Document:

GraniteShares Gold Trust DRS/A

Exhibit 4.1

 

DEPOSITARY TRUST AGREEMENT

 

Between

 

GRANITESHARES LLC,

 

as Sponsor and

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

 

 

GraniteShares Gold Trust

 

 

 

Dated as of _________, 2017

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	1
	 	 
	Section 1.1	Definitions	1
	Section 1.2	Rules of Construction	6
	 	 	 
	ARTICLE II CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES	6
	 	 
	Section 2.1	Creation and Declaration of Trust; Business of the Trust	6
	Section 2.2	Form of Certificates; Book-Entry System; Transferability of Shares	7
	Section 2.3	Deposit of Gold	9
	Section 2.4	Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares	10
	Section 2.5	Registration of Shares and Transfers Thereof; Combination and Split-up of Certificates	10
	Section 2.6	Surrender of Shares by Authorized Participants	11
	Section 2.7	Limitations on Delivery, Registration of Transfer and Surrender of Shares	12
	Section 2.8	Lost Certificates, etc.	13
	Section 2.9	Cancellation and Destruction of Surrendered Certificates	13
	Section 2.10	Splits and Reverse Splits of Shares	13
	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS	13
	 	 
	Section 3.1	Liability of Authorized Participants for Taxes and Other Governmental Charges	13
	Section 3.2	Warranties on Deposit of Gold	14
	 	 	 
	ARTICLE IV ADMINISTRATION OF THE TRUST	14
	 	 
	Section 4.1	Evaluation of Gold	14
	Section 4.2	Responsibility of the Trustee for Evaluations	15
	Section 4.3	Trust Evaluation	15
	Section 4.4	Cash Distributions	16
	Section 4.5	Other Distributions	16
	Section 4.6	Fixing of Record Date	16
	Section 4.7	Payment of Expenses; Gold Sales	17
	Section 4.8	Statements and Reports; Fiscal Year	17
	Section 4.9	Further Provisions for Gold Sales	18
	Section 4.10	Counsel	18
	Section 4.11	Grantor Trust	19
	Section 4.12	Reserve Account	19
	 	 	 
	ARTICLE V THE TRUSTEE AND THE SPONSOR	19
	 	 
	Section 5.1	Maintenance of Office and Transfer Books by the Trustee	19

 

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	Section 5.2	Prevention or Delay in Performance by the Sponsor or the Trustee	20
	Section 5.3	Obligations of the Sponsor and the Trustee	20
	Section 5.4	Resignation or Removal of the Trustee; Appointment of Successor Trustee	25
	Section 5.5	The Custodian	27
	Section 5.6	Indemnification	28
	Section 5.7	Fees, Charges and Expenses of the Trustee	29
	Section 5.8	Charges of the Sponsor	30
	Section 5.9	Retention of Trust Documents	30
	Section 5.10	Federal Securities Law Filings	31
	Section 5.11	Prospectus Delivery	31
	Section 5.12	Discretionary Actions by the Trustee; Consultation	32
	Section 5.13	Dissolution of the Sponsor Not to Terminate Trust	32
	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION	32
	 	 
	Section 6.1	Amendment	32
	Section 6.2	Termination	33
	 	 	 
	ARTICLE VII MISCELLANEOUS	35
	 	 
	Section 7.1	Counterparts	35
	Section 7.2	Third-Party Beneficiaries	35
	Section 7.3	Severability	35
	Section 7.4	Certain Matters Relating to Beneficial Owners	35
	Section 7.5	Notices	36
	Section 7.6	Submission to Jurisdiction; Agent for Service	38
	Section 7.7	Governing Law	38

 

EXHIBITS

 

	Exhibit A	Form of Certificate
	Exhibit B	Form of Trust Allocated Account Agreement
	Exhibit C	Form of Trust Unallocated Account Agreement

 

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DEPOSITARY TRUST AGREEMENT

 

This DEPOSITARY TRUST AGREEMENT
dated as of [______________], 2017, between GRANITESHARES LLC, a Delaware limited liability company, as sponsor, and THE BANK OF
NEW YORK MELLON, a New York banking corporation, as trustee.

 

W I T N E S S E T H:

 

WHEREAS, the Sponsor desires
to establish a trust, to be known as the “GraniteShares Gold Trust,” pursuant to the laws of the State of New York;
and

 

WHEREAS, the Sponsor desires
to establish the terms on which gold may be deposited in the trust; provide for the creation of shares representing fractional
undivided beneficial interests in the net assets of the trust; and the execution and delivery of certificates evidencing such shares;
and

 

WHEREAS, the Sponsor desires
to provide for other terms and conditions on which the trust shall be established and administered, as hereinafter provided.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby agree as follows:

 

Article
I

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section
1.1     Definitions.

 

Except as otherwise specified
in this Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for
all purposes of this Agreement.

 

“Agreement”
means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms.

 

“Authorized Participant”
means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered broker-dealer or other
securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would
be required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC Participant, (iii) has in effect
a valid Authorized Participant Agreement, and (iv) has established an unallocated account with the Custodian or another LBMA-approved
gold-clearing bank.

 

“Authorized Participant
Agreement” means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes the Authorized
Participant to submit Purchase Orders and Redemption Orders under this Agreement. The Trustee has no duty or liability to any Person
on account of the selection of any Authorized Participant.

 

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“Authorized Participant
Procedures” means the procedures for Purchase Orders and Redemption Orders attached to an Authorized Participant Agreement,
as modified by the Sponsor and the Trustee from time to time.

 

“Basket”
means 10,000 Shares, except that the Sponsor, upon prior written notice to the Trustee, may from time to time increase or decrease
the number of Shares comprising a Basket.

 

“Basket Gold Amount”
means the amount of Unallocated Gold that must be deposited for issuance of one Basket or that is deliverable on Surrender of one
Basket, determined as provided in Section 2.3(b).

 

“Benchmark Price”
means, as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such day’s LBMA Gold
Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee and which the
Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs the Trustee to use as the
Benchmark Price.

 

“Beneficial Owner”
means any Person owning a beneficial interest in any Shares.

 

“Book-Entry System”
has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Business Day”
means any day other than a day: (1) when the Exchange is closed for regular trading; or (2), if the order or other transaction
requires the receipt or delivery, or the confirmation of receipt or delivery, of gold in the United Kingdom or in some other jurisdiction
on a particular day, (A) when banks are authorized to close in the United Kingdom or in such other jurisdiction or when the London
gold market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, or the London gold market is,
not open for a full business day and the order or other transaction requires the execution or completion of procedures which cannot
be executed or completed by the close of the business day.

 

“Certificate”
means a certificate that is executed and delivered by the Trustee under this Agreement evidencing Shares.

 

“CFTC” means
the U.S. Commodity Futures Trading Commission or any successor governmental agency in the United States.

 

“Clearing Agency”
has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor governmental agency in the United States.

 

“Corporate Trust Office”
means the office of the Trustee at which its corporate trust business that relates to this Agreement is administered, which, at
the date of this Agreement, is located at 2 Hanson Street, Brooklyn, New York 11217.

 

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“Custodian”
means the Initial Custodian and any substitute or additional custodian of the Trust’s assets appointed by the Trustee at
the direction of or as approved by the Sponsor as provided in Section 5.5 and, where the context permits, any sub-custodians
employed by the Initial Custodian or any such substitute or additional custodian.

 

“Custody Agreements”
means each of the Trust Unallocated Account Agreement and the Trust Allocated Account Agreement and any custody agreement entered
into pursuant to Section 5.5(a) with a substitute or additional Custodian.

 

“Delivery”
means (i) when used with respect to Unallocated Gold, obtaining an acknowledgement from the Custodian of a credit of gold on an
Unallocated Basis to the account of the Person entitled to that delivery, and (ii) when used with respect to Shares, one or more
book-entry transfers of those Shares to an account or accounts at the Depository designated by the Person entitled to instruct
such delivery, and, as applicable, for further credit as specified by that Person.

 

“Depository”
means DTC and any other successor depository of Shares selected by the Sponsor as provided herein.

 

“DTC” means
The Depository Trust Company, its nominees and their respective successors.

 

“DTC Participant”
means a Person that, pursuant to DTC’s governing documents, is entitled to deposit securities with DTC in its capacity as
a “participant.”

 

“Exchange”
means the exchange or other securities market on which the Shares are principally traded, as specified from time to time by the
Sponsor.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Gold” or
“gold” means (i) gold bullion that meets the London Good Delivery Standards and (ii) credit to an account on
an Unallocated Basis representing the right to receive gold bullion that meets the requirements of part (i) of this definition.

 

“Indirect Participant”
means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC Participant, either directly
or indirectly, has access to the DTC clearing system.

 

“Initial Custodian”
means [______________________], as custodian under the Custody Agreements.

 

“Internal Control
Over Financial Reporting” has the meaning ascribed to such term in Rules 13a-15(f) and 15(d)-15(f) adopted by the Commission
under the Exchange Act.

 

“LBMA” means
the London Bullion Market Association or its successor.

 

“LBMA Gold Price AM”
means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London
gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England
time.

 

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“LBMA Gold Price PM”
means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London
gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England
time.

 

“London Good Delivery
Standards” means the specifications for “good delivery” gold bars, including the specifications for weight,
dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The Good Delivery Rules for
Gold and Silver Bars” published by the LBMA.

 

“Net Asset Value”
has the meaning ascribed to such term in Section 4.3(a).

 

“Net Asset Value per
Share” has the meaning ascribed to such term in Section 4.3(a).

 

“Order Cutoff Time”
means, with respect to any Business Day, (i) 4:00 p.m. (New York time) on such Business Day or (ii) another time agreed to by the
Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified by the Trustee.

 

“Order Date”
means, with respect to a Purchase Order, the date specified in Section 2.3(a) and, with respect to a Redemption Order, the
date specified in Section 2.6(a).

 

“Ounce”
means one troy ounce of gold, equal to 31.103 grams (1.0971428 ounces avoirdupois) with a minimum fineness of 995.0 parts per 1,000
gold.

 

“Person”
means any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.

 

“Purchase Order”
has the meaning ascribed to such term in Section 2.3(a).

 

“Qualified Bank”
means a bank, trust company, corporation or national banking association organized and doing business under the laws of the United
States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (i) is
a DTC Participant or a participant in such other Depository as is then acting with respect to the Shares, (ii) is a “bank”
as defined in Section 408(n) of the Code (unless counsel to the Sponsor, the appointment of which is acceptable to the Trustee,
determines that complying with such definition is not necessary for the exception under Section 408(m)(3) of the Code to apply),
and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits
of at least $150,000,000.

 

“Redemption Order”
has the meaning ascribed to such term in Section 2.6(a).

 

“Registered Owner”
means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose.

 

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“Registrar”
means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided.

 

“Reserve Account”
means the account described in Section 4.12.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Share”
means a unit of beneficial interest in the Trust created under this Agreement, having no par value and representing a fractional
undivided beneficial interest in the net assets of the Trust which undivided interest shall equal a fraction, the numerator of
which is one and the denominator of which is the total number of Shares outstanding. The initial name of the Shares shall be “GraniteShares
Gold Shares.”

 

“Sponsor”
means “GraniteShares LLC”, a Delaware limited liability company, or its successor.

 

“Sponsor’s Fee”
has the meaning ascribed to such term in Section 5.8(a).

 

“Sponsor Indemnified
Party” has the meaning ascribed to such term in Section 5.6(b).

 

“Surrender”
means a book-entry transfer of Shares to the Trustee’s account with the Depository. A “Surrendering” Authorized
Participant and “Surrendered” Shares, Baskets or Certificates mean, respectively, an Authorized Participant, Shares,
Baskets or Certificates involved in a Surrender.

 

“Trust”
means the GraniteShares Gold Trust, the trust entity created by this Agreement.

 

“Trust Allocated Account”
means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust Allocated Account Agreement,
or another account maintained for the Trust by a successor Custodian on an allocated basis, as the case may be.

 

“Trust Allocated Account
Agreement” means the Allocated Account Agreement of even date herewith between the Custodian and the Trustee, the form
of which is attached as Exhibit B.

 

“Trust Property”
means the gold that the Custodian credits to the Trust Allocated Account and the Trust Unallocated Account in accordance with the
Custody Agreements, all other property held by the Custodian for the account of the Trust and any cash or other property that is
received by the Trustee in respect thereof or that is otherwise being held by or for the Trust under this Agreement.

 

“Trust Unallocated
Account” means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust Unallocated
Account Agreement, or another account maintained for the Trust by a successor Custodian on an Unallocated Basis, as the case may
be.

 

“Trust Unallocated
Account Agreement” means the Unallocated Account Agreement of even date herewith between the Custodian and the Trustee,
the form of which is attached as Exhibit C.

 

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“Trustee”
means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor
trustee under this Agreement.

 

“Trustee Indemnified
Party” has the meaning ascribed to such term in Section 5.6(a).

 

“Unallocated Basis”
means, with respect to the holding of gold, that the holder is entitled to receive delivery of physical gold in the amount standing
to the credit of the holder’s account, but the holder has no ownership interest in any particular gold that the custodian
maintaining that account owns or holds.

 

“Unallocated Gold”
means gold held on an Unallocated Basis.

 

Section
1.2     Rules of Construction.

 

Unless the context otherwise
requires:

 

(a)       a
term has the meaning assigned to it;

 

(b)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles
consistently applied in the United States;

 

(c)       “or”
is not exclusive;

 

(d)       the
words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision thereof;

 

(e)       “including”
means including without limitation;

 

(f)       words
in the singular include the plural and words in the plural include the singular; and

 

(g)       a
term defined in any part of speech shall have the corresponding meaning when capitalized and used herein in another part of speech.

 

Article
II

CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES;

DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

 

Section
2.1        Creation and Declaration of Trust; Business of the Trust.

 

(a)       The
Trustee acknowledges that it has received confirmation from the Custodian that the Custodian has received an initial deposit of
gold from [___________], the initial purchaser of the first Basket, and has credited such deposit to the Trust Allocated Account
and Trust Unallocated Account, with the Trust Unallocated Account holding no more than 430 Ounces of Unallocated Gold. The Trustee
declares that the initial deposit and all other Trust Property shall be owned by the Trust and the Trustee as trustee thereof for
the benefit of the Beneficial Owners for the purposes of, and subject to and limited by the terms and conditions set forth in,
this Agreement. The trust created by this Agreement shall be known as the GraniteShares Gold Trust. The Trustee hereby confirms
that, in exchange for the initial deposit of gold, the Trustee has issued a global Certificate to DTC and that, upon the initial
registration statement for the sale of the Shares being declared effective, the Trustee will direct DTC to credit the initial depositor
of gold with the number of Baskets represented by such initial deposit of gold.

 

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(b)       The
Trust shall not engage in any business or activities other than those authorized by this Agreement or incidental and necessary
to carry out the duties and responsibilities set forth in this Agreement. Other than issuance of the Shares, the Trust shall not
issue or sell any certificates or other obligations or, except as provided in this Agreement, otherwise incur, assume or guarantee
any indebtedness for money borrowed.

 

Section
2.2        Form of Certificates; Book-Entry System; Transferability of Shares.

 

(a)       The
Certificates evidencing Shares shall be substantially in the form set forth in Exhibit A attached to this Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under
this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed by the
Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the
Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar.
The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered ownership
shall be recorded. Certificates evidencing Shares bearing the manual or facsimile signature of a duly authorized signatory of the
Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificates
were executed, a proper signatory of the Trustee or Registrar, if applicable, shall bind the Trustee, notwithstanding that such
signatory has ceased to hold such office prior to the delivery of such Certificates.

 

(b)       The
Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent
with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable law or regulations
thereunder or with the rules and regulations of any securities exchange, including the Exchange, on which Shares may be listed
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Shares evidenced
by a particular Certificate are subject.

 

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(c)       The
Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. The Sponsor and the
Trustee, as the case may be, shall enter into such customary agreements as may be required by DTC in connection therewith. Shares
deposited with DTC shall be evidenced by one or more global Certificates that shall be registered in the name of Cede & Co.,
as nominee for DTC, and shall bear the following legend:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED
BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

(d)       So
long as the Shares are eligible for book-entry settlement with DTC and such settlement is available, unless otherwise required
by law, notwithstanding the provisions of Sections 2.2(a) and (b), all Shares shall be evidenced by one or more global
Certificates the Registered Owner of which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to
receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares represented by a global
Certificate will be shown only on, and transfer of that interest will be effected only through, records maintained by DTC or a
DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (iii) the rights of a Beneficial
Owner with respect to Shares represented by a global Certificate will be exercised only to the extent allowed by, and in compliance
with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which
that Beneficial Owner holds an interest in Shares. So long as DTC or another authorized Depository selected by the Sponsor is the
Registered Owner, the Trustee and the Sponsor may treat DTC or such other Depository as the absolute owner of the Shares for all
purposes whatsoever, including with respect to the payment of distributions and the giving of notices of redemption, tender and
other matters with respect to the Shares.

 

(e)       If,
at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement system available for
such Shares, the Trustee shall execute and deliver separate Certificates evidencing Shares to a successor authorized Depository
identified by the Sponsor and available to act, or, if no successor Depository is identified and able to act, the Trustee shall
terminate the Trust in accordance with Section 6.2.

 

(f)       Title
to a Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied by proper instruments
of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of
New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares
as the absolute owner thereof for the purpose of determining the Person entitled to any distribution or to any notice provided
for in this Agreement and for all other purposes.

 

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Section
2.3           Deposit of Gold.

 

(a)          After
the initial deposit of gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets,
and in compliance with the provisions of this Agreement, as supplemented by the Authorized Participant Procedures (to the extent
they are not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets
must place an order therefor with the Trustee (a “Purchase Order”) no later than 3:59:59 p.m. (New York time)
on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day
on which the Benchmark Price is announced shall be that Business Day. Purchase Orders received by the Trustee on or after the Order
Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted. As consideration
for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant
maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member
custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee
on the Order Date of the corresponding Purchase Order. Gold may only be Delivered to the Custodian by credit to the Trust Unallocated
Account. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account,
and neither the Trustee nor the Trust shall have any liability for any such loss.

 

(b)          The
Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s
resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested
in the Trust. The initial Basket Gold Amount is 1,000 Ounces. After the initial deposit of gold into the Trust, the Basket Gold
Amount for each Business Day shall be an amount of gold equal to (i) the excess of (a) the total number of Ounces held in
the Trust as of the opening of business on such Business Day over (b) the number of such Ounces equal in value to the Trust’s
unpaid expense accrual as of such opening divided by (ii) the quotient of (c) the number of Shares outstanding as of such
opening divided by (d) 10,000 (or other number of Shares in a Basket for such Business Day). Fractions of an Ounce included
in the Basket Gold Amount smaller than 0.001 Ounces shall be disregarded. The Sponsor shall publish, or shall designate other Persons
to publish, for each Business Day, the Basket Gold Amount.

 

(c)          If
the Trust Property (other than the Reserve Account) includes money or any property other than gold, no deposits of gold will be
accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed.

 

(d)          All
deposited gold shall be owned by the Trust and held for the Trust by the Custodian. Cash and any assets of the Trust other than
gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

 

(e)          Pursuant
to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held
for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such
that no more than 430 Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

 

    	- 9 - 

     

    

 

Section
2.4           Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares.

 

Upon receipt by the Trustee
of a Purchase Order from an Authorized Participant and the other documents required as above specified, if any, and a confirmation
from the Custodian that the Basket Gold Amount has been Delivered to the Custodian for each Basket requested in such Purchase Order,
that the Custodian has allocated the Basket Gold Amount to the Trust Allocated Account (other than up to 430 Ounces of Unallocated
Gold pursuant to Section 2.3(e)) and that the Custodian is holding that gold for the account of the Trust, the Trustee,
subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant Procedures (to the extent
they are not inconsistent with this Agreement) and the practices of the Depository, shall Deliver to the Authorized Participant
the number of Baskets issuable in respect of such deposit as requested in the corresponding Purchase Order, but only upon payment
to the Trustee of the applicable transaction fees and expenses, including the Trustee’s fee, and payment of all taxes, governmental
charges and fees payable in connection with such deposit, the transfer of gold and the issuance and Delivery of Shares. An Authorized
Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental
charge applicable to the transfer of gold and the issuance and Delivery of Shares pursuant to its Purchase Order, regardless of
whether such tax or charge is imposed directly on the Authorized Participant; and by placing a Purchase Order an Authorized Participant
agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together
with any applicable penalties, additions to tax and interest thereon.

 

Section
2.5           Registration of Shares and Transfers Thereof; Combination and Split-up of Certificates.

 

(a)          The
Trustee shall keep or cause to be kept a register of Registered Owners of Shares and shall provide for the registration of Shares
and of transfers of Shares.

 

(b)          The
Trustee, subject to the terms and conditions of this Agreement, shall register transfers of Shares on its transfer books from time
to time on the surrender of a Certificate evidencing such Shares by the Registered Owner in person or by a duly authorized attorney,
properly endorsed or accompanied by proper instruments of transfer and duly stamped as may be required by the laws of the State
of New York and of the United States. Thereupon, the Trustee shall execute a new Certificate or Certificates evidencing such Shares
and shall deliver the same to or upon the order of the Person entitled thereto.

 

(c)          The
Trustee, subject to the terms and conditions of this Agreement, shall, upon surrender of a Certificate or Certificates evidencing
Shares for the purposes of effecting a split-up or combination of that Certificate or Certificates, execute and deliver one or
more new Certificates evidencing those Shares.

 

(d)          The
Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more
co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates
at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may require evidence
of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled to Shares and
will be entitled to protection and indemnity to the same extent as the Trustee. Likewise, such co-transfer agent will be held to
the same standards of care to which the Trustee is held under this Agreement, including the same standards of care that govern
the eligibility of the Trustee to be indemnified under this Agreement.

 

    	- 10 - 

     

    

 

(e)          The
previous paragraphs of this Section 2.5 notwithstanding, so long as the Shares are eligible for deposit with a Depository,
the sole Registered Owner shall be such Depository or its nominee and transfer of Shares shall be effected solely by the Depository
in accordance with its customary practices in effect from time to time.

 

Section
2.6           Surrender of Shares by Authorized Participants.

 

(a)          Upon
Surrender by an Authorized Participant of any integral number of Baskets for the purpose of withdrawing the amount of Trust Property
represented thereby and payment to the Trustee of the applicable transaction fees and expenses, including the Trustee’s fee,
and payment of all taxes, governmental charges and fees payable in connection with such Surrender and withdrawal of Trust Property,
and subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant Procedures (to the extent
they are not inconsistent with this Agreement) and the practices of the Depository, an Authorized Participant acting for its own
account or on authority of the Beneficial Owner of those Shares will be entitled to Delivery of the amount of Trust Property at
the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date
(determined as provided below). An Authorized Participant wishing to redeem one or more Baskets must place an order with the Trustee
(a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Redemption
Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced shall
be that Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business
Day on which the Benchmark Price is not announced, will not be accepted. Upon a Surrender of an integral number of Baskets and
satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver to or
to the order of the Surrendering Authorized Participant the amount of gold represented by the Surrendered Shares on the Order Date,
and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust
Property represented by the Surrendered Baskets. Gold will be Delivered by the Custodian only by credit to an account of the Authorized
Participant maintained on an Unallocated Basis by the Custodian or, if otherwise expressly permitted by the Authorized Participant
Procedures, another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee. The Authorized
Participant shall bear all risk of any loss from the time the gold is transferred from the Trust Unallocated Account to any such
account of the Authorized Participant, and none of the Trustee, the Sponsor or the Trust shall have any liability for any such
loss. Any Delivery of gold to an Authorized Participant other than by credit to an account of the Authorized Participant maintained
by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant.

 

    	- 11 - 

     

    

 

(b)          The
Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank
or accompanied by proper instruments of transfer in blank.

 

(c)          The
Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of
Shares for quantities of gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized
Participants.

 

Section
2.7           Limitations on Delivery, Registration of
Transfer and Surrender of Shares.

 

(a)          As
a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or
withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or
Registered Owner of a sum sufficient to reimburse it for any tax or other governmental charges and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment
of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness
of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions
of this Agreement. The applicable Authorized Participant or Registered Owner agrees to indemnify the Sponsor, the Trustee and the
Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to
tax and interest thereon.

 

(b)          The
acceptance of Purchase Orders, the Delivery of Shares against deposits of gold or the registration of transfer of Shares may,
and upon direction of the Sponsor shall, be suspended generally, or refused with respect to particular Purchase Order, Delivery
of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed, (ii) if the
Custodian has informed the Trustee and the Sponsor that it is unable to allocate gold to the Trust Allocated Account either in
connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject
all other Purchase Orders having the same Order Date) or generally, or (iii) if any such action is deemed necessary or advisable
by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order
that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal
or rejection provided for in this Section 2.7(b).

 

(c)          The
Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone
the date of Delivery of gold, generally or with respect to a particular Redemption Order (i) during any period in which regular
trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings)
or (ii) during an emergency as a result of which Delivery, disposal or evaluation of gold is not reasonably practicable (and the
Sponsor shall promptly notify the Exchange of any such emergency). The Trustee shall reject any Redemption Order the fulfillment
of which its counsel advises may be illegal under applicable laws and regulations. The Trustee shall reject any Redemption Order
that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement
or rejection provided for under this Section 2.7(c).

 

    	- 12 - 

     

    

 

Section
2.8           Lost Certificates, etc.

 

The Trustee shall execute and
deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon cancellation thereof, or
in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner of the Shares evidenced thereby
has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has notice that the Shares evidenced
by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied any other
reasonable requirements imposed by the Trustee.

 

Section
2.9           Cancellation and Destruction of Surrendered Certificates.

 

All Certificates Surrendered
to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so canceled.

 

Section
2.10         Splits and Reverse Splits of Shares.

 

(a)          If
requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by
the Trustee in accordance with procedures determined by the Trustee and the Depository.

 

(b)          If
so directed by the Sponsor, the Trustee shall not distribute any fraction of a Share in connection with a split or reverse split
of the Shares. The Trustee may sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse
split of the Shares or the amount of Trust Property that would be represented by those Shares and distribute the net proceeds of
those Shares or that Trust Property to the Registered Owners entitled to them.

 

(c)          The
amount of Trust Property represented by each Share and the Basket Gold Amount shall be adjusted as appropriate as of the open of
business on the Business Day following the record date for a split or reverse split of the Shares.

 

Article
III

CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS

 

Section
3.1           Liability of Authorized Participants for Taxes
and Other Governmental Charges.

 

An Authorized Participant is
responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge
applicable to the redemption of Shares or the transfer of Shares or gold in connection therewith, regardless of whether such tax
or charge is imposed directly on the Authorized Participant. If any such tax or other governmental charge shall become payable
by the Trustee with respect to any redemption of Shares or the transfer of Shares or gold in connection therewith, (a) such tax
or other governmental charge shall be payable by the Authorized Participant redeeming Shares to the Trustee, (b) the Trustee (i)
shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares,
as the case may be, until such payment is made, (ii) may withhold any distributions or sell for the account of such Authorized
Participant such Trust Property or Shares, and (iii) may apply such distributions or the proceeds of any such sale in payment of
such tax or other governmental charge, and (c) the Authorized Participant redeeming such Shares shall remain liable for any deficiency;
and by placing a Redemption Order or requesting a transfer of Shares, an Authorized Participant agrees to indemnify the Sponsor,
the Trustee and the Trust if any of them is required by law to pay any such tax or other governmental charge, together with any
applicable penalties, additions to tax and interest thereon. The Trustee shall distribute any net proceeds of a sale made under
the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant entitled
thereto as in the case of a distribution in cash through the procedures of the Depository.

 

    	- 13 - 

     

    

 

Section
3.2           Warranties on Deposit of Gold.

 

Every Authorized Participant
depositing gold under this Agreement shall be deemed thereby to represent and warrant that (a) the deposited gold represents the
right to receive gold that meets the London Good Delivery Standards, (b) the Authorized Participant making such deposit is duly
authorized to do so and (c) at the time of Delivery, the gold is free and clear of any lien, pledge, encumbrance, right, charge
or claim (other than the rights created by this Agreement). All representations and warranties deemed made under this Section
3.2 shall survive the deposit of gold, Delivery or Surrender of Shares and termination of this Agreement.

 

Article
IV

ADMINISTRATION OF THE TRUST

 

Section
4.1           Evaluation of Gold.

 

(a)          As
promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the gold
held or receivable by the Trust (i) on the basis of the Benchmark Price for that day or (ii) if no Benchmark Price is announced
for that day, on the basis of the most recently announced Benchmark Price prior to the evaluation time. However, if the Sponsor
determines that the Benchmark Price specified in the preceding sentence is inappropriate as a basis for evaluation, it shall identify
an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in
the evaluation beginning on the first Business Day following the Order Date therefor. Gold deliverable under a Redemption Order
shall not be included in the evaluation on and after the first Business Day following the Order Date therefor. Neither the Trustee
nor the Sponsor shall be liable to any Person for the determination that the most recently announced Benchmark Price is not appropriate
as a basis for evaluation of the gold held or receivable by the Trust or for any determination as to the alternative basis for
evaluation, provided that such determination is made in good faith.

 

(b)           If
the Sponsor determines that the Benchmark Price should have the meaning set forth in part (ii) of the definition of that term set
forth in Section 1.1, the Trustee shall give notice thereof to the Registered Owners identifying the price determined by
the Sponsor to be used for the purpose of the evaluation of gold, and the Trustee shall apply the new meaning to the evaluation
of gold beginning 60 days after the date of that notice.

 

    	- 14 - 

     

    

 

Section
4.2           Responsibility of the Trustee for Evaluations.

 

The Sponsor, Authorized Participants,
Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the Trustee, and, except
for any determination made pursuant to Section 4.1(b), the Sponsor shall have no responsibility for the accuracy thereof.
The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee shall
not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no liability to the
Sponsor, or to Authorized Participants, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that
this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of gross negligence
or bad faith in the performance of its duties.

 

Section
4.3           Trust Evaluation.

 

(a)          As
promptly as practicable after completion of the evaluation required under Section 4.1(a) on each Business Day, the Trustee
shall subtract all accrued but unpaid fees, expenses and other liabilities of the Trust (other than any liability to the extent
it is reflected in an addition to the Reserve Account) from the total value of the gold determined by the Trustee pursuant to Section
4.1(a) and all other assets of the Trust (other than any amount credited to the Reserve Account) and cash, if any; the resulting
figure is the “Net Asset Value” of the Trust. The Trustee shall also divide the Net Asset Value of the Trust
by the number of Shares outstanding as of the close of business on the date of the evaluation then being made, which figure is
the “Net Asset Value per Share.” All fees, expenses and other liabilities of the Trust that are or will be incurred
or accrued through the close of business on a Business Day shall be included in the calculations required by this Section 4.3
for that Business Day. For purposes of this Section 4.3: (i) Shares deliverable under a Purchase Order shall be considered
to be outstanding beginning on the first Business Day following the Order Date therefor; (ii) Shares deliverable under a Redemption
Order shall not be considered to be outstanding on and after the first Business Day following the Order Date therefor. Fractions
smaller than $0.01 shall be disregarded in such evaluations.

 

(b)          Net
Asset Value and Net Asset Value per Share shall be computed in accordance with generally accepted accounting principles consistently
applied in the United States. Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of
the computations required by this Section 4.3 made by the Trustee in good faith shall be conclusive upon all Persons interested
in the Trust, and no revision or correction in any computation made under this Agreement will be required by reason of any difference
in amounts estimated from those actually paid.

 

    	- 15 - 

     

    

 

Section
4.4           Cash Distributions.

 

Whenever the Trustee distributes
any cash, the Trustee shall distribute the amount available for the distribution to the Registered Owners entitled thereto, in
proportion to the number of Shares held by them respectively; provided, however, that, if the Trustee is required to withhold and
does withhold from such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly.
The Trustee shall distribute only such amount, however, as can be distributed without attributing to any Registered Owner a fraction
of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent.

 

Section
4.5           Other Distributions.

 

Whenever the Trustee receives
any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including any claim that accrues
in favor of the Trust on account of any loss of deposited gold or other Trust Property), the Trustee shall cause the securities
or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion to the number of Shares
held by them respectively, after deduction or upon payment of the expenses of the Trustee, in such manner as the Sponsor may deem
lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the opinion of the Sponsor such
distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including
any requirement that the Trustee withhold an amount on account of taxes or other governmental charges or that securities must be
registered under the Securities Act in order to be distributed to Registered Owners) the Sponsor deems such distribution not to
be lawful and feasible, the Trustee shall adopt such method as the Sponsor deems lawful, equitable and feasible for the purpose
of effecting such distribution, after deduction or upon payment of the expenses of the Trustee, including the public or private
sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed
by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in cash. The Trustee shall not
be liable for any loss or depreciation resulting from any sale or other disposition of property made by the Trustee pursuant to
the Sponsor’s instruction or otherwise made by the Trustee in good faith.

 

Section
4.6           Fixing of Record Date.

 

Whenever any distribution will
be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered Owners, or whenever
for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it
necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the
determination of the Registered Owners who shall be entitled to (i) receive such distribution, (ii) give such proxies or consents
in respect of any such solicitation, (iii) receive Shares as a result of any such split, reverse split or other change or (iv)
act in respect of any other matter for which the record date was set.

 

    	- 16 - 

     

    

 

Section
4.7           Payment of Expenses; Gold Sales.

 

(a)          The
following charges shall or may be accrued and paid by the Trust:

 

(i)           the
Sponsor’s Fee payable to the Sponsor as set forth in Section 5.8;

 

(ii)          expenses
of the Trust not assumed by the Sponsor pursuant to Section 5.3(g) and the Trustee’s expenses not reimbursed by the
Sponsor pursuant to Section 5.7(b);

 

(iii)         taxes
and other governmental charges;

 

(iv)         expenses
and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee
or the Sponsor to protect the Trust or the interests of Registered Owners or Beneficial Owners, including expenses, costs and disbursements
the Sponsor incurs pursuant to the last sentence of Section 5.6(b) and expenses, costs and disbursements the Trustee incurs
pursuant to Sections 5.7(c) and 5.12(a);

 

(v)          indemnification
of the Trustee as provided in Section 5.6(a); and

 

(vi)         indemnification
of the Sponsor as provided in Section 5.6(b).

 

(b)          The
Trustee shall, when directed by the Sponsor, and, in the absence of such direction, may, in its sole discretion, sell gold to
permit payment of expenses under this Agreement, including amounts payable by the Sponsor to the Trustee if not paid when due,
as provided in Section 5.7(a). The Trustee shall endeavor to sell gold at such times and in the smallest amounts required
to permit payment of expenses as they come due, it being the intention to avoid or minimize the Trust’s holdings of assets
other than gold. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for loss or depreciation resulting
or incurred by reason of any sale made pursuant to this Section 4.7.

 

(c)          If
at any time and from time to time, the Trustee and the Sponsor determine that the amount of cash included in the Trust Property
exceeds the anticipated expenses of the Trust for the following month, the Trustee shall distribute the excess to the Registered
Owners under Section 4.4.

 

Section
4.8           Statements and Reports; Fiscal Year.

 

(a)          After
the end of each fiscal year and within the time period required by applicable laws, rules and regulations, the Trustee shall send
to the Registered Owners, at the Sponsor’s expense, an annual report of the Trust for such fiscal year containing financial
statements prepared by the Sponsor from information furnished by the Trustee concerning the operations of the Trust and audited
by independent accountants designated by the Sponsor and such other information as may be required by such laws, rules and regulations
or otherwise, or that the Sponsor determines shall be included. The Trustee may distribute the annual report by any permitted means
to the Registered Owners.

 

    	- 17 - 

     

    

 

(b)          The
Trustee shall provide the Sponsor with such certifications, supporting documents and other evidence regarding the Internal Control
Over Financial Reporting established and maintained by the Trust, and used by the Trustee in connection with its furnishing of
information to the Sponsor for the Sponsor’s preparation of the financial statements of the Trust, as may be reasonably necessary
in order to enable the Sponsor to prepare and file or furnish to the Commission any certifications regarding such matters that
may be required to be included with the Trust’s periodic reports under the Exchange Act.

 

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

 

(d)          The
fiscal year of the Trust shall initially be the period ending December 31 of each year. The Sponsor shall have the continuing right
to select an alternate fiscal year permitted by the Code and other applicable law.

 

Section
4.9           Further Provisions for Gold Sales.

 

In addition to selling gold
in accordance with Section 4.7, the Trustee shall sell gold or other Trust Property whenever any one or more of the following
conditions exists:

 

(a)          the
Sponsor has notified the Trustee, or counsel to the Trustee has advised, that such sale is required by applicable law or regulation;
or

 

(b)          this
Agreement has been terminated and the Trust Property is to be liquidated in accordance with Section 6.2.

 

When selling gold, the Trustee
shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor or, in the absence of
such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, with dealers through which
the Trustee may reasonably expect to obtain a favorable price and good execution of orders. The Custodian may be the purchaser
of the gold to be sold, provided that, (i) if the Trustee’s instruction to sell gold is received by the Custodian by 2:00
p.m. (London, England time) on a Business Day, the purchase price for such gold shall be such Business Day’s Benchmark Price
and (ii), if the Trustee’s instruction to sell gold is received by the Custodian after 2:00 p.m. (London, England time) on
a Business Day, the purchase price for such Gold shall be the next Benchmark Price available after such Business Day. Neither the
Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss resulting or incurred by reason of any
sale made pursuant to this Section 4.9.

 

Section
4.10         Counsel.

 

The Sponsor may from time to
time employ counsel to act on behalf of the Trust and perform any legal services in connection with the gold and the Trust, including
any legal matters relating to the possible disposition or acquisition of any gold.

 

    	- 18 - 

     

    

 

Section
4.11         Grantor Trust.

 

Nothing in this Agreement,
any Custody Agreement, or otherwise shall be construed to give the Trustee the power to vary the investment of the Beneficial Owners
(within the meaning of Treasury Regulation Section 301.7701-4(c) under the Code or any similar or successor provision of the regulations
under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment of the Beneficial Owners.
Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify as a “grantor trust”
under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except
that this sentence shall not limit the Trustee’s or the Sponsor’s responsibility for the administration of the Trust
in accordance with this Agreement.

 

Section
4.12         Reserve Account.

 

The Trustee shall open and
maintain a separate non-interest bearing account with the Trustee or such other banking institution specified by the Sponsor, or
if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust, subject only to
draft or order by the Trustee acting pursuant to the terms of this Agreement, and shall hold in such account all cash that it has
credited to such account to reflect the reserves for taxes or other governmental charges and other contingent liabilities payable
out of the Trust that the Trustee has determined from time to time to be required by generally accepted accounting principles.
Such account shall be known as the “Reserve Account.” The Trustee shall not be required to distribute to the
Registered Owners any of the amounts held in such account; provided, however, that if the Trustee, in its sole discretion, determines
that such amounts are no longer necessary for payment of any applicable taxes or other governmental charges or other contingent
liabilities, then it shall promptly cause such amounts to be distributed to the Registered Owners.

 

Article
V

THE TRUSTEE AND THE SPONSOR

 

Section
5.1           Maintenance of Office and Transfer Books by the
Trustee.

 

(a)          Until
termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution and Delivery,
registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement.

 

(b)          The
Trustee shall keep a copy of this Agreement and books for the registration of Shares and transfers of Shares at its Corporate Trust
Office or such other office as it may designate by notice to the Sponsor and the Registered Owners. Such items shall be open for
inspection during normal business hours upon reasonable advance notice by any Person establishing to the Trustee’s reasonable
satisfaction that such Person is a Beneficial Owner.

 

(c)          The
Trustee may, and at the reasonable written request of the Sponsor shall, close the transfer books at any time or from time to time
if such action is deemed necessary or advisable in the reasonable judgment of the Trustee or the Sponsor.

 

    	- 19 - 

     

    

 

(d)          If
any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as Registrar or, with the written
approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a Registrar or one or more co- Registrars
for registry of such Shares in accordance with any requirements of such exchange or exchanges.

 

Section
5.2           Prevention or Delay in Performance by the Sponsor
or the Trustee.

 

Neither the Sponsor nor the
Trustee nor any of their respective directors, officers, managers, members, employees, agents or affiliates shall incur any liability
to any Registered Owner, Beneficial Owner or Authorized Participant if, by reason of any provision of any present or future law
or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by
reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or the Trustee is prevented
or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any
act or thing that by the terms of this Agreement it is provided shall be done or performed and, accordingly, the Sponsor or the
Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither the Sponsor nor the
Trustee shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant by reason of any exercise
of, or failure to exercise, any discretion provided for in this Agreement.

 

Section
5.3           Obligations of the Sponsor and the Trustee.

 

(a)          Neither
the Sponsor nor the Trustee assumes any obligation nor shall either of them be subject to any liability under this Agreement to
any Registered Owner, Beneficial Owner, Authorized Participant or other Person (including liability with respect to the worth of
the Trust Property), except that each of them agrees to perform its obligations specifically set forth in this Agreement without
gross negligence, willful misconduct or bad faith.

 

(b)          Neither
the Sponsor nor the Trustee shall be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust
Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Authorized Participant or other Person.

 

(c)          Neither
the Sponsor nor the Trustee shall be liable for any action or non-action by it in reliance upon the advice of or information from
legal counsel, accountants, any Authorized Participant, any Registered Owner, any Beneficial Owner or any other Person believed
by it in good faith to be competent to give such advice or information.

 

(d)          (i)           The
Trustee shall not be liable for any acts or omissions made by a successor Trustee whether in connection with a previous act or
omission of the Trustee or in connection with any matter arising wholly after the resignation or removal of the Trustee, provided
that, in connection with the issue out of which such potential liability arises, the Trustee performed its obligations without
gross negligence, willful misconduct or bad faith while it acted as Trustee.

 

(ii)          The
Sponsor is authorized to negotiate the terms of the Authorized Participant Agreement to be entered into with each Authorized Participant
and shall have no liability for any loss or damage incurred by the Trust resulting from any such agreement negotiated in good faith.
The Trustee shall have no liability with respect to the negotiation of the terms of any Authorized Participant Agreement or the
form of any Authorized Participant Agreement (other than the Trustee’s due execution, delivery and performance thereof).
The terms of an Authorized Participant Agreement shall not adversely affect the duties, rights and responsibilities of the Trustee
unless the Trustee expressly consents thereto, which consent shall be evidenced by the Trustee’s execution and delivery of
such Authorized Participant Agreement.

 

    	- 20 - 

     

    

 

(e)          The
Trustee and the Sponsor shall have no obligation to comply with any direction or instruction from any Registered Owner, Beneficial
Owner or Authorized Participant regarding Shares, except to the extent specifically provided for in this Agreement.

 

(f)           The
Trustee shall be a fiduciary under this Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities
of the Trustee shall be limited by, and shall be only those specifically set forth in, this Agreement. The Trustee shall not be
required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of
any of its duties under this Agreement, except as may be specifically provided for herein. Without limiting the foregoing, all
duties, rights, privileges and liabilities of the Trustee set forth in this Agreement shall be subject to the following:

 

(i)           The
Trustee shall not be under any obligation to appear in, prosecute or defend any action that in its opinion may involve it in expense
or liability, unless it shall be furnished with reasonable security and indemnity against such expense or liability. Subject to
the foregoing, the Trustee may, in its sole discretion, take such action as are provided for in Section 5.12(a).

 

(ii)          Assets
of the Trust, exclusive of gold or cash, shall be held by the Trustee either directly or through the commercial book-entry system
operated by the Federal Reserve Banks (“Book-Entry System”), DTC, or any other clearing agency or similar system
(a “Clearing Agency”), if available. The Trustee shall have no responsibility and shall not be liable for ascertaining
or acting upon any calls, conversions, exchange offers, tenders, interest rates changes, or similar matters relating to securities
held at the Depository or with any Clearing Agency unless the Trustee shall have received actual and timely written notice of the
same, nor shall the Trustee have any responsibility or liability for the actions or omissions to act of the Book-Entry System,
the Depository or any Clearing Agency. All moneys held by the Trustee hereunder shall be held by it, without interest thereon or
investment thereof, as a deposit for the account of the Trust. Such monies held hereunder shall be deemed segregated by maintaining
such monies in an account or accounts for the exclusive benefit of the Trust.

 

(iii)         If
at any time the Trustee is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or
administrative process that in any way affects the Trust or the Trust Property (including orders of attachment or garnishment or
other forms of levies or injunctions or stays relating to the transfer of any assets of the Trust), the Trustee is authorized to
comply therewith in any manner that it or legal counsel of its own choosing deems appropriate; however, the Trustee to the extent
practicable will inform the Sponsor of such order, judgment, decree, writ or other form of judicial or administrative process that
in any way affects the Trust and consult in good faith with the Sponsor as to the course of action by the Trustee. If the Trustee
complies with any such order, judgment, decree, writ or other form of judicial or administrative process, the Trustee shall not
be liable to the Sponsor or to any other Person even though such order, judgment, decree, writ or other form of judicial or administrative
process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.

 

    	- 21 - 

     

    

 

(iv)         In
no event shall the Trustee be liable (A) for acting in accordance with or conclusively relying upon any, direction, instruction,
notice, demand, certificate or document (I) from the Sponsor or a Custodian, or any entity acting on behalf of either, that the
Trustee believes is given pursuant to or is authorized by this Agreement or any Custody Agreement, respectively or (II) from or
on behalf of any Authorized Participant that the Trustee believes is given pursuant to or is authorized by an Authorized Participant
Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant Agreement);
(B) for any indirect, consequential, punitive or special damages, regardless of the form of action and whether or not any such
damages were foreseeable or contemplated; or (C) for an amount in excess of the value of the assets of the Trust. The Trustee may
consult with legal counsel of its own choosing as to any matter relating to this Agreement and shall not incur any liability in
acting in good faith in accordance with any advice from such counsel. The reasonable expense of such counsel shall be paid as provided
in Sections 5.7(b) or 5.7(c), as applicable.

 

(v)          The
Trustee shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument or other writing
delivered to it under this Agreement without being required to determine the authenticity or the correctness of any fact stated
therein or the propriety or validity or the service thereof. The Trustee may act in conclusive reliance upon any instrument or
signature believed by it to be genuine and may assume that any Person purporting to give receipt or advice or to make any statement
or execute any document in connection with the provisions of this Agreement, any Custody Agreement or any Authorized Participant
Agreement has been duly authorized to do so; provided, however, that where a list of authorized officials of a person and their
signatures are on file with the Trustee, the Trustee shall compare such manual signatures to the signature on any such documents.
Such requirement shall not apply to “personal identification numbers” or “PINS” or other forms of electronic
security devices that function as a proxy for a manual signature.

 

(vi)         The
Trustee shall not be responsible (A) for or in respect of the recitals herein, the validity or sufficiency of this Agreement, the
Custody Agreements, any Authorized Participant Agreement or any other custody or other agreement entered into by the Trustee at
the direction or with the approval of the Sponsor or otherwise in connection with the Trustee’s administration of the Trust,
or (B) for the due execution hereof by the Sponsor or of the Custody Agreements by the Initial Custodian, or for the due execution
of any other agreement entered into by the Trustee in connection with the administration of the Trust by any party thereto other
than the Trustee.

 

    	- 22 - 

     

    

 

(vii)        The
Trustee shall not be responsible in any respect for the form, execution, validity, value, collectability or genuineness of documents,
instruments or securities deposited with or delivered to or held by it under this Agreement, or for any description therein, or
for the identity, authority or rights of Persons executing or delivering or purporting to execute or deliver any such document,
instrument or security.

 

(viii)       At
any time the Trustee (A) may request an instruction in writing in English from the Sponsor, a Custodian, an Authorized Participant
or other applicable Person with respect to any action that any of them is authorized to direct the Trustee to take under this Agreement,
the Custody Agreements, any Authorized Participant Agreement or any other agreement entered into by the Trustee in connection with
the Trustee’s administration of the Trust and (B) may, at its own option, include in such request the course of action it
proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations
under any such agreement. The Trustee shall not be liable for acting in accordance with such a proposal on or after the date specified
therein, provided that the specified date shall be at least three Business Days after the Sponsor, the Custodian, the Authorized
Participant or other applicable Person receives the Trustee’s request for instructions and its proposed course of action,
and provided further that, prior to so acting, the Trustee has not received the written instructions requested.

 

(ix)         When
the Trustee acts on any information, instructions or communications (including communications with respect to the delivery of securities
or the wire transfer of funds) sent by telex, facsimile, email or other form of electronic or data transmission, the Trustee, absent
gross negligence, shall not be responsible or liable in the event such communication is not an authorized or authentic communication
of the party sending it or is not in the form the party sent or intended to send (whether due to fraud, distortion or otherwise),
provided that this paragraph shall not limit the Trustee’s obligation to obtain such confirmations as may be specified in
this Agreement or any Authorized Participant Agreement. The Trustee shall be indemnified as provided in Section 5.6 against
any loss, liability, claim or expense (including reasonable legal fees and expenses) it may incur in acting in accordance with
any such information, instruction or communication. This paragraph shall survive notwithstanding any termination of this Agreement
and the Trust or the resignation or removal of the Trustee.

 

(x)          The
Trustee may construe any provision of this Agreement that it believes to be ambiguous or inconsistent with any other provision(s)
hereof, and any reasonable construction of any such provision by the Trustee in good faith shall be binding upon the parties hereto,
each Authorized Participant, and all Registered Owners and Beneficial Owners. In the event of any ambiguity or inconsistency or
any other uncertainty in any notice, instruction or other communication received by the Trustee under this Agreement, the Trustee
shall notify the Sponsor and the giver thereof and may, in its sole discretion, refrain from taking any action other than to retain
possession of the Trust Property, unless the Trustee receives such further written instructions, from the Sponsor or otherwise,
that eliminate such ambiguity, inconsistency or uncertainty.

 

    	- 23 - 

     

    

 

(xi)         The
Trustee shall have no responsibility for the contents of any writing of the arbitrators or any third party that may be used as
a means to resolve disputes among third parties with respect to their interest in the Trust, Trust Property or Shares and may conclusively
rely without any liability upon the contents thereof.

 

(xii)        In
no event shall the Trustee be personally liable for any taxes or other governmental charges imposed upon or in respect of the gold
or its custody, moneys or other assets from time to time held hereunder, or on the income therefrom or the sale or proceeds of
sale thereof, or upon it as Trustee hereunder (except that it shall be personally liable for any income or other taxes on the amounts
it receives from the Sponsor pursuant to Section 5.7(a)) or upon or in respect of the Trust or the Shares, that it may be
required to pay under any present or future law of the United States or of any other taxing authority having jurisdiction in the
premises. For all such taxes and charges and for any expenses, including reasonable counsel’s fees, that the Trustee may
sustain or incur with respect to such taxes or charges, the Trustee shall be reimbursed and indemnified out of the assets of the
Trust as provided in Section 5.6, and the payment of such amounts shall be secured by a lien on such assets. This paragraph
shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee.

 

(xiii)       The
Trustee shall not be answerable for the default of the Initial Custodian or any Custodian employed at the direction of the Sponsor
or selected by the Trustee with reasonable care. The Trustee also may employ custodians for Trust assets other than gold, agents,
attorneys, accountants, auditors and other professionals (including any affiliate of the Trustee or of the Sponsor) and shall not
be answerable for the default or misconduct of any such custodians, agents, attorneys, accountants, auditors or other professionals
if such custodians, agents, attorneys, accountants, auditors or other professionals were selected with reasonable care. The fees
and expenses charged by such custodians, agents, attorneys, accountants, auditors or other professionals, exclusive of fees for
services to be performed by the Trustee, shall be paid as provided in Sections 5.7(b) or 5.7(c), as applicable, without
reduction of the compensation due the Trustee for its services as such hereunder. Fees paid for custody of assets other than gold
shall be an expense of the Trustee.

 

(xiv)       The
Trustee, whether for itself or in another capacity, may own or hold Shares, or be an underwriter or dealer in respect of Shares,
and may deal in any manner with the same with the same rights and powers as if it were not the trustee hereunder.

 

(g)          (i)           The
Sponsor shall be responsible for all organizational expenses of the Trust and for the marketing and the following administrative
expenses of the Trust: fees for the Trustee’s ordinary services and reimbursement of its ordinary out-of-pocket expenses
as provided in Section 5.7(a), the Custodian’s fees and expenses reimbursable to it pursuant to any Custody Agreement,
listing fees of the Exchange, registration fees charged by the Commission, printing and mailing costs, expenses for the maintenance
of any website of the Trust, audit fees and expenses and legal fees and expenses, including legal fees and expenses under Section
4.10, not in excess of $100,000 per year.

 

    	- 24 - 

     

    

 

(ii)          The
Sponsor may request the Trustee to order Custodian audits as permitted under the Custody Agreements.

 

(iii)         The
Sponsor shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument or other writing
delivered to it under this Agreement without being required to determine the authenticity or the correctness of any fact stated
therein or the propriety or validity or the service thereof. The Sponsor may act in conclusive reliance upon any instrument or
signature believed by it to be genuine and may assume that any Person purporting to give receipt or advice or to make any statement
or execute any document in connection with the provisions of this Agreement, any Custody Agreement or any Authorized Participant
Agreement has been duly authorized to do so.

 

(iv)         When
the Sponsor acts on any information, instructions or communications (including communications with respect to the conversion of
gold, the Delivery of Shares or the payment of fees) sent by telex, facsimile, email or other form of electronic or data transmission,
the Sponsor, absent gross negligence, shall not be responsible or liable in the event such communication is not an authorized or
authentic communication of the party sending it or is not in the form the party sent or intended to send (whether due to fraud,
distortion or otherwise), provided that this paragraph shall not limit the Sponsor’s obligation to obtain such confirmations
as may be specified in this Agreement. The Sponsor shall be indemnified as provided in Section 5.6 against any loss, liability,
claim or expense (including reasonable legal fees and expenses) it may incur in acting in accordance with any such information,
instruction or communication. This paragraph shall survive notwithstanding the termination of this Agreement and the Trust or the
resignation of the Sponsor.

 

(v)          In
no event shall the Sponsor be personally liable for any taxes or other governmental charges imposed upon or in respect of the gold,
or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Sponsor hereunder (except that it shall be personally
liable for any income or other taxes on the amounts it receives from the Trust pursuant to Section 5.8(a)) or upon or in
respect of the Trust or the Shares, that it may be required to pay under any present or future law of the United States or of any
other taxing authority having jurisdiction in the premises. For all such taxes and charges and for any expenses, including reasonable
counsel’s fees, that the Sponsor may sustain or incur with respect to such taxes or charges, the Sponsor shall be reimbursed
and indemnified out of the assets of the Trust as provided in Section 5.6. This paragraph shall survive notwithstanding
any termination of this Agreement and the Trust or the resignation of the Sponsor.

 

Section
5.4           Resignation or Removal of the Trustee; Appointment
of Successor Trustee.

 

(a)          The
Trustee may at any time resign as trustee hereunder by notice of its election so to do delivered to the Sponsor, and, subject to
Section 6.2, such resignation shall take effect upon the appointment of a successor trustee and its acceptance of such appointment
as hereinafter provided.

 

    	- 25 - 

     

    

 

(b)          The
Sponsor may, in its sole discretion, remove the Trustee as trustee hereunder by notice given to the Trustee in the manner provided
in Section 7.5 no more than 120 and at least 90 days prior to the fifth anniversary of the date of this Agreement or, thereafter,
by notice delivered to the Trustee no more than 120 and at least 90 days prior to the last day of any subsequent three-year period.
Subject to Section 6.2, such removal shall take effect upon the appointment of a successor trustee and its acceptance of
such appointment as hereinafter provided.

 

(c)          If
at any time the Trustee

 

(i)           ceases
to be a Qualified Bank,

 

(ii)          is
in material breach of its obligations under this Agreement and fails to cure such breach within 30 days after receipt of notice
from the Sponsor or Registered Owners acting on behalf of at least 25% of the outstanding Shares specifying such breach in reasonable
detail and requiring the Trustee to cure such breach, or

 

(iii)         fails
to consent to the implementation of an amendment to the Trust’s initial Internal Control Over Financial Reporting reasonably
deemed necessary by the Sponsor and, after consultations with the Sponsor, the Sponsor and the Trustee fail to resolve their differences
regarding such proposed amendment,

 

then the Sponsor, acting on behalf of the Registered Owners, may remove
the Trustee as trustee hereunder by notice given to the Trustee in the manner provided in Section 7.5. Such removal shall
take effect upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided.

 

(d)          If
the Trustee acting hereunder resigns or is removed, the Sponsor, acting on behalf of the Registered Owners, shall use its reasonable
efforts to appoint a successor trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to
its predecessor and to the Sponsor, acting on behalf of the Registered Owners, an instrument in writing accepting its appointment
hereunder, and thereupon such successor Trustee, without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on
the written request of the Sponsor, acting on behalf of the Registered Owners, shall execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title
and interest in the Trust Property to such successor, and shall deliver to such successor a list of the Registered Owners of all
outstanding Shares. Upon effective resignation or removal hereunder, the resigning or removed Trustee shall be discharged from
all duties and responsibilities under this Agreement and shall no longer be liable in any manner hereunder except as to acts or
omissions occurring prior to such resignation or removal, and the successor Trustee shall thereupon undertake and perform all
duties and responsibilities and be entitled to all rights and compensation as Trustee under this Agreement. The successor Trustee
shall not be under any liability hereunder for acts or omissions occurring prior to execution of an instrument accepting its appointment
as Trustee. The Sponsor or any such successor Trustee shall promptly give notice of the appointment of such successor Trustee
to the Registered Owners.

 

    	- 26 - 

     

    

 

(e)          Any
corporation or other entity into which the Trustee may be merged, consolidated or converted in a transaction in which the Trustee
is not the surviving corporation or any corporation or other entity otherwise succeeding to substantially all of the business of
the Trustee shall be the successor Trustee without the execution or filing of any document or any further act. During the 90-day
period following the effectiveness of a merger, consolidation or conversion or other transaction described in the preceding sentence,
the Sponsor may, by notice to the corporation or other entity described in that sentence (i.e., the successor Trustee),
remove the latter as trustee hereunder and designate a successor Trustee in compliance with the provisions of subsection (d) above.

 

Section
5.5           The Custodian.

 

(a)          The
parties acknowledge that the Initial Custodian was selected solely by the Sponsor. The Trustee is hereby directed to enter into
the Trust Allocated Account Agreement and the Trust Unallocated Account Agreement with the Initial Custodian, and the Trustee shall
have no liability for the terms thereof. The Initial Custodian will be subject to the directions of the Trustee as provided in
such Custody Agreements and will be responsible solely to the Trustee, the Beneficial Owners and, as applicable, the Sponsor to
the extent English law requires (provided, however, that any discretionary action to be taken, or decision to be made, by the Trustee
pursuant to any Custody Agreement shall only be taken or made if and as directed by the Sponsor and the directed action or decision
does not, in the Trustee’s reasonable discretion, adversely affect the Trustee’s rights and obligations thereunder).
The Custodian may at any time resign as custodian to the extent permitted by, and in the manner provided by, the Custody Agreements.
If upon the resignation of any Custodian there would be no Custodian acting hereunder, the Trustee shall, promptly after receiving
such notice of such resignation, appoint a substitute custodian or custodians selected by the Sponsor, each of which shall thereafter
be a Custodian hereunder. When directed by the Sponsor, and to the extent permitted by, and in the manner provided by, the relevant
Custody Agreements, the Trustee shall remove the Custodian and appoint a substitute custodian or appoint an additional custodian
or custodians selected by the Sponsor, each of which shall thereafter be a Custodian hereunder. Each such substitute or additional
custodian shall, forthwith upon its appointment, enter into one or more Custody Agreements in form and substance approved by the
Sponsor (provided, however, that the rights and duties of the Trustee hereunder and under the then-existing Custody Agreements
shall not be materially altered by such new Custody Agreements without its consent). After the date of this Agreement, the Trustee
shall not enter into or amend any Custody Agreement with a Custodian without the written approval of the Sponsor (which approval
shall not be unreasonably withheld or delayed). When instructed by the Sponsor, the Trustee shall demand that a Custodian deliver
such of the gold held by it as is requested of it to any other Custodian or such substitute or additional Custodian or Custodians
directed by the Sponsor. In connection with such delivery the Trustee will, solely if and in the manner directed by the Sponsor,
cause the physical gold to be weighed or assayed and any such weighing and assay shall be an expense of the Trust pursuant to Section
4.7(a)(ii). The Trustee shall have no liability for any delivery of gold or weighing or assaying of delivered physical gold
directed by the Sponsor pursuant to the preceding provisions of this paragraph, and in the absence of such direction shall have
no obligation to effect such a delivery or to cause the delivered physical gold to be weighed, assayed or otherwise validated.

 

    	- 27 - 

     

    

 

(b)          The
Trustee shall have no obligation to monitor the activities of any Custodian other than to receive and review such reports of the
gold held for the Trust by such Custodian and of transactions in gold held for the account of the Trust made by such Custodian
pursuant to the Custody Agreements. The accounts and operations of each Custodian shall be audited or examined by accountants,
auditors or other inspectors selected by the Sponsor at such times as directed by the Sponsor as permitted by the Custody Agreements.
In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions of, or the insolvency
of, any Custodian or loss or damage to the gold while in the possession of, or in transit to or from, any Custodian, (ii) the
amount, validity or adequacy of insurance maintained by any Custodian, (iii) any defect in gold held by a Custodian, (iv) any
failure of the gold to conform to the requirements of the London Good Delivery Standards or (v) any failure of the gold to conform
to a description thereof provided by the Custodian to the Trustee.

 

(c)          Upon
the appointment of any successor Trustee hereunder, each Custodian then acting under the Custody Agreements with the predecessor
of such Trustee shall forthwith become, without any further act or writing, the agent hereunder of such successor Trustee, and
the appointment of such successor Trustee shall in no way impair the authority of each such Custodian; but the successor Trustee
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor Trustee.

 

Section
5.6           Indemnification.

 

(a)          The
Trustee and its directors, officers, employees, shareholders, agents and affiliates (as such term is defined under the Securities
Act) (each, a “Trustee Indemnified Party”) shall be indemnified from the Trust and held harmless against any
loss, liability or expense (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance
of its obligations under this Agreement and under each other agreement entered into by the Trustee in furtherance of the administration
of the Trust (including the Custody Agreements and any Authorized Participant Agreement, including the Trustee’s indemnification
obligations thereunder) or otherwise by reason of the Trustee’s acceptance or administration of the Trust, to the extent
such loss, liability or expense was incurred without (i) gross negligence, bad faith, willful misconduct or willful malfeasance
on the part of such Trustee Indemnified Party in connection with the performance of its obligations under this Agreement or any
such other agreement or any actions taken in accordance with the provisions of this Agreement or any such other agreement or (ii)
reckless disregard on the part of such Trustee Indemnified Party of its obligations and duties under this Agreement or any such
other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by such
Trustee Indemnified Party in investigating or defending itself against any such loss, liability or expense or any claim therefor.
Any amounts payable to a Trustee Indemnified Party under this Section 5.6(a) may be payable in advance or shall be secured
by a lien on the Trust’s assets.

 

    	- 28 - 

     

    

 

(b)          The
Sponsor and its members, managers, directors, officers, employees, agents and affiliates (as such term is defined under the Securities
Act) (each, a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any
loss, liability or expense (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance
of its obligations under this Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration
of the Trust (including Authorized Participant Agreements to which the Sponsor is a party, including the Sponsor’s indemnification
obligations thereunder) or any actions taken in accordance with the provisions of this Agreement to the extent such loss, liability
or expense was incurred without (i) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such
Sponsor Indemnified Party in connection with the performance of its obligations under this Agreement or any such other agreement
or any actions taken in accordance with the provisions of this Agreement or any such other agreement or (ii) reckless disregard
on the part of such Sponsor Indemnified Party of its obligations and duties under this Agreement or any such other agreement.
Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by such Sponsor Indemnified
Party in investigating or defending itself against any such loss, liability or expense or any claim therefor. Any amounts payable
to a Sponsor Indemnified Party under this Section 5.6(b) may be payable in advance or shall be secured by a lien on the
Trust’s assets. The Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in
respect of this Agreement and the rights and duties of the parties hereto and the interests of the Beneficial Owners; and, in
such event, the reasonable legal expenses and costs and other disbursements of any such actions shall be expenses and costs of
the Trust, and the Sponsor shall be entitled to be reimbursed therefor by the Trust as provided in Section 5.8(b).

 

(c)          The
indemnities provided by, and the lien rights securing payments under, this Section 5.6 shall survive notwithstanding any
termination of this Agreement and the Trust or the resignation or removal of the Trustee or the Sponsor, respectively.

 

Section
5.7           Fees, Charges and Expenses of the Trustee.

 

(a)          The
Trustee is entitled to receive from the Sponsor fees for its ordinary services and reimbursement for its out-of-pocket expenses
(but, for the avoidance of doubt, excluding amounts payable by the Trust under Sections 4.7(a)(iv), 5.7(c) and 5.12(a)),
in accordance with a written agreement between the Sponsor and the Trustee. Should the Sponsor fail to pay the same, the Trustee
shall be authorized to charge the same to the Trust, in an amount not exceeding the amount that could be charged to the Trust under
Section 5.8(a) in respect of the Sponsor’s Fee (and the Trustee may charge the same to the Trust to such extent without
regard to whether, because of the Sponsor’s default, fee waiver or other reason, the Sponsor may not then be entitled to
such fee), and any subsequent amount paid to the Sponsor pursuant to Sections 4.7(a)(i) and 5.8(a) shall be net of
amounts so withheld. The Trustee’s right of reimbursement shall be secured by a lien on amounts chargeable to the Trust under
Section 5.8(a), without giving effect to any fee waiver then in effect, prior to the interest of the Sponsor, the Registered
Owners, the Beneficial Owners and any other Person.

 

(b)          The
Trustee is entitled to charge, and to be reimbursed by, the Trust for all expenses and disbursements incurred by it in the performance
of its duties hereunder, including the reasonable fees and disbursements of its legal counsel and expenses identified in any Custody
Agreement as payable by the Trustee, other than (i) amounts specified in Section 5.7(a), (ii) expenses and disbursements
incurred by it prior to the commencement of trading of Shares on the Exchange and (iii) fees of agents for performing services
the Trustee is required to perform under this Agreement. The Trustee’s right of reimbursement for expenses and disbursements
under this paragraph shall constitute a lien on, and the amount thereof shall be deductible against, the assets of the Trust.

 

    	- 29 - 

     

    

 

(c)          Any
pecuniary cost, expense or disbursement of the Trustee resulting from actions taken to protect the Trust or the rights and interests
of the Registered Owners or Beneficial Owners pursuant to the terms of this Agreement, including the Trustee’s appearance
in, prosecution of or defense of any action that it considers necessary or desirable to protect the Trust or the interests of the
Registered Owners or Beneficial Owners, shall be expenses of the Trust and shall be deductible from, and constitute a lien on,
the assets of the Trust.

 

(d)          Each
Authorized Participant depositing gold, and each Person surrendering Shares for the purpose of withdrawing Trust Property, shall
pay to the Trustee a fee of $500 per transaction for the Delivery of Shares pursuant to Section 2.4 and the Surrender of
Baskets pursuant to Section 2.6 or 6.2(b) (or such other fee as the Trustee, with the prior written consent of the
Sponsor, may from time to time announce).

 

Section
5.8           Charges of the Sponsor.

 

(a)          The
Sponsor shall be entitled to receive from the Trust, chargeable as an expense of the Trust, a fee for services (the “Sponsor’s
Fee”) at an annualized rate of [ ● ]% of the Trust’s Net Asset Value, accrued on a daily basis computed
on the prior Business Day’s Net Asset Value and paid monthly in arrears in U.S. dollars. The Sponsor may, at its sole discretion
and from time to time, waive all or a portion of the Sponsor’s Fee for such period(s) of time it specifies in a notice of
such fee waiver to the Trustee. The Sponsor is under no obligation to waive any portion of its fees hereunder or reimbursements
pursuant to Section 5.8(b), and any such waiver shall create no obligation to waive any such fees or reimbursements during
any period not covered by the waiver. Any fee or reimbursement waiver by the Sponsor shall not operate to reduce the Sponsor’s
obligations hereunder, including its obligations under Section 5.3(g).

 

(b)          The
Sponsor shall be entitled to receive reimbursement from the Trust for all expenses, costs and other disbursements incurred by it
under the last sentence of Section 5.6(b) or that are of the type described in Sections 4.7(a)(ii), (iii),
(iv), and (vi), except that the Sponsor shall not be entitled to charge the Trust for (i) expenses and disbursements
incurred by it prior to the commencement of trading of Shares on the Exchange or (ii) fees of agents for performing services the
Sponsor is required to perform under this Agreement.

 

Section
5.9           Retention of Trust Documents.

 

The Trustee shall retain documents,
records, bills and other data compiled during the term of this Agreement for the respective periods required by the laws or regulations
governing the Trustee and any other applicable laws (including the federal securities laws and the Code), and is authorized to
destroy any of such data at the times permitted by such laws or regulations, unless the Sponsor reasonably requests the Trustee
in writing to retain any such item(s) for a longer period.

 

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Section
5.10         Federal Securities Law Filings.

 

(a)          The
Sponsor shall (i) prepare and file a registration statement, including a prospectus, with the Commission (“registration
statement” and “prospectus,” respectively) and take such action as is necessary from time to time
to qualify the Shares for offering and sale under the federal securities laws, including the preparation and filing of amendments
and supplements to the registration statement, (ii) promptly notify the Trustee of any amendment or supplement to the registration
statement or prospectus, of any order preventing or suspending the use of the prospectus, of any request for amending or supplementing
the registration statement or prospectus or if any event or circumstance occurs that is known to the Sponsor as a result of which
the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, (iii) provide the Trustee from time to time with copies, including copies in electronic form, of the
prospectus, as amended and supplemented if such be the case, in such quantities as the Trustee may reasonably request and (iv)
prepare and file any periodic reports or updates that may be required under the Exchange Act. The Trustee shall furnish to the
Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare
any filing or submission that the Sponsor or the Trust is required to make under the federal securities laws, and the Sponsor is
entitled to rely on such information so furnished by the Trustee.

 

(b)          The
Sponsor shall have all necessary and exclusive power and authority to (i) from time to time adopt, implement or amend such disclosure
controls and procedures as are necessary or desirable, in the Sponsor’s reasonable judgment, to ensure compliance with the
disclosure and ongoing reporting obligations under any applicable securities laws, (ii) appoint and remove the auditors of the
Trust and (iii) seek from the relevant securities or other regulatory authorities such relief, clarification or other action as
the Sponsor shall deem necessary or desirable regarding the disclosure or financial reporting obligations of the Trust.

 

(c)          The
policies and procedures comprising the Trust’s initial Internal Control Over Financial Reporting have been adopted as of
the date of this Agreement, and copies thereof have been delivered to the appropriate officers of the Sponsor and the Trustee.
Amendments to such initial Internal Control Over Financial Reporting may be proposed from time to time by the Sponsor, but such
amendments may not be adopted in connection with the Trustee’s furnishing of information to the Sponsor for the Sponsor’s
preparation of the Trust’s financial statements without the Trustee’s consent (which consent will not be unreasonably
withheld or delayed).

 

Section
5.11         Prospectus Delivery.

 

The Trustee shall, if required
by the federal securities laws, in any manner permitted by such laws, deliver at the time of issuance of Shares an electronic or
other copy of the prospectus, as most recently furnished to the Trustee by the Sponsor, to each Authorized Participant.

 

    	- 31 - 

     

    

 

Section
5.12         Discretionary Actions by the Trustee; Consultation.

 

(a)          Subject
to Section 5.3(f)(i), the Trustee may, in its sole discretion, undertake any action at any and all times that it considers
necessary or desirable to protect the Trust or the rights and interests of the Registered Owners or the Beneficial Owners pursuant
to the terms of this Agreement. Pursuant to Section 5.7(c), the expenses, costs and disbursements incurred by the Trustee
in connection with taking any action under the preceding sentence (including the reasonable fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Trustee shall be entitled to be reimbursed for those expenses by the Trust.

 

(b)          The
Trustee shall notify and consult with the Sponsor before undertaking any action under subsection (a) above or if the Trustee becomes
aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this
Agreement.

 

(c)          The
Sponsor shall notify and consult with the Trustee before undertaking any action under the last sentence of Section 5.6(b)
or if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated
or provided for in this Agreement.

 

Section
5.13         Dissolution of the Sponsor Not to Terminate Trust.

 

The dissolution of the Sponsor,
or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate this Agreement insofar as the
duties and obligations of the Trustee are concerned unless the Trust is terminated pursuant to Section 6.2.

 

Article
VI

AMENDMENT AND TERMINATION

 

Section
6.1           Amendment.

 

Subject to Section 4.11,
the Trustee and the Sponsor may amend this Agreement or any provision of this Agreement without the consent of any Person, including
any Registered Owner or Beneficial Owner. Any amendment that imposes or increases any fees or charges (other than taxes and other
governmental charges, registration fees or other such expenses), or that otherwise prejudices any substantial existing right of
the Registered Owners or the Beneficial Owners, will not become effective as to outstanding Shares until 30 days after notice of
such amendment is given to the Registered Owners. Amendments pursuant to Section 2.6(c) shall not require notice pursuant
to the preceding sentence. Every Registered Owner and Beneficial Owner, at the time any amendment so becomes effective, shall be
deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this
Agreement as amended thereby. Notwithstanding the foregoing, in no event shall any amendment impair the right of the Authorized
Participants to Surrender Baskets and receive therefor the amount of Trust Property represented thereby pursuant to Section
2.6(a), except in order to comply with mandatory provisions of applicable law.

 

    	- 32 - 

     

    

 

Section
6.2           Termination.

 

(a)          The
Trustee shall set a date on which this Agreement and the Trust will terminate and mail notice of that termination to the Registered
Owners at least 30 days prior to the date set for termination if any of the following occurs:

 

(i)           The
Trustee is notified that the Shares are delisted from a national securities exchange and are not approved for listing on another
national securities exchange within five Business Days of their delisting;

 

(ii)          Registered
Owners acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;

 

(iii)         60
days have elapsed since the Trustee notified the Sponsor of the Trustee’s election to resign or since the Sponsor removed
the Trustee, and a successor trustee has not been appointed and accepted its appointment as provided in Section 5.4;

 

(iv)        any
sole Custodian then acting resigns or is removed and no successor custodian has been employed pursuant to Section 5.5 within
60 days of such resignation or removal;

 

(v)          the
Commission determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee
has actual knowledge of such Commission determination;

 

(vi)         the
CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, as amended; and/or the Shares constitute
“commodity interests” as defined by the CFTC in CFTC Regulation 1.3(yy), and in either case the Trustee has actual
knowledge of that determination;

 

(vii)        the
aggregate market capitalization of the Trust, based on the closing price for the Shares, is less than $50 million (as adjusted
for inflation by reference to the Consumer Price Index as published by the Bureau of Labor Statistics) at any time more than 18
months after the Trust’s formation and the Trustee receives, within six months after the last trading date on which such
capitalization (as so computed) was less than $50 million, notice from the Sponsor of its decision to terminate the Trust;

 

(viii)       the
Trust fails to qualify for treatment, or ceases to be treated, as a “grantor trust” under the Code or any comparable
provision of the laws of any State or other jurisdiction where that treatment is sought, and the Trustee receives notice from the
Sponsor that the Sponsor has determined that, because of that tax treatment or change in tax treatment, termination of the Trust
is advisable;

 

(ix)         60
days have elapsed since DTC or another Depository has ceased to act as depository with respect to the Shares and the Sponsor has
not identified another Depository that is willing to act in such capacity;

 

    	- 33 - 

     

    

 

(x)          if
the law governing the Trust limits the maximum period during which the Trust may continue, upon the expiration of 21 years after
the death of the last survivor of all of the descendants of Elizabeth II, Queen of England, living on the date of this Agreement;
or

 

(xi)         as
provided in Section 6.2(c).

 

(b)          On
and after the date of termination of this Agreement, the Trustee shall not accept any deposits of gold, shall discontinue the
registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further notices
or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions pertaining to
Trust Property and hold the same uninvested and without liability for interest, shall pay the Trust’s expenses and sell
gold as necessary to meet those expenses and shall continue to deliver Trust Property, together with any distributions received
with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares Surrendered to the Trustee
by Authorized Participants in accordance with Section 2.6(a) (after deducting or upon payment of, in each case, the applicable
transaction fees payable to the Trustee for the Surrender of Shares and any expenses for the account of the Registered Owner of
such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental charges).
At any time after the expiration of 60 days following the date of termination of this Agreement, the Trustee shall sell the Trust
Property then held under this Agreement pursuant to the Sponsor’s direction, or, if the Sponsor fails to provide direction,
as the Trustee determines, and may thereafter hold the net proceeds of any such sale, together with any other cash then held by
it under this Agreement, uninvested and without liability for interest, for the pro rata benefit of the Registered Owners
of Shares that had not theretofore been Surrendered. The Trustee shall have no liability for loss or depreciation resulting from
any such sale made pursuant to the Sponsor’s direction or otherwise made by the Trustee in good faith. After making such
sale, the Trustee shall be discharged from all obligations under this Agreement, except to deliver to such Registered Owners against
Surrender of Shares (and, if DTC is the Registered Owner, in accordance with its rules and procedures for such Surrender and delivery)
their pro rata portion of the net proceeds and other cash (after deducting, in each case, any accrued fees and expenses,
and any taxes, other governmental charges or liabilities payable by the Trust, and any expenses for the account of the Registered
Owner of such Shares in accordance with the terms and conditions of this Agreement). Upon the termination of this Agreement, the
Sponsor shall be discharged from all obligations under this Agreement except that its obligations to the Trustee under Section
5.7 shall survive termination of this Agreement.

 

(c)          If
the Sponsor fails to undertake or perform, or becomes incapable of undertaking or performing, any of the duties that by the terms
of this Agreement are required to be undertaken or performed by it, and such failure or incapacity is not cured within 30 days
following receipt of notice from the Trustee of such failure or incapacity, or if the Sponsor is adjudged bankrupt or insolvent,
or a receiver of the Sponsor or of its property is appointed, or a trustee or liquidator or any public officer takes charge or
control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then in any
such case the Sponsor shall be deemed conclusively to have resigned effective immediately upon the occurrence of any of the specified
events, or if the Sponsor has been dissolved or has ceased to exist as a legal entity for any reason or if the Sponsor resigns
by sending notice of resignation to the Trustee without the appointment by the resigning Sponsor of a succeeding Sponsor (which
appointment is subject to the prior written consent of the Trustee, which shall not be unreasonably withheld), the Trustee may
do any one or more of the following: (i) appoint a successor Sponsor to assume, with such compensation from the Trust as the Trustee
may deem reasonable under the circumstances, the duties and obligations of the Sponsor hereunder by an instrument of appointment
and assumption executed by the Trustee and the successor Sponsor; (ii) agree to act as Sponsor hereunder without appointing a successor
Sponsor and without terminating this Agreement; or (iii) terminate and liquidate the Trust and distribute its remaining assets
pursuant to this Section 6.2. The Trustee shall have no obligation to appoint a successor Sponsor or to assume the duties
of the Sponsor and shall have no liability to any Person because the Trust is or is not terminated pursuant to this paragraph (c).

 

    	- 34 - 

     

    

 

Article
VII

MISCELLANEOUS

 

Section
7.1           Counterparts.

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and
the same instrument.

 

Section
7.2           Third-Party Beneficiaries.

 

This Agreement is for the exclusive
benefit of the parties hereto, any Sponsor Indemnified Party, any Trustee Indemnified Party, the Registered Owners and the Beneficial
Owners and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other Person.

 

Section
7.3           Severability.

 

In case any one or more of
the provisions contained in this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed thereby.

 

Section
7.4           Certain Matters Relating to Beneficial Owners.

 

(a)          By
the purchase and acceptance or other lawful delivery and acceptance of Shares, each Beneficial Owner thereof shall be deemed to
be a beneficiary of the Trust created by this Agreement and vested with beneficial undivided interest in the Trust to the extent
of the Shares owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Agreement. Upon issuance
as provided herein, Shares shall be fully paid and non-assessable.

 

(b)          Subject
to and in accordance with Section 2.6, Shares may at any time prior to the date specified by the Trustee in connection
with the termination of the Trust be tendered to the Trustee for redemption.

 

    	- 35 - 

     

    

 

(c)          The
death or incapacity of any Beneficial Owner shall not operate to terminate this Agreement or the Trust, nor entitle such Beneficial
Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition
or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.
Each Beneficial Owner expressly waives any right such Beneficial Owner may have under any rule of law, or the provisions of any
statute, or otherwise, to require the Trustee at any time to account, in any manner other than as expressly provided in the Agreement,
in respect of the Trust Property from time to time received, held and applied by the Trustee hereunder.

 

(d)          Except
in connection with Sections 5.4(c)(ii) or 6.2(a)(ii), no Beneficial Owner shall have any right to vote or in any
manner otherwise to control the operation or management of the Trust or the obligations of the parties hereto. Nothing set forth
in this Agreement shall be construed so as to constitute the Beneficial Owners from time to time as partners or members of an association;
nor shall any Beneficial Owner ever be liable to any third Person by reason of any action taken by the parties to this Agreement
or for any other cause whatsoever.

 

(e)          The
rights of Beneficial Owners must be exercised by DTC Participants or participants of any successor Depository acting on their
behalf in accordance with its rules and procedures.

 

Section
7.5           Notices.

 

(a)          All
notices given under this Agreement must be in writing.

 

(b)          Any
notice to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually delivered by
a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage paid, or
(iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the
original transmission, in each case to or at the address set forth below:

 

To the Trustee:

 

THE BANK OF NEW YORK MELLON

2 Hanson Place

9th Floor

Brooklyn, New York 11217

Attention: ETF Services, Brooklyn

Telephone: (718) 315-5013

Facsimile: (718) 315-4850

 

or to any other place to which
the Trustee may have transferred its Corporate Trust Office with notice to the Sponsor.

 

    	- 36 - 

     

    

 

To the Sponsor:

 

GRANITESHARES LLC

30 Vesey Street, 9th Floor

New York, New York 10007

Attention: President

Telephone: (917) 338-0565 

Facsimile: _____________

 

With copy to:

 

REED SMITH LLP

1301 K Street, N.W.

Suite 1000, East Tower

Washington, DC 20005 

Attention: W. Thomas Conner, Esq. 

Telephone: (202) 414-9208 

Facsimile: (202) 414-9299

 

or to any other place to which
the Sponsor may have transferred its principal office with notice to the Trustee.

 

(c)          Any
and all notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger
or a recognized courier service, (ii) when mailed, postage prepaid, or (iii) when sent by facsimile transmission confirmed by
letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if
such Registered Owner shall have filed with the Trustee a written request that any notice or communication intended for such Registered
Owner be delivered to some other address, at the address designated in such request, provided that, if the Registered Owner is
DTC, notices may be given to the Registered Owner in any manner consistent with the rules of DTC as they may exist from time to
time. Notices to Beneficial Owners shall be delivered to Authorized Participants and DTC Participants designated by DTC or any
successor Depository.

 

    	- 37 - 

     

    

 

Section
7.6           Submission to Jurisdiction; Agent for Service.

 

Each party hereto, each Authorized
Participant by its delivery of an Authorized Participant Agreement and each Registered Owner and Beneficial Owner by the acceptance
of a Share irrevocably consents to the jurisdiction of the courts of the State of New York, and of any federal court located in
the Borough of Manhattan in the City of New York in such State, in connection with any action, suit or other proceeding arising
out of or relating to the Shares, the Trust Property or this Agreement or any action taken or omitted under this Agreement and
waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service
of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed
to such Person at such Person’s address last specified for purposes of notices hereunder. Additionally, the Sponsor hereby
(i) irrevocably designates and appoints Reed Smith LLP, located at 1301 K Street, N.W., Suite 1000, East Tower, Washington, DC
20005, as the Sponsor’s authorized agent upon which process may be served in any such suit or other proceeding and (ii) agrees
that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Sponsor
in any such action, suit or other proceeding. The Sponsor shall deliver to the Trustee, upon the execution and delivery of this
Agreement, a written acceptance by such agent of its appointment as such agent. The Sponsor further shall take any and all action,
including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment
in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force.

 

Section
7.7           Governing Law.

 

This Agreement shall be interpreted
under, and all rights and duties under this Agreement shall be governed by, the internal substantive laws (but not the choice of
law rules) of the State of New York.

 

[Signature Page Follows]

 

    	- 38 - 

     

    

 

IN WITNESS WHEREOF, GRANITESHARES
LLC and THE BANK OF NEW YORK MELLON have duly executed this Depositary Trust Agreement as of the day and year first set forth
above. 

	 	 	 	 	 
	 	GRANITESHARES LLC, as Sponsor
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 

 

[Signature
Page to Depositary Trust Agreement] 

  

    	 

     

    

 

[Depositary Trust Agreement acknowledgment, Trustee]

 

	STATE OF_____________	 
	 	 
	 	:SS.:
	 	 
	COUNTY OF____________	 

  

On this ____ day of _______________,
2017 before me, the undersigned, personally appeared __________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that
he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

(Notarial Seal)

 

    	 

     

    

 

[Depositary Trust Agreement acknowledgment, Sponsor]

 

	STATE OF_____________	 
	 	 
	 	:SS.:
	 	 
	COUNTY OF____________	 

 

On this ___ day of _______________,
2017 before me, the undersigned, personally appeared __________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that
he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

(Notarial Seal)

 

    	 

     

    

 

EXHIBIT A

 

FORM OF CERTIFICATE

 

THE SHARES EVIDENCED HEREBY REPRESENT
RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE
TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY, THE SPONSOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY
BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED
BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	A-1 

     

    

 

GRANITESHARES GOLD SHARES

ISSUED BY

GRANITESHARES GOLD TRUST

REPRESENTING

FRACTIONAL INTERESTS IN DEPOSITED GOLD 

AND ANY OTHER TRUST PROPERTY

 

THE BANK OF NEW YORK MELLON, as Trustee

	 	 
	No. ____________	* Shares

 

CUSIP: ____________

 

THE BANK OF NEW YORK MELLON,
as Trustee (hereinafter called the “Trustee”), hereby certifies that CEDE & CO., as nominee of The Depository
Trust Company, or registered assigns, is the owner of * Shares issued by GraniteShares Gold Trust (the “Trust”),
each representing a fractional undivided interest in the net assets of the Trust, as provided in the Agreement referred to below.
At the time of delivery of the Agreement, each 10,000 Shares represented an interest in 1,000 Ounces of gold that are deposited
under the Agreement and held by the Custodian referred to in the Agreement. The amount of gold in which each 10,000 Shares represents
an interest will decline over time as provided in the Agreement. The Trustee’s Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is located at 2 Hanson Place, Brooklyn, New York 11217,
and its principal executive office is located at 225 Liberty Street, New York, New York 10281.

 

This Certificate is issued
upon the terms and conditions set forth in the Depositary Trust Agreement dated as of ____________, 2017 (the “Agreement”)
between GraniteShares LLC (herein called the “Sponsor”), and the Trustee. By becoming a Registered Owner or
Beneficial Owner, or by depositing gold, a Person is bound by all the terms and conditions of the Agreement. The Agreement sets
forth the rights of Authorized Participants and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies
of the Agreement are on file at the Trustee’s Corporate Trust Office in New York City.

 

 

 

* That number of Shares held at The Depository Trust Company at any
given point in time.

 

The Agreement is hereby incorporated
by this reference into and made a part of this Certificate as if set forth in full in this place. Capitalized terms not defined
herein and the term “gold” shall have the meanings set forth in the Agreement.

 

This Certificate shall not
be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed by the Trustee
by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee)
for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar.

 

    	A-2 

     

    

 

Dated: ____________

 

THE BANK OF NEW YORK MELLON,

as Trustee 

	 	 	 
	By:	  	 

   

THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS
IS 

2 HANSON PLACE, 9TH FLOOR, BROOKLYN, NEW YORK 11217

 

    	A-3 

     

    

  

EXHIBIT B

FORM OF TRUST ALLOCATED ACCOUNT AGREEMENT

 

    	B-1 

     

    

  

Dated: [●]

 

ICBC STANDARD BANK PLC

 

and

 

THE BANK OF
NEW YORK MELLON

solely in its
capacity as trustee of the GraniteShares Gold Trust 

and not individually

 

 

ALLOCATED GOLD ACCOUNT AGREEMENT

 

 

 

    1 

     

    

 

This ALLOCATED GOLD ACCOUNT AGREEMENT
(this “Agreement”) is made as of the date set out on the cover page of this Agreement

 

BETWEEN

 

		(1)	ICBC Standard Bank Plc, a public limited company incorporated under the laws of England
and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom (the “Custodian”);
and

 

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

 

INTRODUCTION

 

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

 

		(2)	Shares may be issued by the Trust against delivery of Gold made by way of payment for the issue
of such Shares. The Trustee has agreed that Gold delivered in connection with a subscription for Shares will be paid into the Metal
Accounts.

 

		(3)	The Custodian has agreed to open and maintain for the Trustee the Trust Allocated Account and to
provide other services in connection with the Trust Allocated Account.

 

		(4)	The Custodian has agreed to transfer Gold deposited into the Trust Unallocated Account to the Trust
Allocated Account in connection with a subscription for Shares and to transfer Gold from the Trust Allocated Account to the Trust
Unallocated Account in connection with redemption of Shares.

 

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

 

IT IS AGREED AS FOLLOWS

 

		1.	INTERPRETATION

 

		1.1	Definitions: In this Agreement, unless there is anything
in the subject or context inconsistent therewith, the following expressions shall have the following meanings.

 

“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with the Custodian.

 

    2 

     

    

 

“AURUM” means
the electronic matching and settlement system operated by LPMCL.

 

“Authorized Participant”
shall have the meaning assigned to such term in the Unallocated Gold Account Agreement.

 

“Dispute” means
for the purpose of clause 16 any disagreement between the Trustee and the Custodian which has not been resolved amicably
within a period of fourteen London Business Days after the Custodian has received from the Trustee, or the Trustee has received
from the Custodian, written notification of the disagreement.

 

“Gold”
means (i) Physical Gold held by the Custodian or any Sub-Custodian under this Agreement and/or (ii) any credit to an account,
including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.

 

“LBMA” means
The London Bullion Market Association or its successors.

 

“Loco London”
means with respect to an account holding Gold, the custody, trading or clearing of such Gold in London, United Kingdom.

 

“London Business Day”
means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are open for business in London
and on which the London gold bullion market is open for business.

 

“LBMA Gold Price PM”
means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London
gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England
time.

 

“London Good Delivery
Standards” means the specifications for “good delivery” gold bars, including, without limitation, the specifications
for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The Good Delivery
Rules for Gold and Silver Bars” published by the LBMA.

 

“LPMCL” means
London Precious Metals Clearing Limited or its successors.

 

“Metal Accounts”
means the Trust Allocated Account and the Trust Unallocated Account.

 

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

 

“Physical
Gold” means gold bullion that meets the London Good Delivery Standards.

 

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

 

    3 

     

    

 

“Rules” means
the rules, regulations, practices, procedures and customs of the LBMA, including the London Good Delivery Standards, the LPMCL,
the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority or
other body, applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian.

 

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

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named “GraniteShares
Gold Shares” created pursuant to and constituted by the Trust Agreement.

 

“Sponsor” means
GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Sub-Custodian”
means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by the Custodian pursuant
to clause 8.

 

“Trust”
means the GraniteShares Gold Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Gold Trust dated on or about [●], as
amended from time to time, between the GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust Allocated Account”
means the loco London Gold account, number [●], established in the name of the Trustee and maintained for the benefit of
the Trust by the Custodian on an allocated basis pursuant to this Agreement.

 

“Trust Unallocated Account”
means the loco London Gold account, number [●], established in the name of the Trustee and maintained for the benefit of
the Trust by the Custodian on an Unallocated Basis pursuant to the Unallocated Gold Account Agreement.

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of Physical Gold in
the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular gold
that the custodian maintaining that account owns or holds.

 

“Unallocated
Gold Account Agreement” means the Unallocated Account Agreement dated [●] between the Trustee and the
Custodian pursuant to which the Trust Unallocated Account is established and operated.

 

    4 

     

    

 

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

 

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

 

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

 

		1.4	Construction. The word “including” means “including without limitation”.
The word “or” is not exclusive.

 

		2.	TRUST
                                         ALLOCATED ACCOUNT

 

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

 

		2.2	Deposits and Withdrawals: The Trust Allocated Account shall evidence and record deposits
and withdrawals of Physical Gold made pursuant to the terms of this Agreement.

 

		2.3	Denomination of Allocated Accounts: The Trust Allocated Account will hold deposits of Physical
Gold and will be denominated in fine troy ounces (to three decimal places).

 

		2.4	Trust Allocated Account Reports: At the end of each London Business Day, the Custodian will
provide the Trustee with access to information (i) showing the increases and decreases to the Physical Gold standing to the Trustee’s
credit in the Trust Allocated Account and identifying separately each transaction and the New York or London Business Day on which
it occurred and (ii) identifying each individual bar of Physical Gold held in the Trust Allocated Account. On each London Business
Day, the Custodian will send the Trustee a notification of (i) each separate transaction, if any, transferring Gold to the Trust
Allocated Account from the Trust Unallocated Account, (ii) the amount of Gold, if any, transferred from the Trust Allocated Account
to the Trust Allocated Account and (iii) the closing balance of Physical Gold held in the Trust Allocated Account for such London
Business Day, and the Custodian will use commercially reasonable efforts to send the notification by 12:00 noon (New York time).
In addition, the Custodian will provide the Trustee with such information about the increases and decreases to the Gold standing
to the Trustee’s credit in the Trust Unallocated Account on a same-day basis at such other times and in such other form as
the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide the Trustee within a reasonable
time after the end of the month a statement of account for the Trust Allocated Account which shall include the opening and closing
monthly balance and all transfers to and from the Trust Allocated Account, accompanied
by one or more weight lists containing information sufficient to identify each bar of Physical Gold held in the Trust Allocated
Account as of the last London Business Day of the calendar month and the party having physical possession thereof, including any
Sub-Custodian or any sub-custodian of a Sub-Custodian. The Custodian also will provide the Trustee with additional weight lists
in respect of the Physical Gold held in the Trust Allocated Account from time to time upon the Trustee’s reasonable request.
All such reports will be made available to the Trustee by means of authenticated SWIFT message, provided that, if the SWIFT
messaging system is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for
making such reports available to the Trustee. Additionally, if agreed to by the Trustee and the Custodian, such reports will be
made available to the Trustee by means of the Custodian’s proprietary electronic system.

 

    5 

     

    

 

		2.5	Reversal of Entries: The Custodian shall reverse any provisional or erroneous entries to
the Trust Allocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the final
or correct entry (or no entry) should have been made.

 

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

 

		2.7	Access: The Custodian will allow, and will procure that any Sub-Custodian that
the Custodian appoints allows, the Sponsor and the Trustee and their identified representatives, independent public accountants
and bullion auditors (currently Inspectorate International Ltd.) access to its premises, upon reasonable notice during normal business
hours, to examine the Physical Gold held in the Trust Allocated Account and such records as they may reasonably require to perform
their respective duties with regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution
of a confidentiality agreement and agreement to the Custodian’s security procedures, and any such audit shall be at the Trust’s
expense.

 

		2.8	Regulatory Reporting: To the extent that the Custodian’s activities under this Agreement
are relevant to the preparation of the filings required of the Trust under the securities laws of the United States or any other
jurisdiction, the Custodian will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate
with the Trustee and the Sponsor and the Trustee’s and the Sponsor’s representatives to provide such information concerning
the Custodian’s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian’s
activities or controls in its capacity as custodian of the Trust’s assets are relevant to the information presented in the
financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing
the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements,
including by providing the Sponsor’s and the Trust’s external auditors with any necessary information and reports regarding
the Custodian’s internal controls over financial reporting as far as such reporting relates to the scope of the Custodian’s
duties.

 

    6 

     

    

 

		3.	DEPOSITS

 

		3.1	Procedure: The Custodian shall receive deposits of Physical Gold into the Trust Allocated
Account relating to the same kind of Physical Gold and having the same denomination as that to which the Trust Allocated Account
relates only pursuant to transfers from the Trust Unallocated Account as provided in clause 4.1(b) of the Unallocated Gold
Account Agreement or as otherwise agreed upon between Custodian and the Trustee. The notice for any deposit of Gold to be made
into the Trust Allocated Account in connection with clause 4.1(b) of the Unallocated Gold Account Agreement shall be made
in accordance with clause 4.2(b) of the Unallocated Gold Account Agreement.

 

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

 

		3.3	Allocation: The Trustee acknowledges that the
process of allocation of Physical Gold to the Trust Allocated Account from the Trust Unallocated Account may involve minimal adjustments
to the weights of Physical Gold to be allocated to adjust such weight to the number of whole bars available.

 

		4.	WITHDRAWALS

 

		4.1	Procedure: The Trustee may at any time give instructions to the Custodian for the withdrawal
of Physical Gold from the Trust Allocated Account as provided for in this Agreement, provided that a withdrawal may
be made only by:

 

		(a)	transfer to the Trust Unallocated Account or another account maintained on an Unallocated Basis
or as otherwise permitted in connection with the transfers described in clauses 4.1(a) and (e) of the Unallocated
Gold Account Agreement; or

 

		(b)	transfer in the manner described in clauses 4.1(c) and (d) of the Unallocated Gold
Account Agreement.

 

The Trustee
anticipates exercising its rights under clauses 4.1(c) and (d) of the Unallocated Gold Account Agreement on an exceptional
basis only. Any Gold made available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(c) and
(d) of the Unallocated Gold Account Agreement will be in a form which complies with the Rules or in such other form as may
be agreed between the Trustee and the Custodian the combined fine weight of which will not exceed the number of fine ounces of
Gold the Trustee has instructed the Custodian to debit.

 

    7 

     

    

 

		4.2	Notice Requirements: The notice for any withdrawal of Gold to be made from the Trust Allocated
Account (i) in connection with clauses 4.1(a) or (e) (with respect to sales of Gold only) of the Unallocated Gold
Account Agreement shall be made in accordance with clause 4.2(a) of the Unallocated Gold Account Agreement and (ii) in connection
with clauses 4.1(c), (d) or (e) (with respect to transfers (other than for the sale of Gold) permitted under the
Trust Agreement) of the Unallocated Gold Account Agreement shall be made in accordance with clause 4.2(c) of the Unallocated
Gold Account Agreement.

 

		4.3	Right to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Gold
from the Trust Unallocated Account only where such amendment is caused by a change in the Rules. Any such amendment will be subject
to the notification conditions of clause 3.2.

 

		4.4	Specification of Physical Gold: The Custodian may specify the serial numbers of the bars
to be withdrawn once it receives instructions from the Trustee to effect a withdrawal of Physical Gold pursuant to clause
4.1. The Custodian is entitled to select the Physical Gold to be made available for any such withdrawal, provided, however,
that to the extent the Trustee provides specific serial numbers of bars to be so selected, the Custodian will take reasonable efforts
to select such Physical Gold as specified by the Trustee. The Custodian may require more than two London Business Days prior notice
in the event that the Trustee does specify the serial numbers of bars to be withdrawn.

 

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

 

		4.6	De-allocation: Following receipt by the Custodian
of notice for the withdrawal of Physical Gold from the Trust Allocated Account pursuant to clause 4.1, the Custodian shall
de-allocate sufficient Physical Gold from the Trust Allocated Account to credit the Trust Unallocated Account in the amount required,
provided that, in the case of a transfer made in connection with clause 4.1(a) of the Unallocated Gold Account Agreement,
the Custodian will use its commercially reasonable endeavors to complete the de-allocation of Physical Gold from the Trust Allocated
Account to the Trust Unallocated Account by no later than 5:00 p.m. (London Time) on the London Business Day on which notice is
given in the form prescribed in clause 4.2(a) for a withdrawal under clause 4.1(a) of the Unallocated Gold Account
Agreement. The Trustee acknowledges that the process of de-allocation of Physical Gold for withdrawal and/or credit to the Trust
Unallocated Account may involve minimal adjustments to the weight of Physical Gold to be withdrawn to adjust such weight to the
whole bars available.

 

    8 

     

    

 

		4.7	Risk: Where there is a shipment from the Custodian of Physical Gold, all right, title and
risk in and to such Physical Gold shall pass at the Point of Delivery to the relevant person for whose account the Physical Gold
is being delivered.

 

		5.	INSTRUCTIONS

 

		5.1	Giving of Instructions: Only the Trustee shall have the right to give instructions
in respect of the Trust Allocated Account. The Trustee shall notify the Custodian in writing of the names of the people who are
authorised to give instructions on the Trustee’s behalf. Until the Custodian receives written notice to the contrary, the
Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trustee’s
behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person
who appears to have such authority. The Custodian reserves the right to obtain further validation of any instructions.

 

		5.2	Transfer Instructions: All transfers into and out of the Trust Allocated Account shall be
made upon receipt of, and in accordance with, instructions given by the Trustee to the Custodian. Such instructions shall be given
by authenticated SWIFT message or, if for any reason the SWIFT messaging system is not operational, by such other temporary means
as the Trustee and the Custodian may agree from time to time. Other information (which shall not constitute an instruction) related
to transfers into and out of the Trust Unallocated Account may be sent between the Trustee and the Custodian by email or by such
other means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have been given,
made or served upon actual receipt by the recipient.

 

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

 

		5.4	Amendments: Once given, instructions continue in full force and effect until they are cancelled,
amended or suspended. Any communication that cancels, amends or suspends as instruction shall be valid only after actual receipt
by the Custodian in accordance with clause 5.2.

 

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

 

    9 

     

    

 

		5.6	Refusal to Execute: The Custodian may refuse to execute instructions if in its reasonable
opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.

 

		6.	CONFIDENTIALITY

 

		6.1	Disclosure to Others: Subject to clause 6.2, each party shall respect the confidentiality
of information acquired under this Agreement and neither will, without the consent of the other party, disclose to any other person
any transaction or other information acquired about the other party, its business or the Trust under this Agreement, provided that
such other party has made clear, at or before the time such information is provided, that such information is being provided on
a confidential basis. Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement
may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the
public offering of Shares by the Trust.

 

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

 

		7.	CUSTODY
                                         SERVICES

 

		7.1	Appointment: The Trustee hereby appoints the Custodian
to act as custodian of the Physical Gold held in the Trust Allocated Account in accordance with this Agreement and any Rules
which apply to the Custodian, and the Custodian hereby accepts such appointment.

 

		7.2	Segregation of Physical Gold: The Custodian will be responsible for the safekeeping of the
Physical Gold on the terms and conditions of this Agreement. The Custodian will segregate the Physical Gold from any Physical
Gold which the Custodian owns or holds for others by making appropriate entries in its books
and records and will require Sub-Custodian to segregate the Physical Gold from any
Physical Gold which they own or hold for others by making appropriate entries in their
books and records. Entries on the Custodian’s books and records to identify Physical Gold will refer to each bar of
Physical Gold by refiner, assay, serial number and gross and fine weight. Additionally, the Custodian will require each Sub-Custodian
to identify on its books and records each bar of Physical Gold held by them by refiner, assay, serial number and gross and fine
weight and to provide such information to the Trustee upon request.

 

    10 

     

    

 

		7.3	Ownership of Physical Gold: The Custodian will identify in its books and records that the
Physical Gold is being held for the Trustee (on trust for the Shareholders), and will require each Sub-Custodian to identify on
its book and records that the Physical Gold is being held for the Custodian for the benefit of the Trust. The Custodian shall ensure
that the Physical Gold belonging to the Trustee (on trust for the Shareholders) shall at all times be free and clear of all liens
and encumbrances and shall not be subject to any right, charge, security interest, lien or claim of any kind, whether arising by
operation of law or otherwise, in favor of the Custodian, any Sub-Custodian or any creditor of any of them or any other person.
The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Physical Gold held in Trust Allocated Account absent
the Trustee’s written instructions to the contrary.

 

		7.4	Location of Physical Gold: Unless otherwise agreed between the parties, Physical Gold must
be held by the Custodian at its London vault premises or, when Physical Gold has been allocated on a temporary basis in a vault
other than the Custodian’s London vault by any Sub-Custodian employed by the Custodian pursuant to clause 8.1. The
Custodian agrees that it shall use, or where applicable procure any Sub-Custodian to use, commercially reasonable efforts promptly
to transport any Physical Gold held for the Trustee to its London vault premises at the Custodian’s cost and risk. The Custodian
agrees that all delivery and packing shall be in accordance with the Rules and LBMA good market practices.

 

		7.5	Replacement of Gold: Upon a determination
by the Custodian that any Physical Gold credited to the Trust Allocated Account does not comply with the Rules, the Custodian shall
as soon as practical replace such Physical Gold with Physical Gold which complies with the Rules by (i) debiting the Trust Allocated
Account and crediting the Trust Unallocated Account with the requisite amount of Physical Gold to be replaced, (ii) providing replacement
Physical Gold which complies with the Rules and which is of an amount that as closely as practical approximates (without exceeding)
the amount of Physical Gold to be replaced and (iii) debiting the Trust Unallocated Account and crediting the Trust Allocated Account
with the requisite amount of replacement Physical Gold. The Custodian shall not start the foregoing replacement process on a particular
London Business Day unless it is reasonably sure that such replacement process can be started and completed in the same London
Business Day. The Custodian shall notify the Trustee as soon as practicable on the London Business Day (but no later than the end
of business on such London Business Day) when (i) the Custodian has determined that Physical Gold credited to the Trust Allocated
Account does not comply with the Rules and will be replaced and (ii) when replacement Physical Gold has been credited to the Trust
Allocated Account in accordance with the above instructions. The cost of any such replacement shall be borne by the Custodian.

 

    11 

     

    

 

		8.	SUB-CUSTODIANS

 

		8.1	Sub-Custodians: The Custodian may employ Sub-Custodians solely for the temporary custody
and safekeeping of Physical Gold until transported to the Custodian’s London vault premises as provided in clause 7.4.
The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping
of Physical Gold, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian
as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. In
selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodian can reasonably be expected
to operate in a reasonable and prudent manner and in compliance with the Rules and all other relevant laws, rules and regulations
applicable to its services as a sub-custodian of Gold. The Custodian will notify each of the Trustee and the Sponsor if
it selects any Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and
the Sponsor that the Custodian has selected a Sub-Custodian shall not be deemed to limit the Custodian’s responsibility in
selecting such Sub-Custodian. Any Sub-Custodian shall be a LBMA member.

 

		8.2	Liability: Except for the Custodian’s obligations under clauses 2.7, 7.2, 7.3
and 7.4, the Custodian shall not be liable in contract, tort or otherwise for any loss, damage or expense arising directly
or indirectly from an act or omission, or insolvency, of any Sub-Custodian or any further delegate of such Sub-Custodian unless
the appointment of that Sub-Custodian was made by the Custodian fraudulently, negligently or in bad faith.

 

		8.3	Notice: The Custodian will provide the Trustee upon request with the name and address of
any Sub-Custodian the Custodian selects and any direct or indirect sub-custodian
selected or used by such Sub-Custodian, along with any other information which the Trustee may reasonably request concerning
the appointment of such Sub-Custodian or such direct or indirect sub-custodian.

 

		9.	REPRESENTATIONS

 

		9.1	Each party represents and warrants to the other party, on the basis that each of its following
representations and warranties is deemed repeated each time that a notice is given for the deposit or withdrawal of Physical Gold
under this Agreement, that:

 

		(a)	it is duly constituted and validly existing under the laws of its jurisdiction of constitution;

 

		(b)	it has all necessary authority, powers, consents, licences and authorizations and has taken all
necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;

 

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

 

    12 

     

    

 

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

 

		10.	FEES
                                         AND EXPENSES

 

		10.1	Fees:  For the Custodian’s services under this Agreement, the Custodian and the
Sponsor have entered into a separate agreement, to which the Custodian has agreed, under which the Sponsor shall to pay the Custodian’s
fee for services under this Agreement.

 

		10.2	Expenses: Pursuant to a separate written agreement between the Sponsor and the Custodian,
to which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs, charges and expenses (excluding
(i) any relevant taxes and VAT (if chargeable), duties and other governmental charges, (ii) fees for storage and insurance of the
Physical Gold and any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1, and (iii) indemnification
obligations of the Trustee under clause 11.5, which will be paid pursuant to the following sentence) incurred by the Custodian
in connection with the performance of its duties and obligations under this Agreement or otherwise in connection with the Physical
Gold. The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs,
charges and expenses not assumed by the Sponsor under its agreement with the Custodian referenced in this clause 10.2 (including
any relevant taxes (other than VAT, which is addressed in clause 13.1), duties, other governmental charges and indemnification
claims of the Custodian payable by the Trustee pursuant to clause 11.5, but excluding fees for storage and insurance of
the Physical Gold and any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1) incurred by the
Custodian in connection with the Physical Gold.

 

		10.3	Credit Balances: No interest or other amount will be paid by the Custodian on any credit
balance on the Trust Allocated Account unless otherwise agreed by the Custodian and the Trustee.

 

		10.4	No Recovery from Trust: Amounts payable pursuant to this clause 10 (including
clause 10.5) shall not be debited from the Trust Allocated Account, but shall be payable, as applicable, by the Sponsor
or by the Trustee on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against Physical
Gold standing to the credit of the Trust Allocated Account or to the Trustee individually in respect of any such amounts.

 

		10.5	Default Interest: If the Trustee or the Sponsor, as
applicable, fails to procure payment to the Custodian of any amount when it is due, the Custodian reserves the right to
charge interest (both before and after any judgment) on any such unpaid amount calculated
at a rate equal to 2% above the overnight London Interbank Offered Rate (LIBOR) for
the currency in which the amount is due. Interest will accrue on a daily basis and
will be due and payable as a separate debt.

 

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		11.	SCOPE
                                         OF RESPONSIBILITY

 

		11.1	Exclusion of Liability: The Custodian will use reasonable care in the performance of its
duties under this Agreement and will only be responsible for any loss or damage suffered by the Trustee or the Trust as a direct
result of any negligence, fraud or willful default on its part in the performance of its duties, and in which case its liability
will not exceed the market value of the Gold credited to the Trust Unallocated Account and the Trust Allocated Account at the time
such negligence, fraud or willful default is either discovered by or notified to the Custodian (such market value calculated using
the nearest available LBMA Gold Price PM following the occurrence of such negligence, fraud or willful default), provided that,
in the case of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trustee promptly
after any discovery of such negligence, fraud or willful default. If the Custodian delivers from the Trust Allocated Account Gold
that is not of the fine weight the Custodian has represented to the Trustee or that is not in accordance with the Rules, recovery
by the Trustee, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a claim because
of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could or should have been
discovered.

 

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

 

		11.3	Insurance: The Custodian (or
one of its Affiliates) shall make such insurance arrangements from time to time in connection with the Custodian’s custodial
obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses
(including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable prior written notice, in connection
with the preparation of the initial registration statement under the United States Securities Act of 1933, as amended, covering
any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by the Sponsor. The Custodian also will allow
from time to time the Trustee and the Sponsor to review such insurance in connection with any amendment to that initial registration
statement or any future registration statement that covers the Shares and any amendment thereto in each case upon reasonable prior
written notice from the Trustee. Any permission to review the Custodian’s insurance is limited to the term of this Agreement
and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality
agreement is already in force, acknowledging that the review is subject thereto. In the event that the Custodian (or one
of its Affiliates) elects to reduce, cancel or not to renew the Custodian’s insurance, the Custodian will give the Trustee
and the Sponsor written notice of any such election within no more than 15 days after the date of any such election.

 

    14 

     

    

 

		11.4	Force Majeure: The Custodian shall not be liable for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond the Custodian’s reasonable
control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
computer, transmission, clearing or settlement facilities, industrial action, or acts, rules and regulations of any governmental
or supra national bodies or authorities or any relevant regulatory or self-regulatory organization.

 

		11.5	Indemnity: The Trustee, solely from and to the extent of the assets of the Trust, 
shall indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities
and losses (other than VAT, which is addressed in clause 13.1) and the expenses assumed by the Sponsor under its agreement
with the Custodian referenced in clause 10.2) which the Custodian may suffer or incur, directly or indirectly in connection
with this Agreement, except to the extent that such sums are due directly to the Custodian’s negligence, willful default
or fraud of the Custodian. The foregoing indemnity shall also not apply to the Custodians’ fees that are paid by the Sponsor
pursuant to clause 10.1.

 

		11.6	Custodian’s Interests and Affiliates’ Interests: The Custodian has the right,
without notifying the Trustee, to act upon the Trustee’s instructions or to take any other action permitted by the terms
of this Agreement where:

 

		(a)	the Custodian, directly or indirectly, has an interest in the consequences of such instruction
or action;

 

		(b)	except as otherwise provided in this Agreement, the Custodian processes the Trustee’s instructions
on an aggregated basis together with similar instructions from other clients; or

 

		(c)	the Custodian, except as otherwise provided in this Agreement, has a relationship with another
party which does or may create a conflict with its duty to the Trustee or the Trust including (without prejudice) circumstances
where the Custodian or any of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract
counterparty of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than one client; or (iii) earn profits
from any of the activities listed herein.

 

The Custodian or any of its divisions,
branches or Affiliates may be in possession of information tending to show that the action required by the Trustee’s instructions
may not be in the Trust’s best interests, but shall not have any duty to disclose any such information.

 

		12.	TERMINATION

 

		12.1	Notice: Any termination notice given by the Trustee under clause 12.2 must specify:

 

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

 

    15 

     

    

 

		(b)	the person to whom the Physical Gold is to be transferred; and

 

		(c)	all other necessary arrangements for the transfer of Physical Gold to the order of the Trustee.

 

		12.2	Term: This Agreement shall have a fixed term up to and including [●] years and
will automatically renew for a further term of [●] years thereafter unless terminated by the parties in accordance with this
clause 12; provided that during such periods (i) either the Trustee or the Custodian
may terminate this Agreement for any reason or for no reason by giving not less than 90 days’ written notice to the
other party and (ii) this Agreement may be terminated immediately upon written notice as follows:

 

		(a)	by the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to
its clients or proposes to withdraw from the gold bullion business;

 

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

 

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

 

		(d)	by the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates
the Custodian’s or the Sponsor’s insolvency or impending insolvency;

 

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

 

		(f)	by the Trustee or by the Custodian, if the Unallocated Gold Account Agreement ceases to be in full
force and effect at any time.

 

		12.3	Change in Trustee or the Sponsor: If there is any change in the identity of the Trustee
or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject
to the last sentence of this clause 12.3, execute such documents and shall take such actions as the new Trustee or Sponsor
and the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in the new Trustee or Sponsor the rights
and obligations of the outgoing Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under
this Agreement. The Custodian’s obligations under this clause 12.3 shall be conditioned on the Custodian having conducted
prompt, reasonable and proportionate due diligence to the Custodian’s reasonable satisfaction on any such new Trustee or
Sponsor

 

    16 

     

    

 

		12.4	Redelivery Arrangements: If the Trustee does not make arrangements acceptable to the Custodian
for the delivery of the Physical Gold, the Custodian may continue to maintain the Trust Allocated Account, in which case the Custodian
will continue to charge the fees and expenses payable under clause 10. If the Trustee has not made arrangements acceptable
to the Custodian for the transfer of Physical Gold from the Trust Allocated Account within 6 months of the date specified in the
termination notice as the date on which the termination will take effect, the Custodian will be entitled to close the Trust Allocated
Account and sell the Physical Gold (at such time and on such markets as the Custodian considers appropriate) and account to the
Trustee for the proceeds.

 

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

 

		13.	VALUE
                                         ADDED TAX

 

		13.1	VAT Inclusive: All sums payable or other consideration provided to the Custodian by the
Trustee or the Sponsor in connection with this Agreement and the Unallocated Gold Account Agreement (including pursuant to the
separate agreement referred to in clause 10.1 of this Agreement) are inclusive of any VAT which is or becomes chargeable
on any supplies made by the Custodian pursuant to this Agreement and the Unallocated Gold Account Agreement.

 

		14.	NOTICES

 

		14.1	Notices: Except as provided in clauses 2.4, 5.2 and 16.5, any notice
or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas),
authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the parties may from
time to time agree, to the party due to receive the notice or communication, at its address, number or destination set out in clause
14.3 or another address, number or destination specified by that party by written notice to the other.

 

		14.2	Deemed Receipt of Notice: A notice or other communication under or in connection with clause
14.1 will be deemed received only if actually received or delivered.

 

		14.3	Contact Information: The addresses and numbers of the parties for the purposes of clauses
5.2 and 14.1 are:

 

The Custodian:

 

ICBC Standard Bank Plc

20 Gresham Street 

London

EC2V 7JE 

Attention: Precious Metals Operations

 

    17 

     

    

 

E-mail: London.PreciousMetalsOperations@icbcstandard.com
and Bullion.Physical@icbcstandard.com

 

The Trustee: 

 

The Bank of New York Mellon 

2 Hanson Place

Brooklyn, New York 11217 

Attention: Chris Yedreyeski

Facsimile: 718-315-4927 

E-Mail: etfservicescom@bnymellon.com

 

The address and numbers of the
Sponsor for purposes of receiving notices under this Agreement are:

 

The Sponsor: 

 

GraniteShares LLC

30 Vesey Street –
9th Floor 

New York NY 10007

Attention: [●] 

Facsimile [●]

Telephone: +1 917
338 0565 

E-Mail: [●]

 

		14.4	Recording of Calls: The Custodian and the Trustee may each record telephone conversations
without use of a warning tone. Such recordings will be the recording party’s sole property and accepted by the other party
hereto as evidence of the orders or instructions given, provided that (i) in case of any dispute or disagreement regarding any
conversation so recorded the recording party will promptly share the recordings with the other party and its representatives and
(ii) the recording party will have no obligation to retain any such recordings prior to becoming aware of any such dispute or disagreement.

 

		15.	GENERAL

 

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

 

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

 

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

 

		15.4	Business Day: If an obligation of a party would otherwise be due to be performed on a day
which is not a New York Business Day or a London Business Day, as the case may be, in respect of the Trust Allocated Account, such
obligation shall be due to be performed on the next succeeding New York Business Day or London Business Day, as the case may be,
in respect of the Trust Allocated Account.

 

		15.5	Assignment: This Agreement is for the benefit of and binding upon both the Custodian and
the Trustee and their respective successors and assigns. Save as expressly provided in clause 12.3 and this clause 15.5,
no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement
unless the other party otherwise consents in writing, except that consent is not required where the Custodian assigns, transfers
or encumbers any right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian’s
power to merge or consolidate with any party, or to dispose of all or part of its custody business, and further provided that this
clause shall not restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trust
to fulfill its obligations under the Trust Agreement.

 

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

 

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

 

    19 

     

    

 

		15.8	Liability: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
be excluded or limited (e.g. liability for personal injury or death caused by negligence).

 

		15.9	Entire Agreement: This agreement and the Unallocated
Gold Account Agreement represent the entire agreement between the parties in respect of their subject matter. This
Agreement and the Unallocated Gold Account
Agreement supersede and replace any prior existing agreement between the parties hereto
relating to the same subject matter.

 

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

 

		16.	GOVERNING
                                         LAW AND JURISDICTION

 

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

 

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

 

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

 

		16.4	Third Party Rights: Except with respect to the Trust, which shall be considered a beneficiary
of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as applicable) of clauses 2.7, 2.8, 3.2,
4.3, 6.2, 8.1, 11.1, 11.3, 12.3, 14.3, and 16.4, the Custodian does not owe any duty or obligation or have any liability
towards any person who is not a party to this Agreement. Except as set forth in this clause 16.4, this Agreement does not
confer a benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement
shall be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act
shall not apply to this Agreement, provided that the Sponsor may enforce its rights under 2.7, 2.8, 3.2, 4.3, 6.2, 8.1, 11.1,
11.3, 12.3, 14.3 and 16.4. Nothing in this paragraph is intended to limit the obligations hereunder of any successor
Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian’s obligations hereunder.

 

    20 

     

    

 

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

 

Custodian’s Address
for service of process:

 

ICBC Standard Bank Plc

20 Gresham Street 

London

EC2V 7JE 

Attention: The Head of Legal

 

Trustee’s Address for
service of process:

 

The Bank of New York Mellon

225 Liberty Street 

New York, New York 10286

Attention: Legal Department –
Asset Servicing

 

[Signature Page Follows]

 

    21 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date set out on the cover page of this Agreement.

 

Signed on behalf of

ICBC STANDARD BANK PLC

 

By its authorized signatories

	 	 	 	 	 
	Signature	 	 	Signature	 
	Name	 	 	Name	 
	Title	 	 	Title	 
	Date	 	 	Date	 

 

Signed on behalf of

THE BANK OF NEW YORK MELLON,

solely in its capacity as trustee of the
GraniteShares Gold Trust 

and not individually

 

By its authorized signatory

	 	 
	Signature	 
	Name	 
	Title	 
	Date	 

 

[Signature Page to Allocated Gold Account
Agreement]

 

    22 

     

    

 

EXHIBIT C

FORM OF TRUST UNALLOCATED ACCOUNT AGREEMENT

 

    C-1

     

    

  

Dated:
[●]

 

ICBC
STANDARD BANK PLC

 

and

 

THE
BANK OF NEW YORK MELLON

solely
in its capacity as trustee of the GraniteShares Gold Trust

and
not individually

 

 

UNALLOCATED
GOLD ACCOUNT AGREEMENT

 

 

 

    1

     

    

 

This
UNALLOCATED GOLD ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out on the cover page
of this Agreement

 

BETWEEN

 

		(1)	ICBC
                                         Standard Bank Plc, a public limited company incorporated under the laws of England
                                         and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom
                                         (the “Custodian”); and

 

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

 

INTRODUCTION

 

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

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

		(3)	The
                                         Custodian has agreed to transfer Gold deposited into the Trust Unallocated Account to
                                         the Trust Allocated Account.

		(4)	In
                                         order to effect redemptions of Shares for Authorized Participants, Physical Gold must
                                         be transferred from the Trust Allocated Account to the Trust Unallocated Account by way
                                         of de-allocation, and must then be delivered to the AP Account.

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

 

IT
IS AGREED AS FOLLOWS

 

		1.	INTERPRETATION

 

		1.1	Definitions:
                                         In this Agreement, unless there is anything
                                         in the subject or context inconsistent therewith, the following expressions shall have
                                         the following meanings.

 

“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with the Custodian.

 

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

 

    2

     

    

 

“AP
Account” means a loco London Gold account maintained on an Unallocated Basis by the Custodian or a Gold clearing bank
approved by the LBMA for the Authorized Participant, as specified in the applicable transfer instructions given under clause
5.2.

 

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

 

“AP
Redemption Form” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to redeem
Shares in exchange for Gold , being an offer on terms referred to in the Prospectus and in accordance with the provisions of the
relevant Authorized Participant Agreement and the Conditions.

 

“Authorized
Participant” means a person which, at the time of submitting an order to the Trust for the creation or redemption of
Shares: (a) is a person who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial
institution which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities
transactions, and (ii) is a participant in The Depository Trust Company or its successors; (b) has in effect a valid Authorized
Participant Agreement and (c) has established an AP Account.

 

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

 

“AURUM”
means the electronic matching and settlement system operated by LPMCL.

 

“Availability
Date” means the London Business Day on which the Trustee wishes the Custodian to credit to the Trust Unallocated Account
Gold to be transferred to the Trust Unallocated Account on such London Business Day.

 

“Benchmark
Price” means, as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to
the Trustee and which the Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs
the Trustee to use as the Benchmark Price.

 

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

 

    3

     

    

 

“Dispute”
means for the purpose of clause 15 any disagreement between the Trustee and the Custodian which has not been resolved
amicably within a period of fourteen London Business Days after the Trustee has received from the Custodian, or the Custodian
has received from the Trustee, written notification of the disagreement.

 

“Gold”
means (i) Physical Gold held by the Custodian or any sub-custodian under the Allocated Gold Account Agreement
and/or (ii) any credit to an account, including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.

 

“LBMA”
means The London Bullion Market Association or its successors.

 

“LBMA
Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
10:30 a.m. London, England time.

 

“LBMA
Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
3:00 p.m. London, England time.

 

“Loco
London” means with respect to an account holding Gold, the custody, trading or clearing of such Gold in London, United
Kingdom.

 

“London
Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
open for business in London and on which the London gold bullion market is open for business.

 

“London
Good Delivery Standards” means the specifications for “good delivery” gold bars, including, without limitation,
the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The
Good Delivery Rules for Gold and Silver Bars” published by the LBMA.

 

“LPMCL”
means London Precious Metals Clearing Limited or its successors.

 

“Metal
Accounts” means the Trust Allocated Account and the Trust Unallocated Account.

 

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

 

    4

     

    

 

“Physical
Gold” means gold bullion that meets the London Good Delivery Standards.

 

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

 

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

 

“Rules”
means the rules, regulations, practices, procedures and customs of the LBMA, including the London Good Delivery Standards, the
LPMCL, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority
or other body, applicable to the activities contemplated by this Agreement.

 

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

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named GraniteShares Gold
Shares and created pursuant to and constituted by the Trust Agreement.

 

“Sponsor”
means GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Trust”
means the GraniteShares Gold Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Gold Trust dated on or about [●], as amended
from time to time, between GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust
Allocated Account” means the loco London Gold account, number [●], established in the name of the Trustee and
maintained for the benefit of the Trust by the Custodian on an allocated basis pursuant to the Allocated Gold Account Agreement.

 

“Trust
Unallocated Account” means the loco London Gold account, number [●], established in the name of the Trustee and
maintained for the benefit of the Trust by the Custodian on an Unallocated Basis pursuant to this Agreement.

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of Physical Gold
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
gold that the custodian maintaining that account owns or holds.

 

    5

     

    

 

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

 

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

 

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

 

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

 

		1.4	Construction.
                                         The word “including” means “including without limitation”. The
                                         word “or” is not exclusive.

 

		2.	TRUST
                                         UNALLOCATED ACCOUNT

 

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

 

		2.2	Denomination
                                         of Trust Unallocated Account: The Trust Unallocated Account will hold deposits of
                                         Gold and will be denominated in fine troy ounces (to three decimal places).

 

		2.3	Trust
                                         Unallocated Account Reports: At the end of each London Business Day, the Custodian
                                         will provide the Trustee with access to information showing the increases and decreases
                                         to the Gold standing to the Trustee’s credit in the Trust Unallocated Account,
                                         and identifying separately each transaction and the New York or London Business Day on
                                         which it occurred. On each London Business Day, the Custodian will send the Trustee a
                                         notification of (i) each separate transaction, if any, transferring Gold to the Trust
                                         Unallocated Account, including the amount of Gold transferred to the Trust Unallocated
                                         Account and the AP Account from which such Gold is transferred, (ii) the amount of Gold,
                                         if any, transferred from the Trust Unallocated Account to the Trust Allocated Account
                                         or to any AP Account and (iii) the closing balance of Gold credited to the Trust Unallocated
                                         Account for such London Business Day, and the Custodian will use commercially reasonable
                                         efforts to send the notification by 12:00 noon (New York time). In addition, the Custodian
                                         will provide the Trustee such information about the increases and decreases to the Gold
                                         standing to the Trustee’s credit in the Trust Unallocated Account on a same-day
                                         basis at such other times and in such other form as the Trustee and the Custodian shall
                                         agree. For each calendar month, the Custodian will provide the Trustee within a reasonable
                                         time after the end of the month a statement of account for the Trust Unallocated Account
                                         which shall include the opening and closing monthly balance and all transfers to and
                                         from the Trust Unallocated Account. All such reports will be made available to the Trustee
                                         by means of authenticated SWIFT message, provided that, if the SWIFT messaging system
                                         is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary
                                         notification system for making such reports available to the Trustee. Additionally, if
                                         agreed to by the Trustee and the Custodian, such reports will be made available to the
                                         Trustee by means of the Custodian’s proprietary electronic system.

 

    6

     

    

 

		2.4	Reversal
                                         of Entries: The Custodian shall reverse any provisional or erroneous entries to the
                                         Trust Unallocated Account which it discovers or of which it is notified with effect back-valued
                                         to the date upon which the final or correct entry (or no entry) should have been made.

 

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

 

		2.6	Access: The
                                         Custodian will allow the Sponsor and the Trustee and their identified representatives,
                                         independent public accountants and bullion auditors (currently Inspectorate International
                                         Ltd.) access to its premises, upon reasonable notice during normal business hours, to
                                         examine the Gold and such records, as they may reasonably require to perform their respective
                                         duties with regard to investors in Shares. The Trustee agrees that any such access shall
                                         be subject to execution of a confidentiality agreement and agreement to the Custodian’s
                                         security procedures, and any such audit shall be at the Trust’s expense.

 

		2.7	Regulatory
                                         Reporting: To the extent that the Custodian’s activities under this Agreement
                                         are relevant to the preparation of the filings required of the Trust under the securities
                                         laws of the United States or any other jurisdiction, the Custodian will, to the extent
                                         permitted by applicable law, the Rules or applicable regulatory authority, cooperate
                                         with the Trustee and the Sponsor and the Trustee’s and the Sponsor’s representatives
                                         to provide such information concerning the Custodian’s activities as may be necessary
                                         for such filings to be completed. Additionally, to the extent that the Custodian’s
                                         activities or controls in its capacity as custodian of the Trust’s assets are relevant
                                         to the information presented in the financial statements of the Trust, the Custodian
                                         will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing the
                                         required written assurances regarding the reliability of the internal controls used in
                                         the preparation of such financial statements, including by providing the Sponsor’s
                                         and the Trust’s external auditors with any necessary information and reports regarding
                                         the Custodian’s internal controls over financial reporting as far as such reporting
                                         relates to the scope of the Custodian’s duties.

 

    7

     

    

 

		3.	DEPOSITS

 

		3.1	Procedure: The
                                         Custodian shall receive deposits of Gold into the Trust Unallocated Account (in the manner
                                         and accompanied by such documentation as the Custodian may reasonably require) by:

 

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

 

		(b)	transfer
                                         of Gold from an AP Account relating to the same kind of Gold and having the same denomination
                                         as that to which the Trust Unallocated Account relates in connection with an AP Application
                                         by an Authorized Participant for Shares.

 

No
other methods of deposit are permitted.

 

		3.2	Notice
                                         Requirements:  Notice of intended deposit must be received by the Custodian
                                         from the Trustee no later than 3:00 p.m. (London time) one London Business Day prior
                                         to the Availability Date and specify the weight (in fine troy ounces of gold) to be credited
                                         to the Trust Unallocated Account, the Availability Date, the account from which such
                                         deposit will be transferred, and any other information which the Custodian may, with
                                         the agreement of the Trustee, from time to time require. The Custodian will promptly
                                         notify the Trustee by email upon a deposit of Gold being made into the Trust Unallocated
                                         Account pursuant to clause 3.1(b). When, by reference to the Trustee’s notifications
                                         and instructions to the Custodian, the Custodian reasonably believes an amount of Gold
                                         has been credited to the Trust Unallocated Account in error, the Custodian will notify
                                         the Trustee promptly and, pending a joint resolution of the error, will treat such amount
                                         as not being subject to the standing instruction in clause 5.3 below.

 

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

 

    8

     

    

 

		4.	WITHDRAWALS

 

		4.1	Procedure: The
                                         Trustee may at any time give instructions to the Custodian for the withdrawal of Gold
                                         standing to the credit of the Trust Unallocated Account as provided for in this Agreement,
                                         provided that a withdrawal may be made only by:

 

		(a)	transfer
                                         to an AP Account relating to the same kind of Gold and having the same denomination as
                                         that to which the Trust Unallocated Account relates when Shares are to be redeemed by
                                         an Authorized Participant;

 

		(b)	transfer
                                         of Gold to the Trust Allocated Account;

 

		(c)	the
                                         collection of Physical Gold from the Custodian at its vault premises, or such other location
                                         as the Custodian may direct;

 

		(d)	delivery
                                         of Gold to such location as the Trustee directs, at the Trust’s expense and risk;
                                         or

 

		(e)	transfer
                                         to an account maintained by the Custodian or by a third party on an Unallocated Basis
                                         in connection with the sale of Gold or other transfers permitted under the Trust Agreement.

 

The
Trustee anticipates exercising its rights under clauses 4.1(c) and (d) on an exceptional basis only. Any Gold made
available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(c) and (d) will be in a
form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the combined fine
weight of which will not exceed the number of fine ounces of Gold the Trustee has instructed the Custodian to debit. To the extent
that the Trustee is authorized to sell Gold under the Trust Agreement, the Custodian may, but is not required to, purchase such
Gold; provided that, if the Trustee’s instruction to sell Gold is received by the Custodian by 2:00 p.m. (London time) on
a London Business Day, the purchase price for such Gold shall be that day’s Benchmark Price and, if the Trustee’s
instruction to sell Gold is received by the Custodian after 2:00 p.m. (London time) on a London Business Day, the purchase price
for such Gold shall be the next Benchmark Price available after that day. The Trustee’s instruction to sell Gold may be
an instruction to sell such amount of Gold as necessary to produce a specified amount of United States dollars.

 

		4.2	Notice
                                         Requirements:  Any notice from the Trustee relating to a withdrawal of
                                         Gold must be in writing and:

 

		(a)	if
                                         it relates to a withdrawal pursuant to clauses 4.1(a) or (e) (for sale
                                         of Gold only), to be in such form as may be agreed by the parties from time to time,
                                         and in all cases be received by the Custodian no later than 3:00 p.m (London time) on
                                         the Withdrawal Date unless otherwise agreed;

 

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

 

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

 

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

 

		4.3	Right
                                         to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Gold
                                         from the Trust Unallocated Account only where such amendment is caused by a change in
                                         the Rules. Any such amendment will be subject to the notification conditions of clause
                                         3.3.

 

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

 

		4.5	Risk: Where
                                         there is a shipment from the Custodian of Gold, all right, title and risk in and to such
                                         Gold shall pass at the Point of Delivery to the relevant person for whose account the
                                         Gold is being delivered.

 

		4.6	Allocation: Without
                                         limiting clause 5.3, in the case of a transfer under clause 4.1(b) and
                                         after receipt of notice given in the form prescribed in clause 4.2(b), the Custodian
                                         will use its commercially reasonable endeavours to complete the allocation of such deposits
                                         of Gold by not later than 3:00 p.m. (London time) on the Withdrawal Date provided that
                                         the Gold referenced in such notice is deposited into the Trust Unallocated Account by
                                         10:00 a.m. (London time) on the Withdrawal Date, and the Custodian will promptly notify
                                         the Trustee by email upon the completion of such allocation. Following the Custodian’s
                                         receipt of such notice, the Custodian shall identify bars of a weight most closely approximating,
                                         but not exceeding, the balance in the Trust Unallocated Account and shall transfer such
                                         weight from the Trust Unallocated Account to the Trust Allocated Account. The Trustee
                                         acknowledges that the process of allocation of Gold to the Trust Allocated Account from
                                         the Trust Unallocated Account may involve minimal adjustments to the weights of Gold
                                         to be allocated to adjust such weight to the number of whole bars available.

 

    10

     

    

 

		5.	INSTRUCTIONS

 

		5.1	Giving
                                         of Instructions: Only the Trustee shall have the right to give instructions
                                         in respect of the Trust Unallocated Account. The Trustee shall notify the Custodian in
                                         writing of the names of the people who are authorised to give instructions on the Trustee’s
                                         behalf. Until the Custodian receives written notice to the contrary, the Custodian is
                                         entitled to assume that any of those people have full and unrestricted power to give
                                         instructions on the Trustee’s behalf. The Custodian is also entitled to rely on
                                         any instructions which are from, or which purport to emanate from, any person who appears
                                         to have such authority. The Custodian reserves the right to obtain further validation
                                         of any instructions.

 

		5.2	Transfer
                                         Instructions: All transfers into and out of the Trust Unallocated Account shall be
                                         made upon receipt of, and in accordance with, instructions given by the Trustee to the
                                         Custodian. Such instructions shall be given by authenticated SWIFT message or, if for
                                         any reason the SWIFT messaging system is not operational, by such other temporary means
                                         as the Trustee and the Custodian may agree from time to time. Other information (which
                                         shall not constitute an instruction) related to transfers into and out of the Trust Unallocated
                                         Account may be sent between the Trustee and the Custodian by email or by such other means
                                         as the Trustee and the Custodian may agree from time to time. Any such communication
                                         shall be deemed to have been given, made or served upon actual receipt by the recipient.

 

		5.3	Continuous
                                         Allocation of Gold: Without prejudice to clause 5.1, unless otherwise
                                         notified by the Trustee in writing, the Custodian shall, at the end of each London Business
                                         Day, including when Gold is to be transferred from an AP Account to the Metal Accounts,
                                         transfer any Gold then standing to the credit of the Trust Unallocated Account (excluding
                                         Gold which has been de-allocated in order to effect delivery of Gold to a redeeming Authorized
                                         Participant or pursuant to other withdrawal occurring on such day) to the Trust Allocated
                                         Account such that the amount of Gold that remains standing to the credit of the Trustee
                                         in the Trust Unallocated Account does not exceed 430.000 fine ounces at the close of
                                         such London Business Day. Additionally, the Custodian shall use reasonable commercial
                                         efforts to minimize the amount of Gold held for the Trust in the Trust Unallocated Account
                                         at all times during each London Business Day.

 

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

 

		5.5	AURUM:
                                         The Trustee acknowledges that instructions relating to a counterparty for whom the
                                         Custodian does not already provide settlement services will be forwarded by the Custodian
                                         to AURUM on the Trustee’s behalf. The Trustee acknowledges that AURUM is operated
                                         by a third party and that the Custodian cannot be responsible for any errors, omissions
                                         or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available
                                         or suffering a malfunction, the Trustee agrees that the Custodian’s obligations
                                         under this Agreement shall be postponed during such unavailability or such malfunction
                                         and until a reasonable period thereafter

 

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		5.6	Amendments:
                                         Once given, instructions continue in full force and effect until they are cancelled,
                                         amended or suspended. Any communication that cancels, amends or suspends as instruction
                                         shall be valid only after actual receipt by the Custodian in accordance with clause
                                         5.2.

 

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

 

		5.8	Refusal
                                         to Execute: The Custodian may refuse to execute instructions if in its reasonable
                                         opinion they are or may be, or require action which is or may be, contrary to the Rules
                                         or any applicable law.

 

		6.	CONFIDENTIALITY

 

		6.1	Disclosure
                                         to Others: Subject to clause 6.2, each party shall respect the confidentiality
                                         of information acquired under this Agreement and neither will, without the consent of
                                         the other party, disclose to any other person any transaction or other information acquired
                                         about the other party, its business or the Trust under this Agreement, provided that
                                         such other party has made clear, at or before the time such information is provided,
                                         that such information is being provided on a confidential basis. Notwithstanding anything
                                         to the contrary in this Agreement, to the extent required, a copy of this Agreement may
                                         be filed under the securities laws of the United States or any other jurisdiction in
                                         connection with the registration of the public offering of Shares by the Trust.

 

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

 

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		7.	CUSTODY
                                         SERVICES

 

		7.1	Appointment: The
                                         Trustee hereby appoints the Custodian to act as custodian of the Gold in accordance with
                                         this Agreement and any Rules which apply to the Custodian, and the Custodian hereby accepts
                                         such appointment.

 

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

 

		7.3	Ownership
                                         of Gold: The Custodian will identify in its books that the Gold belongs
                                         to the Trustee (on trust for the Shareholders). The Custodian shall ensure that the Gold
                                         belonging to the Trustee (on trust for the Shareholders) shall at all times be free and
                                         clear of all liens and encumbrances and shall not be subject to any right, charge, security
                                         interest, lien or claim of any kind, whether arising by operation of law or otherwise,
                                         in favor of the Custodian, any sub-custodian or any creditor of any of them or any other
                                         person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold
                                         held in Trust Unallocated Account absent the Trustee’s written instructions to
                                         the contrary.

 

		8.	REPRESENTATIONS

 

		8.1	Each
                                         party represents and warrants to the other party, on the basis that each of its following
                                         representations and warranties is deemed repeated each time that a notice is given for
                                         the deposit or withdrawal of Gold under this Agreement, that:

 

		(a)	it
                                         is duly constituted and validly existing under the laws of its jurisdiction of constitution;

 

		(b)	it
                                         has all necessary authority, powers, consents, licences and authorizations and has taken
                                         all necessary action to enable it lawfully to enter into and perform its duties and obligations
                                         under this Agreement;

 

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

 

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

 

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		9.	FEES
                                         AND EXPENSES

 

		9.1	Fees:
                                         There will be no fees charged directly to the Trustee or the Trust by the Custodian
                                         for the services provided by it under this Agreement. Payment of such fees will be made
                                         by the Sponsor pursuant to the Allocated Gold Account Agreement.

 

		9.2	Expenses:
                                         Pursuant to a separate agreement between the Sponsor and the Custodian, to which
                                         the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs,
                                         charges and expenses (excluding (i) any relevant taxes and VAT (if chargeable), duties
                                         and other governmental charges, (ii) fees for storage and insurance of the Gold, which
                                         will be recovered under the Allocated Gold Account Agreement, and (iii) indemnification
                                         obligations of the Trustee under clause 10.5, which will be paid pursuant to the
                                         following sentence) incurred by the Custodian in connection with the performance of its
                                         duties and obligations under this Agreement or otherwise in connection with the Gold.
                                         The Trustee will procure payment on demand, solely from and to the extent of the assets
                                         of the Trust, of any other costs, charges and expenses not assumed by the Sponsor under
                                         its agreement with the Custodian referenced in this clause 9.2 (including any
                                         relevant taxes (other than VAT, which is addressed in clause 12.1), duties, other
                                         governmental charges and indemnification claims of the Custodian payable by the Trustee
                                         pursuant to clause 10.5, but excluding fees for storage and insurance of the Gold,
                                         which will be recovered under the Allocated Gold Account Agreement) incurred by the Custodian
                                         in connection with the Gold.

 

		9.3	Credit
                                         Balances: No interest or other amount will be paid by the Custodian on any credit
                                         balance on the Trust Unallocated Account unless otherwise agreed by the Custodian and
                                         the Trustee.

 

		9.4	No
                                         Recovery from Trust: Amounts payable pursuant to this clause 9 (including
                                         clause 9.5) shall not be debited from the Trust Unallocated Account, but shall
                                         be payable, as applicable, by the Sponsor or the Trustee on behalf of the Trust, and
                                         the Custodian hereby acknowledges that it will have no recourse against Gold standing
                                         to the credit of the Trust Unallocated Account or to the Trustee individually in respect
                                         of any such amounts.

 

		9.5	Default
                                         Interest: If the Trustee or the Sponsor, as applicable, fails to procure payment
                                         to the Custodian
                                         of any amount when it is due, the Custodian reserves the right to charge interest (both
                                         before and after any judgment) on any such unpaid amount
                                         calculated at a rate equal to 2% above the overnight London Interbank Offered
                                         Rate (LIBOR) for the currency in which the amount is due. Interest will
                                         accrue on a daily basis and will be due and payable as a separate debt.

 

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		10.	SCOPE
                                         OF RESPONSIBILITY

 

		10.1	Exclusion
                                         of Liability: The Custodian will use reasonable care in the performance of its duties
                                         under this Agreement and will only be responsible for any loss or damage suffered by
                                         the Trustee or the Trust as a direct result of any negligence, fraud or willful default
                                         on its part in the performance of its duties, and in which case its liability will not
                                         exceed the market value of the Gold credited to the Trust Unallocated Account and the
                                         Trust Allocated Account at the time such negligence, fraud or willful default is either
                                         discovered by or notified to the Custodian (such market value calculated using the nearest
                                         available LBMA Gold Price PM following the occurrence of such negligence, fraud or willful
                                         default), provided that, in the case of such discovery by or notification to the Custodian,
                                         the Custodian notifies the Sponsor and the Trustee promptly after any discovery of such
                                         negligence, fraud or willful default. If the Custodian delivers from the Trust Unallocated
                                         Account Gold that is not of the fine weight the Custodian has represented to the Trustee
                                         or that is not in accordance with the Rules, recovery by the Trustee, to the extent such
                                         recovery is otherwise allowed, shall not be barred by any delay in asserting a claim
                                         because of the failure to discover the corresponding loss or damage regardless of whether
                                         such loss or damage could or should have been discovered.

 

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

 

		10.3	Insurance: The
                                         Custodian (or one of its Affiliates) shall make such insurance arrangements from time
                                         to time in connection with the Custodian’s custodial obligations under this Agreement
                                         as the Custodian considers appropriate and will be responsible for all costs, fees and
                                         expenses (including any relevant taxes) in relation to such insurance policy or policies.
                                         Upon reasonable prior written notice, in connection with the preparation of the initial
                                         registration statement under the United States Securities Act of 1933, as amended, covering
                                         any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and
                                         by the Sponsor. The Custodian also will allow from time to time the Trustee and the Sponsor
                                         to review such insurance in connection with any amendment to that initial registration
                                         statement or any future registration statement that covers the Shares and any amendment
                                         thereto, in each case upon reasonable prior written notice from the Trustee. Any permission
                                         to review the Custodian’s insurance is limited to the term of this Agreement and
                                         is conditioned on the reviewing party executing a form of confidentiality agreement provided
                                         by the Custodian, or if the confidentiality agreement is already in force, acknowledging
                                         that the review is subject thereto. In the event that the Custodian (or one of its Affiliates)
                                         elects to reduce, cancel or not to renew the Custodian’s insurance, the Custodian
                                         will give the Trustee and the Sponsor written notice of any such election within no more
                                         than 15 days after the date of any such election.

 

		10.4	Force
                                         Majeure: The Custodian shall not be liable for any delay in performance, or for the
                                         non-performance, of any of its obligations under this Agreement by reason of any cause
                                         beyond the Custodian’s reasonable control. This includes any act of God or war
                                         or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
                                         computer, transmission, clearing or settlement facilities, industrial action, or acts,
                                         rules and regulations of any governmental or supra national bodies or authorities or
                                         any relevant regulatory or self-regulatory organization.

 

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		10.5	Indemnity:
                                         The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify
                                         and keep indemnified the Custodian (on an after tax basis) on demand against all costs
                                         and expenses, damages, liabilities and losses (other than VAT, which is addressed in
                                         clause 12.1) and the expenses assumed by the Sponsor under its agreement with
                                         the Custodian referenced in clause 9.2) which the Custodian may suffer or incur,
                                         directly or indirectly in connection with this Agreement, except to the extent that such
                                         sums are due directly to the negligence, willful default or fraud of the Custodian.

 

		10.6	Custodian’s
                                         Interests and Affiliates’ Interests: The Custodian has the right, without notifying
                                         the Trustee, to act upon the Trustee’s instructions or to take any other action
                                         permitted by the terms of this Agreement where:

 

		(a)	the
                                         Custodian, directly or indirectly, has an interest in the consequences of such instruction
                                         or action;

 

		(b)	except
                                         as otherwise provided in this Agreement, the Custodian processes the Trustee’s
                                         instructions on an aggregated basis together with similar instructions from other clients;
                                         or

 

		(c)	the
                                         Custodian, except as otherwise provided in this Agreement, has a relationship with another
                                         party which does or may create a conflict with its duty to the Trustee or the Trust including
                                         (without prejudice) circumstances where the Custodian or any of its associates may (i)
                                         act as financial adviser, banker or otherwise provide services to a contract counterparty
                                         of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than
                                         one client; or (iii) earn profits from any of the activities listed herein.

 

The
Custodian or any of its divisions, branches or Affiliates may be in possession of information tending to show that the action
required by the Trustee’s instructions may not be in the Trust’s best interests, but shall not have any duty to disclose
any such information.

 

		11.	TERMINATION

 

		11.1	Notice:
                                         Any termination notice given by the Trustee under clause 11.2 must specify:

 

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

 

		(b)	the
                                         person to whom the Gold is to be transferred; and

 

		(c)	all
                                         other necessary arrangements for the transfer of Gold to the order of the Trustee.

 

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		11.2	Term: This
                                         Agreement shall have a fixed term up to and including [●] years and will automatically
                                         renew for a further term of [●] years thereafter unless terminated by the parties
                                         in accordance with this clause 11; provided
                                         that during such periods (i) either the Trustee or the Custodian
                                         may terminate this Agreement for any reason or for no reason by giving not less
                                         than 90 days’ written notice to the other party and (ii) this Agreement may be
                                         terminated immediately upon written notice as follows:

 

		(a)	by
                                         the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement
                                         to its clients or proposes to withdraw from the gold bullion business;

 

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

 

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

 

		(d)	by
                                         the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates
                                         the Custodian’s or the Sponsor’s insolvency or impending insolvency;

 

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

 

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

 

		11.3	Change
                                         in Trustee or the Sponsor: If there is any change in the identity of the Trustee
                                         or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee,
                                         the Sponsor and the Trust shall, subject to the last sentence of this clause 11.3,
                                         execute such documents and shall take such actions as the new Trustee or Sponsor and
                                         the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in
                                         the new Trustee or Sponsor the rights and obligations of the outgoing Trustee or Sponsor,
                                         and releasing the outgoing Trustee or Sponsor from its future obligations under this
                                         Agreement. The Custodian’s obligations under this clause 11.3 shall be conditioned
                                         on the Custodian having conducted prompt, reasonable and proportionate due diligence
                                         to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor.

 

		11.4	Redelivery
                                         Arrangements: If the Trustee does not make arrangements acceptable to the Custodian
                                         for the delivery of the Gold, the Custodian may continue to maintain the Trust Unallocated
                                         Account, in which case the Custodian will continue to charge the fees and expenses payable
                                         under clause 10 of the Allocated Gold Account Agreement. If the Trustee has not made
                                         arrangements acceptable to the Custodian for the transfer of Gold from the Trust Unallocated
                                         Account within 6 months of the date specified in the termination notice as the date on
                                         which the termination will take effect, the Custodian will be entitled to close the Trust
                                         Unallocated Account and sell the Gold (at such time and on such markets as the Custodian
                                         considers appropriate) and account to the Trustee for the proceeds.

 

    17

     

    

 

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

 

		12.	VALUE
                                         ADDED TAX

 

		12.1	VAT
                                         Inclusive: All sums payable or other consideration provided to the Custodian by the
                                         Trustee or the Sponsor in connection with this Agreement and the Allocated Gold Account
                                         Agreement (including pursuant to the separate agreement referred to in clause 10.1 of
                                         the Allocated Gold Account Agreement) are inclusive of any VAT which is or becomes chargeable
                                         on any supplies made by the Custodian pursuant to this Agreement and the Allocated Gold
                                         Account Agreement.

 

		13.	NOTICES

 

		13.1	Notices:
                                         Except as provided in clauses 2.3, 3.2, 4.6, 5.2 and 15.5, any notice
                                         or other communication shall be delivered personally or sent by first class post, pre-paid
                                         recorded delivery (or air mail if overseas), authenticated electronic transmission (including
                                         email and SWIFT) or such other electronic transmission as the parties may from time to
                                         time agree, to the party due to receive the notice or communication, at its address,
                                         number or destination set out in clause 13.3 or another address, number or destination
                                         specified by that party by written notice to the other.

 

		13.2	Deemed
                                         Receipt of Notice: A notice or other communication under or in connection with clause
                                         13.1 will be deemed received only if actually received or delivered.

 

		13.3	Contact
                                         Information: The addresses and numbers of the parties for the purposes of clauses
                                         5.2 and 13.1 are:

 

The
Custodian:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
Precious Metals Operations

E-mail:
London.PreciousMetalsOperations@icbcstandard.com and Bullion.Physical@icbcstandard.com

 

    18

     

    

 

The
Trustee: 

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
Chris Yedreyeski

Facsimile:
718-315-4927

E-Mail:
etfservicescom@bnymellon.com

 

The
address and numbers of the Sponsor for purposes of receiving notices under this Agreement are:

 

The
Sponsor:

 

GraniteShares
LLC

30
Vesey Street – 9th Floor

New
York NY 10007

Attention:
[●]

Facsimile
[●]

Telephone:
+1 917 338 0565

E-Mail:
[●]

 

		13.4	Recording
                                         of Calls: The Custodian and the Trustee may each record telephone conversations without
                                         use of a warning tone. Such recordings will be the recording party’s sole property
                                         and accepted by the other party hereto as evidence of the orders or instructions given,
                                         provided that (i) in case of any dispute or disagreement regarding any conversation so
                                         recorded the recording party will promptly share the recordings with the other party
                                         and its representatives and (ii) the recording party will have no obligation to retain
                                         any such recordings prior to becoming aware of any such dispute or disagreement.

 

		14.	GENERAL

 

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

 

    19

     

    

 

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

 

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

 

		14.4	Business
                                         Day: If an obligation of a party would otherwise be due to be performed on a day
                                         which is not a New York Business Day or a London Business Day, as the case may be, in
                                         respect of the Trust Unallocated Account, such obligation shall be due to be performed
                                         on the next succeeding New York Business Day or London Business Day, as the case may
                                         be, in respect of the Trust Unallocated Account.

 

		14.5	Assignment:
                                         This Agreement is for the benefit of and binding upon both the Custodian and the
                                         Trustee and their respective successors and assigns. Save
                                         as expressly provided in clause 11.3 and this clause 14.5, no party may
                                         assign, transfer or encumber, or purport
                                         to assign, transfer or encumber, any right or obligation under this Agreement
                                         unless the other party otherwise consents in writing, except that consent is not required
                                         where the Custodian assigns, transfers or encumbers any right or obligation under this
                                         Agreement to an Affiliate. This clause shall
                                         not restrict the Custodian’s power to merge or consolidate with any
                                         party, or to dispose of all or part of its custody business, and further provided that
                                         this clause shall not restrict the Trustee
                                         from assigning its rights hereunder to a Shareholder to the extent required for
                                         the Trust to fulfill its obligations under the Trust Agreement.

 

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

 

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

 

    20

     

    

 

		14.8	Liability:
                                         Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
                                         be excluded or limited (e.g. liability for personal injury or death caused by negligence).

 

		14.9	Entire
                                         Agreement: This Agreement and the Allocated Gold
                                         Account Agreement represent the entire agreement between the parties in respect of their
                                         subject matter. This Agreement
                                         and the Allocated Gold Account Agreement supersede
                                         and replace any prior existing agreement between the parties hereto relating to
                                         the same subject matter.

 

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

 

		15.	GOVERNING
                                         LAW AND JURISDICTION

 

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

 

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

 

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

 

		15.4	Third
                                         Party Rights: Except with respect to the Trust, which shall be considered a beneficiary
                                         of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as
                                         applicable) of clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4,
                                         the Custodian does not owe any duty or obligation or have any liability towards any person
                                         who is not a party to this Agreement. Except as set forth in this clause 15.4,
                                         this Agreement does not confer a benefit on any person who is not a party to it. The
                                         parties to this Agreement do not intend that any term of this Agreement shall be enforceable
                                         by any person who is not a party to it and do intend that the Contracts (Rights of Third
                                         Parties) 1999 Act shall not apply to this Agreement, provided that the Sponsor may enforce
                                         its rights under clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4.
                                         Nothing in this paragraph is intended to limit the obligations hereunder of any successor
                                         Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce
                                         the Custodian’s obligations hereunder.

 

    21

     

    

 

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

 

Custodian’
Address for service of process:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
The Head of Legal

 

Trustee’s
Address for service of process:

 

The
Bank of New York Mellon

225
Liberty Street

New
York, New York 10286

Attention:
Legal Department – Asset Servicing

 

[Signature
Page Follows]

 

    22

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this Agreement.

 

Signed
on behalf of

ICBC
STANDARD BANK PLC

 

By
its authorized signatories

 

	Signature	 	 	Signature	 
	Name	 	 	Name	 
	Title	 	 	Title	 
	Date	 	 	Date	 

 

Signed
on behalf of

THE
BANK OF NEW YORK MELLON,

solely
in its capacity as trustee of the GraniteShares Gold Trust and not individually

 

By
its authorized signatory

 

	Signature	 	 	 	 
	Name	 	 	 	 
	Title	 	 	 	 
	Date	 	 	 	 

 

[Signature
Page to Unallocated Gold Account Agreement]

 

    23GraniteShares Gold Trust DRS/A

 Exhibit
4.2

 

AUTHORIZED
PARTICIPANT AGREEMENT

 

This
AUTHORIZED PARTICIPANT AGREEMENT (this “Agreement”) dated as of [●], 2017, by and among (i) [Name
of Authorized Participant], a [AP Entity Type] organized under the laws of [Jurisdiction of AP] (the “Authorized
Participant”), (ii) The Bank of New York Mellon, a New York banking corporation acting in its capacity as trustee (in
such capacity, the “Trustee”) of the Trust(s) listed on the attached Schedule A, which is a part of
this Agreement, (each, a “Trust” and, collectively, the “Trusts”), with each Trust created
under New York law pursuant to its respective Depositary Trust Agreement identified on the attached Schedule A (each a
“Trust Agreement” and, collectively, the “Trust Agreements”), and (iii) GraniteShares LLC,
in its capacity as sponsor of each Trust (in such capacity, the “Sponsor”).

 

RECITALS

 

Section
A.             Pursuant to the provisions of the applicable Trust Agreement, each Trust may from time to time issue or redeem equity securities
representing an interest in the assets of such Trust (“Shares”), in each case only in aggregate amounts of
Shares as set out on Schedule A (each 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 entered into an effective Authorized
Participant Agreement with the Sponsor and the Trustee.

 

Section
B.             [Name of AP] has requested to become an “Authorized Participant” with respect to each Trust (as such
term is defined in the applicable 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 the relevant Trust in compliance with procedures
provided in the relevant 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 either (i) the form attached thereto as Annex I (a “Purchase
Order”, in the case of an order to purchase one or more Baskets issued by a specified Trust and a “Redemption
Order”, in case of an order to redeem one or more Baskets issued by a specified Trust) or (ii) through the Trustee’s
electronic order entry system, as such may he made available and constituted from time to time, the use of which shall be subject
to the terms and conditions attached thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, “Orders”)
shall be placed and executed in accordance with the relevant Trust Agreement as supplemented by the Procedures. Capitalized terms
used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures.

 

     

     

    

 

Section
2.              Incorporation of Standard Terms. The Standard Terms for Authorized Participant Agreements (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 an applicable Trust Agreement,
the provisions of such 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 2-A
is a certificate listing the Authorized Representatives of the Authorized Participant.

 

Section
5.              Additional Covenants. The Authorized Participant covenants and agrees:

 

(a)           to
ensure that any Delivery of Bullion to the Custodian, or any withdrawal of applicable Bullion from the applicable Trust, made
in connection with a Purchase Order or Redemption Order placed by the Authorized Participant will take place only through one
or more custodian members of the London Bullion Market Association or the London Platinum and Palladium Market, as appropriate,
under the terms of the applicable Trust Agreement;

 

(b)           promptly
upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may request), to reimburse
the relevant Trust, the Sponsor, the Trustee or the Custodian the amount of any taxes (including, without limitation, value added
taxes) or governmental charges, and any applicable penalties, assessments to tax or interest thereon, that may be imposed on the
relevant Trust, the Sponsor, the Trustee or the Custodian in connection with (i) any Delivery of Bullion by or on behalf of the
Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or (ii) any Delivery
of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized Participant).

 

Section
6.              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, by nationally recognized overnight courier (delivery
confirmation received), by postage prepaid registered or certified United States first class mail, return receipt requested, or
by facsimile (transmission confirmation received, with a confirming copy given by regular mail) addressed as follows:

 

(i)            If
to the Trustee:

 

The
Bank of New York Mellon 

2
Hanson Place 

9th
Floor 

Brooklyn,
New York 11217 

Attn:
ETF Services, Brooklyn 

Telephone:
(718) 315-5013 

Facsimile:
(718) 315-4850 

E-Mail:
[●]

  

     

     

    

 

(ii)            If
to the Sponsor:

 

GraniteShares
LLC 

30
Vesey Street 

9th
Floor 

New
York, New York 10007 

Attn:
President 

Telephone:
(917) 338-0565 

Facsimile:
[●] 

E-Mail:
[●]

  

(iii)           if
to the Authorized Participant:

  

[Name
of Authorized Participant] 

[Address] 

Telephone:
[●] 

Facsimile:
[●] 

E-Mail:
[●]

  

or
such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with
the provisions hereof. Notice shall be deemed received as indicated by the delivery confirmation (if delivery is by overnight
courier or facsimile) or on the third Business Day following mailing (if delivery is by registered or certified United States
first class mail).

 

Section
7.              Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery by each
of the parties hereto. This Agreement may be terminated at any time by any party upon sixty (60) days prior written notice to
the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized
Participant of any provision of this Agreement (including, without limitation, the Standard Terms incorporated by Section 2
hereof) or the Procedures. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement,
supersedes any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended
by the Trustee and the Sponsor from time to time without the consent of the Authorized Participant or any Registered Owner or
Beneficial Owner by the following procedure: the Trustee or the Sponsor will deliver a copy of the amendment to the Authorized
Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant does not object in writing
to the amendment within fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of
this Agreement in accordance with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated
by Section 2 hereof and the Procedures) are included solely for convenient reference and are not a part of this Agreement.
Notwithstanding anything in this Agreement to the contrary, Schedule A to this Agreement may be updated from time to time
by the Sponsor’s delivery of an updated Schedule A to the Authorized Participant and the Trustee using the facsimile or
electronic mail contact information provided for in Section 6 hereof or such other facsimile or electronic mail contact
information as has been communicated to the Sponsor pursuant to Section 6 hereof. Any updated Schedule A to this Agreement
shall be effective upon its receipt by the Authorized Participant and the Trustee.

 

     

     

    

 

Section
8.              Governing Law. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict
law principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies.
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, this Agreement.

 

Section
9.              Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising
hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided that
any 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
hereunder without further action. The party resulting from any such merger, conversion, consolidation or succession shall promptly
notify the other parties hereto of the change. Any purported assignment or delegation in violation of this Section 9 shall
be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement
shall automatically become a party hereto and shall assume all the obligations of, and be entitled to all the rights and remedies
of, the Trustee hereunder with respect to the applicable Trust.

 

Section
10.            No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party.

 

Section
11.            Counterparts. This 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.

 

[Signatures
Follow on Next Page]

 

     

     

    

  

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

  

THE
BANK OF NEW YORK MELLON, 

in
its capacity as Trustee of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 

  

GRANITESHARES
LLC, 

in
its capacity as Sponsor of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 

 

[Name
of Authorized Participant], 

in
its capacity as an Authorized Participant of the Trusts listed on Schedule A hereto

  

	By:	 	 
	Name:	 
	Title:	 

  

     

     

    

 

SCHEDULE
A – APPLICABLE TRUSTS

 

		●	GraniteShares
                                         Gold Trust, a trust created under New York law pursuant to that certain Depositary Trust
                                         Agreement dated as of [●], 2017, between the Trustee and the Sponsor, as may be
                                         amended from time to time.

		●	GraniteShares
                                         Silver Trust, a trust created under New York law pursuant to that certain Depositary
                                         Trust Agreement dated as of [●], 2017, between the Trustee and the Sponsor, as
                                         may be amended from time to time.

		●	GraniteShares
                                         Platinum Trust, a trust created under New York law pursuant to that certain Depositary
                                         Trust Agreement dated as of [●], 2017, between the Trustee and the Sponsor, as
                                         may be amended from time to time.

		●	GraniteShares
                                         Palladium Trust, a trust created under New York law pursuant to that certain Depositary
                                         Trust Agreement dated as of [●], 2017, between the Trustee and the Sponsor, as
                                         may be amended from time to time.

  

DELIVERY
LOCATIONS, BASKET SIZES 

AND
BULLION OUNCES PER SHARE

 

Description
of Delivery and Basket Sizes:

  

	 	 	Delivery of Bullion	 	 	Shares Per Basket	 	 	Oz. per Share at Inception	 
	GraniteShares
    Gold Shares	 	Loco
    London	 	10,000	 	0.1

        

	 	 	 	 	 	 	 
	GraniteShares
    Silver Shares	 	Loco
    London	 	50,000	 	1.0 

	 	 	 	 	 	 	 
	GraniteShares
    Platinum Shares	 	Loco
    London	 	10,000	 	0.1 

	 	 	 	 	 	 	 
	GraniteShares
    Palladium Shares	 	Loco
    London	 	[20,000] 
	 	0.1

  

     

     

    

 

SCHEDULE
1- CREATION AND REDEMPTION PROCEDURES

 

TABLE
OF CONTENTS - SCHEDULE 1

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	Section
1.01 Definitions
	 	Section
1.02 Interpretation
	 	 
	ARTICLE II CREATION PROCEDURES
	 	Section
2.0 Initial Creation of Shares
	 	Section
2.02 Subsequent Creation of Shares
	 	 
	ARTICLE III REDEMPTION PROCEDURES
	 	Section
3.01 Redemption of Shares
	 	 
	ANNEX I TO CREATION AND REDEMPTION PROCEDURES
	 	Creation/Redemption
Order Form
	 	 
	ANNEX II TO CREATION AND REDEMPTION PROCEDURES
	 	Order
Entry System Terms and Conditions

 

     

     

    

 

CREATION
AND REDEMPTION PROCEDURES

 

Adopted
by the Sponsor and Trustee (each as defined below) as of [●], 2017

 

ARTICLE
I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.01.          Definitions. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized
Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will
have the following meanings:

 

“Affiliate”
shall have the meaning given to it by Rule 501(b) under the Securities Act.

 

“AP
Indemnified Party” shall have the meaning ascribed to such term in Sections 6.01(a) of the Standard Terms.

 

“Authorized
Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant
Agreement.

 

“Authorized
Participant Agreement” shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee
and the Sponsor authorizing the Authorized Participant to submit Purchase Orders and Redemption Orders and into which these Procedures,
attached as Schedule I thereto, and the Standard Terms, attached as Schedule 2 thereto, shall have been incorporated by reference.

 

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

 

“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, the Sponsor 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
Orders or Redemption Orders on behalf of such Authorized Participant.

 

“Basket”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Basket
Amount” meaning the specific amount of Bullion defined in Section 1.1 of the relevant Trust Agreement.

 

“Benchmark
Price” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

     

     

    

 

“Beneficial
Owner” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Bullion”
means Gold, Silver, Platinum or Palladium, as appropriate.

 

“Business
Day” shall have the meaning ascribed to the term in Section 1.1 of the relevant 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 of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such
Authorized Participant of the corresponding number of Shares of such Trust.

 

“Creation
and Redemption Line” shall mean a telephone number designated as such by the Trustee and specified in Annex I of
the Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the respective
Authorized Participant Agreement.

 

“Custodian”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Custody
Agreement” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Delivery”
shall mean a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of “Delivery”
in Section 1.1 of the relevant Trust Agreement.

 

“Depositor”
shall mean any Authorized Participant that deposits Bullion into the relevant Trust, either for its own account or on behalf of
another Person that is the owner or beneficial owner of that Bullion.

 

“Deposit
Property” means property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred
by the Authorized Participant to the relevant Trust in exchange for such Trust’s Shares.

 

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

 

“DTC
Participant” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Gold”
or “gold” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement for the GraniteShares
Gold Trust relating to gold.

 

     

     

    

 

“Initial
Creation” shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

 

“LBMA”
shall mean the London Bullion Market Association or its successor.

 

“LBMA
London Good Delivery Standards” shall mean the specifications for “good delivery” gold and silver bars,
including the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold and silver
bars, set forth in “The Good Delivery Rules for Gold and Silver Bars” published by the LBMA.

 

“LPPM”
shall mean the London Platinum and Palladium Market or its successor.

 

“LPPM
Good Delivery Standards” shall mean the specifications for “good delivery” platinum and palladium plates
and ingots, including the specifications for weight, fineness (or purity), identifying marks and appearance of platinum and palladium
plates and ingots, set forth in “The Good Delivery Rules for Platinum and Palladium Plates
and Ingots published by the LPPM.

 

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

 

“Order
Cutoff Time” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

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

 

“Ounce”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Palladium”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Palladium Trust relating
to palladium.

 

“Person”
shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization or other entity or government or any agency or political subdivision thereof

 

“Platinum”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Platinum Trust relating
to platinum.

 

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

 

“Prospectus”
or “Prospectuses” means the current prospectus of the relevant Trust included in its effective registration
statement, as supplemented or amended from time to time.

 

     

     

    

 

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

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means shares issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.

 

“Sponsor”
shall mean GraniteShares LLC, a Delaware limited liability company, in its capacity as the sponsor of each Trust under the corresponding
Trust Agreement, and any successor thereto in compliance with the provisions thereof.

 

“Sponsor
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01(b) of the Standard Terms.

 

“Standard
Terms” shall have the meaning ascribed to such term in Section 2 of the Authorized Participant Agreement.

 

“Transaction
Fee” means a fee of $500 to be paid by the Authorized Participant to the Trustee for each Purchase Order or Redemption
Order. The fee may be changed by the Trustee with the prior written consent of the Sponsor.

 

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

 

“Trust”
or “Trusts” shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant
Agreement.

 

“Trust
Agreement” or “Trust Agreements” shall have the meanings ascribed to them in the introductory paragraph
of the Authorized Participant Agreement.

 

“Trust
Allocated Account” shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

“Trust
Unallocated Account” shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

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

 

“VAT”
shall mean (a) any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities
(77/388/EEC) including, without limitation, in relation to the United Kingdom, value added tax imposed by-the Value Added Tax
Act 1994 and legislation and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a
member state of the European Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in “(a)”.

 

     

     

    

 

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.

 

To
the extent that term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date
and such Trust is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative
and any provisions relating to such Trust and its Shares contained in the Authorized Participant Agreement shall have no effect
until such Trust commences operations and its applicable Trust Agreement and applicable Custody Agreements have been executed
and delivered whereupon such terms and provisions shall become automatically operative and effective without any further action
by the parties to the Authorized Participant Agreement.

 

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.

 

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.

 

ARTICLE
II

CREATION PROCEDURES

 

Section
2.01.         Initial Creation of Shares. The initial creation of Shares of a Trust 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 Shares. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust
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
3:59:59 p.m. (New York time) on any Business Day on which the Benchmark price is announced. Purchase Orders received by the Trustee
on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will
not be accepted.

 

     

     

    

 

b.            For
purposes of Section 2.02a. above, a Purchase Order shall be deemed “received” by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)             Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Purchase Order, or

 

(ii)            Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.com),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets
and, in the case of a telephone order, within 15 minutes following such telephone call, the Trustee shall have received a properly
completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative
of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.             The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).

  

d.            As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New York
time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed “Accepted” by the Trustee
and indicating the Basket 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 Bullion in exchange for Baskets and will have no binding effect upon the relevant
Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above, a Purchase Order will
be a binding agreement among the relevant Trust and the Authorized Participant for the creation and purchase of Baskets and the
deposit of Bullion pursuant to the terms of the Purchase Order and these Procedures. If a Purchase Order is rejected, the Trustee
shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably
practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy of the corresponding
Purchase Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence notwithstanding,
Purchase Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which
is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit a corrected
Purchase Order within the time period specified in Section 1.09 of the Standard Terms, currently not later than the earlier of
(i) within fifteen (15) minutes of such contact with the Authorized Participant or (ii) thirty (30) minutes after the Order Cutoff
Time.

  

     

     

    

 

 e.            Each
Purchase Order shall settle on the third Business Day following the Order Date. The Authorized Participant shall bear all risk
of any loss until the Bullion is credited to the relevant Trust Unallocated Account. 

  

f.             The
Custodian shall advise the Trustee in writing of the deposits made to the relevant Trust Allocated Account in connection with
each Purchase Order. Upon receipt of such advice, the Trustee shall determine whether a deposit of Bullion required to be made
pursuant to Section 2.02e. above has not been noted as deposited in the relevant Trust Unallocated Account. In such event,
the Trustee shall, by the Trustee’s close of business on the third Business Day following the Order Date, (i) send to the
Custodian, via electronic mail message, a request that the Custodian confirm that the Custodian did not receive the anticipated
deposit of Bullion, and (ii) send to the Authorized Participant whose deposit was not received, via facsimile at the facsimile
number specified by the Authorized Participant in the Purchase Order, a concurrent copy of such request.

 

g             On
the third Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares 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, provided that, by 1:00 p.m. (New York time) on the date such issuance
and Delivery is to take place:

 

(i)             the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited in
the Trust Unallocated Account in compliance with the provisions of Section 2.02e, above;

 

 (ii)            the
Custodian shall have reported in writing to the Trustee that the corresponding required amount, of Bullion has been allocated
to the Trust Allocated Account (other than up to 430 Ounces of Gold, 1,100 Ounces of Silver and 192 Ounces of Platinum and Palladium
held on an Unallocated Basis) and the Custodian is holding that Bullion for the account of the Trust;  

 

(iii)           the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iv)           the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Bullion to the Custodian and the issuance and Delivery of Shares to
the Authorized Participant; and

  

     

     

    

 

(v)
          any other conditions to the issuance of Shares under the Trust Agreement shall have been satisfied.

 

h.            In
all other cases, the Trustee shall issue the aggregate number of Shares 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 all of the conditions set forth in clauses (1), (ii), (iii),
(iv) and (v) of Section 2.02g. above shall have been met. In the event that, by 10:00 a.m. (New York time) on the third
Business Day following the Order Date of a Purchase Order, the relevant Trust Unallocated Account shall not have been credited
with the required amount of Bullion in compliance with the provisions of Section 2.02e. above, the Trustee shall send to
the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant
shall have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within
such two (2) Business Day period, the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase Order and
will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and
the Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by the relevant Trust,
the Sponsor, the Trustee or the Custodian related to the cancelled Order.

 

i              The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
the relevant Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s
or the Trustee’s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Purchase
Order will be extended for a period equal to that during which the inability to perform continues as determined by the Trustee
in its sole discretion.

 

j.             Except
as provided in Sections 2.02d., 2.02f., 2.02h. and the Standard Terms, none of the Trustee, the Sponsor or
the Custodian is under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of
the Basket Amount, and shall not incur any liability for the failure to give any such notification.

 

k.            The
Creation of Shares may he suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

     

     

    

 

ARTICLE
III

REDEMPTION
PROCEDURES

 

Section
3.01.         Redemption of Shares. Redemption of Shares of a specified Trust 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 3:59:59 p.m. (New York time) on any Business Day on which the Benchmark Price is announced.
Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which
the Benchmark Price is not announced, will not be accepted.

 

b
            For purposes of Section 3.01a. above, a Redemption Order shall be deemed “received”
by the Trustee only when either of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)             Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Redemption Order, or

 

(ii)            Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.corn),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of
Baskets and, in the case of a telephone order, within 15 minutes following such telephone call, the Trustee shall have received
a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized
Representative of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.
           The Trustee shall provide a written summary to the Sponsor and the Custodian of all
accepted Redemption Orders for such Order Date no later than 5:30 p.m. (New York time).

  

d.            Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 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 Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed. Prior to the transmission of the Trustee’s acceptance as specified above, a Redemption Order will only represent
the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a Delivery of Bullion and will have no
binding effect upon the relevant Trust or any other party. Following the transmission of the Trustee’s acceptance as specified
above, a Redemption Order will be a binding agreement among the relevant Trust and the Authorized Participant for the redemption
of Baskets and the Delivery of Bullion pursuant to the terms of the Redemption Order and these Procedures. If a Redemption Order
is rejected, the Trustee shalt send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail
message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption
Order, a copy of the corresponding Redemption Order endorsed “Declined” by the Trustee and indicating the reason.
The preceding sentence notwithstanding, Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be
deemed cancelled. A Redemption Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized
Participant may submit a corrected Redemption Order within the time period specified in Section 1.09 of the Standard Terms, currently
not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant or (ii) thirty (30)
minutes after the Order Cutoff Time.

 

     

     

    

 

e.            The
Trustee shall, by 10:00 a.m. (New York Time) on the third Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred:

 

(i)             the
Authorized Participant has Delivered by 10:00 a.m. on the third Business Day following the Order Date to the Trustee’s account
at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order;

 

(ii)    
       the Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iii)   
       the Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the
Custodian, the Trustee or the relevant Trust for, the amount of any applicable taxes (including, without limitation, any
VAT), governmental charges and fees which are or become due in connection with the Delivery of Shares to the Trustee and the
Delivery of Bullion to the Authorized Participant, as well as any expense associated with the Delivery of Bullion to the
Authorized Participant other than by a credit to an account of the Authorized Participant maintained by the Custodian on an
Unallocated Basis; and

 

(iv)           any
other conditions to the redemption of Shares under the Trust Agreement shall have been satisfied.

 

Provided
that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii)
and (iv) of Section 3.01e. above have been satisfied, the Custodian shall, on such day, Deliver, as applicable to the specific
Redemption Order:

 

		-	unallocated
Gold loco London;

		-	unallocated
Silver loco London;

		-	unallocated
Platinum loco London or

		-	unallocated
Palladium loco London

 

 in
the amounts specified in the communication sent in compliance with Section 3.01d. above to the account indicated by the
redeeming Authorized Participant in its Redemption Order (which shall be an appropriate gold account in London with the Custodian
or another LBMA-member custodian). Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee
who shall then cancel the Shares so redeemed. The Authorized Participant shall bear all risk of any loss from the time the Bullion
is transferred from the relevant Trust Unallocated Account to the account of the Authorized Participant maintained on an Unallocated
Basis. 

 

     

     

    

 

f.              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 that the conditions set forth in clauses (i), (ii), (iii) and (iv)
of Section 3.01e. above have been satisfied.

 

g.             The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion 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, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s and the Trustee’s
reasonable 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 as determined by the Trustee in its sole discretion.

 

h.             In
the event that, by 10:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order, the Trustee’s
account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian via fax or
electronic mail message notice of such fact and the Authorized Participant shall have one (1) Business Day following receipt of
such notice to correct such failure. If such failure is not cured within such one (1) Business Day period, the Trustee (in consultation
with the ) will cancel such Redemption Order and will send via electronic mail message notice of such cancellation to the Authorized
Participant and the Custodian. The Authorized Participant will be solely responsible for all damages, losses, costs and expenses
incurred by the relevant Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Redemption Order.

 

i.              The
redemption of Shares may be suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

     

     

    

 

j.              Except
as provided in Sections 3.02d., 3.02h. and the Standard Terms, none of the Trustee, the Sponsor or the Custodian
are under any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares,
and shall not incur any liability for the failure to give any such notification.

 

[Signatures
Follow on Next Page]

 

     

     

    

 

IN
WITNESS WHEREOF, the Sponsor and the Trustee have executed these Creation and Redemption Procedures as of the date set forth above.

 

THE
BANK OF NEW YORK MELLON, 

in
its capacity as Trustee of the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement

 

	By:	 	 
	Name:	 
	Title:	 

  

GRANITESHARES
LLC, 

in
its capacity as Sponsor of the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement

  

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

ANNEX
I TO CREATION AND REDEMPTION PROCEDURES

 

THE
BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION
ORDER FORM 

UNALLOCATED
ORDERS ONLY

 

CONTACT
INFORMATION FOR ORDER EXECUTION: 

Telephone
order number:     (        )     - 

Fax
order number:        (        )       -

  

Authorized
Participant must complete all items in Part I. The Trustee shall reject any order not submitted in proper form.

 

I.
TO BE COMPLETED BY AUTHORIZED PARTICIPANT:

 

Name
of Trust:           ______________________________________________________

 

	Date:	 	 	Time:	 	 

 

	Authorized Participant Firm Name: ___________________________________________________________________________________________
	DTC Participant Number: __________________________________	Fax Number: ______________________________________________
	Telephone Number: ______________________________________	Symbol:__________________________________________________

 

Type
of order (Check Creation or Redemption please)

 

	Creation:____________________	Redemption:___________
	 	 
	# of Baskets:_________________	Number of Baskets written out:________________________________
	 	 
	Order #____________________________________________	 

 

Please
indicate Bullion clearing agent:

 

________
Check if ICBC Standard Bank Plc 

 

________ Other
(please specify clearing agent): ___________

  

Account
number for loco London Bullion delivery:______________________

 

     

     

    

 

This
Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently
in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.
All representations and warranties of the Authorized Participant set forth in the Trust Agreement (including, if this is a Purchase
Order, the representations in Section 3.2 of the Trust Agreement) and 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 Purchase or Redemption Order to the Trustee on behalf of the
Authorized Participant. The Authorized Participant acknowledges and agrees that (l) once accepted by the Trustee, this Purchase
or Redemption Order will become a legally binding contract for the delivery of the Basket Amount per Basket, or the number of
Baskets, indicated above, and that the final Basket Amount will be announced at the conclusion of the trading day and, (2) any
taxes (including Value Added Taxes) incurred in connection with this transaction will be the responsibility of, and will be reimbursed
upon demand from the Custodian, the Trustee or the Trust by, the Authorized Participant.

 

	 	 	 	 
	Authorized Representative’s Signature	 	Date

 

II.
TO BE COMPLETED BY TRUSTEE:

 

This
certifies that the above order has been:

 

________________________________Accepted by the Trustee

 

		Declined-Reason:	 
	 	 	 

 

	Final # of Ounces:________________________	Final # of Shares:__________________________

 

Final
Cash Due to BNYM_________________________

 

	 	 	 	 	 
	Date	 	Time	 	Authorized Signature of Trustee

 

     

     

    

 

ANNEX
II TO CREATION AND REDEMPTION PROCEDURES

 

ORDER
ENTRY SYSTEM TERMS AND CONDITIONS

 

This
Annex II shall govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption
Orders for Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in Schedule I of the Authorized Participant Agreement. In the event of any conflict between the terms of
this Annex II and Section 1 of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption
Orders, the terms of this Annex II shall control.

 

1.           (a)
Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person’s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to
terminate such Authorized Person’s access to the System.

 

(b)
It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for
the purpose of the Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized
Participant’s and each Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.           The
Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New
York Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may,
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon’s prior written consent. Authorized Participant may not remove any statutory
copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction
of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon’s
request.

 

3.           (a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the
exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material confidential
by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade
secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably
necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon’s proprietary markings
on any. such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may
be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE
NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

     

     

    

 

(b)
Upon termination of the Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New
York Mellon all copies of the Material which is in Authorized Participant’s possession or under its control.

 

4.           Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank
of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized
Person regardless of by whom it was actually transmitted.

 

5.           The
Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon’s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE
FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS
HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER,
OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON
OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR
ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION
OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE
CONTROL.

 

     

     

    

 

6.          The
Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

 

7.          The
Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure
to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was
received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for
The Bank of New York Mellon to act upon, or in accordance with, such instructions or communications.

 

8.          Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the System.

 

9.          Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for
all data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time,
without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its
systems.

 

     

     

    

 

SCHEDULE
2

 

STANDARD
TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS

 

ARTICLE
I ORDERS FOR PURCHASE AND REDEMPTION

 

Section
1.01 Authorization to Purchase and Redeem Baskets 

Section
1.02 Procedures for Orders 

Section
1.03 Consent to Recording 

Section
1.04 Irrevocability 

Section
1.05 Costs and Expenses 

Section
1.06 Delivery of Property to the Trust 

Section
1.07 Title to Deposit Property and Shares Surrendered for Redemption 

Section
1.08 Certain Payments or Distributions 

Section
1.09 Ambiguous Instructions

 

ARTICLE
II AUTHORIZED REPRESENTATIVES 

Section
2.01 Certification 

Section
2.02 PIN Numbers 

Section
2.03 Termination of Authority 

Section
2.04 Verification

 

ARTICLE
III STATUS OF THE AUTHORIZED PARTICIPANT 

Section
3.01 Clearing Status 

Section
Broker-Dealer Status 

Section
3.03 Foreign Status 

Section
3.04 Compliance with Certain Laws 

Section
3.05 Authorized Participant Status

 

ARTICLE
IV ROLE OF AUTHORIZED PARTICIPANT 

Section
4.01 No Agency 

Section
4.02 Rights and Obligations of DTC Participant 

Section
4.03 Beneficial Owner Communications 

Section
4.04 Authorized Participant Customer Information

 

ARTICLE
V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES 

Section
501 Authorized Participant’s Representation 

Section
5.02 Prospectus

 

ARTICLE
VI INDEMNIFICATION; LIMITATION OF LIABILITY 

Section
6.01 Indemnification

 

ARTICLE
VII MISCELLANEOUS 

Section
7.01 Commencement of Trading

 

     

     

    

 

These
STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) are agreed to as of [●],
2017, by and between The Bank of New York Mellon, a New York banking corporation, as trustee for the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement (the “Trustee”), and GraniteShares LLC, a Delaware limited
liability, company, as sponsor for the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement (the
“Sponsor”).

 

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
in compliance with the provisions of the applicable Trust Agreement, the Procedures and these Standard Terms.

 

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

 

Section
1.03. Consent to Recording. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons
may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the
event that the Trustee, the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to
any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized
Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable
rule, law or order, together with copies of such recordings, so that the Authorized Participant may seek a protective order or
other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or
other remedy is not obtained or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor
will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded
conversation. The Trustee, the Sponsor or any of their affiliated persons shall not otherwise disclose to any third party any
recording involving communications with the Authorized Participant without the Authorized Participant’s express written
consent, except that the Trustee and the Sponsor may disclose to any regulatory or self-regulatory organization, to the extent
required by applicable rule or law, any recording involving communications with the Authorized Participant.

 

Section
1.04. Irrevocability. The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable;
provided that the Trustee will reject any Order that is not properly completed. In the event that the purchase or redemption of
Baskets is suspended by the Trustee or the Sponsor and such suspension affects any Order submitted by the Authorized Participant,
the Trustee or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor
agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously
placed Order, but the Sponsor shall have no liability for the Trust’s inability to accommodate such a request.

 

     

     

    

 

Section
1.05. Costs and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust
that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs
which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor
shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request
by the Authorized Participant.

 

Section
1.06. Delivery of Property to the Trust and Shares Surrendered for Redemption. The Authorized Participant understands and
agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares
are not delivered to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the
relevant Trust Agreement, the Procedures and these Standard Terms, the Purchase Order or Redemption Order may be cancelled by
the Trustee and the Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by
the Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Order. The Authorized Participant will not, however,
be responsible for damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Trustee or the Custodian related
to cancelled Orders to the extent the failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith
or willful misconduct of the Trustee, the Sponsor or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant
shall not be liable for any failure or delay in making Delivery of Bullion in respect of a Purchase Order or for any failure or
delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion,
insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages
resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme weather conditions, market
or activities causing trading halts, systems failures involving computer or other information systems affecting the Authorized
Participant, or similar extraordinary events beyond the Authorized Participant’s reasonable control. In the event of any
such delay, the time to complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal
to that during which the inability to perform continues as determined by the Trustee in its sole discretion. Upon the deposit
of any Bullion, the Authorized Participant as Depositor represents and warrants that (i) the Bullion represents the right to receive
Bullion that meets the LBMA London Good Delivery Standards or the LPPM Good Delivery Standards and otherwise meets the relevant
requirements to be Bullion and contains the required number of Ounces for the applicable Purchase Order, (ii) the Authorized Participant
is duly authorized to make such deposit of Bullion and (iii) at the time of Delivery, the Bullion is free and clear of any lien,
pledge, encumbrance, right, charge or claim.

 

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

 

a.          in
connection with each Purchase Order, the Authorized Participant will have the right 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 sub-custodian
in accordance with the Procedures, the Trust will acquire good and unencumbered title to such Deposit 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 the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, 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, under such circumstances, would preclude the delivery of such Shares to the Trustee
in accordance with the Procedures.

 

Section
1.08. Certain Payments or Distributions.

 

a.          With
respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant, for its own benefit
or for the benefit of any Authorized Participant Client for which it is acting, 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 or any Authorized Participant Client. 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 Trustee 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 amount 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 relevant Trust. If, however, the Trustee so reduces an amount of any property appropriately due
to the Authorized Participant, the Authorized Participant shall not be required to return to the relevant Trust payments, distributions
or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client
as is contemplated in the first sentence of this Section 1.08(b). Likewise, the Trustee acknowledges and agrees to return
to the Authorized Participant, for its benefit or for the benefit of any Authorized Participant Client for which it is acting,
any payment, distribution or other amount paid to it in respect of any Shares transferred to the relevant Trust that, based on
the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant
Client.

 

     

     

    

 

Section
1.09. Ambiguous Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the
information provided in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant
to request confirmation of the terms of the Order at the telephone number indicated in the Purchase Order or Redemption Order.
If an Authorized Representative (as defined below) confirms the terms as they appear in the Purchase Order or Redemption Order,
then the Order will be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or
Redemption Order, the Order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the
Trustee not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii)
thirty (30) minutes after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase
Order or Redemption Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall
be deemed submitted at the time of its initial submission for purposes of determining when Orders are deemed “received.”
If the Trustee is not able to contact an Authorized Representative, then the Purchase Order or Redemption Order shall be accepted
and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the
event that a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the
Trustee will attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption
Order must be received by the Trustee, as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact
with the Authorized Participant or (ii) thirty (30) minutes after the Order Cutoff Time.

 

ARTICLE
II

AUTHORIZED REPRESENTATIVES

 

Section
2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant
shall deliver to the Trustee a certificate in a form as attached at Schedule 2-A to the Authorized Participant Agreement
(an “Authorized Representative Certificate”) signed by the Authorized Participant’s Secretary or other
duly authorized person setting forth the names, signatures, 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 Trustee 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 Trustee of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized
Participant Agreement. After such Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant
may authorize additional Authorized Representatives to give instructions relating to any activity contemplated hereby or any other
notice, request or instruction on behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate
described above in a form as attached at Schedule 2-B to the Authorized Participant Agreement.

 

Section
2.02. PIN Numbers. The Trustee shall issue to each Authorized Representative a unique personal identification number (“PIN
Number”) by which such Authorized Representative 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 any PIN Number at any time upon written notice to the Trustee pursuant to Section 2.03 hereof, and
the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has
received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Except as otherwise provided
in these Standard Terms, the Authorized Participant agrees that neither the Sponsor, each 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 when the Authorized Participant provides notice to the Trustee of the termination or revocation of authority
pursuant to Section 2.03 and the Trustee has de-activated the PIN Number as provided for in Section 2.03 hereof.

 

     

     

    

 

Section
2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the
Authorized Participant or the revocation of a PIN Number by the Authorized Participant, the Authorized Participant shall (i) give,
as promptly as practicable under the circumstances, 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. 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.

 

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 properly revoked such PIN Number in accordance with Section 2.03 hereof prior to the placement
of such instructions. The Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative that
uses a valid PIN Number. 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 such person uses
a PIN Number which the Authorized Participant had previously revoked in accordance with Section 2.03 hereof.

 

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. The Authorized Participant shall give prompt written notice to the Trustee of a change in the foregoing status of
the Authorized Participant, and any such change shall terminate the Authorized Participant Agreement.

 

     

     

    

 

Section
3.02. Broker-Dealer Status. The Authorized Participant represents and warrants that it is (i) registered as a broker-dealer
under the Securities Exchange Act of 1934, as amended, or other securities market participant, such as a bank or other financial
institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities
transactions (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 with FINRA, to the extent so required. 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 applicable U.S. 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, and
activities with respect to, Shares, and with the applicable rules of any self-regulatory organization of which the Authorized
Participant is a member to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities
with respect to, Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be
offered and/or sold. The Authorized Participant shall be solely responsible for determining the application of any such laws.
rules or regulations in all cases at its own expense.

 

Section
3.03. Foreign Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several
states, territories and possessions of the United States, the Authorized Participant agrees to observe the applicable laws of
the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with applicable rules of any
self-regulatory organization of which the Authorized Participant is a member, to the extent the foregoing relates to the Authorized
Participant’s transactions in, and activities with respect to, Shares.

 

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 Act of 2001, as amended (the “U.S.A.
PATRIOT Act”), the Authorized Participant has policies and procedures reasonably designed to comply with the anti-money
laundering and related provisions of the U.S.A. PATRIOT Act, and the operations of the Authorized Participant are conducted in
compliance with the U.S.A. PATRIOT Act.

 

Section
3.05. Authorized Participant Status. The Authorized Participant understands and acknowledges that the method by which Baskets
will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets may be
issued and sold by each Trust on an ongoing basis, at any point a “distribution”, as such term is used in the Securities
Act, may occur. The Authorized Participant understands and acknowledges that some activities on its part, depending on the facts,
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 Securities Act.

 

     

     

    

 

ARTICLE
IV

ROLE OF AUTHORIZED PARTICIPANT

 

Section
4.01. No Agency. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant
Agreement, the Authorized Participant will have no authority to act as agent for each Trust or the Trustee in any matter or in
any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable 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) the disclosure
of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential
or proprietary in nature.

 

Section
4.02. Rights and Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it 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.

 

Section
4.03. Beneficial Owner Communications. The Authorized Participant agrees (i) 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 certain information regarding sales of Shares made by or through the Authorized Participant (including,
without limitation, the ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant
may hold as record holder) upon the request of the Trustee or the Sponsor that is necessary for the Trustee or Sponsor to comply
with their obligations to distribute information to beneficial owners of Shares under applicable state or federal securities laws
and (ii) to forward to such beneficial owners written materials and communications received, directly or indirectly, from the
Sponsor or the Trustee in sufficient quantities to allow mailing thereof to such beneficial owners, including, without limitation,
notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required
to be sent by the Sponsor or the Trustee to such beneficial owners pursuant to applicable law or regulation or otherwise, or that
the Sponsor or the Trustee reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor
and/or the applicable Trust.

 

Section
4.04. Authorized Participant Customer Information. The Sponsor and the Trustee agree that the names and addresses and other
information concerning the Authorized Participant’s customers arc and shall remain the sole property of the Authorized Participant,
and none of the Sponsor, the Trust, or the Trustee, or any of their respective affiliates, shall use such names, addresses or
other information for any purpose except in connection with the performance of their duties and responsibilities under the Authorized
Participant Agreement, the Procedures, the Standard Terms, the relevant Trust Agreement and the applicable Prospectus and except
for servicing and informational mailings related to the Trust(s) referred to in Section 4.03 above.

 

     

     

    

 

ARTICLE
V

 

MARKETING
MATERIALS AND REPRESENTATIONS AND WARRANTIES

 

Section
5.01. Authorized Participant’s Representation. The Authorized Participant represents, warrants and agrees that in
connection with any sale or solicitation of a sale of Shares it will not make, or permit any of its representatives to make on
its behalf, any representations concerning Shares, each Trust or the Sponsor other than those not inconsistent with each Trust’s
then current Prospectus or 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 Shares, the Trust or the Sponsor (excluding, without limitation, promotional materials and sales literature,
advertisements, press releases, announcements, statements, posters, signs or other similar materials not inconsistent with each
Trust’s then-current Prospectus and in accordance with applicable laws and regulations, and any materials prepared and used
for the Authorized Participant’s internal use only or brokerage communications prepared by the Authorized Participant in
the normal course of its business), 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(s) will not be advertised as offering redeemable securities, and that any advertising materials will
prominently disclose that the Shares are not redeemable units of beneficial interest in the Trust(s). Notwithstanding the foregoing,
the Authorized Participant and its Affiliates and representatives may, without the approval of the Sponsor, prepare and circulate
in the regular course of their respective businesses research, reports, marketing materials, sales literature or similar materials
that include information, opinions or recommendations relating to Shares (i) for public dissemination, provided that such reports,
research, marketing materials, sales literature or other similar materials comply with applicable FINRA rules and (ii) for internal
use by the Authorized Participant and its Affiliates and representatives.

 

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 will, as promptly as practicable
under the circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares 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 may be reasonable to permit the Authorized Participant to comply with any obligation
the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented
or amended Prospectus available to the Authorized Participant no later than its effective date. 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 Authorized Participant
Agreement.

 

a.          The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of each Trust, the Trustee, each
Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls
such persons within the meaning of Section 15 of the Securities Act (each an “AP Indemnified Party”) from and
against any loss, liability, cost and expense (including, without limitation, reasonable attorneys’ fees) incurred by such
AP Indemnified Party as a result of (i) any breach by the Authorized Participant of any provision of the relevant Trust Agreement,
the Authorized Participant Agreement, the Procedures, these Standard Terms and the relevant Prospectus (together, the “Trust
Documents”) that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in the Trust Documents applicable to it; (iii) any failure by the Authorized Participant
to comply in all material respects with applicable laws, including, without limitation, rules and regulations of self-regulatory
organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to
the Trust Documents; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant
Trust Documents, reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant
except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions or representations
(where applicable) and such revocation was given by the Authorized Participant and received by the Trustee in accordance with
the terms of Section 2.03 hereto. The Authorized Participant shall not be liable under its indemnity agreement contained
in this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified
the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification
giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall
not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such
liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized
Participant shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of
any suit brought to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted
by counsel chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the
AP Indemnified Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense
of any suit, it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained
by them.

 

     

     

    

 

b.          The
Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers,
employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the Securities Act
(each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and expense (including, without
limitation, reasonable attorneys’ fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the
Sponsor of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of
the Sponsor to perform any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure
on the part of the Sponsor to comply in all material respects with applicable laws, including, without limitation, rules and regulations
of self-regulatory organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken
pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions
issued or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, the
relevant Trust Agreement or these Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have
been given by the Sponsor; or (v) any untrue statements or omissions made in any promotional material or sales literature furnished
to the Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable
under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party
unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the
summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor
Indemnified Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However,
failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and
shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted
by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent
of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit,
it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by
them.

 

c.          No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability
arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

     

     

    

 

d.          The
Authorized Participant shall not be liable to any AP 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 AP Indemnified
Party.

 

e.          The
indemnification provided for in Section 6.01(a) shall not apply to an AP Indemnified Party to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or willful misconduct
on the part of such AP Indemnified Party. The indemnification provided for in Section 6.01(b) shall not apply to a Sponsor
Indemnified Party to the extent any such losses, liabilities, damages, costs and expenses arc incurred as a result of any fraud,
gross negligence, bad faith or reckless or willful misconduct on the part of such Sponsor Indemnified Party.

 

f.          The
indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination of
this Authorized Participant Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement
of any proceeding against it and against any of their officers or directors in connection with the issuance and sale of the Shares
or in connection with each Trust’s registration statement or the relevant Prospectus.

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.01. Commencement of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the relevant
Trust’s registration statement, or amendment to the relevant Trust’s registration statement, filed with the Securities
and Exchange Commission and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.

 

Section
7.02. Defined Terms. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the
meanings ascribed to such terms in the Authorized Participant Agreement and the Procedures.

 

Section
7.03. Third Party Beneficiaries. The parties acknowledge and agree that each Trust shall be a third party beneficiary of
the Authorized Participant Agreement, including, without limitation, as to Section 6.01(a) of these Standard Terms.

 

[Signatures
Follow on Next Page]

 

     

     

    

 

IN
WITNESS WHEREOF, the Sponsor and the Trustee have executed these Standard Terms as of the date set forth above.

 

THE
BANK OF NEW YORK MELLON,

in
its capacity as Trustee of the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement

 

	By:	 	 

Name:

Title:

 

GRANITESHARES
LLC,

in
its capacity as Sponsor of the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement

 

	By:	 	 

Name:

Title:

 

     

     

    

 

SCHEDULE
2-A

 

AUTHORIZED
REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

Certificate
of Authorized Representatives of the Authorized Participant

 

The
following are the names, titles, signatures, phone numbers, and email addresses of all persons (each, an “Authorized
Representative”) authorized to give instructions relating to any activity contemplated by the Authorized Participant
Agreement between [Name of Authorized Participant], The Bank of New York Mellon, as trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement, and GraniteShares LLC, as sponsor of the Trust(s) listed on Schedule A attached
to the Authorized Participant Agreement, dated [●], 2017 (the “Agreement”) or any other notice, request
or instruction on behalf of the Authorized Participant pursuant to the Agreement.

 

	Name:__________________________________________	Name:__________________________________________
	Title:  __________________________________________	Title:  __________________________________________

 

	Signature:_______________________________________	Signature:_______________________________________
	Phone:_____________________	Phone:______________________
	Email:______________________	Email:_______________________

 

	Name:__________________________________________	Name:__________________________________________
	Title:  __________________________________________	Title:  __________________________________________

 

	Signature:_______________________________________	Signature:_______________________________________
	Phone:______________________	Phone:______________________
	Email:_______________________	Email:_______________________

 

The
undersigned, [AP Authorized Signatory], does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Agreement.

 

	By:	 	 

Name:

Title:

Date:

 

     

     

    

 

SCHEDULE
2-B

 

ADDENDUM
TO CERTIFICATE OF

 

AUTHORIZED
REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

[On
AP’s Firm Letterhead]

 

[DATE]

 

Attn:___________________

The
Bank of New York Mellon, 

as
Trustee of the relevant Trusts sponsored by GraniteShares LLC 

2
Hanson Place - Floor 9th 

Brooklyn,
New York 11217

 

Re:
Addendum to the Certificate of Authorized Representatives for [Name of Authorized Participant] under the Authorized Participant
Agreement dated [Date,] for the relevant Trusts sponsored by GraniteShares LLC (the “Agreement”)

 

Ladies
and Gentlemen:

 

Pursuant
to the Agreement, the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized
Representatives of [Name of Authorized Participant] (the “AP”) authorized to give instructions relating
to any activity contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the
Agreement. This list of Authorized Representatives is an addendum and adds further Authorized Representatives to the AP’s
most recently executed certificate (entitled “Certificate of Authorized Representatives of the Authorized Participant”).

 

	Name:__________________________________________	Name:__________________________________________
	Title:  __________________________________________	Title:  __________________________________________

 

	Signature:_______________________________________	Signature:_______________________________________
	Phone:_____________________	Phone:______________________
	Email: _____________________	Email: ______________________

 

	Name:__________________________________________	Name:__________________________________________
	Title:  __________________________________________	Title:  __________________________________________

 

	Signature:_______________________________________	Signature:_______________________________________
	Phone:_____________________	Phone:______________________
	Email: ______________________	Email: ______________________

 

     

     

    

 

Please
provide PIN numbers for those listed above.

 

The
undersigned, [AP’S Authorized Signatory], does hereby certify that the persons listed above have been duly authorized
to act as Authorized Representatives pursuant to the Agreement.

 

	By: 	 	 
	Name: 	 
	Title: 	 
	Date:

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