indicated, all references to Sections, clauses,
paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs,
schedules or exhibits in or to these Procedures.

         The words "hereof", "herein", "hereunder" and words of similar import
shall refer to these Procedures as a whole, and not to any individual provision
in which such words may appear.

                                      S1-2

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         A reference to any statute, law, decree, rule, regulation or other
applicable norm shall be construed as a reference to such statute, law, decree,
rule, regulation or other applicable norm as re-enacted, re-designated or
amended from time to time.

         A reference to any agreement, instrument or document shall be construed
as a reference to such agreement, instrument or document as the same may have
been amended from time to time in compliance with the provisions thereof.

         Section 1.03.     Conflicts.    In case of conflict between any
provision of these Procedures and the terms of the Trust Agreement, the terms of
the Trust Agreement shall control.

                                   ARTICLE II

                               CREATION PROCEDURES

         Section 2.01.     Initial Creation of iShares. The initial creation of
iShares will take place in compliance with such procedures as the Trustee, the
Sponsor and the initial Depositor may agree.

         Section 2.02.     Subsequent Creation of iShares. After the Initial
Creation, the issuance and Delivery of iShares shall take place only in integral
numbers of Baskets in compliance with the following rules:

         a.       Authorized Participants wishing to acquire from the Trustee
one or more Baskets shall place a Purchase Order with the Trustee no later than
4:00 p.m. (New York time) on any Business Day; provided, however, that only
Purchase Orders received by the Trustee prior to the Order Cut-Off Time on a
Business Day on which a COMEX Relevant Price is announced shall have such
Business Day as the Order Date. Purchase Orders received by the Trustee on or
after the Order Cut-Off Time on a Business Day, or on a Business Day on which
COMEX does not announce a COMEX Relevant Price, shall be considered received at
the opening of business on the next Business Day on which a COMEX Relevant Price
is announced and shall have as their Order Date such next Business Day.

         b.       For purposes of paragraph "a" above, a Purchase Order shall be
deemed "received" by the Trustee only when each of the following has occurred:

                  (i)      An Authorized Representative shall have placed a
telephone call to the Trustee's Creation and Redemption Line informing the
Trustee that the Authorized Participant wishes to place a Purchase Order for a
specified number of Baskets, and the location or locations where the Authorized
Participant intends to make Delivery of the Basket Gold Amount corresponding to
each Basket (such locations to be limited to those where, in compliance with the
Custodian Agreement, the Custodian is authorized to hold Gold on behalf of the
Trust).

                  (ii)     Within one hour following such telephone call, the
Trustee shall have received, via facsimile or electronic mail message, a duly
completed, irrevocable Purchase Order executed by an Authorized Representative
of such Authorized Participant.

         c.       The Trustee will ask the Custodian to confirm whether delivery
can be made at the locations indicated by the Authorized Participant. The
Custodian shall have no obligation to take delivery if the Custodian confirms to
the Trustee that it cannot take delivery because of lack of capacity. For
purposes of the foregoing sentence, there will be a lack of capacity if, after
giving effect to the proposed delivery, the amount of Gold held at the relevant
location would exceed: (i) the maximum amount of Gold

                                      S1-3

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that can be physically stored in vaults available to the Custodian at such
location or, in the case of Gold held for the Custodian at The Bank of England,
the maximum amount of Gold belonging to the Trust that the Custodian has agreed
to accept at that facility; and (ii) the maximum amount of gold that can be
physically accepted on a given date at vaults available to the Custodian in the
relevant location. The Custodian will also be deemed to lack "capacity" to
accept additional Gold if, after giving effect to a new delivery, the value of
Gold held in the Custodial Account would exceed $2 billion.

         d.       Before accepting a Purchase Order, the Trustee shall make sure
that there exists at least one location at which the Authorized Participant is
willing to Deliver, and the Custodian is capable of accepting, the requisite
amount of Gold in connection with such Purchase Order. Should the Trustee elect
to accept the Purchase Order, it shall communicate its decision by sending to
the Authorized Participant (with copies to the Custodian at the offices of the
Custodian in New York and at each location at which the Authorized Participant
will be expected to Deliver Gold pursuant to "c" above), via facsimile or
electronic mail message, no later than 5:00 p.m. (New York time) on the Order
Date for such Purchase Order a copy of the corresponding Purchase Order endorsed
"Accepted" by the Trustee and indicating the Basket Gold Amount that the
Authorized Participant shall Deliver to the Custodian in respect of each Basket.
Prior to the transmission of the Trustee's acceptance as specified above, a
Purchase Order will only represent the Authorized Participant's unilateral offer
to deposit Gold in exchange for Baskets of iShares and will have no binding
effect upon the Trust, the Trustee, the Custodian or any other party.

         e.       Unless waived by the Trustee, the Authorized Participant will
be responsible for the cost of transportation of Gold to the location where it
is to be Delivered, as well as for the cost of transportation of any Gold that
has to be removed from a location at which the Authorized Participant wishes to
make Delivery in order to make capacity available for such Delivery at such
location. The Basket Gold Amount corresponding to each Basket must be delivered
no later than 11:30 a.m. (local time at the place of Delivery) on the first
Custodian Day following the Order Date, at the locations specified by the
Custodian. At the election of the Authorized Participant such delivery may be
made for deposit in the Trustee's Custodial Account or in an account of the
Authorized Participant with the Custodian. If delivery is made for deposit in
the Authorized Participant's account, it will be accompanied by an irrevocable
order to the Custodian authorizing the transfer of the Gold so delivered to the
Trustee's Custodial Account against the delivery by the Trustee of the
corresponding number of iShares as provided in paragraph "h" or "i" below, as
applicable. The Authorized Participant shall contact the Custodian to obtain
information regarding the location of the facilities where Delivery shall take
place. The Custodian shall take all necessary measures to ensure that the
facilities at which Delivery is to take place in respect of a Purchase Order are
prepared to take such Delivery no later than 11:30 a.m. (local time at the place
of Delivery) on the first Custodian Day following the applicable Order Date.

         f.       Gold Delivered to the Custodian in the form of Gold bars must
be accompanied by the corresponding bar list; provided, that an amount of Gold
not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated
Basis. Gold that has been Delivered to the Custodian no later than 11:30 a.m.
(local time at the place of Delivery) on a Custodian Day shall be allocated by
the Custodian to the Trustee's Custodial Account no later than 9:00 a.m. (New
York time) (A) on the second Custodian Day following the date of such Delivery,
provided that it does not exceed (i) in the case of Gold already in the
possession of the Custodian prior to such Delivery, 500,000 Fine Ounces, and
(ii) in the case of Gold that was not in the possession of the Custodian prior
to such Delivery, 50,000 Fine Ounces, or (B) on the fourth Custodian Day
following the date of such Delivery, in the case of more than 50,000, but less
than 100,000, Fine Ounces of Gold that was not in the possession of the
Custodian prior to such Delivery. In all other cases Gold Delivered to the
Custodian shall be allocated by the Custodian to the Trustee's Custodial Account
as soon as practicable.

                                      S1-4

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         g.       The Custodian shall allocate Gold to the Trustee's Custodial
Account by (i) making entries in the Custodian's books and records to identify
such Gold as being held for the Trust, it being understood that such entries
shall identify each bar of Gold so allocated by refiner, assay, serial number
and gross and fine weight; (ii) physically segregating from Gold held by the
Custodian for its own account or on behalf of other clients the Gold so
allocated to the Trustee's Custodial Account; and (iii) sending to the Trustee,
via signed facsimile and electronic mail message, a written confirmation of the
allocation, including the identification of the bars allocated as described
above; provided, however, that in the case of Gold delivered to The Bank of
England for credit to the Custodian's account, for as long as such Gold remains
in the possession of The Bank of England, the allocation of such Gold to the
Custodial Account shall only require the book entries referred to in clause (i)
above, and upon the completion of such entries such Gold, although held by The
Bank of England in the Custodian's account, will be the absolute property of the
Trust. Any Gold received by the Custodian on an Unallocated Basis in compliance
with the provisions of paragraph "f" above, shall be transferred to the
Trustee's Custodial Account by the Custodian.

         h.       Provided that, by 9:00 a.m. (New York time) on the third
Custodian Day following the Order Date corresponding to a Purchase Order,

                  (i)      the Custodian shall have reported in writing to the
Trustee that

                           (a)      in the case of Gold delivered by the
Authorized Participant at a facility other than The Bank of England (or, if
delivered at The Bank of England, which has since been transferred to another
facility), it has reviewed the bar list and the Gold received from the
Authorized Participant to assure that the Gold matches the description in the
bar list in terms of weight, fineness, refiner's marks and bar numbers and that,
based on that review and on such further examination as the Custodian
customarily performs in respect of gold purchased for its own account, the Gold
deposited by the Authorized Participant in respect to such Purchase Order (A)
complies with (1) the "Good Delivery" Rules of the London Bullion Market
Association, and/or (2) the specifications for delivery in settlement of a COMEX
gold futures contract, and/or (3) such other standards as the Custodian and the
Trustee, with the approval of the Sponsor, may have adopted; and (B) is held by
the Custodian on behalf of the Trust in allocated form (except for amounts not
to exceed in the aggregate 430 Fine Ounces); or

                           (b)      in the case of Gold delivered by the
Authorized Participant at The Bank of England (and which remains in the custody
of The Bank of England), for credit to the Custodian's account thereat, it has
received confirmation of such delivery from The Bank of England and has
recorded in the Custodian's books the ownership of such Gold as belonging to the
trust; and

                  (ii)     the Trustee shall have received from the Authorized
Participant a per order transaction fee in the amount of US$2,000.00; and

                  (iii)    any other conditions to the issuance under the Trust
Agreement shall have been satisfied,

         the Trustee (on such date, if it is a Business Day and, if not, on the
next Business Day) shall issue the aggregate number of iShares corresponding to
the Baskets ordered by the Authorized Participant and Deliver them by credit to
the account at DTC which the Authorized Participant shall have identified for
such purpose in its Purchase Order.

                                      S1-5

<PAGE>

         i.       In all other cases, the Trustee shall issue the aggregate
number of iShares corresponding to the Baskets ordered by the Authorized
Participant and Deliver them by credit to the account at DTC which the
Authorized Participant shall have identified for such purpose in its Purchase
Order on the Business Day following the date on which the conditions set forth
in clauses (i) to (iii) of paragraph "h" above shall have been met.

                                      S1-6

<PAGE>

                                   ARTICLE III

                              REDEMPTION PROCEDURES

         Section 3.01.     Redemption of iShares. Redemption of iShares shall
take place only in integral numbers of Baskets in compliance with the following
rules:

         a.       Authorized Participants wishing to redeem one or more Baskets
shall place a Redemption Order with the Trustee no later than 4:00 p.m. (New
York time) on any Business Day; provided, however, that only Redemption Orders
received by the Trustee prior to the Order Cut-Off Time on a Business Day on
which a COMEX Relevant Price is announced shall have such Business Day as the
Order Date. Redemption Orders received by the Trustee on or after the Order
Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not
announce a COMEX Relevant Price, shall be considered received at the opening of
business on the next Business Day on which a COMEX Relevant Price is announced
and shall have as their Order Date such next Business Day.

         b.       For purposes of paragraph "a" above, a Redemption Order shall
be deemed "received" by the Trustee only when each of the following has
occurred:

                  (i)      An Authorized Representative shall have placed a
telephone call to the Trustee's Creation and Redemption Line informing the
Trustee that the Authorized Participant wishes to place a Redemption Order for a
specified number of Baskets.

                  (ii)     Within one hour following such telephone call, the
Trustee shall have received, via facsimile or electronic mail message, a duly
completed, irrevocable Redemption Order executed by an Authorized Representative
of such Authorized Participant.

         c.       Should the Trustee elect to accept such Redemption Order, it
shall communicate its decision to the Authorized Participant by sending to the
Authorized Participant (with copy to the Custodian), via facsimile or electronic
mail message, no later than 5:00 p.m. (New York time) on the Order Date for such
Redemption Order a copy of the corresponding Redemption Order endorsed
"Accepted" by the Trustee and indicating the Gold Basket Amount that the
Custodian shall Deliver to the Authorized Participant in respect of each Basket
being redeemed.

         d.       Unless otherwise agreed to by the Custodian, Gold will be
Delivered by the Custodian in the form of Gold bars only; provided, that an
amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an
Unallocated Basis. While a redeeming Authorized Participant will be entitled to
express a preference as to the city or facility where it would like to have the
Gold Basket Amount delivered, the Trustee, in consultation with the Custodian
and taking into account the best interests of the Trust and the Owners, will
have final authority to decide where such delivery will take place. The
Custodian shall inform via electronic mail message or facsimile sent to an
Authorized Person of the redeeming Authorized Participant no later than 11:00
a.m. (New York time) on the first Custodian Day following the Order Date of such
Redemption Order the exact location(s) where Delivery will be made, and the
amount of Gold to be Delivered to the Authorized Participant at each such
location.

         e.       Provided that (1) a Redemption Order does not require Delivery
by the Custodian of more than 500,000 Fine Ounces of Gold that, following such
Delivery, will continue to be held at the Custodian, or more than 50,000 Fine
Ounces of Gold that will not be held at the Custodian following such Delivery,
and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the
Order Date of a Redemption Order, the Trustee shall have confirmed in writing to
the Custodian that:

                                      S1-7

<PAGE>

                  (i)      the Authorized Participant has Delivered to the
Trustee's account at DTC the total number of iShares to be redeemed by such
Authorized Participant pursuant to such Redemption Order;

                  (ii)     the Trustee has received a per order transaction fee
of US$2,000.00; and

                  (iii)    any other conditions to the redemption under the
Trust Agreement have been satisfied,

     the Custodian will, as applicable, on such day, at the locations and in the
     amounts specified in the communication sent in compliance with paragraph
     "d" above, either: (A) effect physical Delivery to such Authorized
     Participant of the corresponding amounts of Gold which complies with (1)
     the "Good Delivery" Rules of the London Bullion Market Association, and/or
     (2) the specifications for delivery in settlement of a COMEX gold futures
     contract, and/or (3) such other standards as the Custodian and the Trustee,
     with the approval of the Sponsor, may have adopted; or (B) credit the
     account indicated by the redeeming Authorized Participant in its Redemption
     Order. Having made such Delivery, the Custodian will send written
     confirmation thereof to the Trustee who will then cancel the iShares so
     redeemed.

         f.       If a Redemption Order requires Delivery by the Custodian of
between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the
Custodian following such Delivery, the Custodian, following receipt of written
confirmation from the Trustee as described in clauses "i" to "iii" of paragraph
"e" above, will make such Delivery on the fourth Custodian Day following the
Order Date of such Redemption Order.

         g.       In all other cases, Delivery must be completed by the
Custodian as soon as, in the reasonable judgment of the Custodian, it is
practicable following receipt of written confirmation from the Trustee as
described in clauses "i" to "iii" of paragraph "e" above.

         h.       The foregoing provisions notwithstanding, the Custodian shall
not be liable for any failure or delay in making Delivery of Gold in respect of
a Redemption Order arising from nuclear fission or fusion, radioactivity, war,
terrorist event, invasion, insurrection, civil commotion, riot, strike, act of
government, public authority or act of God, or a similar cause that is beyond
the Custodian's control. In the event of any such delay, the time to complete
Delivery in respect of a Redemption Order will be extended for a period equal to
that during which the inability to perform continues.

         i.       In the event that, by 9:00 a.m. (New York time) on the third
Custodian Day following the Order Date of a Redemption Order governed by
paragraph "e" above, or on the fourth Custodian Day following the Order Date of
a Redemption Order governed by paragraph "f" above, Trustee's account at DTC
shall not have been credited with the total number of iShares corresponding to
the total number of Baskets to be redeemed pursuant to such Redemption Order,
the Trustee will cancel such Redemption Order and will send via fax or
electronic mail message notice of such cancellation to the respective Authorized
Participant and the Custodian.

                                      S1-8

<PAGE>

                  ANNEX I TO CREATION AND REDEMPTION PROCEDURES

                                 PURCHASE ORDER

Authorized Participant: ___________________________

Date: _______________________

PIN: ________________________

Number of fine ounces of gold to be delivered: ____________________

Location(s) where gold will be delivered:

Number of Baskets to be Issued: _____________________

Additional information required for issuance of iShares:

This Purchase Order is subject to the terms and conditions of the Depositary
Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the
Authorized Participant Agreement among the Authorized Participant, the Trustee
and the Sponsor named therein. All representations and warranties of the
Authorized Participant set forth in such Depositary Trust Agreement and the
Authorized Participant Agreement are incorporated herein by reference and are
true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she
is an Authorized Representative under the Authorized Participant Agreement and
that he/she is authorized to deliver this Purchase Order to the Trustee on
behalf of the Authorized Participant.

Date:_________________________                  By:____________________________
                                                Name:
                                                Title:

                                      S1-9

<PAGE>

                 ANNEX II TO CREATION AND REDEMPTION PROCEDURES

                                REDEMPTION ORDER

Authorized Participant: ___________________________

Date: _______________________

PIN: ________________________

Number of iShares to be redeemed: ______________________

Additional information required for delivery of the Trust Property:

This Redemption Order is subject to the terms and conditions of the Depositary
Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the
Authorized Participant Agreement among the Authorized Participant, the Trustee
and the Sponsor named therein. All representations and warranties of the
Authorized Participant set forth in the Authorized Participant Agreement are
incorporated herein by reference and are true and accurate as of the date
hereof.

The undersigned does hereby certify as of the date set forth below that he/she
is an Authorized Representative under the Authorized Participant Agreement and
that he/she is authorized to deliver this Redemption Order to the Trustee on
behalf of the Authorized Participant.

Date:                                          By:
      ----------------------                       -----------------------------
                                               Name:
                                               Title:

                                      S1-10

<PAGE>

                                   Schedule 2

                                 Standard Terms

STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the "Standard Terms")
agreed to as of [ ], 2004 by and between The Bank of New York, a New York
banking corporation, and Barclays Global Investors, N.A., a national banking
association.

                                    ARTICLE I

                       ORDERS FOR PURCHASE AND REDEMPTION

         Section 1.01      Authorization to Purchase and Redeem Baskets.
Subject to the provisions of the Authorized Participant Agreement, during the
term of the Authorized Participant Agreement the Authorized Participant will be
authorized to purchase and redeem Baskets of iShares in compliance with the
provisions of the Trust Agreement.

         Section 1.02.     Procedures for Orders. Each party hereto agrees to
comply with the provisions of the Trust Agreement and the Procedures to the
extent applicable to it.

         Section 1.03.     Consent to Recording. The phone lines used by the
Trustee, the Custodian or their affiliated persons may be recorded, and the
Authorized Participant hereby consents to the recording of all calls with any of
those parties.

         Section 1.04.     Irrevocability. The Authorized Participant agrees on
behalf of itself and any Authorized Participant Client that delivery to the
Trustee of an Order shall be irrevocable; provided that each of the Trust and
the Sponsor reserves the right to reject any Order in compliance with the
provisions of the Trust Agreement.

         Section 1.05.     Costs and Expenses. The Authorized Participant shall
be responsible for any and all expenses and costs incurred by the Trust in
connection with any Orders.

         Section 1.06.     Delivery of Property to the Trust. The Authorized
Participant understands and agrees that in the event Deposit Property is not
transferred to the Trust by the time specified in the Purchase Order and in
compliance with the Procedures and the Trust Agreement, a Purchase Order may be
cancelled by the Trustee and the Authorized Participant will be solely
responsible for all costs incurred by the Trust, the Trustee or the Custodian
related to the cancelled Order.

         Section 1.07.     Title to Deposit Property and iShares Surrendered for
Redemption. The Authorized Participant represents and warrants
to the Trustee that

         a.       in connection with each Purchase Order, the Authorized
Participant will have full power and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property
to the Custodian and/or the relevant subcustodian in accordance with the
Procedures, the Trust will acquire good and unencumbered title to such property,
free and clear of all liens, charges, duties imposed on the transfer of assets
and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and

         b.       in connection with a Redemption Order, the Authorized
Participant will have full power and authority to surrender to the Trustee for
redemption the corresponding iShares, and upon such surrender the Trust will
acquire good and unencumbered title to such iShares, free and clear of all
liens,

                                      S2-1

<PAGE>

charges, duties imposed on the transfer of assets and encumbrances and
not subject to any adverse claims, transferability restrictions (whether arising
by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which would preclude the delivery of
such iShares on a "regular way" basis.

         Section 1.08.     Certain Payments or Distributions.

         a.       With respect to any Purchase Order, the Trust acknowledges and
agrees to return to the Authorized Participant any payment, distribution or
other amount paid to the Trust in respect of any Deposit Property transferred to
the Trust that, based on the valuation of such Deposit Property at the time of
transfer, should have been paid to the Authorized Participant. Likewise, the
Authorized Participant acknowledges and agrees to return to the Trust any
payment, distribution or other amount paid to the Authorized Participant or any
Authorized Participant Client in respect of any Deposit Property transferred to
the Trust that, based on the valuation of such Deposit Property at the time of
transfer, should have been paid to the Trust.

         b.       With respect to any Redemption Order, the Authorized
Participant on behalf of itself and any Authorized Participant Client
acknowledges and agrees to return to the Trust any payment, distribution or
other amount paid to it or an Authorized Participant Client in respect of any
property transferred to the Authorized Participant or any Authorized Participant
Client that, based on the valuation of such property at the time of transfer,
should have been paid to the Trust. The Trust is entitled to reduce the amount
of any property due to the Authorized Participant or any Authorized Participant
Client by an amount equal to any payment, distribution or other sum to be paid
to the Authorized Participant or to the Authorized Participant Client in respect
of any property transferred to the Authorized Participant or any Authorized
Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the Trust. Likewise, the Trust acknowledges and
agrees to return to the Authorized Participant or any Authorized Participant
Client any payment, distribution or other amount paid to it in respect of any
iShares transferred to the Trust that, based on the valuation of such iShares at
the time of transfer, should have been paid to the Authorized Participant or
such Authorized Participant Client.

                                   ARTICLE II

                           AUTHORIZED REPRESENTATIVES

         Section 2.01.     Certification. Concurrently with the execution of the
Authorized Participant Agreement, and as requested from time to time by the
Trustee but no less frequently than annually, the Authorized Participant shall
deliver to the Trust a certificate signed by the Authorized Participant's
Secretary or other duly authorized official setting forth the names, e-mail
addresses and telephone and facsimile numbers of all persons authorized to give
instructions relating to any activity contemplated hereby or any other notice,
request or instruction on behalf of the Authorized Participant (each an
"Authorized Representative"). Such certificate may be accepted and relied upon
by the Trust as conclusive evidence of the facts set forth therein and shall be
considered to be in full force and effect until (i) receipt by the Trust of a
superseding certificate in a form approved by the Trust bearing a subsequent
date, or (ii) termination of the Authorized Participant Agreement.

         Section 2.02.     PIN Numbers. The Trustee shall issue to each
Authorized Participant a unique personal identification number ("PIN Number") by
which such Authorized Participant shall be identified and instructions issued by
the Authorized Participant shall be authenticated. The PIN Number shall be kept
confidential and only provided to Authorized Representatives. The Authorized
Participant may revoke the PIN Number at any time upon written notice to the
Trustee, and the Authorized Participant shall be responsible for doing so in the
event that it becomes aware that an unauthorized person has

                                      S2-2

<PAGE>

received access to its PIN Number or has or intends to use the PIN Number in an
unauthorized manner. Upon receipt of such written request, the Trustee shall, as
promptly as practicable, de-activate the PIN Number. If an Authorized
Participant's PIN Number is changed, the new PIN Number will become effective on
a date mutually agreed upon by the Authorized Participant and the Trustee. The
Authorized Participant agrees that, absent the Trustee's fraud, willful
misconduct or failure to cancel the PIN Number promptly following a written
request to do so from the Authorized Participant or the termination of the
Authorized Participant Agreement, none of the Trust or the Trustee shall be
liable for losses incurred by the Authorized Participant as a result of
unauthorized use of the Authorized Participant's PIN Number prior to the time
the Authorized Participant provides notice to the Trustee of the termination or
revocation of authority pursuant to Section 2.03.

         Section 2.03.     Termination of Authority. Upon the termination or
revocation of authority of an Authorized Representative by the Authorized
Participant, the Authorized Participant shall (i) give immediate written notice
of such fact to the Trustee and such notice shall be effective upon receipt by
the Trustee; and (ii) request a new PIN Number. The Trustee shall, as promptly
as practicable, de-activate the PIN Number upon receipt of such written notice.

         Section 2.04.     Verification. The Trustee may assume that all
instructions issued to it using the Authorized Participant's PIN Number have
been properly placed by Authorized Representatives, unless the Trustee has
actual knowledge to the contrary or the Authorized Participant has revoked its
PIN Number. The Trustee shall have no duty to verify that an Order is being
placed by an Authorized Representative. The Authorized Participant agrees that
the Trustee shall not be responsible for any losses incurred by the Authorized
Participant as a result of an Authorized Representative identifying himself or
herself as a different Authorized Representative or an unauthorized person
identifying himself or herself as an Authorized Representative, unless the
Trustee previously received from the Authorized Participant written notice to
revoke its PIN Number.

                                   ARTICLE III

                      STATUS OF THE AUTHORIZED PARTICIPANT

         Section 3.01.     Clearing Status. The Authorized Participant
represents, covenants and warrants that, as of the date of execution of the
Authorized Participant Agreement, and at all times during the term of the
Authorized Participant Agreement, the Authorized Participant is and will be
entitled to use the clearing and settlement services of each of the national or
international clearing and settlement organizations through which, in compliance
with the Procedures, the transactions contemplated hereby will clear and settle.
Any change in the foregoing status of the Authorized Participant shall terminate
the Authorized Participant Agreement and the Authorized Participant shall give
prompt written notice thereof to the Trustee.

         Section 3.02.     Broker-Dealer Status. The Authorized Participant
represents and warrants that, unless the following paragraph is applicable to
it, it is (i) registered as a broker-dealer under the Securities Exchange Act of
1934, as amended, (ii) qualified to act as a broker or dealer in the states or
other jurisdictions where it transacts business to the extent so required by
applicable law, and (iii) a member in good standing of the NASD. The Authorized
Participant agrees that it will maintain such registrations, qualifications, and
membership in good standing and in full force and effect throughout the term of
the Authorized Participant Agreement. The Authorized Participant further agrees
to comply with all Federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, to the extent
such laws and regulations are applicable to the Authorized Participant's
transactions in iShares, and with the Constitution, By-Laws and Conduct Rules of
the NASD applicable

                                      S2-3

<PAGE>

to its activities as an Authorized Participant, and that it will not offer or
sell iShares in any state or jurisdiction where they may not lawfully be offered
and/or sold.

         Section 3.03.     Foreign Status. If the Authorized Participant is
offering and selling iShares in jurisdictions outside the several states,
territories and possessions of the United States and is not otherwise required
to be registered, qualified, or a member of the NASD as set forth in the
preceding paragraph, the Authorized Participant nevertheless agrees to observe
the applicable laws of the jurisdiction in which such offer and/or sale is made
(e.g., it will not offer or sell iShares of the Trust in any state or
jurisdiction where they may not lawfully be offered and/or sold), to comply with
the full disclosure requirements of the 1933 Act and the regulations promulgated
thereunder and to conduct its business in accordance with the spirit of the NASD
Conduct Rules.

         Section 3.04.     Compliance with Certain Laws. If the Authorized
Participant is subject to the requirements of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism ("U.S.A. PATRIOT Act"), the Authorized Purchaser is in compliance with
the anti-money laundering and related provisions of the U.S.A. PATRIOT Act.

         Section 3.05.     Authorized Participant Status.

         a.       The Authorized Participant understands and acknowledges that
the method by which Baskets of iShares will be created and traded may raise
certain issues under applicable securities laws. For example, because new
Baskets of iShares may be issued and sold by the Trust on an ongoing basis, at
any point a "distribution", as such term is used in the 1933 Act, may occur. The
Authorized Participant understands and acknowledges that some activities on its
part, depending on the circumstances, may result in its being deemed a
participant in a distribution in a manner which could render it a statutory
underwriter and subject it to the prospectus delivery and liability provisions
of the 1933 Act.

         b.       The Sponsor shall ensure that the Prospectus contains an
accurate and current listing of Authorized Participants.

                                   ARTICLE IV

                         ROLE OF AUTHORIZED PARTICIPANT

         Section 4.01.     Independent Contractor. The Authorized Participant
acknowledges and agrees that for all purposes of the Authorized Participant
Agreement, the Authorized Participant will be deemed to be an independent
contractor, and will have no authority to act as agent for the Trust or the
Trustee in any matter or in any respect. The Authorized Participant agrees to
make itself and its employees available, upon request, during normal business
hours to consult with the Trustee, the Sponsor or their designees concerning the
performance of the Authorized Participant's responsibilities under the
Authorized Participant Agreement; provided, however, that the Authorized
Participant shall be under no obligation to divulge or otherwise disclose any
information that the Authorized Participant reasonably believes (i) is
confidential or proprietary in nature, or (ii) the disclosure of which to third
parties is otherwise prohibited.

         Section 4.02.     Rights and Obligations of DTC Participant. In
executing the Authorized Participant Agreement, the Authorized Participant
agrees in connection with any purchase or redemption transactions in which it
acts for an Authorized Participant Client or for any other DTC Participant or
indirect participant, or any other Beneficial Owner, that it shall extend to any
such party all of the rights, and shall be bound by all of the obligations, of a
DTC Participant in addition to any obligations that it undertakes hereunder or
in accordance with the Procedures.

                                      S2-4

<PAGE>

         Section 4.03.     Beneficial Owner Communications. The Authorized
Participant agrees, subject to any limitations arising under federal or state
securities laws relating to privacy or other obligations it may have to its
customers, to assist the Trustee or the Sponsor in determining the ownership
level of each beneficial owner relating to positions in iShares that the
Authorized Participant may hold as record holder. In addition, the Authorized
Participant agrees, in accordance with securities (and, if applicable, banking)
laws, rules and regulations, to forward to such beneficial owners written
materials and communications received from the Trustee or the Sponsor in
sufficient quantities to allow mailing thereof to such beneficial owners.

                                    ARTICLE V

                     MARKETING MATERIALS AND REPRESENTATIONS

         Section 5.01.     Authorized Participant's Representation. The
Authorized Participant represents, warrants and agrees that it will not make, or
permit any of its representatives to make, any representations concerning
iShares other than those contained in the Trust's then current Prospectus or in
any promotional materials or sales literature furnished to the Authorized
Participant by the Sponsor. The Authorized Participant agrees not to furnish or
cause to be furnished to any person or display or publish any information or
materials relating to iShares (including, without limitation, promotional
materials and sales literature, advertisements, press releases, announcements,
statements, posters, signs or other similar materials), except such information
and materials as may be furnished to the Authorized Participant by the Sponsor
and such other information and materials as may be approved in writing by the
Sponsor. The Authorized Participant understands that the Trust will not be
advertised as offering redeemable securities, and that any advertising materials
will prominently disclose that the iShares are not redeemable units of
beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized
Participant may, without the written approval of the Sponsor, prepare and
circulate in the regular course of its business reports, research or similar
materials that include information, opinions or recommendations relating to
iShares (i) for public dissemination, provided that such reports, research or
similar materials compare the relative merits and benefits of iShares with other
products and are not used for purposes of marketing iShares and (ii) for
internal use by the Authorized Participant. Copies of the then current
Prospectus of the Trust will be supplied by the Sponsor to the Authorized
Participant in reasonable quantities upon request.

         Section 5.02.     Prospectus. The Sponsor will provide, or cause to be
provided, to the Authorized Participant copies of the then current Prospectus
and any printed supplemental information in reasonable quantities upon request.
The Sponsor represents, warrants and agrees that the Sponsor will notify the
Authorized Participant when a revised, supplemented or amended Prospectus is
available, and deliver or otherwise make available to the Authorized Participant
copies of such revised, supplemented or amended Prospectus at such time and in
such quantities as to enable the Authorized Participant to comply with any
obligation it may have to deliver such Prospectus to customers. The Sponsor
shall be deemed to have complied with this Section 5.02 when the Authorized
Participant has received such revised, supplemented or amended Prospectus by
e-mail, in printable form, with such number of hard copies as may be agreed from
time to time by the parties promptly thereafter.

                                   ARTICLE VI

                    INDEMNIFICATION; LIMITATION OF LIABILITY

         Section 6.01.     Indemnification. The provisions of this Section 6.01
shall survive termination of the Agreement.

                                      S2-5

<PAGE>

         a.       The Authorized Participant shall indemnify and hold harmless
the Sponsor, the Trustee, the Trust, the Custodian (which the parties agree is a
third-party beneficiary under this Subsection 6.01(a)) their respective
subsidiaries, Affiliates, directors, officers, employees and agents, and each
person, if any, who controls such persons within the meaning of Section 15 of
the 1933 Act (each an "Indemnified Party") from and against any loss, liability,
cost and expense (including attorneys' fees) incurred by such Indemnified Party
as a result of (i) any breach by the Authorized Participant of any
representations or warranties of the Authorized Participant; (ii) any failure on
the part of the Authorized Participant to perform any of its obligations set
forth in the Authorized Participant Agreement; (iii) any failure by the
Authorized Participant to comply with applicable laws, including rules and
regulations of self-regulatory organizations, that apply to it; (iv) actions of
such Indemnified Party in reliance upon any instructions issued in accordance
with the Procedures reasonably believed by such Indemnified Party to be genuine
and to have been given by the Authorized Participant; (v) any representation by
the Authorized Participant, its employees, agents or other representatives about
the iShares, the Trust or any Indemnified Party that is not consistent with the
Trust's then current Prospectus made in connection with the offer or the
solicitation of an offer to buy or sell iShares or (vi) any untrue statement or
alleged untrue statement of a material fact contained in any marketing materials
or research regarding the iShares prepared by the Authorized Participant, or the
omission, or alleged omission, of a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

         b.       The Authorized Participant shall not be liable to any
Indemnified Party for any damages arising out of (i) mistakes or errors in data
provided in connection with purchase or redemption transactions except for data
provided by the Authorized Participant, or (ii) mistakes or errors by, or
arising out of interruptions or delays of communications with, the Trustee or
any Indemnified Party.

                                   ARTICLE VII

                                  MISCELLANEOUS

         Section 7.01.     Commencement of Trading. The Authorized Participant
may not submit an Order until five Business Days after the date of execution of
the Authorized Participant Agreement or a date agreed upon by the Trustee and
the Authorized Participant.

         Section 7.02.     Definitions. The capitalized terms used herein are
defined as follows.

                                      S2-6

<PAGE>

         a.       "1933 Act" means the U.S. Securities Act of 1933, as amended.

         b.       "Affiliate" shall have the meaning given to it by Rule 501(b)
under the 1933 Act.

         c.       "Authorized Participant Agreement" shall mean each Authorized
Participant Agreement among the Authorized Participant, the Trustee and the
Sponsor into which these Standard Terms shall have been incorporated by
reference.

         d.       "Authorized Participant" shall have the meaning ascribed to it
in the introductory paragraph of the Authorized Participant Agreement.

         e.       "Authorized Participant Client" means any party on whose
behalf the Authorized Participant acts in connection with an Order (whether a
customer or otherwise).

         f.       "Authorized Representative" shall have the meaning ascribed to
it in Section 2.01 hereof.

         g.       "Basket" shall have the meaning ascribed to it in the Recitals
to the Authorized Participant Agreement.

         h.       "Beneficial Owner" shall have the meaning given to it by Rule
16a-1(a)(2) of the Securities Exchange Act of 1934.

         i.       "Business Day" shall mean each day the exchange on which the
iShares trade is open for regular trading.

         j.       "Custodian" shall have the meaning ascribed to it in the
Procedures.

         k.       "Deposit Property" means property which, in compliance with
the provisions of the Trust Agreement, must be transferred by the Authorized
Participant to the Trust in exchange for iShares.

         l.       "DTC" means The Depository Trust Company.

         m.       "Indemnified Party" shall have the meaning ascribed to it in
Section 6.01.a hereof.

         n.       "iShares" means iShares issued by the Trust pursuant to the
provisions of the Trust Agreement.

         o.       "NASD" means the National Association of Securities Dealers,
Inc.

         p.       "Order" shall have the meaning ascribed to it in Section 1 of
the Authorized Participant Agreement.

         q.       "Procedures" shall have the meaning ascribed to it in Section
1 of the Authorized Participant Agreement.

         r.       "Prospectus" means the Trust's current prospectus included in
its effective registration statement, as supplemented or amended from time to
time.

         s.       "Purchase Order" shall have the meaning ascribed to it in
Section 1 of the Authorized Participant Agreement.

                                      S2-7

<PAGE>

         t.       "Redemption Order" shall have the meaning ascribed to it in
Section 1 of the Authorized Participant Agreement.

         u.       "Sponsor" shall have the meaning ascribed to it in the
introductory paragraph of the Authorized Participant Agreement.

         v.       "Trust" shall have the meaning ascribed to it in the
introductory paragraph of the Authorized Participant Agreement.

         w.       "Trust Agreement" shall have the meaning ascribed to it in the
introductory paragraph of the Authorized Participant Agreement.

         x.       "Trustee" shall have the meaning ascribed to it in the
introductory paragraph of the Authorized Participant Agreement.

         Section 7.03.     Effectiveness, Termination and Amendment. The
Authorized Participant Agreement shall become effective upon execution and
delivery by each of the parties thereto. The Authorized Participant Agreement
may be terminated at any time by any party upon sixty days prior written notice
to the other parties and may be terminated earlier by the Trustee or the Sponsor
at any time in the event of a breach by the Authorized Participant of any
provision of the Authorized Participant Agreement or the Procedures. The
Authorized Participant Agreement supersedes any such prior agreement between or
among the parties. The Authorized Participant Agreement may be amended by the
Trustee and the Sponsor from time to time without the consent of the Authorized
Participant or any Beneficial Owner by the following procedure: the Trustee and
the Sponsor will mail a copy of the amendment to the Authorized Participant in
compliance with the notice provisions of the Authorized Participant Agreement;
if the Authorized Participant does not object in writing to the amendment within
ten Business Days after receipt of the proposed amendment, the amendment will
become part of the Authorized Participant Agreement in accordance with its
terms.

         Section 7.04.     Governing Law. The Authorized Participant Agreement
shall be governed by and interpreted in accordance with the laws of the State of
New York. The parties irrevocably submit to the non-exclusive jurisdiction of
any New York State or United States Federal court sitting in New York City over
any suit, action or proceeding arising out of or relating to the Authorized
Participant Agreement.

         Section 7.05.     Assignment. No party to the Authorized Participant
Agreement shall assign any rights, or delegate the performance of any
obligations, arising hereunder without the prior written consent of the other
parties hereto; provided, that an entity into which a party hereto may be merged
or converted, or with which it may be consolidated, or any entity resulting from
any merger, consolidation or conversion to which a party hereunder shall be a
party, shall be the successor of such party hereto. Any purported assignment or
delegation in violation of these provisions shall be null and void.
Notwithstanding the foregoing, any successor Trustee appointed in compliance
with the Trust Agreement shall automatically become a party hereto and shall
assume all the obligations, and be entitled to all the rights and remedies of
the Trustee hereunder.

         Section 7.06.     Counterparts. The Authorized Participant Agreement
may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

                                      S2-8

<PAGE>

                                   Schedule 3

                    CERTIFICATE OF AUTHORIZED REPRESENTATIVES

Each of the following employees of [XYZ] (each, an "Authorized Representative")
is authorized, in accordance with the Authorized Participant Agreement dated [ ]
among [XYZ], the Sponsor and the Trustee, to submit Purchase Orders and
Redemption Orders on behalf and in the name of [XYZ] and to give instructions or
any other notice or request on behalf of [XYZ] with respect to such Orders or
any other activity contemplated by the Authorized Participant Agreement.

Name:
e-mail Address:
Telephone:
Fax:

Name:
e-mail Address:
Telephone:
Fax:

Name:
e-mail Address:
Telephone:
Fax:

Name:
e-mail Address:
Telephone:
Fax:

The undersigned, [name of secretary or authorized officer], [title] of [XYZ],
does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Authorized Participant
Agreement.

By:
    -----------------------
    Name:
    Title:
    Date:

                                      S3-1<PAGE>

                                                                    EXHIBIT 10.1

                               CUSTODIAN AGREEMENT

        CUSTODIAN AGREEMENT dated as of ____________, 2004 (this "Agreement"),
by and between THE BANK OF NEW YORK, a banking corporation organized under the
laws of the State of New York and having an office at 101 Barclay Street, New
York, New York 10286, in its capacity as trustee ("Trustee") of the iShares
COMEX Gold Trust (the "Trust"), and THE BANK OF NOVA SCOTIA, a bank organized
under the laws of Canada, and having an office at One Liberty Plaza, New York,
New York 10006, as agent for Trustee ("Custodian").

        WHEREAS, Trustee wishes to establish an account with Custodian to hold
and maintain certain property which Trustee holds in its capacity as Trustee;
and

        WHEREAS, Custodian agrees to establish such custody account and to hold
and maintain the property in such account on the terms and conditions herein set
forth.

        NOW, THEREFORE, in consideration of the premises and of the agreements
hereinafter set forth, Trustee and Custodian agree as follows:

        1.      Establishment of Account.

                    (a)     Custodian shall establish and maintain one or more
    custodial accounts entitled "The Bank of New York, as trustee of the iShares
    COMEX Gold Trust" (collectively, the "Account") for the receipt and
    maintenance of: (i) Gold bars delivered to Custodian as contemplated in the
    Creation and Redemption Procedures attached hereto as Annex 1 (the
    "Procedures"); (ii) Gold received by the Custodian on an Unallocated Basis,
    as contemplated by the Procedures; and (iii) cash or other assets of the
    Trustee which may come under the possession of the Custodian (all assets
    held in the Account are collectively referred to as the "Property").

                    (b)     For purposes of this Agreement:

                "Gold" means (1) gold that (i) would be eligible for delivery in
settlement of a COMEX gold futures contract in accordance with COMEX Rules
("COMEX Gold") or (ii) meets the requirements of "good delivery" under the rules
of the London Bullion Market Association ("LBMA Gold") and (2) credit to an
account on an Unallocated Basis representing the right to receive gold that
meets the requirements of part (1) of this definition.

                "Unallocated Basis" means that the person in whose name gold is
so held is entitled to receive delivery of gold in the amount standing to the
credit of that person's account, but that person has no ownership interest in
any particular gold that the custodian maintaining that account owns or holds.

<PAGE>

                    (c)     The ownership of Property in the Account, whether
    any such Property is held by Custodian (including in its account at The Bank
    of England) or by a Sub-Custodian (as defined in Section 5) shall be clearly
    recorded on Custodian's books as belonging to Trustee. To the extent
    Property is physically held in the Account, such Property shall also be
    physically segregated from the general assets of Custodian, the assets of
    Trustee in its individual capacity and the assets of Custodian's other
    customers, except in the case of Gold held on an Unallocated Basis or held
    through the Custodian's account at The Bank of England.

                    (d)     Custodian will at all times take reasonable action
    to minimize the amount of Gold in the Account that is on an Unallocated
    Basis. Custodian shall allocate Gold bars to the Account so that no more
    than 430 Ounces of Gold is held in the Account on an Unallocated Basis at
    the close of each business day of the Custodian.

        2.      Representations and Warranties of Custodian. Custodian hereby
represents and warrants that, as of the date of this Agreement and as of any
date on which Gold is credited to, debited from, or substituted in, the Account:

                    (a)     it is a bank, duly organized under the laws of its
    country of organization as set forth above, and it is regulated as such by
    that country's government or an agency thereof;

                    (b)     it has and shall maintain during the term of this
    Agreement at least the minimum amount of capital required to be an approved
    depository in respect of gold futures traded on COMEX;

                    (c)     this Agreement has been duly authorized, executed
    and delivered on its behalf and constitutes the legal, valid and binding
    obligation of Custodian;

                    (d)     the execution, delivery and performance of this
    Agreement by Custodian do not and will not violate any applicable law or
    regulation and do not require the consent of any governmental or other
    regulatory body except for such consents and approvals as have been
    obtained, which are identified on Schedule A hereto and which are in full
    force and effect; and

                    (e)     Gold substituted by it for other Gold previously
    held in the Account meets part (1) of the definition of "Gold" in this
    Agreement and has a fine weight at least equal to the fine weight of the
    Gold for which it was substituted.

        3.      Undertakings and Agreements of Custodian. Custodian hereby
undertakes and agrees that, so long as any Property is held in the Account:

                                        2

<PAGE>

                    (a)     Insurance. Custodian shall maintain adequate
    insurance in support of the indemnification provided for in Section 11
    hereof, and otherwise covering any loss of Property. Custodian shall provide
    Trustee with evidence of such insurance coverage as of the date of this
    Agreement and thereafter upon Trustee's request. Such insurance coverage
    will not be reduced without 30 days' prior written notice to Trustee. Upon
    reasonable prior written notice, in connection with the preparation of the
    initial registration statement under the Securities Act of 1933 for shares
    of the Trust or any amendment to that registration statement or any
    subsequent registration statement for those shares, Custodian will allow its
    insurance to be reviewed by Trustee, the Sponsor, any underwriter mentioned
    in that registration statement or amendment and their respective counsel.
    However, Custodian may require any party seeking to review its insurance
    under the preceding sentence, as a condition of making that review, to
    execute a reasonable confidentiality agreement in a form determined by
    Custodian in its reasonable discretion covering that review.

                    (b)     Charges; Liens. The Property shall not be subject to
    any right, charge, security interest, lien or claim of any kind in favor of
    Custodian, any Sub-Custodian or any creditor of any of them, except a claim
    of payment for the safe custody and administration of the Property or, in
    the case of cash deposits, liens or rights in favor of creditors of the
    Custodian arising under bankruptcy, insolvency, or similar laws. Custodian
    shall not loan, hypothecate, pledge or otherwise encumber any Property in
    the Account absent Trustee's written instructions.

                    (c)     Transferability. Beneficial ownership of the
    Property shall be freely transferable without the payment of money or value
    other than for safe custody or administration.

                    (d)     Records. Adequate records will be maintained by
    Custodian identifying the Property as belonging to Trustee. Such records
    shall include, with respect to the Account, (i) journals or other records of
    original entry containing an itemized daily record in detail of all receipts
    and deliveries of Property (including adequate information to uniquely
    identify each bar of Gold received in or delivered from the Account, except
    for Gold held on an Unallocated Basis) and all receipts and disbursements of
    cash; (ii) ledgers (or other records) reflecting (A) Property in physical
    possession of Custodian or held by any Sub-Custodian, and (B) Gold held on
    an Unallocated Basis, and allocations made daily in respect thereof, as
    provided in Section 17; and (iii) such other books and records as Trustee
    may reasonably request.

                    (e)     Reports. For each business day, not later than 9:00
    a.m., New York time on the following business day, Custodian shall transmit
    to Trustee by facsimile message signed by an Authorized Person of the
    Custodian set forth on Schedule B-2 and by e-mail information showing the
    movement of Gold into and out of the Account, identifying separately each
    transaction and any substitution or

                                        3

<PAGE>

    relocation of Gold made under Section 4(e). Custodian shall supply to
    Trustee at least monthly, within ten business days following the end of each
    calendar month, by facsimile message signed by an Authorized Person of the
    Custodian a written statement which (i) lists all Property held in the
    Account including a weight list for the Gold in the Account (other than Gold
    held on an Unallocated Basis) containing information sufficient to uniquely
    identify each bar of Gold; (ii) identifies the entity having physical
    possession of such Property; and (iii) details all transactions involving
    the Account, including daily balances held on an Unallocated Basis and all
    transfers to or from the Account or any account with a Sub-Custodian
    containing Property held for the benefit of Trustee and Account and any
    substitutions or relocations of Gold held in the Account. Such reports shall
    also include any other information that Trustee may reasonably request.
    Custodian shall provide additional weight lists to the Trustee upon request
    from the Trustee. For each business day, not later than 9:00 a.m., New York
    time on the following business day, Custodian shall transmit to COMEX by
    facsimile message signed by an Authorized Person of Custodian set forth on
    Schedule B-2 a report showing the total number of fine ounces of Gold held
    in the Account in each of (1) New York, (2) London and (3) any other
    location, and showing in each case the amount of Gold that in the form of
    (i) 400 ounce bars and (ii) 100 ounce or 1 kilogram bars. The parties
    understand and agree that Custodian (x) will not know, and (y) will not have
    any duty to determine, and (z) except as provided in Section 2, in making
    any report required under this Agreement will not be considered to be making
    any representation or warranty as to, whether in fact the Gold deposited
    with it contains the amount of pure gold indicated on the bars. Except for
    Gold deposited by it in substitution for other Gold held in the Account,
    CUSTODIAN DISCLAIMS ALL LIABILITY FOR THE GENUINENESS AND FINENESS OF GOLD
    DEPOSITED WITH IT UNDER THIS AGREEMENT.

                    (f)     Notice of Changes. Custodian shall notify Trustee
    immediately in writing if (i) Custodian receives notice of any claim against
    the Property other than a claim for payment of safe custody or
    administration permitted by this Agreement; (ii) Custodian shall otherwise
    fail to comply with any of the provisions of this Agreement; or (iii) any of
    the representations and warranties in Section 2 shall cease to be true and
    correct.

                    (g)     Location of Gold. Gold in the Account shall be held
    by the Custodian (or a Sub-Custodian pursuant to Section 5) at (i)
    facilities that are licensed or designated for the storage of gold by COMEX
    or, (ii) in the case of LBMA Gold, premises located in the state of New
    York, or in Toronto, Canada, Montreal, Canada or London, England (or within
    a 100 mile radius from each of Toronto, Montreal or London) or in another
    location agreed in writing between the parties with the Sponsor's approval.

                                        4

<PAGE>

                    (h)     Capacity. Custodian will have no obligation to
    accept a deposit of Gold under this Agreement if it lacks Capacity.
    Custodian lacks "Capacity" to accept a proposed deposit of Gold if and to
    the extent that (i) there is not enough physical space in vaults available
    to the Custodian in the relevant location to store Gold at that location or,
    in the case of Gold held by the Custodian at The Bank of England after
    giving effect to the proposed deposit, Gold at The Bank of England would
    exceed the maximum amount of Gold belonging to the Trust that the Custodian
    has agreed to store at that facility, (ii) vault facilities available to
    Custodian in the relevant location cannot accept that Gold on the proposed
    date of deposit or (iii) after giving effect to the proposed deposit, the
    value of all Gold held in the Account would exceed $2 billion.

        4.      Powers and Duties of Custodian.

                    (a)     Delivery, Receipt and Maintenance of Property.
    Custodian shall receive, hold, release and deliver Property from the Account
    only in accordance with this Agreement and the Procedures.

                    (b)     Release of Property. No Property held in the Account
    shall be released in any manner whatsoever except upon written instructions
    of Trustee. Custodian will deliver Gold by making Gold bars available for
    collection at its office or at the office of a Sub-Custodian at which the
    Gold is held. However, Custodian will, upon the order of the Trustee,
    deliver amounts of up to 430 troy ounces of gold on an Unallocated Basis.

                    (c)     Payment of Taxes. Unless Trustee otherwise instructs
    Custodian, Custodian shall pay or cause to be paid from the Account any and
    all taxes and levies in the nature of taxes imposed on the Property by any
    governmental authority and shall use its best efforts to secure relief from
    taxation and other privileges and benefits with respect to the Property;
    provided that Custodian shall provide to Trustee an advice or notification
    as to any such payments, and provided further that Custodian shall not
    liquidate any Gold in order to make such payments without the prior written
    consent of Trustee. Custodian will furnish Trustee with written explanations
    of its efforts to secure such relief. Trustee shall promptly reimburse
    Custodian for the amount of any taxes or levies paid by the Custodian under
    this Section 4(c).

                    (d)     Other Information. Custodian shall provide to
    Trustee (i) its most recent audited financial statements promptly after such
    statements are prepared; (ii) a copy of any reports obtained by Custodian on
    the accounting system and internal accounting controls and procedures used
    by any Sub-Custodian at which any Property is held; (iii) information
    regarding Custodian's policies and procedures, the local law applicable to
    its activities, and the overall regulatory and economic environment in which
    it operates; and (iv) the names and addresses of the governmental agencies
    or regulatory authorities which supervise or regulate Custodian and any
    Sub-Custodian with which Property has been deposited pursuant to this
    Agreement.

                                        5

<PAGE>

                    (e)     Substitution and Relocation of Gold. With the prior
    approval of Trustee (in consultation with the Sponsor), Custodian may (i)
    substitute other Gold for Gold held in the Account, provided that there is
    no change in the total number of fine troy ounces of Gold held in the
    Account and (ii) at its own risk and expense, move Gold held in the Account
    from one location to another location otherwise permitted under this
    Agreement; provided that, if it becomes necessary to move Gold from The Bank
    of England to another location permitted under this Agreement for purposes
    of making warehousing space available at The Bank of England at the request
    of an Authorized Participant wishing to make delivery of Gold at The Bank of
    England, Custodian shall have no obligation to proceed with such relocation
    until it has received adequate assurances (in the Custodian's sole
    discretion) that the actual relocation expenses will be assumed by such
    Authorized Participant or other third party.

                    (f)     Purchases of Gold by Custodian. When requested by
    Trustee on any day on which the COMEX is open for regular trading, Custodian
    will purchase from Trustee for cash and for same day settlement, the amount
    of Gold that the Trustee specifies as necessary to pay the expenses of the
    Trust at a price per ounce equal to the settlement price for the expiring
    COMEX gold futures contract for that day. Custodian will pay to the Trustee
    the proceeds of each purchase of Gold made under this Section 4(f) when
    requested by the Trustee or otherwise on the first day on which COMEX is
    open for regular trading following the end of the month in which the
    purchase was made.

        5.      Use of Subcustodians.

                    (a)     Qualifications. Custodian may, with the prior
    written consent of Trustee, entrust Gold held in the Account to a specified
    subcustodian that is eligible to act as a custodian of Gold under applicable
    laws and regulations (a "Sub-Custodian") selected by Custodian with due
    care.

                    (b)     Separate Account; Bookkeeping; Instructions. Gold
    held by a Sub-Custodian shall be kept in an account of Custodian at such
    Sub-Custodian, and Custodian shall separately identify on its books Gold
    that is so held on behalf of Trustee. The account of Custodian with each
    such Sub-Custodian shall be subject only to the instructions of Custodian.

                    (c)     Monitoring. Custodian shall monitor the conduct of
    each Sub-Custodian, and promptly advise Trustee of any difficulties or
    problems (financial, operational or otherwise) existing with respect to such
    Sub-Custodian of which Custodian is aware and shall take appropriate and
    lawful action to protect and safekeep Trustee's Property deposited with such
    Sub-Custodian, including to the extent feasible, the withdrawal of such
    Property from such Sub-Custodian.

                    (d)     Access and Inspection. Custodian shall not entrust
    Gold held in the Account to any Sub-Custodian other than The Bank of England
    unless that Sub-Custodian grants rights of access and inspection to records
    and Gold that are similar to those granted by Custodian in Section 7.

        6.      Use of Agents. Custodian is authorized in its discretion to use
agents in connection with Custodian's handling of transactions hereunder,
provided that any such use shall not relieve Custodian of any of its
responsibilities or liabilities hereunder.

        7.      Access to Records; Inspection Rights. Custodian shall permit
officers and properly designated representatives of Trustee and independent
public accountants for the

                                        6

<PAGE>

Trust identified by Trustee reasonable access to the records of the Account for
the purpose of confirming the content of those records. Upon at least ten days'
prior notice, during Custodian's regular banking hours, any officer or properly
designated representative of Trustee, any independent public accountants for the
Trust identified by Trustee and any person designated by any regulatory
authority having jurisdiction over Trustee or the Trust shall be entitled to
examine on Custodian's premises (i) the Property held by Custodian on its
premises pursuant to this Agreement and (ii) Custodian's records regarding the
Property held hereunder at a Sub-Custodian in accordance with Section 5 hereof,
but only upon receipt from Trustee of properly authorized instructions to that
effect. In addition, Custodian shall cooperate with Trustee in providing to
Trustee's external auditors and the Trust's external auditors such reports (or
portions thereof) of the external auditors of Custodian as relate directly to
Custodian's system of internal accounting controls and procedures applicable to
its duties under this Agreement. Unless it has received at least ten days' prior
notice and reasonable assurances (in the Custodian's sole discretion) that any
costs and expenses incurred in connection therewith will be indemnified to
Custodian, Custodian shall not be required to (a) move to Custodian's premises
any Property held at a Sub-Custodian for purposes of making it available for
inspection as provided herein, or (b) with respect to Property held through
Custodian's account at The Bank of England, move to a Sub-Custodian or other
location Property for purposes of making it available for inspection as provided
herein, it being understood that Property held through Custodian's account at
The Bank of England cannot be inspected on the premises of The Bank of England.

        8.      Instructions from Trustee; Other Notices; Addresses.

                    (a)     Instructions from Trustee. Whenever in this
    Agreement it is provided that Custodian is authorized to act or refrain from
    acting on instructions, approval or consent of, or notice from, the Trustee,
    Custodian is so authorized to act or refrain from acting only on
    instructions, approval, consent or notice given in accordance with this
    Section 8(a). As used in this Section 8(a), the term "instructions" shall be
    deemed to include approvals, consents or notices. Custodian is authorized to
    rely and act upon written instructions signed by an authorized person
    designated in the schedule attached hereto as Schedule B-1 ("Authorized
    Persons"), as such Schedule may be changed from time to time by written
    notice to Custodian from Trustee. Instructions in writing shall include (i)
    instructions in writing (including facsimile transmissions) signed by an
    Authorized Person; (ii) telex or tested telex instructions of Trustee and
    S.W.I.F.T. messages; and (iii) such other forms of communication as may be
    agreed upon from time to time by Trustee and Custodian. Except where
    otherwise provided in this Agreement, Custodian is further authorized to
    rely upon instructions received orally or by any other means which are
    identified as having been given by an Authorized Person and which conform to
    any agreement which might be entered between Trustee and Custodian regarding
    the method of identification or the means of transmission of such
    instructions. Any oral instructions shall be promptly confirmed in writing.

                    (b)     Other Notices; Addresses. Except as otherwise
    specifically provided herein, all notices contemplated by this Agreement
    shall be in writing signed by an Authorized Person listed on Schedule B-1 or
    Schedule B-2, as applicable, and, except as otherwise agreed in writing from
    time to time by the parties, shall be given by facsimile transmission, telex
    or tested telex, courier, or first-class mail, postage prepaid. Such notices
    shall be given, and shall be deemed given when received, at the addresses
    set forth in Schedule C hereto, as such

                                        7

<PAGE>

    Schedule may be amended from time to time upon prior written notice from the
    Trustee to the Custodian or from the Custodian to the Trustee, as the case
    may be.

        9.      Subrogation. Trustee and the Trust shall be subrogated to the
rights of Custodian with respect to any claim against a Sub-Custodian or any
other person for any loss or damage suffered by Trustee or the Trust if and to
the extent that Trustee and the Trust have not been made whole for such loss or
damage, and Custodian hereby assigns all such rights to Trustee. The exercise by
Trustee of the rights granted in this Section 9 shall not affect Custodian's
liabilities under Section 11 of this Agreement.

        10.     Annual Certificate. Custodian shall deliver annually to Trustee
and more frequently if requested by Trustee, a certificate dated the date of
delivery, certifying that Custodian has, since the date of this Agreement or the
date of the preceding such certificate, complied with the terms and conditions
of this Agreement and that Custodian's representations and warranties in Section
2 of this Agreement continue to be true and correct.

        11.     Liability of Custodian; Indemnification.

                    (a)     Custodian shall be liable for and shall indemnify
    Trustee for, and hold Trustee harmless from, any loss, damage, cost,
    judgment, expense or any other liability (including, but not limited to
    legal fees and expenses) ("Losses") incurred by Trustee (individually or in
    its capacity as Trustee) relating to or arising from, directly or
    indirectly, any breach of the representations and warranties of Custodian
    contained in this Agreement or any act or omission of Custodian under this
    Agreement, including, without limiting the generality of the foregoing, (i)
    any failure by Custodian to act or refrain from acting in accordance with
    instructions under Section 8(a) from Trustee; and (ii) any physical loss,
    destruction or damage to the Property, except, in each case, for Losses
    arising from nuclear fission or fusion, radioactivity, war, terrorist event,
    invasion, insurrection, civil commotion, riot, strike, act of government or
    public authority, act of God or a similar cause that is beyond the control
    of Custodian. Trustee shall notify Custodian promptly of any proceeding or
    claim for which Trustee may seek indemnity, and the Custodian shall
    cooperate fully with the Trustee with respect to any such proceeding or
    claim. Custodian's deposit of Gold held in the Account with a Sub-Custodian
    pursuant to Section 5 hereof shall not affect Custodian's responsibilities
    or liabilities or in any way limit or relieve Custodian of its
    responsibilities or liabilities under this Section 11, and Custodian shall
    remain fully liable with respect to such Property as if it had itself
    retained physical possession of it.

                    (b)     Trustee shall indemnify Custodian for and hold
    Custodian harmless against any loss or claim, including reasonable fees of
    counsel, resulting from acts of omissions by Custodian in compliance with
    instructions from Trustee in accordance with Section 8(a) that Custodian
    reasonably believes were given by an

                                        8

<PAGE>

    Authorized Person of Trustee, including instructions to release Property
    from the Account to a person designated by Trustee.

        12.     Fees and Expenses. Fees and expenses for the services rendered
by Custodian under this Agreement shall be payable in accordance with the fee
agreement which has been executed by the parties hereto and Barclays Global
Investors, N.A. (the "Sponsor"), as that agreement may be amended from time to
time by the parties to it in accordance with its terms.

        13.     Termination. This Agreement may be terminated (a) by Trustee
immediately without prior notice to Custodian upon the occurrence of any event
specified in clauses (i), (ii) and (iii) of Section 3(f); or (b) by either party
upon sixty (60) days' prior written notice to the other, sent by certified or
registered mail, express courier, facsimile, telex or telegram; provided, that
the provisions of Sections 9, 11 and 15 hereof shall survive the termination of
this Agreement. Upon the termination date, Custodian shall deliver all Property
held in the Account to Trustee (or to such successor custodian as Trustee may
specify before the termination date).

        14.     Confidentiality. Subject to the foregoing provisions of this
Agreement and subject to any applicable law, Custodian shall use its best
efforts to maintain the confidentiality of matters concerning the Property in
the Account.

        15.     Choice of Law; Submission to Jurisdiction.

                    (a)     This Agreement shall be governed by and construed in
    accordance with the internal substantive laws of the State of New York,
    without giving effect to conflict of laws principles. All actions and
    proceedings relating to or arising from, directly or indirectly, this
    Agreement may be brought by Trustee in courts located within the State of
    New York, and shall be litigated only in courts located within the State of
    New York if brought by Custodian against Trustee. The parties hereto hereby
    waive the right to a trial by jury in any such action or proceeding brought
    by Trustee or Custodian, and Custodian hereby submits to the personal
    jurisdiction of such courts and to the personal jurisdiction of any court or
    administrative agency in which any action or proceeding is brought by any
    person (other than Custodian) against Trustee, relating to or arising from,
    directly or indirectly, any act or omission of Custodian under this
    Agreement.

        If the Custodian does not maintain an office in The City of New York,
the Custodian shall appoint and maintain an agent located in The City of New
York upon whom process may be served in any action or proceeding which may be
instituted by the Trustee or by any other person in any court or administrative
agency relating to or arising from, directly or indirectly, any act or omission
of Custodian under this Agreement. If the Custodian is required to maintain an
agent for service of process under the preceding sentence, the Custodian shall
notify the Trustee of the appointment of that agent and provide Trustee with
evidence of acceptance by that agent of that appointment. Service

                                        9

<PAGE>

of process upon such agent at the office of such agent for service of process
shall be deemed in every respect effective service of process upon the Custodian
in any such action or proceeding. The Custodian further agrees to take any and
all action, including the execution and filing of any and all such documents and
instruments, as may be necessary to continue in force such designation and
appointment of such agent or its successor.

        16.     Legal Opinion. Custodian will furnish to Trustee an opinion of
counsel acceptable to Trustee addressed to Trustee and dated the date hereof to
the effect that:

                    (a)     the execution, delivery and performance by Custodian
    of this Agreement have been duly authorized by Custodian and do not and will
    not violate any applicable law or regulation and do not require the consent
    of any governmental or other regulatory body except for such consents and
    approvals as have been obtained and set forth on Schedule A hereto; and

                (b)     this Agreement has been duly executed and delivered by
Custodian and constitutes the legal, valid and binding obligation of Custodian,
enforceable in accordance with its terms.

        17.     Procedures. Trustee and Custodian agree that the provisions of
the Procedures are hereby incorporated into and made a part of this Agreement
and Custodian agrees to comply with the Procedures. Trustee, with the prior
written consent of Sponsor, may modify the Procedures from time to time upon
reasonable advance notice and, if the modifications relate to the duties of
Custodian, after consultation with Custodian.

        18.     Miscellaneous. Except as otherwise specifically provided in this
Agreement, this Agreement may not be amended nor may any provision hereof be
waived except by writing signed by the party against whom enforcement is sought.
Any provisions of this Agreement that require the consent of, or consultation
with, the Sponsor are intended for the benefit of the Sponsor and may not be
amended or modified without the Sponsor's written consent. This Agreement may be
executed in counterparts, each of which shall be deemed an original, but all of
which constitute one and the same instrument. This Agreement shall inure to the
benefit of and be binding upon the parties and their respective successors and
assigns; provided, that this Agreement shall not be assignable by either party
without the prior written consent of the other. This Agreement contains the
entire agreement between Custodian and Trustee relating to custody of Property
held by Custodian on behalf of Trustee and supersedes all prior agreements and
understandings relating to such subject matter. The invalidity, illegality or
unenforceability of any provision of this Agreement shall in no way affect the
validity, legality or enforceability of any other provision; and if any
provision is held to be unenforceable as a matter of law, the other provisions
shall not be affected thereby and shall remain in full force and effect. The
captions included in this Agreement are included only for the convenience of the
parties and in no way define or limit any of the

                                       10

<PAGE>

provisions hereof or otherwise affect their construction or effect. Capitalized
terms used in this Agreement (including its attachments) that are defined in the
Depositary Trust Agreement dated as of the date of this Agreement between the
Sponsor and Trustee and not otherwise defined in this Agreement shall have the
meanings given them in that agreement.

                                       11

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and sealed by their respective officers thereunto duly authorized.

THE BANK OF NOVA SCOTIA                 THE BANK OF NEW YORK, as Trustee of the
                                        iShares COMEX Gold Trust

By:                                     By:
    ------------------------               --------------------------
Name:                                   Name:
Title:                                  Title:

                                       12

<PAGE>

                                   SCHEDULE A

                               NECESSARY CONSENTS

                           Dated _______________, 2004

<PAGE>

                                  SCHEDULE B-1

                          AUTHORIZED PERSONS OF TRUSTEE

                         Dated __________________, 2004

The names, titles and specimen signatures of the "Authorized Persons" of Trustee
are as follows:

Name                    Title                   Signature
----                    -----                   ---------

                                       14

<PAGE>

                                  SCHEDULE B-2

                         AUTHORIZED PERSONS OF CUSTODIAN

                         Dated __________________, 2004

The names, titles and specimen signatures of the "Authorized Persons" of
Custodian are as follows:

Name                    Title                   Signature
----                    -----                   ---------

                                       15

<PAGE>

                                   SCHEDULE C

                                     NOTICES

                         Dated ___________________, 2004

If to Trustee:                  Exchange Traded Funds Division
                                The Bank of New York
                                101 Barclay Street - Floor 6E
                                New York, New York 10286
                                U.S.A.
                                Attention:   Alfred Irving or Jarvis Joseph
                                Telephone:   (212) 815-6250
                                Facsimile:   (212) 815-6218
                                e-mail:      airving@bankofny.com

If to Custodian:                ScotiaMocatta Division
                                The Bank of Novia Scotia
                                One Liberty Plaza
                                New York, New York 10006
                                Attention:   _____________________
                                Telephone:   _____________________
                                Facsimile:   _____________________
                                e-mail:      _____________________

If to COMEX:                    Commodity Exchange, Inc.
                                One North End Avenue
                                New York, New York 10282
                                Attention:   _____________________
                                Telephone:   _____________________
                                Facsimile:   _____________________
                                e-mail:      _____________________

                                       16

<PAGE>

                                     ANNEX 1

                                   PROCEDURES

                                       17

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