Document:

EXHIBIT 4.1

                                    [FORM OF]

                                 TRUST INDENTURE

                                       OF

                           streetTRACKS(R) GOLD TRUST

                          DATED AS OF __________, 2004

                                     BETWEEN

                         WORLD GOLD TRUST SERVICES, LLC,
                                   AS SPONSOR

                                       AND

                              THE BANK OF NEW YORK,
                                   AS TRUSTEE

                            EFFECTIVE ________, 2004

                                TABLE OF CONTENTS

ARTICLE I DEFINITIONS ............................................................................................1

ARTICLE II SCOPE OF TRUSTEE'S DUTIES, INITIAL DEPOSIT AND DECLARATION OF TRUST, SUBSEQUENT CREATIONS AND
ISSUANCE ........................................................................................................11

   Section 2.01.        Scope of Trustee's Duties................................................................11
   Section 2.02.        Initial Deposit, Declaration of Trust and Issuance of Initial Creation Baskets...........14
   Section 2.03.        Subsequent Creations and Issuance of Creation Baskets....................................14
   Section 2.04.        Requirements for Deposits of Gold........................................................17
   Section 2.05.        Creation Basket Gold Deposit Amount......................................................18

ARTICLE III ADMINISTRATION OF THE TRUST..........................................................................18

   Section 3.01.        Initial Expense..........................................................................18
   Section 3.02.        Custody of Gold: Allocated and Unallocated Accounts, Additional Custodians and
                        Successor Custodians, Duty to Monitor Custodians, Certain Requirements for Custody
                        Agreements, Duty to Allocate Gold, Trust Assets to be Free of Liens, etc. ...............18
   Section 3.03.        Cash Account.............................................................................22
   Section 3.04.        Reserve Account..........................................................................22
   Section 3.05.        Certain Deductions and Distributions.....................................................23
   Section 3.06.        Statements and Reports...................................................................24
   Section 3.07.        Sale of Gold or other Property...........................................................26
   Section 3.08.        Counsel; Marketing Agent.................................................................26
   Section 3.09.        Notice to Sponsor........................................................................27
   Section 3.10.        Book-Entry-Only System, Global Security..................................................27
   Section 3.11.        Trust to be administered as Grantor Trust................................................30

ARTICLE IV EVALUATION OF GOLD....................................................................................30

   Section 4.01.        Evaluation of Gold.......................................................................30
   Section 4.02.        Responsibility of the Trustee for Evaluations............................................30

ARTICLE V TRUST EVALUATION AND REDEMPTION OF REDEMPTION BASKETS..................................................31

   Section 5.01.        Trust Evaluation.........................................................................31
   Section 5.02.        Redemption of Redemption Baskets.........................................................31
   Section 5.03.        Other Redemption Procedures..............................................................33

ARTICLE VI TRANSFER OF streetTRACKS(R) GOLD SHARES...............................................................33

   Section 6.01.        Transfer of streetTRACKS(R) Gold Shares..................................................33

ARTICLE VII SPONSOR .............................................................................................35

   Section 7.01.        Responsibility and Duties................................................................35
   Section 7.02.        Certain Matters Regarding Successor Sponsor..............................................35
   Section 7.03.        Resignation of Sponsor; Successors.......................................................35

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   Section 7.04.        Compensation of the Sponsor..............................................................36
   Section 7.05.        Liability of Sponsor and Indemnification.................................................36

ARTICLE VIII TRUSTEE ............................................................................................37

   Section 8.01.        General Definition of Trustee's Rights, Duties and Responsibilities......................37
   Section 8.02.        Books, Records and Reports; Audit........................................................42
   Section 8.03.        Agreement on File........................................................................44
   Section 8.04.        Compensation of Trustee..................................................................44
   Section 8.05.        Indemnification of Trustee...............................................................44
   Section 8.06.        Resignation, Discharge or Removal of Trustee; Successors.................................45
   Section 8.07.        Qualifications of Trustee................................................................47

ARTICLE IX TERMINATION ..........................................................................................47

   Section 9.01.        Procedure Upon Termination...............................................................47
   Section 9.02.        Moneys to Be Held Without Interest to Beneficial Owners..................................49
   Section 9.03.        Dissolution of Sponsor Not to Terminate Trust............................................50

ARTICLE X MISCELLANEOUS PROVISIONS...............................................................................50

   Section 10.01.       Amendment and Waiver.....................................................................50
   Section 10.02.       Registration (Initial and Continuing) of streetTRACKS(R) Gold Shares;
                        Certain Securities Law Filings ..........................................................51
   Section 10.03.       License Agreement with the Licensor......................................................51
   Section 10.04.       Right of Sponsor to Direct Trustee to Declare a Split of street TRACKS(R) Gold Shares....51
   Section 10.05.       Indemnification of Underwriter and Initial Marketing Agent...............................51
   Section 10.06.       Reduction in Fees of Sponsor and Initial Marketing Agent.................................52
   Section 10.07.       Certain Matters Relating to Beneficial Owners............................................53
   Section 10.08.       Prospectus Delivery......................................................................54
   Section 10.09.       New York Law to Govern...................................................................54
   Section 10.10.       Consent to Jurisdiction..................................................................54
   Section 10.11.       Merger...................................................................................54
   Section 10.12.       Notices..................................................................................54
   Section 10.13.       Severability.............................................................................55
   Section 10.14.       Headings.................................................................................55
   Section 10.15.       Counterparts.............................................................................55

                                       ii

                                 TRUST INDENTURE

                                       OF

                           streetTRACKS(R) GOLD TRUST

                            Effective _________, 2004

         This Trust Indenture,  dated as of _________,  2004, between World Gold
Trust Services,  LLC, as Sponsor,  and The Bank of New York, as Trustee,

                                WITNESSETH, THAT:

         WHEREAS the Sponsor desires to establish a trust, to be known as "
streetTRACKS(R) GOLD TRUST" (the "Trust"), pursuant to the laws of the State of
New York; and

         WHEREAS the Sponsor desires to establish the terms on which deposits of
gold may be held IN TRUST against which the Trustee, not in its individual
capacity but solely as Trustee on behalf of the Trust, will issue
streetTRACKS(R) Gold Shares (as hereinafter defined) evidencing fractional
undivided interests in the Trust; and

         WHEREAS the Sponsor desires to provide for other terms and conditions
upon 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

         Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

Additional Custodian.

         A custodian in addition to the Initial Custodian or a Successor
         Custodian, appointed pursuant to Section 3.02, and serving from time to
         time under one or more Custody Agreements other than the Allocated
         Bullion Account Agreement and the Unallocated Bullion Account
         Agreement.

Adjusted Net Asset Value.

         The value of the assets of the Trust less certain liabilities as
         specified in Section 5.01.

                                       1

Agreement.

         This Trust Indenture and all amendments and supplements hereto.

Allocated Bullion Account Agreement.

         Shall mean that certain Allocated Bullion Account Agreement entered
         into on or about the date of this Agreement between the Trustee and the
         Initial Custodian, substantially in the form of Exhibit A annexed
         hereto.

Authorized Officer.

         With respect to the Sponsor, shall mean the President, any Managing
Director, any Vice President, any Secretary or any other person or category of
persons named in the resolution(s) authorizing the Sponsor to establish the
Trust or authorizing the Trustee to perform its duties under this Agreement; and
with respect to the Trustee, shall mean a person authorized to sign agreements
of this type in accordance with the By-Laws of the Trustee.

Basket.

         A Creation Basket or a Redemption Basket, as the context may require.

Beneficial Owner.

         Shall have the meaning assigned to such term in Section 3.10(d).

Book Entry System.

         Shall have the meaning assigned to such term in Section 8.01(c).

Business Day.

         Any day other than (i) a day on which the Exchange is closed for
         regular trading or (ii) if the transaction involves the receipt or
         delivery of Gold or confirmation thereof in the United Kingdom or in
         some other jurisdiction, (y) a day on which banking institutions in the
         United Kingdom or in such other jurisdiction, as the case may be, are
         authorized by law to close or a day on which the London gold market is
         closed or (z) a day on which banking institutions in the United Kingdom
         or in such other jurisdiction, as the case may be, are authorized to be
         open for less than a full business day or the London gold market is
         open for trading for less than a full business day and transaction
         procedures required to be executed or completed before the close of the
         business day may not be so executed or completed.

                                       2

Cash Account.

         The account created pursuant to Section 3.03.

Cash Deposit.

         Shall have the meaning assigned to such term in Section 2.03(c).

Cash Redemption Amount.

         Shall have the meaning assigned to such term in Section 5.02(c).

Clearing Agency.

         Shall have the meaning assigned to such term in Section 8.01(c).

COMEX.

         The Comex Division of the NYMEX.

CPI-U.

         The National Consumer Price Index for All Urban Consumers, as published
         by the United States Department for Labor, or any successor index.

Creation Basket.

         The minimum number of streetTRACKS(R) Gold Shares that may be created
         at any one time, which is 100,000.

Creation Basket Deposit.

         Shall have the meaning assigned to such term in Section 2.01(4).

Creation Basket Gold Deposit Amount.

         10,000 Fine Ounces of Gold, as adjusted by the Trustee pursuant to
         Section 2.03(d) and 2.05.

Custodian.

         (a) The Initial Custodian, (b) any Additional Custodian, or (c) any
         Successor Custodian, provided that the Sponsor and the Trustee are
         satisfied that (1) while the Trust receives, holds or delivers Gold as
         defined in clause (a) or (b) of the definition of Gold herein, at least
         one Custodian shall be a clearing member of LBMA, and (2) while the
         Trust receives, holds or delivers Gold as defined in clause (c) of the
         definition of Gold herein,

                                       3

         at least one Custodian is qualified to serve as a custodian for such
         Gold for the market and in the jurisdiction where such Gold is traded.

Custody Accounts.

         (a) The Trust Allocated Account and the Trust Unallocated Account
         maintained by the Initial Custodian for the Trust, and (b) such other
         account maintained by a Custodian for the Trust pursuant to a Custody
         Agreement.

Custody Agreements.

         Shall mean (i) the Allocated Bullion Account Agreement and the
         Unallocated Bullion Account Agreement entered into between the Trustee
         and the Initial Custodian, substantially in the forms annexed hereto
         as, respectively, Exhibit A (Allocated) and Exhibit B (Unallocated),
         and (ii) such other agreements entered into by the Trustee with a
         Custodian pursuant to Section 3.02(d) providing for the deposit,
         safekeeping or delivery of Gold and related services.

Depositor.

         Each Participant that may from time to time deposit a Creation Basket
         Deposit with the Trustee.

Depository.

         The Depository Trust Company, New York, New York, or such other
         depository of streetTRACKS(R) Gold Shares as may be selected by the
         Sponsor and Trustee as specified herein.

Depository Agreement.

         The Letter of Representations from the Sponsor and the Trustee to the
         Depository, dated as of _________________ , as the same may be from
         time to time amended or supplemented.

Discretionary Termination Amount.

         The amount specified in Section 9.01(a).

Distribution Agreement.

         The agreement between the Sponsor and the Underwriter under which the
         Underwriter will purchase the number of Creation Baskets specified in
         the agreement.

                                       4

Distribution Date.

         The date(s) for distribution of amounts from the Cash Account,
         established by the Sponsor and Trustee pursuant to Section 3.05(e).

DTC Participants.

         Shall have the meaning assigned to such term in Section 3.10(c).

Evaluation Time.

         The time on any Business Day when the London P.M. Fix is announced or,
         if no London P.M. Fix is made on such Business Day or if the London
         P.M. Fix has not been announced by 12:00 p.m. New York time on such
         Business Day, 12:00 p.m. New York time.

Exchange.

         The New York Stock Exchange or, if the streetTRACKS(R) Gold Shares
         shall cease to be listed on The New York Stock Exchange and are listed
         on one or more other exchanges, the exchange on which the
         streetTRACKS(R) Gold Shares are principally traded, as specified by the
         Sponsor.

Fine Ounce.

         The measure of fine gold content, calculated by multiplying the gross
         weight in Ounces by the fineness, expressed in terms of the fine metal
         content in parts per 1000, in accordance with The Good Delivery Rules
         for Gold and Silver Bars contained in the Rules promulgated by the
         LBMA.

Fiscal Year.

         The fiscal year of the Trust which shall initially be the period ending
         September 30 of each year. The Sponsor shall have the continuing right
         to select an alternate fiscal year.

Global Security.

         The global certificate or certificates issued to the Depository as
         provided in the Depository Agreement, each of which shall be
         substantially in the form attached hereto as Exhibit D.

Gold.

         (a) Gold bullion meeting the requirements of London Good Delivery, (b)
         credit to an account maintained on an Unallocated Basis representing
         the right to receive gold bullion meeting the requirements specified
         for London Good Delivery and (c) such other gold

                                       5

         bullion as may hereafter be specified by the Sponsor and Trustee from
         time to time and disclosed in the Prospectus, provided that any gold
         bullion so specified shall have that minimum fineness required for
         London Good Delivery of gold. All gold bullion in addition shall (i)
         have that minimum fineness required for gold under the COMEX Rules and
         (ii) not have numismatic or other value apart from its intrinsic
         mineral value, provided that the Trustee shall not be liable to any
         person for the consequences of any gold bullion not meeting the minimum
         fineness required for gold under the COMEX Rules if those Rules require
         a greater minimum fineness than the LBMA Rules and the Trustee shall be
         indemnified against any loss, liability or expense in connection with
         any claim of liability arising therefrom as provided in Section 8.05.

Good Delivery.

         London Good Delivery, or the equivalent rules of such other gold market
         where the Sponsor may direct the Trustee in accordance with Section
         3.02(b) to arrange through a Custody Agreement for safekeeping of Gold
         and services in connection with its deposit and delivery, provided that
         any gold bullion permitted to be delivered to a Trust Allocated Account
         in such market shall meet the definition of Gold under this Agreement.

HBUS London Branch.

         HSBC Bank USA, National Association, acting by its London branch.

Indirect Participants.

         Shall have the meaning assigned to such term in Section 3.10(c).

Initial Custodian.

         HBUS London Branch.

Initial Date of Deposit.

         The date hereof.

Initial Deposit.

         The deposit of Gold and cash, if any, made by a Depositor with the
         Custodian and Trustee, respectively, on the Initial Date of Deposit
         specified in Schedule A hereto.

Initial Marketing Agent.

         State Street Global Markets, LLC, a Delaware limited liability company.

                                       6

Internal Revenue Code.

         The Internal Revenue Code of 1986, as amended, or any successor
         provisions.

LBMA.

         The London Bullion Market Association.

London Good Delivery.

         Shall have the meaning assigned thereto in The Good Delivery Rules for
         Gold and Silver Bars contained in the Rules promulgated by the LBMA.

London P.M. Fix.

         The price of an ounce of gold as fixed by the five members of the
         London gold fix at or about 3:00 p.m. London, England time.

Marketing Agent

         The Initial Marketing Agent and any other entity engaged by the Sponsor
         from time to time to assist with the marketing of the streetTRACKS(R)
         Gold Shares as provided in Section 3.08.

Marketing Agent Agreement

         The agreement entered into by the Sponsor with the Initial Marketing
         Agent pursuant to Section 3.08 in the form annexed as Exhibit E-2.

Net Asset Value.

         The value of the Trust determined under Section 5.01.

Net Asset Value per streetTRACKS(R) Gold Share.

         The value of an streetTRACKS(R) Gold Share determined under Section
         5.01.

NYMEX.

         The New York Mercantile Exchange.

Order Cut-Off Time.

         Close of regular trading on the Exchange, usually 4:00 p.m. New York
         time.

Ounce.

                                       7

         A troy ounce, equal to 1.0971428 ounces avoirdupois.

Participant.

         An entity that (1) is a DTC Participant, (2) maintains a Participant
         Unallocated Account and (3) has entered into a Participant Agreement
         which, at the relevant time, is in full force and effect.

Participant Agreement.

         An agreement among the Trustee, the Sponsor and a Participant,
         substantially in the form set forth in Exhibit C hereto, as the same
         may be from time to time amended in accordance with its terms.

Participant's Custodian.

         Shall mean the custodian with which the Participant Unallocated Account
         is maintained, and shall be the same entity that serves as Custodian of
         a Custody Account maintained for the Trust on an Unallocated Basis.

Participant Unallocated Account.

         Shall mean the account maintained on an Unallocated Basis by the
         Participant's Custodian for a Participant.

Prospectus.

         The prospectus relating to the Trust as most recently filed with the
         SEC pursuant to Rule 424 under the Securities Act of 1933, as amended.

Purchase Order.

         Shall have the meaning assigned thereto in Section 2.03(a)(i).

Purchase Order Date.

         Shall have the meaning assigned thereto in Section 2.03(a)(i).

Record Date.

         The date(s) established by the Sponsor and the Trustee pursuant to
         Section 3.05(e) for distributions from the Cash Account.

Redemption Basket.

                                       8

         The minimum number of streetTRACKS(R) Gold Shares that may be redeemed
         pursuant to Section 5.02, which shall be the number of shares
         constituting a Creation Basket on the Redemption Order Date.

Redemption Distribution.

         The property delivered in satisfaction of a redemption of a Redemption
         Basket as specified in Section 5.02(c).

Redemption Order.

         Shall have the meaning assigned thereto in Section 5.02(a).

Redemption Order Date.

         Shall have the meaning assigned thereto in Section 5.02(b).

Redemption Settlement Date.

         Shall have the meaning assigned thereto in Section 5.02(d).

Rules.

         The rules, regulations, practices and customs of the LBMA or the COMEX
         as the context shall indicate, or in the case of Gold as defined in
         clause (c) of the definition of Gold herein, the rules, regulations,
         practices and customs of the market and jurisdiction where such Gold is
         traded.

SEC.

         The Securities and Exchange Commission.

Sponsor.

         World Gold Trust Services, LLC, or any entity into which it may be
         merged or with which it may be consolidated, or any entity resulting
         from any merger or consolidation to which it shall be a party, or any
         entity succeeding to all or substantially all of its business as
         sponsor of the Trust, or any successor Sponsor designated as such by
         operation of law or any successor Sponsor appointed as herein provided.

Sponsor Indemnified Party.

         Shall have the meaning assigned to such term in Section 7.05(b).

streetTRACKS(R) Gold Share.

                                       9

         Each unit, having no par value, of fractional undivided beneficial
         interest in and ownership of the Trust, which interest initially shall
         equal a fraction whose numerator is 1 and whose denominator is the
         number of streetTRACKS(R) Gold Shares issued in the Initial Deposit and
         specified in Schedule A hereto. The denominator of such fraction shall
         be decreased by the number of any streetTRACKS(R) Gold Shares redeemed
         as provided in Sections 5.02 and 5.03, and shall be increased by the
         number of any streetTRACKS(R) Gold Shares created and issued pursuant
         to Section 2.03, and increased or decreased pursuant to any split or
         reverse split directed by the Sponsor pursuant to Section 10.04.

Successor Custodian.

         A custodian appointed by the Trustee pursuant to Section 3.02 in lieu
         of the Initial Custodian or any predecessor Successor Custodian.

Suspended Redemption Order.

         Shall have the meaning assigned to such term in Section 5.02(d).

Transaction Fee.

         Shall have the meaning assigned to such term in Section 2.03(f).

Trust.

         Shall mean the trust created by this Agreement as constituted from
         time to time.

Trust Allocated Account.

         The Custody Account maintained by the Initial Custodian for the Trust
         pursuant to the Allocated Bullion Account Agreement, or if applicable,
         another account maintained by another Custodian recording the amount of
         gold bullion held for the Trust on an allocated basis, as the case may
         be.

Trustee.

         The Bank of New York or any entity into which it may be merged or
         converted, or with which it may be consolidated, or any entity
         resulting from any merger, conversion or consolidation to which it
         shall be a party, or any entity succeeding to all or substantially all
         of its corporate trust business, or any successor Trustee designated as
         such by operation of law or appointed as herein provided.

Trustee Indemnified Party.

          Shall have the meaning assigned to such term in Section 8.05.

Trust Unallocated Account.

                                       10

         The account maintained by the Initial Custodian for the Trust pursuant
         to the Unallocated Bullion Account Agreement, or another account
         maintained by an Additional Custodian or a Successor Custodian for the
         Trust on an Unallocated Basis, as the case may be.

Unallocated Basis.

         Shall mean, with respect to a Gold account maintained by a custodian,
         that the person in whose name the account is held is entitled to
         delivery in accordance with the Rules of an amount of Gold equal to the
         amount of Gold standing to the credit of the person's account but has
         no ownership interest in any Gold that the custodian owns or holds.

Underwriter.

         UBS Securities LLC

Underwriter's Order Date.

         Shall have the meaning assigned such term in Section 2.02(c).

Underwriter's Settlement Date.

           Shall have the meaning assigned such term in Section 2.02(c).

Other Usages.

         The following usages shall apply in interpreting this agreement.

         (1) References to a governmental or quasigovernmental agency, authority
         or instrumentality or an authorized self-regulatory organization
         (including the SEC, COMEX, NYMEX and LBMA) shall also refer to a
         regulatory or other body that succeeds to the functions of the agency,
         authority or instrumentality.

         (2) "A or B" means "A or B or both."

         (3) Including" means "including, but not limited to."

                                   ARTICLE II

 SCOPE OF TRUSTEE'S DUTIES, INITIAL DEPOSIT AND DECLARATION OF TRUST, SUBSEQUENT
                             CREATIONS AND ISSUANCE
             OF CREATION BASKETS, REQUIREMENTS FOR DELIVERY OF GOLD

SECTION 2.01.     SCOPE OF TRUSTEE'S DUTIES.

         Subject to the terms and conditions of this Agreement, the Trustee is
hereby authorized to and shall perform the services for the Trust as its Trustee
specified in this Agreement, which services shall include the following:

                                       11

         (1)  enter into the Custody Agreements with the Initial Custodian and
              discharge its duties thereunder;

         (2)  enter into a Participant Agreement with each Participant and
              discharge its responsibilities thereunder;

         (3)  receive from Participants and process properly submitted Purchase
              Orders, as described in Section 2.03(a);

         (4)  in connection with Purchase Orders, (i) receive Cash Deposits
              defined in Section 2.03(c)) from Participants, (ii) notify the
              Custodian to expect to receive a transfer into the Trust
              Unallocated Account of the Gold that a Participant has instructed
              the Custodian to deliver to the Trust Unallocated Account, (iii)
              instruct the Custodian to allocate and transfer allocated gold
              from the Trust Unallocated Account to the Trust Allocated Account,
              and (iv) receive reports relating to the Custody Accounts from the
              Custodian indicating, among other things, that the Custodian has
              received Gold from Participants for the credit of the Trust and
              has allocated such Gold to the Trust Allocated Account, as
              described in Section 2.03(a)(iii), 3.02(d) and as provided in the
              Custody Agreements under which such Gold is received;

         (5)  in connection with Purchase Orders, deliver Creation Baskets to
              the Depository for the account of the Participant placing a
              Purchase Order for which the Trustee has received the
              Participant's Cash Deposit, if any, and (through the Custodian)
              the Participant's Creation Basket Gold Deposit Amount (the Cash
              Deposit and the Creation Basket Gold Deposit Amount together
              constituting the "Creation Basket Deposit"), as described in
              Section 2.03(b);

         (6)  receive from Participants and process properly submitted
              Redemption Orders, as described in Section 5.02, or as may from
              time to time be permitted by Section 5.03;

         (7)  in connection with Redemption Orders, instruct the Custodian to
              transfer Gold (i) from the Trust Allocated Account to the Trust
              Unallocated Account and (ii) from the Trust Unallocated Account to
              the Participant Unallocated Account of the redeeming Participant,
              as described in Section 5.02;

         (8)  in connection with Redemption Orders, receive from the redeeming
              Participant through the Depository, and thereupon cancel,
              streetTRACKS(R) Gold Shares corresponding to the Redemption
              Baskets to be redeemed, or as may from time to time be permitted
              by Section 5.03;

         (9)  on behalf of the Trust, enter into Custody Agreements as provided
              in Section 3.02(a) and (d), monitor the performance of the
              Custodian (as described in Section 3.02(c)) and enforce each
              Custody Agreement, as described in Section 3.02(c), and give the
              instructions to a Custodian provided in Sections 3.02(e) and (g);

                                       12

         (10) determine on each Business Day (i) the Creation Basket Gold
              Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the
              valuation of Gold owned or to be received by the Trust, as
              described in Article IV, (iii) the Adjusted Net Asset Value and
              Net Asset Value of the Trust and the Net Asset Value per
              streetTRACKS(R) Gold Share, as described in Section 5.01;

         (11) establish and maintain (i) the Cash Account as described in
              Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in
              Section 3.04; provide or arrange for custody of the Trust's assets
              other than cash and Gold; and record the ownership of the Trust's
              assets as provided in Section 3.02(f)

         (12) accrue and pay charges of the Trust as described in Section 3.05,
              and sell Gold to raise cash to pay such charges pursuant to
              Section 3.05(d);

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

         (14) sell Gold as authorized or directed pursuant to Section 3.07;

         (15) notify the Sponsor of notices received and take actions as
              provided in Section 3.09;

         (16) interact with the Depository as provided in Section 3.10 or as
              otherwise required hereunder;

         (17) keep proper books of record and account of all transactions of the
              Trustee under this Agreement, as described in Section 8.02(a),
              maintain a copy of this Agreement available for inspection as
              provided in Section 8.03, and furnish to DTC Participants after
              the end of each Fiscal Year, an annual report and other
              information, as described in Section 3.06;

         (18) take the actions authorized under Sections 7.03 and 8.01(s) in the
              circumstances described therein affecting the Sponsor's continued
              performance under this Agreement;

         (19) arrange for the annual audit of the accounts of the Trust and
              prepare or cause to be prepared tax and other regulatory filings
              as provided in Section 8.02;

         (20) communicate as described in Section 3.10 with Beneficial Owners as
              may from time to time be required in connection with the
              administration of the Trust;

         (21) terminate the Trust in accordance with Article IX, as described
              therein;

         (22) enter into and discharge its duties under the Reimbursement
              Agreements identified in Section 10.05; and

                                       13

         (23) undertake such actions, in the Trustee's discretion, as the
              Trustee shall deem necessary or desirable to protect the Trust and
              the rights and interest of the Beneficial Owners in accordance
              with this Agreement.

SECTION 2.02.     INITIAL DEPOSIT, DECLARATION OF TRUST AND ISSUANCE OF INITIAL
CREATION BASKETS.

         (a) The Trustee acknowledges that the Trustee (i) has received from the
Initial Custodian confirmation that the Initial Custodian has credited the
Initial Deposit to the Trust Unallocated Account and has transferred Gold to the
Trust Allocated Account pursuant to Section 4.5 of the Trust Unallocated Account
Agreement, and (ii) has received the Transaction Fee(s) (defined under Section
2.03(f)) payable with respect to the Purchase Order(s) relating to issuance of
the initial Creation Baskets, if any. The Trustee hereby declares that subject
to the terms and conditions of this Agreement, (i) the Initial Deposit, (ii) all
Gold that the Custodian credits to the Trust Allocated Account, the Trust
Unallocated Account and any other Custody Account, in accordance with the
Custody Agreements, and (iii) all other assets owned by the Trust from time to
time, shall be owned by the Trust and the Trustee as trustee thereof, for the
use and benefit of all present and future Beneficial Owners in accordance with
their respective beneficial interests as the same may be constituted from time
to time.

         (b) The Trustee hereby confirms that, in exchange for the Initial
Deposit, the Trustee has issued the Global Security to the Depository and that,
upon the registration statement for the sale of the streetTRACKS(R) Gold Shares
being declared effective, the Trustee will direct the Depository to credit to
the Depositor identified in Schedule A the streetTRACKS(R) Gold Shares
constituting the number of Creation Baskets identified in such Schedule A.

         (c) The Sponsor shall enter into a Distribution Agreement with the
Underwriter in the form annexed as Exhibit E-1 hereto concurrently with the
execution of this Agreement. Pursuant to the Distribution Agreement, on the
third Business Day following the date on which the Distribution Agreement is
signed (the date on which the Distribution Agreement is signed, the
"Underwriter's Order Date" and the third following Business Day, the
"Underwriter's Settlement Date"), or such later Business Day which the Sponsor
shall specify by written instruction to the Trustee received by the Trustee not
later than the Business Day preceding the Underwriter's Settlement Date, the
Underwriter shall deliver to the Custodian the Creation Basket Deposit, computed
for the Underwriter's Order Date, for the number of Creation Baskets specified
in the Distribution Agreement and, upon notice from the Custodian that the
Custodian has received such Creation Basket Deposit, the Trustee shall issue and
deliver such number of Creation Baskets to the Depository for credit to the
account of the Underwriter.

SECTION 2.03.     SUBSEQUENT CREATIONS AND ISSUANCE OF CREATION BASKETS.

         (a) After the Initial Deposit, the following procedures, as
supplemented by the more detailed procedures specified in the attachment to the
Participant Agreement, which may be amended from time to time in accordance with
the provisions of the Participant Agreement (and any such amendment will not
constitute an amendment of this Agreement), will govern the Trustee in the
creation and issuance of additional Creation Baskets. Subject to the limitations

                                       14

upon and requirements for issuance of Creation Baskets stated herein and in such
procedures, the number of Creation Baskets which may be issued by the Trust is
unlimited.

         (i)  On any Business Day, a Participant may submit a request to the
              Trustee to create one or more Creation Baskets (such request by a
              Participant, a "Purchase Order") in the manner provided in the
              Participant Agreement. Purchase Orders must be received by the
              Order Cut-Off Time on a Business Day (the "Purchase Order Date").
              The Trustee will process Purchase Orders only from Participants
              with respect to which the Participant Agreement is in full force
              and effect. The Trustee and the Sponsor will each maintain and
              make available at their respective offices specified in Section
              10.12 during normal business hours a current list of the
              Participants with respect to which the Participant Agreement is in
              full force and effect. The Sponsor directs the Trustee to deliver
              a copy of the Prospectus to each Participant prior to its
              execution and delivery of the Participant Agreement.

         (ii) Any Purchase Order is subject to rejection by any of the Sponsor
              or the Trustee pursuant to Section 2.03(e).

         (iii) After accepting a Participant's Purchase Order, the Trustee will
              issue and deliver Creation Baskets to fill a Participant's
              Purchase Order at or shortly after 9:00 a.m. New York time on the
              third Business Day after the Purchase Order Date, but only if by
              such time the Trustee has received (A) for its own account, the
              Transaction Fee, (B) for the account of the Trust the Cash
              Deposit, if any, and (C) notice from the Custodian (which need not
              be the Custodian's official report of transactions for such day)
              that the Custodian has received for the account of the Trust to
              the credit of the Trust Unallocated Account (or other Custody
              Account provided for in the relevant Custody Agreement), from the
              Participant Unallocated Account (or other account of the
              Participant from which Gold may be transferred to the Trust in
              accordance with the relevant Custody Agreement) the Creation
              Basket Gold Deposit Amount due from the Participant submitting the
              Purchase Order.

         (b) Upon issuing a Creation Basket pursuant to a Purchase Order of a
Participant, the Trustee will deposit the Creation Basket with the Depository in
accordance with the Depository's customary procedures, for credit to the account
of the Participant that placed the Purchase Order.

         (c) The Cash Deposit ("Cash Deposit") shall be an amount of cash equal
to the cash held or receivable by the Trust as of the Purchase Order Date, if
any, less the fees, expenses and other liabilities of the Trust accrued through
the Purchase Order Date, as computed by the Trustee under Section 5.01, divided
by the number of streetTRACKS(R) Gold Shares outstanding immediately before the
Purchase Order Date, and then multiplied by the number of streetTRACKS(R) Gold
Shares to be created pursuant to the Participant's Purchase Order. A negative
Cash Deposit amount will reduce the Creation Basket Gold Deposit Amount pursuant
to Section 2.05. If, notwithstanding the provisions of Section 3.07, the Trust
holds assets other than Gold, cash or cash receivables, no Purchase Orders will
be accepted until such other assets have been sold or otherwise disposed of.

                                       15

         (d) The quantity of Gold included in the Creation Basket Gold Deposit
Amount will change as a result of expenses paid and expenses accrued in excess
of cash then held by the Trust, and shall be determined by the Trustee in the
manner specified in Section 2.05. The Trustee's determination of the Creation
Basket Gold Deposit Amount and the amount of the Cash Deposit, if any, required
for each Creation Basket Deposit shall be final and binding upon all persons
interested in the Trust.

         (e) The Trustee shall have the absolute right, but shall have no
obligation, to reject any Purchase Order or Creation Basket Deposit (i)
determined by the Trustee not to be in proper form; (ii) that the Sponsor has
determined and advised the Trustee would have adverse tax consequences to the
Trust or to Beneficial Owners; (iii) the acceptance or receipt of which would,
in the opinion of counsel to the Sponsor acceptable to the Trustee, be unlawful;
or (iv) if circumstances outside the control of the Trustee, the Custodian or
the Sponsor make it for all practical purposes not feasible to process creations
of Creation Baskets. Neither the Trustee nor the Sponsor shall be liable to any
person by reason of the rejection of any Purchase Order or Creation Basket
Deposit.

         (f) A non-refundable transaction fee will be payable to the Trustee for
its own account in connection with each Purchase Order pursuant to this Section
and in connection with each Redemption Order pursuant to Section 5.02
("Transaction Fee"). The Transaction Fee charged in connection with each such
creation and redemption shall be initially $2,000, but may be changed as
provided in Section 2.03(g). Even though a single Purchase Order or Redemption
Order may relate to multiple Creation Baskets, only a single Transaction Fee
will be due for each Purchase Order or Redemption Order.

         (g) The Transaction Fee may subsequently be waived, modified, reduced,
increased or otherwise changed by the Trustee with the consent of the Sponsor,
but will not in any event exceed 0.10% of the value of a Creation Basket at the
time of creation or of a Redemption Basket at the time of redemption, as the
case may be (in each case determined at the Net Asset Value per Share for the
date of the Purchase Order or Redemption Order, respectively). Promptly after
agreeing to and prior to implementing such change, the Sponsor shall cause the
current Prospectus for the Trust to be amended to reflect any such changes in
the Transaction Fee. The Trustee shall notify the Depository of any agreement to
change the Transaction Fee and shall not implement any increase for redemptions
of outstanding streetTRACKS(R) Gold Shares until 30 days after the date of that
notice. The amount of the Transaction Fee in effect at any given time shall be
made available by the Trustee upon request.

         (h) Certificates for Creation Baskets will not be issued, other than
the Global Security issued to the Depository. So long as the Depository
Agreement is in effect, Creation Baskets will be issued and redeemed and
streetTRACKS(R) Gold Shares will be transferable solely through the book-entry
systems of the Depository and the DTC Participants and their Indirect
Participants as more fully described in Section 3.10. The Depository may
determine to discontinue providing its service with respect to Creation Baskets
and streetTRACKS(R) Gold Shares by giving notice to the Trustee and the Sponsor
pursuant to and in conformity with the provisions of the Depository Agreement
and discharging its responsibilities with respect thereto under applicable law.
Under such circumstances, the Trustee and the Sponsor shall take action either
to find a replacement for the Depository to perform its functions at a
comparable cost and

                                       16

on terms acceptable to the Trustee and the Sponsor or, if such a replacement is
unavailable, to terminate the Trust.

SECTION 2.04.     REQUIREMENTS FOR DEPOSITS OF GOLD.

         (a) Except as provided in paragraph (b) of this Section, Gold may be
delivered for deposit to the Trust only by transfer to the Trust Unallocated
Account maintained by the Custodian on behalf of the Trust from a Participant
Unallocated Account pursuant to the procedures specified in the Participant
Agreement. The expense and risk of delivery, ownership and safekeeping of Gold
until such Gold has been received by the Trust shall be borne solely by the
Depositor.

         (b) The Trustee shall accept delivery of Gold by such other means as
the Sponsor, from time to time, may determine to be acceptable for the Trust,
provided that the same is disclosed in the Prospectus. If Gold is to be
delivered other than as described in Section 2.04(a), the Sponsor is authorized
to establish such procedures and to appoint such custodians and establish such
custody accounts in addition to those described herein, as the Sponsor
determines to be desirable.

                                       17

SECTION 2.05.     CREATION BASKET GOLD DEPOSIT AMOUNT.

         The Trustee will adjust the quantity of Gold included in the Creation
Basket Gold Deposit Amount as appropriate to reflect sales or other disposition
of Gold for payment of Trust expenses or otherwise and as may be required to
reflect accrued expenses in excess of the value of assets of the Trust other
than Gold, as computed under Section 5.01. In general, in order to effectuate
the foregoing, the Trustee shall first determine the excess (if any) of accrued
expenses and other liabilities over the value of all assets of the Trust other
than Gold, utilizing the Net Asset Value for the date of the adjustment. The
Trustee shall determine the quantity of Gold equal in value to such excess, at
the price of Gold determined under Section 4.01 hereof for such date. The
Trustee shall subtract that number of Fine Ounces of Gold from the total number
of Fine Ounces of Gold then held by the Trust, and divide the resulting Gold
amount by the number of Baskets then outstanding. Fractions of a Fine Ounce of
Gold included in the Creation Basket Gold Deposit Amount smaller than 0.001 of a
Fine Ounce shall be disregarded. The Sponsor intends to publish, or may
designate other persons to publish, on each Business Day, the quantity of Gold
included in the Creation Basket Gold Deposit Amount and the Cash Deposit, if
any. If the Sponsor elects to publish such information, the inability of the
Sponsor or its designee to provide such information for any period of time will
not in itself result in a halt in the trading of streetTRACKS(R) Gold Shares on
the Exchange.

                                  ARTICLE III

                           ADMINISTRATION OF THE TRUST

SECTION 3.01.     INITIAL EXPENSE.

         The cost of (i) organizing the Trust and (ii) the initial sale of the
streetTRACKS(R) Gold Shares shall be borne by the Sponsor, provided, however,
that the liability of the Sponsor under this Section 3.01 shall not include any
fees or other expenses incurred in connection with the administration of the
Trust subsequent to the commencement of trading of streetTRACKS(R) Gold Shares
on the Exchange.

SECTION 3.02.     CUSTODY OF GOLD: ALLOCATED AND UNALLOCATED ACCOUNTS,
ADDITIONAL CUSTODIANS AND SUCCESSOR CUSTODIANS, DUTY TO MONITOR CUSTODIANS,
CERTAIN REQUIREMENTS FOR CUSTODY AGREEMENTS, DUTY TO ALLOCATE GOLD, TRUST ASSETS
TO BE FREE OF LIENS, ETC.

         (a) Concurrently with the execution of this Agreement, the Trustee,
acting on behalf of the Trust, shall enter into Custody Agreements with the
Initial Custodian in the form of the Allocated Bullion Account Agreement,
annexed hereto as Exhibit A, and the Unallocated Bullion Account Agreement,
annexed hereto as Exhibit B. Pursuant to these Custody Agreements, the Initial
Custodian shall maintain for the account of the Trust (i) the Trust Allocated
Account to which the Initial Custodian will credit Gold held for the Trust on an
allocated basis and (ii) the Trust Unallocated Account recording the amount of
Gold owned by the Trust on an Unallocated Basis. Unless the Sponsor otherwise
directs, the Trustee shall maintain only one Trust Unallocated Account for the
Trust at any time. Each other Custody Agreement entered into by the Trustee with
a Custodian on behalf of the Trust shall be in a form suitable for the type of
Gold and the market for which the Custodian shall be providing its

                                       18

services. The terms of such other Custody Agreement shall include provisions
substantially similar to those set forth in paragraph (d) of this Section,
unless the Sponsor permits the Trustee in writing to enter into a Custody
Agreement that omits any such provision.

         (b) From time to time, the Sponsor may direct the Trustee to employ one
or more other custodians (each, an "Additional Custodian" or a "Successor
Custodian") in addition to or in replacement of the Initial Custodian or any
Successor Custodian or Additional Custodian for the safekeeping of Gold and
services in connection with its deposit and delivery, provided that the Sponsor
may not direct the employment of a Successor Custodian or an Additional
Custodian without the Trustee's consent, if such employment would have a
materially adverse effect on the Trustee's performance of its duties hereunder.
The Trustee may also, with the prior approval of the Sponsor, employ one or more
other Successor Custodians or Additional Custodians selected by the Trustee for
the safekeeping of Gold and services in connection with its deposit and
delivery.

         (c) The Trustee shall be responsible for monitoring the performance of
each Custodian and for taking such actions to enforce the obligations of each
Custodian as are necessary to protect the Trust and the rights and interests of
the Beneficial Owners. In the event that the Trustee determines that maintenance
of Gold with a Custodian is not in the best interest of the Beneficial Owners,
the Trustee shall so advise the Sponsor and thereafter take such reasonable
action as the Sponsor shall direct, or if the Sponsor has not given direction
within one Business Day, shall initiate action to remove the Gold from the
custody of the Custodian or take such other action as the Trustee determines
appropriate to safeguard the interests of the Beneficial Owners. The Trustee
shall have no liability for any such action taken at the direction of the
Sponsor or, in the absence of such direction, any action taken by it in good
faith.

         (d) Before entering into the Custody Agreements attached hereto as
Exhibits A and B with the Initial Custodian, the Trustee has determined that
these agreements protect the Trust and the rights and interests of the
Beneficial Owners. Before initially placing Gold with an Additional Custodian or
a Successor Custodian, the Trustee shall have determined that the relevant
Custody Agreement and any related custody arrangements satisfy substantially the
following requirements, unless the Sponsor has permitted the Trustee in writing
to enter into the relevant Custody Agreement without satisfaction of one or more
of these requirements:

         (i)   That Gold held by the Custodian will be held in a vault
               maintained under the control of the Custodian, or held by or for
               a sub-custodian employed as authorized by the relevant Custody
               Agreement.

         (ii)  That the Custodian shall deliver Gold held on behalf of the Trust
               by the Custodian, or by or for any sub-custodian employed by the
               Custodian, only to such persons and at such times as specified in
               instructions furnished to it by the Trustee in a writing signed
               by an authorized person or by authenticated electronic
               transmission, or any substantial equivalent, and each Custody
               Agreement shall contain an explicit undertaking by the Custodian
               to this effect.

         (iii) That as of the close the business on any Business Day, the
               balance of any Custody Account maintained by a Custodian for the
               Trust on an Unallocated Basis shall

                                       19

               not exceed the maximum fine weight of the standard measure of
               Gold used by the Custodian for Good Delivery in the market in
               which it operates, for example, 430 Fine Ounces in the London
               market.

         (iv)  That when the Trustee instructs the Custodian (1) to debit Gold
               from a Trust Allocated Account maintained by the Custodian for
               transfer to a Custody Account maintained by the Custodian for the
               Trust on an Unallocated Basis and (2) to execute the instruction
               on the same Business Day as and in connection with one or more
               instructions the Trustee gives to the Custodian, the Custodian
               will use commercially reasonable efforts to execute the
               instructions in a manner that minimizes the time the Gold to be
               debited from the Trust Allocated Account stands to the credit of
               the Custody Account maintained for the Trust by the Custodian on
               an Unallocated Basis.

         (v)   That Gold transferred from a Custody Account of the Trust
               maintained on an Unallocated Basis (including any transfers for
               deposit to a Trust Allocated Account) or upon transfer from a
               Trust Allocated Account for credit to the Custody Account of the
               Trust maintained on an Unallocated Basis will be in a form which
               complies with the relevant requirements for Good Delivery and
               that, if the weight and fineness of Gold delivered by the
               Custodian upon transfer from the Custody Account of the Trust
               maintained on an Unallocated Basis is determined to be different
               from that reported to the Trustee by the Custodian, the Custodian
               will make appropriate credits or debits to the Custody Accounts
               maintained by the Custodian for the Trust such that the total
               Fine Ounces credited by the Custodian to Custody Accounts of the
               Trust equal the amount reported to the Trustee.

         (vi)  That, in the event Gold withdrawn from a Custody Account of the
               Trust maintained on an Unallocated Basis does not comply with the
               relevant requirements for Good Delivery or is not of the weight
               and fineness represented in the Custodian's account records,
               recovery in accordance with the Custody Agreements shall not be
               barred by delay in asserting a claim because of the failure to
               discover such loss or damage, regardless of whether the loss or
               damage could or should have been discovered.

         (vii) That (A) the Custodian will be obligated to use reasonable care
               and will be responsible to the Trust for any loss resulting
               directly from its negligence, fraud or willful misconduct, (B)
               the Custodian will maintain, at no cost to the Trust, appropriate
               insurance in regard to its Gold and custody business, and (C)
               that the Custodian will periodically allow the Trustee to review
               such insurance from time to time upon reasonable prior notice and
               will provide the Sponsor information regarding such insurance
               required by the Sponsor in connection with the maintenance of the
               registration of the streetTRACKS(R) Gold Shares, in each case
               subject to appropriate confidentiality agreements.

         (viii) That the Trust's assets held by the Custodian or by or for any
               sub-custodian employed by the Custodian will not be subject to
               any right, charge, security

                                       20

               interest, lien or claim of any kind except (1) a claim of payment
               by the Custodian or any sub-custodian for the safe custody or
               administration of the Trust's assets or, (2) in the case of a
               Custody Account maintained by a Custodian on an Unallocated
               Basis, liens or rights in favor of creditors of such Custodian
               arising under bankruptcy, insolvency or similar laws, and the
               Custodian shall provide a representation to the foregoing effect.

         (ix)  That the beneficial ownership of the Gold will be freely
               transferable without the payment of money or value other than for
               safe custody or administration.

         (x)   That the Trust's independent public accountants will be given
               access to records identifying assets of the Trust and access to
               the Trust's assets as required for confirmation of the contents
               of those records.

         (xi)  That the Trustee will receive (1) for each Business Day by no
               later than the following Business Day, information showing the
               movement of Gold into and out of the Custody Accounts maintained
               by the Custodian for the Trust, in sufficient detail to identify
               each transaction, the Business Day on which it occurred and
               information to allow the Trustee to determine the Custodian's
               compliance with the requirements set forth in clause (iii) of
               this paragraph (d) relating to the intended maximum amount of
               Gold to be held in a Custody Account maintained by the Custodian
               for the Trust on an Unallocated Basis and (2) periodic reports
               (not less than quarterly) with respect to the safekeeping of the
               Trust's assets which shall identify separately the assets held by
               the Custodian and the assets held by each sub-custodian used by
               the Custodian and the assets held by each other party holding
               assets of the Trust on behalf of the Custodian or a
               sub-custodian.

         (xii) That the Custodian irrevocably consents to the jurisdiction of
               the courts of the State of New York and of any Federal Court
               located in the Borough of Manhattan in such State in connection
               with any action, suit or other proceeding arising out of or
               relating to the custody agreement or any action taken or omitted
               thereunder, and waives any claim of forum non conveniens and any
               objections as to laying of venue, and further waives personal
               service of any summons, complaint or other process and agrees
               that service thereof may be made by certified or registered mail
               directed to the Custodian at its address for purposes of notices
               specified in the relevant Custody Agreement.

         (e) When directing transfers to and from the Custody Accounts of the
Trust, the Trustee will instruct the Custodian (which instruction may be
provided by the relevant Custody Agreement) to take the actions described in
clauses (iii) an (iv) of the preceding paragraph (d) of this Section 3.02.

         (f) The Trustee shall hold and record the ownership of the Trust's
assets in such manner that they will not be subject to any right, charge,
security interest, lien or claim of any kind in favor of the Trustee or its
creditors, other than a claim for payment of services, advances, indemnities and
expenses by the Trustee in providing services as trustee or, in the case of cash
deposits, liens or rights in favor of creditors of the Trustee arising under
bankruptcy,

                                       21

insolvency or similar laws and the Trustee, will, as requested by the Sponsor
and at the Trustee's expense, provide an opinion of counsel, satisfactory to the
Sponsor, to the foregoing effect with respect to assets held by the Trustee.

         (g) The Trustee shall instruct each Custodian to transfer from the
Custody Accounts maintained by the Custodian amounts of Gold held as an asset of
the Trust only (i) to another Custody Account, (ii) to effect a sale of Gold in
accordance with the applicable provisions of this Agreement, (iii) to effect a
redemption of streetTRACKS(R) Gold Shares in accordance with the provisions of
Article V hereof, (iv) upon termination of the Trust as provided in Section 9.01
hereof or (v) otherwise as directed by a governmental or regulatory body having
authority to make such direction.

SECTION 3.03.     CASH 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 received by it from or for the account of the Trust. Such
account shall be known as the "Cash Account." On each Business Day, the Trustee
shall notify the Sponsor, in writing, of the balance of the Cash Account.

SECTION 3.04.     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 which it has credited to such account from the Cash
Account to reflect the reserves for taxes or other governmental charges and
other contingent liabilities payable out of the Trust that the Trustee has
established from time to time as required by generally accepted accounting
principles. Such account shall be known as the "Reserve Account." The Trustee
shall not be required to transmit to the Depository for distribution to
Beneficial Owners any of the amounts held in such reserves; 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, then it shall promptly deposit such amounts in the Cash Account or, if
the Trust shall have terminated or shall be in the process of termination, the
Trustee shall transfer such amounts to the Depository for distribution to
Beneficial Owners such Beneficial Owners' interest in the amounts previously
reserved in accordance with Section 9.01.

                                       22

SECTION 3.05.     CERTAIN DEDUCTIONS AND DISTRIBUTIONS.

         (a) Subject to paragraph (c) of this Section, monthly, in arrears, the
Trustee shall deduct from moneys held in the Cash Account and pay to itself
individually the amounts that it is at the time entitled to receive pursuant to
Section 8.04 on account of its services performed. The Trustee shall charge the
Cash Account its disbursements for payment of other expenses at such times as
the Trustee determines convenient in its administration of the Trust.

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

         (1)  Trustee's fees as set forth in Section 8.04 and Sponsor's fees as
              set forth in Section 7.04;

         (2)  expenses of custody, deposit or delivery of the Gold (exclusive of
              any expenses borne by a Depositor or redeeming Participant as
              provided herein or in the Participant Agreement), and
              disbursements charged by and indemnification due any Custodian;

         (3)  fees of the Trustee for extraordinary services performed under
              this Agreement;

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

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

         (6)  expenses and costs of any action taken by a Trustee Indemnified
              Party or a Sponsor Indemnified Party to protect the Trust and the
              rights and interests of Beneficial Owners;

         (7)  indemnification of the Trustee or the Sponsor as provided in this
              Agreement, including, without limitation, in Sections 7.05 and
              8.05;

         (8)  expenses incurred in contacting Beneficial Owners in the manner
              described in Section 3.10;

         (9)  legal and auditing expenses, and the compensation paid to agents
              employed by the Trustee as permitted hereunder;

         (10) fees paid to the Depository for custody of streetTRACKS(R) Gold
              Shares;

         (11) federal and state annual fees in keeping the registration of
              streetTRACKS(R) Gold Shares on a current basis pursuant to Section
              10.02 for the issuance of Creation Baskets;

         (12) expenses of the Sponsor relating to the printing and distribution
              of marketing materials describing the Trust and streetTRACKS(R)
              Gold Shares (including

                                       23

              but not limited to, associated legal, consulting, advertising and
              marketing costs and other out-of-pocket expenses);

         (13) fees and expenses of the Marketing Agent;

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

         (15) stationery, postage and all other out-of-pocket expenses of the
              Trust not otherwise stated above incurred by it, the Sponsor or
              the Custodian or any Additional Custodian or Successor Custodian
              pursuant to actions permitted or required under this Agreement.

         (c) The Trustee shall, when directed by the Sponsor, and, in the
absence of such direction, may, in its discretion, sell Gold in such quantity
and at such times as may be necessary to permit payment of expenses hereunder
including any of the expenses enumerated in subsection (b) above. The Trustee is
conclusively authorized to sell Gold at such times and in the smallest amounts
required to permit payment of expenses as they come due, it being the intention
to minimize the Trust's holdings of assets other than Gold. Neither the Trustee
nor the Sponsor shall have any liability for loss or depreciation resulting from
sales of Gold so made. Further, the Trustee shall not be liable or responsible
in any way for depreciation or loss incurred by reason of any sale made pursuant
the Sponsor's direction.

         (d) If at any time and from time to time the Trustee and Sponsor
determine that the balance on hand in the Cash Account exceeds the anticipated
expenses of the Trust during the following 12 months, they shall direct that
such excess be distributed and shall establish such Record and Distribution
Dates for such distribution as they deem appropriate. In calculating the amount
of a distribution, fractions of less than $0.01 will be ignored. Notwithstanding
the foregoing, no distribution shall be made if the amount distributable will be
less than $0.01 per streetTRACKS(R) Gold Share outstanding. The Trustee shall
make distributions under this paragraph solely to the Depository as the
registered holder of all streetTRACKS(R) Gold Shares in accordance with Section
3.10(g) and the Trustee shall have no liability to any person in respect of any
distribution so made.

         (e) The Trustee will charge no fee and will assume the expense of
operation (other than extraordinary expenses) of the Trust accrued through the
day the streetTRACKS(R) Gold Shares commence trading on the Exchange. The
Trustee and the Sponsor have entered into a separate agreement relating to
payment by the Sponsor of compensation to the Trustee for the period described
in the preceding sentence. If the Sponsor fails to pay the Trustee pursuant to
such compensation agreement, the Trustee may recover the unpaid amounts from the
assets of the Trust, and may sell Gold as necessary to provide funds therefor,
provided, however, that, to the extent any such unpaid amounts are paid from the
Trust, the Trust shall succeed to the rights of the Trustee against the Sponsor
under the compensation agreement.

SECTION 3.06.     STATEMENTS AND REPORTS.

                                       24

         After the end of each Fiscal Year, the Sponsor shall cause to be
prepared an annual report for the Trust containing financial statements prepared
by the Trustee and audited by independent accountants designated by the Sponsor.
The annual report shall be in such form and contain such information as shall be
required by applicable laws, rules and regulations and may contain such
additional information which the Sponsor determines shall be included. The
annual report shall be filed with the SEC and such other regulatory agencies,
and distributed to such persons and in such manner, as shall be required by
applicable laws, rules and regulations. The cost of the preparation and
distribution of the annual report shall be an expense of the Trust.

                                       25

SECTION 3.07.     SALE OF GOLD OR OTHER PROPERTY.

In addition to selling Gold in accordance with Section 3.05(c), the Trustee
shall sell Gold whenever any one or more of the following conditions exist:

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

         (b) the Trust is to be terminated and its assets liquidated in
accordance with Section 9.01.

         Any property received by the Trust other than Gold, cash or an amount
receivable in cash (such as, for example, an insurance claim) shall be promptly
sold or otherwise disposed of by the Trustee at the direction of the Sponsor and
the proceeds thereof shall be credited to the Cash Account.

         Unless otherwise directed by the Sponsor, when selling Gold the Trustee
shall endeavor to sell at the value determined under Section 4.01 for the date
of sale. The Trustee shall place orders with dealers (which may include the
Custodian) through which it may reasonably expect to obtain the most favorable
price and execution of orders. Solely in sale transactions made at the next
London "fix" (A.M. or P.M.) following the sale order, the Custodian may also be
the purchaser.

         The Trustee and the Sponsor shall not be liable or responsible in any
way for depreciation or loss incurred by reason of any sale made pursuant to
this Section 3.07.

         SECTION 3.08.     COUNSEL; MARKETING AGENT.

         (a) The Sponsor may from time to time employ counsel to act on behalf
of the Trust and perform any legal services in connection with the Gold and the
Trust, including any legal matters relating to the possible disposition or
acquisition of any Gold. The fees and expenses of such counsel shall be paid by
the Trustee from the assets of the Trust.

         (b) To assist the Sponsor in marketing streetTRACKS(R) Gold Shares,
which assistance shall include but shall not be limited to the developing and
executing a marketing plan and preparing marketing materials, the Sponsor shall
enter into a Marketing Agent Agreement with the Initial Marketing Agent in the
form annexed as Exhibit E-2 hereto concurrently with the execution of this
Agreement. The Sponsor may also from time to time employ such other additional
or successor Marketing Agent(s) on such terms and conditions as the Sponsor
determines. Subject to the provisions of Section 10.06 hereof, the fees and
expenses of the Initial Marketing Agent and any successor or additional
Marketing Agent(s) shall be paid by the Trustee from the assets of the Trust.
The Sponsor shall not be answerable for the default or misconduct of the Initial
Marketing Agent and shall not be answerable for the default or misconduct of any
successor or additional Marketing Agent(s) if the Sponsor shall have selected
such successor or additional Marketing Agent(s) with reasonable care. The
Trustee shall have no liability for the terms, value or validity of any
agreement entered into by the Sponsor with a Marketing Agent or for the default
or misconduct of any Marketing Agent. So long as the Marketing Agent Agreement
with the Initial Marketing Agent shall be in effect, the name of the

                                       26

Trust shall be that identified in the preamble hereto, except to the extent the
Sponsor and the Initial Marketing Agent shall otherwise determine.

         SECTION 3.09.     NOTICE TO SPONSOR.

         If the Trustee receives notice at any time that an action is to be
taken by reason of its holding of the assets of the Trust for which no direction
is provided herein, the Trustee shall promptly notify the Sponsor and shall
thereupon take or refrain from taking such action as the Sponsor shall in
writing direct; provided, however, that if the Sponsor shall not within five
Business Days of the giving of such notice to the Sponsor direct the Trustee to
take or refrain from taking any action, the Trustee shall take such action or
decline to take action as it, in its sole discretion, shall deem advisable.
Neither the Sponsor nor the Trustee shall be liable to any person for any action
or failure to take action with respect to this Section 3.09.

         SECTION 3.10.     BOOK-ENTRY-ONLY SYSTEM, GLOBAL SECURITY.

         (a) The Sponsor and the Trustee will enter into the Depository
Agreement pursuant to which the Depository will act as securities depository for
streetTRACKS(R) Gold Shares. streetTRACKS(R) Gold Shares will be represented the
Global Security (which may consist of one or more certificates as required by
the Depository), which will be registered, as the Depository shall direct, in
the name of Cede & Co., as nominee for the Depository and deposited with, or on
behalf of, the Depository. No other certificates evidencing streetTRACKS(R) Gold
Shares will be issued. The Global Security shall be in the form attached hereto
as Exhibit D and shall represent such streetTRACKS(R) Gold Shares as shall be
specified therein, and may provide that it shall represent the aggregate amount
of outstanding streetTRACKS(R) Gold Shares from time to time endorsed thereon
and that the aggregate amount of outstanding streetTRACKS(R) Gold Shares
represented thereby may from time to time be increased or reduced to reflect
deposits or redemptions of Baskets. Any endorsement of a Global Security to
reflect the amount, or any increase or decrease in the amount, of outstanding
streetTRACKS(R) Gold Shares represented thereby shall be made in such manner and
upon instructions given by the Trustee as specified in the Depository Agreement.

         (b) Any Global Security issued to The Depository Trust Company or its
nominee shall bear a legend substantially to the following effect: "Unless this
certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation ("DTC"), to the Trustee or its agent 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 required 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."

         (c) The Depository has advised the Sponsor and the Trustee as follows:
The Depository is a limited-purpose trust company organized under the laws of
the State of New York, a member of the Federal Reserve System, a "clearing
corporation" within the meaning of the New York Uniform Commercial Code, and a
"clearing agency" registered pursuant to the

                                       27

provisions of Section 17A of the Securities Exchange Act of 1934, as amended.
The Depository was created to hold securities of its participants (the "DTC
Participants") and to facilitate the clearance and settlement of securities
transactions among the DTC Participants in such securities through electronic
book-entry changes in accounts of the DTC Participants, thereby eliminating the
need for physical movement of securities certificates. DTC Participants include
securities brokers and dealers, banks, trust companies, clearing corporations,
and certain other organizations, some of whom (and/or their representatives) own
the Depository. Access to the Depository's system is also available to others
such as banks, brokers, dealers and trust companies that clear through or
maintain a custodial relationship with a DTC Participant, either directly or
indirectly ("Indirect Participants").

         (d) As provided in the Depository Agreement, upon the settlement date
of any creation, transfer or redemption of streetTRACKS(R) Gold Shares, the
Depository will credit or debit, on its book-entry registration and transfer
system, the amount of streetTRACKS(R) Gold Shares so created, transferred or
redeemed to the accounts of the appropriate DTC Participants. The accounts to be
credited and charged shall be designated by the Trustee and each Participant, in
the case of a creation or redemption of Baskets. Ownership of beneficial
interest in streetTRACKS(R) Gold Shares will be limited to DTC Participants,
Indirect Participants and persons holding interests through DTC Participants and
Indirect Participants. Owners of beneficial interests in streetTRACKS(R) Gold
Shares ("Beneficial Owners") will be shown on, and the transfer of beneficial
ownership by Beneficial Owners will be effected only through, in the case of DTC
Participants, records maintained by the Depository and, in the case of Indirect
Participants and Beneficial Owners holding through a DTC Participant or an
Indirect Participant, through those records or the records of the relevant DTC
Participants. Beneficial Owners are expected to receive from or through the
broker or bank that maintains the account through which the Beneficial Owner has
purchased streetTRACKS(R) Gold Shares a written confirmation relating to their
purchase of streetTRACKS(R) Gold Shares.

         (e) So long as Cede & Co., as nominee of the Depository, is the
registered owner of streetTRACKS(R) Gold Shares, references herein to the
registered or record owners of streetTRACKS(R) Gold Shares shall mean Cede & Co.
and shall not mean the Beneficial Owners of streetTRACKS(R) Gold Shares.
Beneficial Owners of streetTRACKS(R) Gold Shares will not be entitled to have
streetTRACKS(R) Gold Shares registered in their names, will not receive or be
entitled to receive physical delivery of certificates in definitive form and
will not be considered the record or registered holder of streetTRACKS(R) Gold
Shares under this Agreement. Accordingly, to exercise any rights of a holder of
streetTRACKS(R) Gold Shares under the Agreement, a Beneficial Owner must rely on
the procedures of the Depository and, if such Beneficial Owner is not a DTC
Participant, on the procedures of each DTC Participant or Indirect Participant
through which such Beneficial Owner holds its interests. The Trustee and the
Sponsor understand that under existing industry practice, if the Trustee
requests any action of a Beneficial Owner, or a Beneficial Owner desires to take
any action that the Depository, as the record owner of all outstanding
streetTRACKS(R) Gold Shares, is entitled to take, in the case of a Trustee
request, the Depository will notify the DTC Participants regarding such request,
such DTC Participants will in turn notify each Indirect Participant holding
streetTRACKS(R) Gold Shares through it, with each successive Indirect
Participant continuing to notify each person holding streetTRACKS(R) Gold Shares
through it until the request has reached the Beneficial Owner, and in the case
of a request or authorization to act being sought or given by a Beneficial

                                       28

Owner, such request or authorization is given by the Beneficial Owner and
relayed back to the Trustee through each Indirect Participant and DTC
Participant through which the Beneficial Owner's interest in the streetTRACKS(R)
Gold Shares is held.

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

         (g) Distributions on streetTRACKS(R) Gold Shares pursuant to Section
3.05(d) shall be made to the Depository or its nominee, Cede & Co., as the
registered owner of all streetTRACKS(R) Gold Shares. The Trustee and the Sponsor
expect that the Depository or its nominee, upon receipt of any payment of
distributions in respect of streetTRACKS(R) Gold Shares, shall credit
immediately DTC Participants' accounts with payments in amounts proportionate to
their respective beneficial interests in streetTRACKS(R) Gold Shares as shown on
the records of the Depository or its nominee. The Trustee and the Sponsor also
expect that payments by DTC Participants to Indirect Participants and Beneficial
Owners held through such DTC Participants and Indirect Participants will be
governed by standing instructions and customary practices, as is now the case
with securities held for the accounts of customers in bearer form or registered
in a "street name," and will be the responsibility of such DTC Participants and
Indirect Participants. Neither the Trustee nor the Sponsor will have any
responsibility or liability for any aspects of the records relating to or
notices to Beneficial Owners, or payments made on account of beneficial
ownership interests in streetTRACKS(R) Gold Shares, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests or for any other aspect of the relationship between the Depository and
the DTC Participants or the relationship between such DTC Participants and the
Indirect Participants and Beneficial Owners owning through such DTC Participants
or Indirect Participants or between or among the Depository, any Beneficial
Owner and any person by or through which such Beneficial Owner is considered to
own streetTRACKS(R) Gold Shares.

         (h) Limitation of Liability. The Global Security to be issued hereunder
is executed and delivered solely on behalf of the Trust by World Gold Trust
Services, LLC, as Sponsor, and by The Bank of New York, as Trustee of the Trust,
in the exercise of the powers and authority conferred and vested in them by this
Agreement. The representations, undertakings and agreements made on the part of
the Trust in the Global Security are made and intended not as personal
representations, undertakings and agreements by World Gold Trust Services, LLC
or The Bank of New York, but are made and intended for the purpose of binding
only the Trust.

                                       29

Nothing in the Global Security shall be construed as creating any liability on
World Gold Trust Services, LLC or The Bank of New York, individually or
personally, to fulfill any representation, undertaking or agreement other than
as provided in this Agreement.

         (i) Successor Depository. If a successor to The Depository Trust
Company shall be employed as Depository hereunder, the Trustee and Sponsor shall
establish procedures acceptable to such successor with respect to the matters
addressed in this Section 3.10.

         SECTION 3.11.     TRUST TO BE ADMINISTERED AS GRANTOR TRUST.

         Nothing in this Agreement, any Custody Agreement with any Custodian, 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) or similar or successor provisions of United States
Treasury Regulations under the Internal Revenue Code, nor shall the Sponsor give
the Trustee any direction that would vary the investment of the Beneficial
Owners. The Trustee shall not be liable to any person for the failure of the
Trust to qualify as a grantor trust under the Internal Revenue Code or any
comparable provision of the laws of any State or other jurisdiction where such
treatment is sought, provided that this sentence shall not limit the Trustee's
responsibility for the administration of the Trust in accordance with this
Agreement.

                                   ARTICLE IV

                               EVALUATION OF GOLD

         SECTION 4.01.     EVALUATION OF GOLD.

         As of the Evaluation Time on each Business Day, the Trustee shall
determine the value of the Gold held or receivable by the Trust on the basis of
the London P.M. Fix for the day on which the evaluation is made, or if no London
P.M. Fix is made on such day or has not been announced by the Evaluation Time,
on the basis of the last London "fix" (A.M. or P.M.) determined prior to the
Evaluation Time, unless the Trustee in consultation with the Sponsor determines
such price inappropriate as a basis for evaluation. In the event the Trustee and
the Sponsor determine that the London P.M. Fix or last prior London "fix" is not
an appropriate basis for evaluation, they shall identify an alternative basis
for evaluation to be employed by the Trustee. Neither the Trustee nor the
Sponsor shall be liable to any person for the determination that the London P.M.
Fix or last prior London "fix" 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.

         SECTION 4.02.     RESPONSIBILITY OF THE TRUSTEE FOR EVALUATIONS.

         The Sponsor and the Beneficial Owners may rely on any evaluation
furnished by the Trustee, and the Sponsor shall have no responsibility for the
accuracy thereof. The determinations made by the Trustee hereunder 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.

                                       30

The Trustee shall be under no liability to the Sponsor, the Depository,
Beneficial Owners or any other person, 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 willful misfeasance, willful
misconduct, bad faith or gross negligence in the performance of its duties or by
reason of its reckless disregard of its obligations and duties hereunder.

                                   ARTICLE V

              TRUST EVALUATION AND REDEMPTION OF REDEMPTION BASKETS

         SECTION 5.01.     TRUST EVALUATION.

         As of the Evaluation Time on each Business Day, the Trustee shall
subtract all estimated accrued but unpaid fees (other than the fees computed by
reference to the Adjusted Net Asset Value of the Trust, as defined below, or
custody fees computed by reference to the value of Gold held by the Trust),
expenses and other liabilities of the Trust from the total value of the Gold
determined by the Trustee pursuant to Section 4.01 and all other assets of the
Trust (other than any amounts credited to the Reserve Account). The resulting
figure is the "Adjusted Net Asset Value" of the Trust. The Trustee shall
subtract from the Adjusted Net Asset Value the amount of accrued fees computed
by reference to the Adjusted Net Asset Value of the Trust and custody fees
computed by reference to the value of Gold held by the Trust and 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 streetTRACKS(R) Gold Shares
outstanding as of the Evaluation Time on the date of the evaluation then being
made (which shall take into account the settlement of Creation Baskets and
Redemption Baskets occurring on such date), which figure is the "Net Asset Value
per streetTRACKS(R) Gold Share."

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

         SECTION 5.02.     REDEMPTION OF REDEMPTION BASKETS.

         (a) On any Business Day, a Participant with respect to which a
Participant Agreement is in full force and effect (as reflected on the list
maintained by the Trustee pursuant to Section 2.03(a)(i)) may redeem one or more
Redemption Baskets standing to the credit of the Participant on the records of
the Depository in kind by delivering a request for redemption to the Trustee
(such request, a "Redemption Order") in the manner specified in the procedures
specified in the attachment to the Participant Agreement, as amended from time
to time in accordance with the provisions of the Participant Agreement (and any
such amendment will not constitute an amendment of this Agreement).

         (b) To be effective, a Redemption Order must be submitted on a Business
Day by the Order Cut-Off Time in form satisfactory to the Trustee (the Business
Day on which the

                                       31

Redemption Order is so submitted, "Redemption Order Date"). The Trustee shall
reject any Redemption Order the fulfillment of which its counsel advises may be
illegal under applicable laws and regulations, and the Trustee shall have no
liability to any person for rejecting a Redemption Order in such circumstances.

         (c) Subject to deduction of any tax or other governmental charges due
thereon, the redemption distribution ("Redemption Distribution") shall consist
of the portion of the Net Asset Value of the Trust, determined pursuant to
Section 5.01 for the Redemption Order Date, attributable to the Redemption
Basket(s). In general, such distribution shall consist of (A) credit to a
Participant Unallocated Account of the redeeming Participant maintained with the
Custodian of the amount of Gold representing the fractional undivided interest
in the Gold held by the Trust evidenced by the Redemption Baskets subject to the
redeeming Participant's Redemption Order plus or minus (B) a cash amount (the
"Cash Redemption Amount"). The Cash Redemption Amount shall be equal to all
assets of the Trust other than Gold less all accrued expenses and other
liabilities, divided by the number of Baskets outstanding and multiplied by the
number of Redemption Baskets subject to the redeeming Participant's Redemption
Order. If the Cash Redemption Amount is positive, then it shall be paid in cash.
If the Cash Redemption Amount is negative, then it shall reduce the credit to
the Participant's Participant Unallocated Account, by an amount of Gold equal in
value, at the price of Gold determined under Section 4.01 hereof for the
Redemption Order Date, to such negative Cash Redemption Amount. Fractions of a
Fine Ounce of Gold included in the Redemption Distribution smaller than 0.001 of
a Fine Ounce shall be disregarded.

         The Trustee will distribute any positive Cash Redemption Amount through
the Depository to the account of the Participant as recorded on the book entry
system of the Depository.

         (d) By 10:00 a.m. New York time (but not later than 3:30 London time)
on the third Business Day following the Redemption Order Date (such third
Business Day, the "Redemption Settlement Date"), if the Trustee's account at the
Depository has by 9:00 a.m. New York time on such day been credited with the
Redemption Baskets being tendered for redemption and the Trustee has by such
time received the Transaction Fee, the Trustee shall deliver the Cash Redemption
Amount (if any) and shall direct the Custodian to deliver Gold included in the
Redemption Distribution by effecting the necessary transfers of the Gold to the
redeeming Participant's Participant Unallocated Account. If by such time the
Trustee does not receive from a redeeming Participant all streetTRACKS(R) Gold
Shares comprising the Redemption Order, the Trustee will (i) settle the
Redemption Order to the extent of whole Redemption Baskets received from the
Participant and (ii) keep the redeeming Participant's Redemption Order open
until 9:00 a.m. New York time on the first Business Day following the Redemption
Settlement Date as to the balance of the Redemption Order (such balance, the
"Suspended Redemption Order"), provided, however, that the redeeming Participant
pays the Trustee such fee for the custody of the Gold included in the Suspended
Redemption Order for the period subsequent to the Redemption Settlement Date as
the Trustee may, from time to time, determine. If the Redemption Basket(s)
comprising the Suspended Redemption Order are credited to Trustee's account at
the Depository by 9:00 a.m. New York time on such following Business Day, the
Redemption Distribution with respect to the Suspended Redemption Order shall be
paid in the manner provided in the second preceding sentence. If by such time

                                       32

the Trustee does not receive from the redeeming Participant all streetTRACKS(R)
Gold Shares comprising the Suspended Redemption Order, the Trustee will settle
the Suspended Redemption Order to the extent of whole Redemption Baskets then
received and any balance of the Suspended Redemption will be cancelled.
Notwithstanding the foregoing, when and under such conditions as the Sponsor and
the Trustee may from time to time determine, the Trustee shall be authorized to
deliver the Redemption Distribution notwithstanding that a Redemption Basket has
not been credited to the Trustee's account at the Depository if the Participant
has collateralized its obligation to deliver the Redemption Basket on such terms
as the Sponsor and the Trustee may, in their sole discretion, from time to time
agree.

         If Gold is to be delivered through a Custodian other than the Initial
Custodian or in a market other than the London market, the Sponsor and Trustee
are authorized to establish such other procedures, including requirements as to
the time of receipt by the Trustee of the tendered Redemption Baskets, for
payment of the Redemption Distribution as they shall determine appropriate.

         (e) The Trustee may, in its discretion, and will when so directed by
the Sponsor, suspend the right of redemption, or postpone the Redemption
Settlement Date, (i) for any period during which the Exchange is closed other
than customary weekend or holiday closings, or trading is suspended or
restricted; (ii) for any period during which an emergency exists as a result of
which delivery, disposal or evaluation of the Gold is not reasonably
practicable; or (iii) for such other period as the Sponsor determines to be
necessary for the protection of Beneficial Owners. Neither the Sponsor nor the
Trustee is liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement.

         (f) Redemption Baskets effectively redeemed pursuant to the provisions
of this section or as may be otherwise provided pursuant to Section 5.03 shall
be cancelled by the Trustee in accordance with the Depository's procedures.

         SECTION 5.03.     OTHER REDEMPTION PROCEDURES.

         The Sponsor and the Trustee from time to time may, but shall have no
obligation to, establish procedures with respect to redemption of
streetTRACKS(R) Gold Shares in lot sizes smaller than the Redemption Basket and
permitting the Redemption Distribution to be in a form, and delivered in a
manner, other than that specified in Section 5.02. If Gold is to be delivered
through a Custodian other than the Initial Custodian or in a market other than
the London market, the Sponsor and Trustee are authorized to establish such
procedures and to appoint such custodians and establish such custody accounts in
addition to those described herein, as the Sponsor and the Trustee shall agree
and determine to be desirable.

                                   ARTICLE VI

                     TRANSFER OF STREETTRACKS(R) GOLD SHARES

         SECTION 6.01.     TRANSFER OF STREETTRACKS(R) GOLD SHARES.

                                       33

         Beneficial Owners that are not DTC Participants may transfer
streetTRACKS(R) Gold Shares by instructing the DTC Participant or Indirect
Participant holding the streetTRACKS(R) Gold Shares for such Beneficial Owner in
accordance with standard securities industry practice. Beneficial Owners that
are DTC Participants may transfer streetTRACKS(R) Gold Shares by instructing the
Depository in accordance with the rules of the Depository and standard
securities industry practice.

                                       34

                                  ARTICLE VII

                                     SPONSOR

         SECTION 7.01.     RESPONSIBILITY AND DUTIES.

         The Sponsor shall be liable in accordance herewith for the obligations
imposed upon and undertaken by the Sponsor hereunder.

         SECTION 7.02.     CERTAIN MATTERS REGARDING SUCCESSOR SPONSOR.

         The covenants, provisions and agreements herein contained shall in
every case be binding upon any successor to the business of the Sponsor. The
Sponsor may transfer all or substantially all of its assets to an entity which
carries on the business of the Sponsor, if at the time of such transfer such
successor duly assumes all the obligations of the Sponsor under this Agreement,
and in such event, the Sponsor shall be relieved of all further liability under
this Agreement.

         SECTION 7.03.     RESIGNATION OF SPONSOR; SUCCESSORS.

         If at any time the Sponsor desires to resign its position as Sponsor
hereunder, it may resign by delivering to the Trustee an instrument of
resignation executed by the Sponsor. Such resignation shall not become effective
until the earlier of (i) the effective date of the appointment by the Trustee of
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 resigning Sponsor hereunder by an instrument of appointment and
assumption executed by the Trustee and the successor Sponsor; (ii) the date the
Trustee shall have agreed to act as Sponsor hereunder succeeding to all the
rights and duties of the resigning Sponsor without appointing a successor
Sponsor and without terminating this Agreement; or (iii) the date by when the
Trustee shall have terminated and liquidated the Trust and distributed all
remaining assets to the Depository for distribution to DTC Participants who are
then owners of streetTRACKS(R) Gold Shares on the records of the Depository,
which action the Trustee shall take if, within sixty (60) days following the
date on which a notice of resignation shall have been delivered by the Sponsor,
a successor Sponsor has not been appointed and the Trustee has not agreed to act
as Sponsor hereunder. 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 terminated by reason of the
Sponsor's resignation. If the Sponsor shall fail to undertake or perform or
become incapable of undertaking or performing its duties hereunder or shall
become bankrupt or its affairs shall be taken over by public authorities, the
Trustee shall act in accordance with the provisions set forth in Section
8.01(s). Any successor Sponsor shall be satisfactory to the Trustee. Upon its
resignation becoming effective, the resigning Sponsor shall be discharged and
shall no longer be liable in any manner hereunder except as to acts or omissions
occurring before its resignation became effective, and the successor Sponsor
shall thereupon undertake and perform all duties and be entitled to all rights
and compensation as Sponsor under this Agreement. The successor Sponsor shall
not be under any liability hereunder for acts or omissions occurring prior to
the effective date stated in the instrument appointing it successor Sponsor.
Notice of appointment of successor Sponsor shall be mailed promptly after
acceptance of appointment by the Trustee to all DTC Participants who are then
owners of

                                       35

streetTRACKS(R) Gold Shares on the records of the Depository for distribution to
Beneficial Owners as provided in Section 3.10.

         SECTION 7.04.     COMPENSATION OF THE SPONSOR.

         Subject to the provisions of Section 10.06 hereof, as compensation for
performing services under this Agreement and services provided in connection
with the maintenance of a web site for the Trust, including licensing costs, and
with the marketing of streetTRACKS(R) Gold Shares, the Sponsor shall receive a
fee, payable monthly in arrears, in an amount per annum equal to 0.15% of the
daily Adjusted Net Asset Value of the Trust. The Sponsor shall also receive
reimbursement for any and all disbursements and expenses incurred hereunder.
Within 30 Business Days following the end of each calendar year, the Sponsor
shall certify to the Trustee the amount of its actual expenses during the
preceding calendar year and shall reimburse the Trust any amounts received in
excess of the expenses so certified. The Trustee shall have no liability or
responsibility for amounts paid to the Sponsor pursuant to this Section.

         SECTION 7.05.     LIABILITY OF SPONSOR AND INDEMNIFICATION.

         (a) The Sponsor shall not be under any liability to the Trustee or any
Beneficial Owner for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment or
for depreciation or loss incurred by reason of the sale of any Gold or other
assets held in trust hereunder; provided, however, that this provision shall not
protect the Sponsor against any liability to which it would otherwise be subject
by reason of its own gross negligence, bad faith, willful misconduct or willful
malfeasance in the performance of its duties hereunder or reckless disregard of
its obligations and duties hereunder. The Sponsor may rely in good faith on any
paper, order, notice, list, affidavit, receipt, evaluation, opinion,
endorsement, assignment, draft or any other document of any kind prima facie
properly executed and submitted to it by the Trustee, the Trustee's counsel or
by any other person for any matters arising hereunder. The Sponsor shall in no
event be deemed to have assumed or incurred any liability, duty, or obligation
to any Beneficial Owner or to the Trustee other than as expressly provided for
herein.

         (b) The Sponsor and its shareholders, members, directors, officers,
employees, affiliates (as such term is defined in Regulation S-X) and
subsidiaries (each a "Sponsor Indemnified Party") shall be indemnified from the
Trust and held harmless against any loss, liability or expense incurred
hereunder without (1) gross negligence, bad faith, willful misconduct or willful
malfeasance on the part of such Sponsor Indemnified Party arising out of or in
connection with the performance of its obligations hereunder or any actions
taken in accordance with the provisions of this Agreement or (2) reckless
disregard on the part of such Sponsor Indemnified Party of its obligations and
duties under this Agreement. Each Sponsor Indemnified Party shall also be
indemnified from the Trust and held harmless against any loss, liability or
expense arising under the Distribution Agreement, the Marketing Agent
Agreement or any Participant Agreement insofar as such loss, liability or
expense arises from any untrue statement or alleged untrue statement of a
material fact contained in any written statement provided to the Sponsor by the
Trustee. Such indemnity shall include payment from the Trust of the costs and
expenses incurred by such Sponsor Indemnified Party in defending itself against
any such indemnified claim or liability.

                                       36

Any amounts payable to a Sponsor Indemnified Party under this Section 7.05 may
be payable in advance or shall be secured by a lien on the Trust. The Sponsor
shall not be under any obligation to appear in, prosecute or defend any legal
action which in its opinion may involve it in any expense or liability;
provided, however, that the Sponsor may, in its discretion, undertake any action
which 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 legal expenses and costs of any such action shall
be expenses and costs of the Trust and the Sponsor shall be entitled to be
reimbursed therefor by the Trust.

                                  ARTICLE VIII

                                     TRUSTEE

         SECTION 8.01.     GENERAL DEFINITION OF TRUSTEE'S RIGHTS, DUTIES AND
RESPONSIBILITIES.

         All duties, rights, privileges and liabilities of the Trustee set forth
in this Agreement are subject to the following:

         (a) Duties Limited to Those Specified. The duties, responsibilities and
obligations of the Trustee shall be limited to those expressly set forth in this
Agreement and no duties, responsibilities or obligations shall be inferred or
implied against the Trustee. The Trustee shall not be subject to, nor required
to comply with, any other agreement to which the Sponsor or a Participant is a
party and to which the Trustee is not a party, even though this Agreement may
refer to that agreement; nor shall it be required to comply with any direction
or instruction from the Sponsor, a Participant or an entity acting on behalf of
either other than directions or instructions contained in or delivered in
accordance with 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 specifically provided herein.

         (b) Indemnity for Actions Taken to Protect the Trust. 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. Any
pecuniary cost of the Trustee resulting from the Trustee's appearance in,
prosecution of or defense of any such action shall be deductible from and
constitute a lien against the assets of the Trust. Subject to the foregoing, the
Trustee shall, in its discretion, undertake such action as it may deem necessary
at any and all times to protect the

                                       37

Trust and the rights and interest of all Beneficial Owners pursuant to the terms
of this Agreement.

         (c) Holding of Trust Property other than Gold. Assets of the Trust,
exclusive of Gold or cash, shall be held by the Trustee either directly or
through the Federal Reserve/ Treasury Book Entry System for United States and
federal agency securities (the "Book Entry System"), the Depository, or through
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 deposited with
or received by the Trustee hereunder shall be held by it, without interest
thereon or investment thereof, as a deposit for the account of the Trust in
accordance with the provisions of Section 3.03 and 3.04, until disbursed in
accordance with the provisions of this Agreement. Such monies held hereunder
shall be deemed segregated by maintaining such monies in an account or accounts
for the exclusive benefit of the Trust in accordance with the provisions of
Sections 3.03 and 3.04.

         (d) Official Process Affecting the Property. 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 its property (including but not limited to 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; and if the Trustee complies with any such judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process, the Trustee shall not be liable to any of the parties
hereto or to any other person or entity even though such order, judgment,
decree, writ or process may be subsequently modified or vacated or otherwise
determined to have been without legal force or effect.

         (e) Limitation on Trustee's Liability. The Trustee shall not be liable
for the disposition of Gold or moneys, or in respect of any evaluation which it
makes under this Agreement or otherwise, or for any action taken or omitted or
for any loss or injury resulting from its actions or its performance or lack of
performance of its duties hereunder in the absence of gross negligence or
willful misconduct on its part. In no event shall the Trustee be liable

     (i) for acting in accordance with or conclusively relying upon any
         instruction, notice, demand, certificate or document from the Sponsor,
         a Participant or any entity acting on behalf of the Sponsor or a
         Participant which the Trustee believes is given pursuant to or is
         authorized by this Agreement;

     (ii) for any indirect, consequential, punitive or special damages,
         regardless of the form of action and whether or not any such damages
         were foreseeable or contemplated; or

                                       38

     (iii) for an amount in excess of the value of the assets of the Trust.

         Whenever in this Agreement it is stated that the Trustee is not or
shall not be liable or shall have no liability (or words of like effect) for
some matter or thing, such statement shall mean that the Trustee is not and
shall not be liable to any person, including the Trust, the Depository, any
Beneficial Owner, the Sponsor, a Participant or prospective Participant or a
Custodian, with regard to that matter or thing, and in each such case, the
Trustee shall be indemnified by the Trust against any loss, liability or expense
in connection with the matter or thing for which it was stated the Trustee would
not be liable. Such indemnity shall include payment by the Trust of the costs
and expenses set forth in the second sentence of Section 8.05, and shall be
considered amounts payable under Section 8.05. Such indemnity shall survive the
resignation or removal of the Trustee and the termination of the Trust (but not
the final distribution of the Trust assets), and shall inure to the benefit of
any entity which is successor to any Trustee Indemnified Party, as defined in
Section 8.05.

         (f) Protection for Amounts Due to Trustee. If any fees, expenses or
costs incurred by, or any obligations owed to, the Trustee under this Agreement
are not promptly paid when due, the Trustee may reimburse itself therefor from
the assets of the Trust and may sell, liquidate, convey or otherwise dispose of
any assets (including Gold) for such purpose. The Trustee may in its sole
discretion withhold from any distribution an amount (in kind or in cash, as the
case may be) that it believes would, upon sale or liquidation, produce proceeds
equal to any unpaid amounts to which the Trustee is entitled to hereunder.

         (g) Security Interest in Property for Obligations To Trustee. As
security for the due and punctual performance of any and all obligations owed to
the Trustee under this Agreement, now or hereafter arising, the Sponsor, each
Participant, the Depository, and each Beneficial Owner hereby pledges, assigns
and grants to the Trustee a continuing security interest in, and a lien on, the
assets of the Trust and all distributions thereon or additions thereto. The
security interest of the Trustee shall at all times be valid, perfected and
enforceable by the Trustee against the Sponsor, the Depository, each DTC
Participant who is an owner of streetTRACKS(R) Gold Shares on the records of the
Depository, and each Beneficial Owner and all third parties in accordance with
the terms of this Agreement.

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

         (i) Force Majeure. The Trustee shall not incur any liability for any
delay in performance, or for the non-performance, of any of its obligations
under this Agreement by reason of any cause beyond its reasonable control. This
includes any act of God or war or terrorism, any breakdown, malfunction or
failure of transmission in connection with or other unavailability of any wire,
communication or computer facilities, any transport, port, or airport
disruption, industrial action, acts and regulations and rules of any
governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or
organization for any reason, to perform its obligations.

                                       39

         (j) Reliance on Writings. The Trustee shall be entitled to conclusively
rely 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 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 which function
as a proxy for a manual signature.

         (k) Documents or Securities. The Trustee shall not be responsible in
any respect for the form, execution, validity, value, collectibility 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. The
Trustee shall not be called upon to advise any party as to the wisdom in selling
or retaining or taking or refraining from any action with respect to any asset
(including Gold), securities (including streetTRACKS(R) Gold Shares), or other
property deposited, issued or held under this Agreement.

         (l) General Duty of Care of Trustee. The Trustee shall not be under any
duty to give the property held by it hereunder any greater degree of care than
it gives its own similar property.

         (m) Requests for Instructions. At any time the Trustee may request an
instruction in writing in English from the Sponsor or a Participant with respect
to any action which the Sponsor or a Participant is authorized to direct the
Trustee hereunder, and 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
this 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 (3) Business Days after the Sponsor or
Participant 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.

         (n) Reliance on Communications. When the Trustee acts on any
information, instructions, 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 Participant Agreement. The Trustee shall be indemnified as
provided in Section 8.05 against any loss, liability, claim or expense

                                       40

(including legal fees and expenses) it may incur in acting in accordance with
any such communication.

         (o) Ambiguity. The Trustee may construe any provision of this Agreement
that it believes to be ambiguous or inconsistent with any other provisions
hereof, and any reasonable construction of any such provision hereof by the
Trustee in good faith shall be binding upon the parties hereto, each Participant
and all 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 property of the Trust, unless the Trustee
receives such further written instructions, from the Sponsor or otherwise, that
eliminate such ambiguity, inconsistency or uncertainty.

         (p) Reliance on Arbitral Decisions. 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 assets or any streetTRACKS(R) Gold
Shares and may conclusively rely without any liability upon the contents
thereof.

         (q) Taxes. 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 or upon or in respect of the Trust or the streetTRACKS(R) Gold Shares,
which it may be required to pay under any present or future law of the United
States of America or of any other taxing authority having jurisdiction in the
premises. For all such taxes and charges and for any expenses, including
counsel's fees, which 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 and the payment of such amounts shall be secured by a lien
on the Trust. Any payments by the Trustee shall be subject to withholding
regulations then in force with respect to United States taxes. This paragraph
shall survive notwithstanding any termination of this Agreement and the Trust or
the resignation or removal of the Trustee.

         (r) Trustee's Liability for Custodial Services and Agents. Subject to
Section 3.02 hereof, the Trustee shall not be answerable for the default of the
Initial Custodian or any Custodian employed at the direction of the Sponsor or
selected by the Trustee with reasonable care. The Trustee may also employ
custodians for Trust assets other than Gold, agents, attorneys, accountants,
auditors and other professionals and shall not be answerable for the default or
misconduct of any such custodians, agents, attorneys, accountants, auditors and
other professionals if such custodians, agents, attorneys, accountants, auditors
or other professionals shall have been selected with reasonable care. The fees
and expenses charged by Custodians for custody of Gold and services related to
the custody and safekeeping of Gold (including, for avoidance of doubt, any fees
paid to the Initial Custodian under the Allocated Bullion Account Agreement and
Unallocated Bullion Account Agreement), agents, attorneys, accountants, auditors
or other professionals, and expenses reimbursable to a Custodian pursuant to a
Custody Agreement, exclusive of fees for services to be performed by the
Trustee, shall constitute an

                                       41

expense of the Trust. Fees paid for custody of assets other than Gold shall be
an expense of the Trustee.

         (s) If the Sponsor shall fail to undertake or perform or shall become
incapable of undertaking or performing any of the duties which by the terms of
this Agreement are required to be undertaken or performed by it, and such
failure shall not be cured within fifteen (15) Business Days following receipt
of notice from the Trustee of such failure, or the Sponsor shall be adjudged
bankrupt or insolvent, or a receiver of the Sponsor or of its property shall be
appointed, or a trustee or liquidator or any public officer shall take 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 with such resignation being
effective immediately upon the occurrence of any of the specified events, and
the Trustee may do any one or more of the following: (1) 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; or (2) agree to act as Sponsor hereunder without
appointing a successor Sponsor and without terminating this Agreement; or (3)
terminate and liquidate the Trust and distribute its remaining assets pursuant
to Section 9.01. 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.

         (t) If the Net Asset Value of the Trust as shown by any evaluation made
pursuant to Section 5.01 shall be less than the Discretionary Termination Amount
(defined in Section 9.01(a)), the Trustee shall, only when so directed in
writing by the Sponsor, terminate and liquidate the Trust and distribute its
remaining assets, all in the manner provided in Section 9.01.

         (u) The Trustee in its individual or any other capacity may own or hold
gold and streetTRACKS(R) Gold Shares, or be an underwriter or dealer in respect
of streetTRACKS(R) Gold Shares, and may deal in any manner with the same with
the same rights and powers as if it were not the Trustee hereunder.

         (v) The Trustee shall discharge all of its obligations and perform all
of its duties under the Participant Agreement.

         (w) The Trustee shall not be under any liability for information
provided by it to the Sponsor and subsequently distributed, on an intraday
basis, to Beneficial Owners or potential Beneficial Owners of streetTRACKS(R)
Gold Shares except by reason of its own gross negligence, bad faith, willful
misconduct or willful malfeasance, or reckless disregard of its duties and
obligations hereunder. Subject to the foregoing, the Trustee shall undertake to
provide to the Sponsor information necessary for the Sponsor to compute an
estimate of the Net Asset Value, on an intraday basis, and provide such estimate
to Beneficial Owners of streetTRACKS(R) Gold Shares.

         SECTION 8.02.     BOOKS, RECORDS AND REPORTS; AUDIT.

                                       42

         (a) The Trustee shall keep proper books of record and account of all
the transactions under this Agreement at its office located in New York or such
office as it may subsequently designate upon notice to the other parties hereto.
The books and records of the Trust maintained by the Trustee shall be open to
inspection by any person establishing to the Trustee's reasonable satisfaction
that such person is a Beneficial Owner upon reasonable advance notice at all
reasonable times during the usual business hours of the Trustee. The Trustee
shall keep proper record of the creation of Creation Baskets and redemption of
Redemption Baskets at its New York office. Such records shall be open to
inspection upon reasonable advance notice at all reasonable times during the
usual business hours of the Trustee. Such records shall be preserved for such
time as the Sponsor may direct.

         (b) The Trustee shall provide the Sponsor such financial and other
information regarding the operation of the Trust as may be required for the
Sponsor to prepare such reports and filings required under the federal
securities laws as provided in Section 10.02. Unless otherwise required by
applicable law or regulation, the Sponsor shall be responsible for any
certification of any such reports or the contents thereof and shall receive from
the Trustee such representations with respect to information within the
Trustee's control as shall be required for the Sponsor to make such
certification.

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

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

         (e) When requested by the Sponsor, the Trustee will provide the Sponsor
a list of the agreements entered into by the Trustee on behalf of the Trust and
such other information as the Sponsor may reasonably request in order for the
Sponsor to make the representations and certifications, and for Sponsor's
counsel to provide the opinions, required by the Marketing Agent Agreement, the
Distribution Agreement and the Participant Agreement.

         (f) The Trustee shall maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with this Agreement and the Trustee's duties hereunder; (ii)
transactions with respect to the Trust are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain accountability for assets; and (iii)
assets are held for the Trust by the Custodian in accordance with the Trust
Indenture.

                                       43

         SECTION 8.03.     AGREEMENT ON FILE.

         The Trustee shall keep a certified copy or duplicate original of this
Agreement on file in its office and available for inspection on reasonable
advance notice at all reasonable times during its usual business hours by any
Beneficial Owner.

         SECTION 8.04.     COMPENSATION OF TRUSTEE.

         (a) The Trustee shall receive at the times provided in Section 3.05 as
compensation for performing its services under this Agreement an amount per
annum computed on the daily Adjusted Net Asset Value of the Trust under the
following schedule, payable monthly in arrears:

         0.02%             on the first              $10 billion of value

         0.00%             on any excess

provided, however, that the Trustee shall receive not less that $500,000 per
annum. The Trustee's annual compensation (including the minimum fee) shall be
pro rated on a daily basis for any year in which the Trustee acts less than the
entire year.

         The Trustee's fee is subject to modification as determined by the
Trustee and Sponsor in good faith to reflect significant changes in the
administration of the Trust or the Trustee's duties from those contemplated
herein.

         (b) The Trustee shall also charge the Trust for any and all expenses
and disbursements incurred hereunder, exclusive of fees of agents for services
to be performed by the Trustee, and for any extraordinary services performed by
the Trustee hereunder relating to the Trust.

         (c) If the Trustee resigns or is removed, it shall be entitled to
compensation at a per diem rate through the effective date of its resignation or
removal, and its right to receive those fees and to reimbursement for expenses
and disbursements incurred hereunder prior to its resignation or removal shall
survive such resignation or removal.

         SECTION 8.05.     INDEMNIFICATION OF TRUSTEE.

         The Trustee and its directors, shareholders, officers, employees,
agents, affiliates (as such term is defined in Regulation S-X) and subsidiaries
(each a "Trustee Indemnified Party") shall be indemnified from the assets of the
Trust and held harmless against any loss, liability or expense (a) arising out
of or in connection with the acceptance or administration of this Trust and any
actions taken in accordance with the provisions of this Agreement or the
administration of any Section of this Agreement or that arises out of or is
related to any offer or sale of streetTRACKS(R) Gold Shares incurred without (1)
gross negligence, bad faith, willful misconduct and willful malfeasance on the
part of such Trustee Indemnified Party and without (2) reckless disregard on the
part of such Trustee Indemnified Party of its obligations and duties under this
Agreement, or (b) that arises out of or is related to any filings with or
submissions to

                                       44

the SEC in connection with or with respect to the streetTRACKS(R) Gold Shares
(which by way of illustration and not by way of limitation, include any
registration statement and any amendments to supplements thereto filed with the
SEC or any periodic reports or updates that may be filed under the Securities
Exchange Act of 1934, as amended) or any failure to make any filings with or
submissions to the SEC that are required to be made in connection with or with
respect to the streetTRACKS(R) Gold Shares, except for any loss, liability or
expense that arises out of any report that the Trustee files on behalf of the
Trust under the Securities Exchange Act of 1934, as amended, or out of any
information provided in writing by the Trustee to the Sponsor for use in any
registration statement or annual or other periodic report filed on behalf of the
Trust that is not materially altered by the Sponsor or omissions from that
information, if provided. Such indemnity shall include payment from the Trust of
the costs and expenses incurred by such Trustee Indemnified Party in
investigating or defending itself against any claim or liability relating to
this Agreement or the Trust, including any loss, liability or expense incurred
in acting pursuant to written directions or instructions given by the Sponsor or
counsel to the Trust to the Trustee from time to time in accordance with the
provisions of this Agreement or in undertaking actions from time to time which
the Trustee deems necessary in its discretion to protect the Trust and the
rights and interest of all Beneficial Owners pursuant to the terms of this
Agreement. Any amounts payable to a Trustee Indemnified Party under this Section
8.05 may be payable in advance or shall be secured by a lien on the Trust.

         SECTION 8.06.     RESIGNATION, DISCHARGE OR REMOVAL OF TRUSTEE;
SUCCESSORS.

         (a) The Trustee may resign and be discharged of its duties hereunder by
executing an instrument in writing resigning as such Trustee, filing the same
with the Sponsor, if any, and mailing a copy of a notice of resignation to all
DTC Participants for distribution to Beneficial Owners as provided in Section
3.10 not less than sixty (60) days before the date specified in such instrument
when, subject to Section 8.06(c), such resignation is to take effect. The
Trustee shall be advised by the Depository as to the holdings of all DTC
Participants pursuant to the Depository Agreement. If the Sponsor shall
determine that (1) the Trustee is guilty of willful misconduct or malfeasance or
willful disregard of its duties hereunder, (2) the Trustee has acted in bad
faith in performing its duties hereunder, (3) there has occurred a material
deterioration in the creditworthiness of the Trustee or (4) there has occurred
one or more negligent acts or omissions on the part of the Trustee having a
materially adverse effect, either singly or in the aggregate, on the Trust or
the interests of the Beneficial Owners, and the Trustee has not, within fifteen
(15) days of receipt of the Sponsor's notice thereof that specifies in
reasonable detail the conduct, omissions or circumstances upon which the
Sponsor's determination is based, either (i) cured such adverse effect and
established, to the Sponsor's satisfaction, that such act or omission (or acts
or omissions) will not recur, or (ii) responded to that notice explaining the
steps it will take to cure such adverse effect and shall have cured such adverse
effect within 30 days from the date of the Sponsor's notice and shall have
established, to the Sponsor's satisfaction, that such act or omission (or acts
or omissions) will not recur, the Sponsor may remove the Trustee and appoint a
successor as herein provided. In case at any time the Trustee shall not meet the
requirements set forth in Section 8.07 hereof, shall fail to undertake or
perform or shall become incapable of undertaking or performing any of the duties
which by the terms of this Agreement are required to be undertaken or performed
by it, and such failure shall not be cured within fifteen (15) Business Days
following receipt of notice from the Sponsor of such failure, or shall be
adjudged a bankrupt or insolvent, or a receiver of the Trustee

                                       45

or of its property shall be appointed, or a trustee or liquidator or any public
officer shall take charge or control of such Trustee or of its property or
affairs for the purposes of rehabilitation, conservation or liquidation, then in
any such case, the Sponsor shall, subject to the requirements of Section 8.06(b)
and (c), remove such Trustee and appoint a successor Trustee by written
instrument or instruments delivered to the Trustee so removed and to the
successor Trustee. Upon receiving notice of resignation or upon the removal of
the Trustee, the Sponsor shall use its best efforts promptly to appoint a
successor Trustee in the manner and meeting the qualifications hereinafter
provided, by written instrument or instruments delivered to such resigning
Trustee and the successor Trustee. Notice of such appointment of a successor
Trustee shall be mailed promptly after acceptance of such appointment by the
successor Trustee to DTC Participants for distribution to Beneficial Owners as
provided in Section 3.10. DTC Participants acting on the direction of Beneficial
Owners of at least sixty-six and two thirds percent (66 2/3 %) of the
streetTRACKS(R) Gold Shares then outstanding may at any time remove the Trustee
by written instrument or instruments delivered to the Trustee and Sponsor. The
Sponsor shall thereupon use its best efforts to appoint a successor Trustee in
the manner provided herein. Upon effective resignation or removal hereunder, the
resigning or removed Trustee shall be discharged 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 new Trustee shall thereupon undertake and
perform all duties 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.

         (b) In case at any time the Trustee shall be removed or shall resign
and no successor Trustee shall have been appointed within sixty (60) days after
the date notice of removal has been received by the Trustee or the Trustee has
issued its notice of resignation, the Trustee shall terminate and liquidate the
Trust and distribute its remaining assets pursuant to Section 9.01.

         (c) Any successor Trustee appointed hereunder shall execute and
acknowledge to the Sponsor and to the retiring Trustee an instrument accepting
such appointment hereunder, and such successor Trustee without any further act,
deed or conveyance shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder with like effect as if originally named
a Trustee herein and shall be bound by all the terms and conditions of this
Agreement. Upon the request of such successor Trustee the retiring Trustee and
the Sponsor shall, upon payment of all amounts due the retiring Trustee, execute
and deliver an instrument acknowledged by them transferring to such successor
Trustee all the rights and powers of the retiring Trustee; and the retiring
Trustee shall transfer, deliver and pay over to the successor Trustee all monies
or other assets of the Trust at the time held by it, if any, together with all
necessary instruments of transfer and assignment or other documents properly
executed necessary to effect such transfer and the transfer of Gold held by each
Custodian, in such form as the Sponsor and the successor Trustee may reasonably
request, and such of the records or copies thereof maintained by the retiring
Trustee in the administration hereof as may be requested by the successor
Trustee, and the retiring Trustee shall thereupon be discharged from all duties
and responsibilities under this Agreement. Any resignation or removal of a
Trustee and appointment of a successor Trustee pursuant to this Section 8.06
shall become effective upon such acceptance of appointment by the successor
Trustee. The indemnification of the Trustee and any other Trustee Indemnified
Party provided for under Section 8.05 or any other Section of this

                                       46

Agreement hereof and the lien securing payment of such indemnification shall
survive any resignation or removal of the Trustee hereunder and the termination
of the Trust (but not the distribution of Trust assets) and inure to the benefit
of any successor to the Trustee or a Trustee Indemnified Person.

         (d) Any bank, trust company, corporation or national banking
association into which a Trustee hereunder may be merged or converted or with
which it may be consolidated, or any bank, trust company, corporation or
national banking association resulting from any merger, conversion or
consolidation to which such Trustee hereunder shall be a party, or any bank,
trust company, corporation or national banking association succeeding to all or
substantially all of the business of the Trustee, shall be the successor Trustee
under this Agreement without the execution or filing of any paper, instrument or
further act to be done on the part of the parties hereto, notwithstanding
anything herein, or in any agreement relating to such merger, consolidation or
succession, by which any such Trustee may seek to retain certain powers, rights
and privileges theretofore obtaining for any period of time following such
merger or consolidation, to the contrary.

         SECTION 8.07.     QUALIFICATIONS OF TRUSTEE.

         The Trustee and any successor Trustee shall be a bank, trust company,
corporation or national banking association organized and doing business under
the laws of the United States or any state thereof, authorized under such laws
to exercise corporate trust powers, a participant in The Depository Trust
Company or such other Depository as shall then be acting, and, unless counsel to
the Sponsor, acceptable to the Trustee, shall determine that such requirement is
not necessary for the exception under Section 408(m)(3)(B) of the Internal
Revenue Code to apply, a banking institution as defined in Section 408(n) of the
Internal Revenue Code. The Trustee and any successor Trustee shall have, at all
times, an aggregate capital, surplus, and undivided profits of not less than
$500,000,000.

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01.     PROCEDURE UPON TERMINATION.

         (a) Discretionary Termination. The Sponsor will have the discretionary
right to direct the Trustee to terminate the Trust (i) if, at any time after the
first anniversary of the Initial Date of Deposit, the Net Asset Value of the
Trust is less than $350,000,000, as such dollar amount shall be adjusted for
inflation in accordance with the CPI-U, such adjustment to take effect at the
end of the third year following the Initial Date of Deposit and at the end of
each year thereafter and to be made so as to reflect the percentage increase in
consumer prices as set forth in the CPI-U for the twelve (12) month period
ending in the last month of the preceding Fiscal Year (the "Discretionary
Termination Amount") or (ii) if the Commodities Futures Trading Commission
determines that the Trust is a commodity pool under the Commodity Exchange Act
of 1936, as amended. Any termination pursuant to the preceding sentence shall be
at the complete discretion of the Sponsor subject to the terms hereof, and the
Sponsor shall not be

                                       47

liable in any way for depreciation or loss occurring as a result of any such
termination. The Trustee shall have no power to terminate the Agreement or the
Trust because the value of the Trust is below the Discretionary Termination
Amount and shall have no liability for the Sponsor's exercise or non-exercise of
its discretionary power to terminate the Trust. The Trust may also be terminated
by the Trustee (i) upon the agreement of the DTC Participants acting on the
direction of Beneficial Owners of at least 66-2/3% of the outstanding
streetTRACKS(R) Gold Shares and (ii) under the circumstances specified in
Section 8.01(s).

         (b) Mandatory Termination Events. The Trust shall be terminated (i) if,
within 30 Business Days after the date of this Agreement, the registration
statement for the sale of the streetTRACKS(R) Gold Shares has not been declared
effective; (ii) in the event that streetTRACKS(R) Gold Shares are de-listed from
the Exchange and are not listed for trading on another United States national
securities exchange or through the NASDAQ Stock Market within five Business Days
from the date the shares are de-listed from the Exchange(1); (iii) if the
Depository is unable or unwilling to continue to perform its functions as set
forth herein and the Sponsor determines in its sole discretion that a comparable
replacement is unavailable; (iv) upon the disposition of all assets (including
Gold) held by the Trust; (v) in the event any sole Custodian then acting resigns
and no Successor Custodian has been employed pursuant to Section 3.02 within 60
days of such resignation; (vi) if at any time after the expiration of 90 days of
trading on the Exchange the Net Asset Value of the Trust remains less than $50
million for a period of 50 consecutive Business Days; (vii) the Trust fails to
qualify for treatment, or ceases to be treated, for United States federal income
tax purposes, as a grantor trust; (viii) upon the circumstances specified in
Section 8.06(b); or, (ix) 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 indenture. Notwithstanding the
foregoing, the Trustee shall have no obligation to appoint a successor Custodian
in the absence of direction by the Sponsor and shall have no liability to any
person in the event the Trust is terminated by reason of the resignation of any
Custodian.

         (c) Written notice of termination, specifying the date of termination,
upon which the Depository shall no longer permit transfers, and the anticipated
period during which the assets of the Trust will be liquidated, shall be given
by the Trustee to DTC Participants for dissemination to Beneficial Owners as
described in Section 3.10 at least twenty (20) days prior to termination of the
Trust. Such notice shall further state that, as of the date thereof and
thereafter, neither requests to create additional Creation Baskets nor
additional Creation Basket Deposits will be accepted. Within a reasonable period
of time after such termination the Trustee shall, subject to any applicable
provisions of law, sell all of the Gold not already distributed to Participants
redeeming Redemption Baskets, as provided herein, if any, in such a manner so as
to

----------
1 It is intended that streetTRACKS(R) Gold Shares will be listed for trading on
the Exchange. Transactions involving streetTRACKS(R) Gold Shares in the public
trading market will be subject to customary brokerage charges and commissions.
There can be no assurance, however, that streetTRACKS(R) Gold Shares will always
be listed on the Exchange. Following the initial twelve-month period following
formation of the Trust and commencement of trading on the Exchange, the Exchange
will consider the suspension of trading in or removal from listing of
streetTRACKS(R) Gold Shares when, in its opinion, further dealings appear
unwarranted if: (a) the Trust has more than sixty (60) days remaining until
termination and there are fewer than 50 record Beneficial Owners for thirty (30)
or more consecutive trading days; or (b) such other event shall occur or
condition shall exist which, in the opinion of the Exchange, makes further
dealings on the Exchange inadvisable.

                                       48

effectuate orderly sales and a minimal market impact. The Trustee shall not be
liable for or responsible in any way for depreciation or loss incurred by reason
of any sale or sales made in accordance with the provisions of this Section
9.01. The Trustee may suspend its sales of the Gold upon the occurrence of
unusual or unforeseen circumstances, including, but not limited to, a suspension
in trading of gold. Upon receipt of proceeds from the sale of the last Gold held
hereunder, the Trustee shall:

         (i)  pay to itself individually from the Trust an amount equal to the
              sum of (1) its accrued compensation for its ordinary services, (2)
              any compensation due it for extraordinary services, (3) any
              advances made but not yet repaid and (4) reimbursement of any
              other disbursements as provided herein;

         (ii) deduct any and all other fees and expenses from the Trust in
              accordance with the provisions of Section 3.05 hereof;

         (iii) deduct from the Trust any amounts which it, in its sole
              discretion, shall deem requisite to be added to the Reserve
              Account for any applicable taxes or other governmental charges
              that may be payable out of the Trust and any other contingent or
              future liabilities;

         (iv) distribute to the Depository for distribution each Beneficial
              Owner's interest in the remaining assets of the Trust; and

         (v)  disseminate to each Beneficial Owner as provided in Section 3.10 a
              final statement as of the date of the computation of the amount
              distributable to the Beneficial Owners, setting forth the data and
              information in substantially the form and manner provided for in
              Section 3.06 hereof.

         SECTION 9.02.     MONEYS TO BE HELD WITHOUT INTEREST TO BENEFICIAL
OWNERS.

         Unless the Sponsor shall direct that funds shall be invested pending
distribution (with any such direction to comply with Section 3.11 hereof), the
Trustee shall be under no liability with respect to moneys held upon
termination, except to hold the same as a deposit for the benefit of the
Beneficial Owners without interest thereon or investment thereof.

                                       49

         SECTION 9.03.     DISSOLUTION OF 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 9.01.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         SECTION 10.01.    AMENDMENT AND WAIVER.

         (a) This Agreement may be amended from time to time by the Trustee and
the Sponsor without the consent of any Beneficial Owners (1) to cure any
ambiguity or to correct or supplement any provision hereof which may be
defective or inconsistent or to make such other provisions in regard to matters
or questions arising hereunder as will not materially adversely affect the
interests of Beneficial Owners as determined in good faith by the Sponsor; and
(2) to change any provision hereof as may be required by the SEC. This Agreement
may also be amended from time to time by the Sponsor and the Trustee with the
consent of the DTC Participants acting on the direction of Beneficial Owners of
at least 51% of the outstanding streetTRACKS(R) Gold Shares to add provisions to
or change or eliminate any of the provisions of this Agreement or to modify the
rights of Beneficial Owners; provided, however, that this Agreement may not be
amended without the consent of DTC Participants acting on the direction of
Beneficial Owners of all outstanding streetTRACKS(R) Gold Shares if such
amendment would (x) permit, except in accordance with the terms and conditions
of this Agreement, the acquisition of any asset other than Gold and cash
acquired in accordance with the terms and conditions of this Agreement; (y)
reduce the interest of any Beneficial Owner in the Trust; or (z) reduce the
percentage of outstanding streetTRACKS(R) Gold Shares required to consent to any
such amendment. The Trustee and Sponsor may from time to time alter the
administrative provisions of the Participant Agreement in accordance with its
terms and any such change shall not constitute an amendment of this Agreement.

         (b) Promptly after the execution of any such amendment, the Trustee
shall receive from the Depository a list of all DTC Participants holding
streetTRACKS(R) Gold Shares. The Trustee shall inquire of each such DTC
Participant as to the number of Beneficial Owners for whom such DTC Participant
holds streetTRACKS(R) Gold Shares and provide each such DTC Participant with
sufficient copies of a written notice of the substance of such amendment for
transmittal by each such DTC Participant to such Beneficial Owners.

         (c) It shall not be necessary for the consent of Beneficial Owners
under this Section 10.01 or under Section 9.01 to approve the particular form of
any proposed amendment or proposed termination procedure, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Beneficial Owners shall be subject to such reasonable regulations as
the Trustee may prescribe.

                                       50

         SECTION 10.02.        REGISTRATION (INITIAL AND CONTINUING) OF
streetTRACKS(R) GOLD SHARES; CERTAIN SECURITIES LAW FILINGS.

         The Sponsor agrees and undertakes on its own part or to appoint an
agent (i) to prepare and file a registration statement with the SEC under the
Securities Act of 1933, as amended, and take such action as is necessary from
time to time to qualify the streetTRACKS(R) Gold Shares for offering and sale
under the federal securities laws of the United States, including the
preparation and filing of amendments and supplements to such registration
statement, (ii) promptly to notify the Trustee of any such amendment or
supplement to the registration statement or Prospectus and of any order
preventing or suspending the use of the Prospectus; (iii) to provide the Trustee
from time to time with copies, including copies in electronic form, of the
Prospectus, in such quantities as the Trustee may reasonably request, (iv) to
prepare and file any periodic reports or updates that may be required under the
Securities Exchange Act of 1934, as amended, and (v) to take such action as is
necessary from time to time to register or qualify the streetTRACKS(R) Gold
Shares for offering and sale under the securities or blue sky laws of those
States of the United States or other jurisdictions as the Sponsor may select or
as may be necessary to continue that registration or qualification in effect for
so long as the Sponsor determines that the Trust shall continue to offer or sell
streetTRACKS(R) Gold Shares in that jurisdiction. Registration charges, blue sky
fees, printing costs, mailing costs, attorney's fees, and other miscellaneous
out-of-pocket expenses shall be borne by the Trust in the manner provided for by
Section 3.05.

         SECTION 10.03.      LICENSE AGREEMENT WITH THE LICENSOR.

         (a) The Sponsor shall, prior to the Initial Date of Deposit, obtain
from The Bank of New York, the Sponsor and The World Gold Council licenses under
such patents and patent applications and other intellectual property rights as
may be necessary for the establishment and operation of the Trust and the sale
of the streetTRACKS(R) Gold Shares.

         (b) The Trust shall reimburse the Sponsor for the cost of such licenses
in accordance with Section 3.05.

         SECTION 10.04.    RIGHT OF SPONSOR TO DIRECT TRUSTEE TO DECLARE A SPLIT
OF streetTRACKS(R) GOLD SHARES.

         The Sponsor reserves the right to direct the Trustee to declare a split
or reverse split in the number of streetTRACKS(R) Gold Shares outstanding and a
corresponding change in the number of streetTRACKS(R) Gold Shares constituting a
Creation Basket whenever the Sponsor believes that the per streetTRACKS(R) Gold
Share price in the secondary market falls outside a desirable trading price.

         SECTION 10.05.      INDEMNIFICATION OF UNDERWRITER, INITIAL MARKETING
AGENT AND AUTHORIZED PARTICIPANTS.

         The Trustee is hereby directed to enter into, on behalf of the Trust,
the following agreements:

                                       51

                  (i) a Reimbursement Agreement with the Underwriter, in the
         form attached as Exhibit F-1, pursuant to which the Trustee, on behalf
         of the Trust, agrees to reimburse the each Indemnified Person specified
         in such Reimbursement Agreement, solely from and to the extent of the
         assets of the Trust, for any and all amounts payable by the Sponsor
         pursuant to Section 9(a)(i), (ii), (iii) and (iv) of the Distribution
         Agreement (including any amount in contribution thereof that may be
         owed to any of the Indemnified Persons pursuant to Section 9(c)
         thereof), to the extent the Sponsor has not directly paid such amounts
         within 30 days after such amounts have become due and the Underwriter
         has made demand to the Sponsor for payment of them under Section 9 of
         the Distribution Agreement and to pay any and all expenses (including
         reasonable and documented counsel fees and expenses) incurred by the
         Underwriter in enforcing its rights under such Reimbursement
         Agreement;

                  (ii) a Reimbursement Agreement with the Initial Marketing
         Agent, in the form attached as Exhibit F-2, pursuant to which the
         Trustee agrees to reimburse each Indemnified Person specified in the
         Marketing Agent Agreement, solely from and to the extent of the assets
         of the Trust, for any and all amounts payable by the Sponsor pursuant
         to Section 7 of the Marketing Agent Agreement (including any amount in
         contribution thereof that may be owed to any of the Indemnified Persons
         pursuant to Section 7.4 thereof), to the extent the Sponsor has not
         directly paid such amounts within 30 days after such amounts have
         become due and the Initial Marketing Agent has made demand to the
         Sponsor for payment of them, and to pay any and all expenses (including
         reasonable and documented counsel fees and expenses) incurred by the
         Initial Marketing Agent in enforcing its rights under such
         Reimbursement Agreement; and

                  (iii) the Participant Agreements, pursuant to Section 10(g) of
         which the Trustee agrees, solely from and to the extent of the assets
         of the Trust, to reimburse the Authorized Participant and such other
         persons as are specified in Section 10(b) of the Participant Agreement
         to the extent the Sponsor does not pay amounts required to be paid by
         the Sponsor under Section 10 of the Participant Agreement when due
         (including any amount in contribution thereof that may be owed to any
         Sponsor Indemnified Party pursuant to Section 10 thereof) and to pay
         any and all expenses (including reasonable and documented counsel fees
         and expenses) incurred by the Authorized Participant and such persons
         as are specified in Section 10(b) in enforcing its rights under such
         Section.

The Sponsor hereby agrees that, to the extent the Trustee pays any amount in
respect of the reimbursement obligations under the foregoing agreements, the
Trustee, for the benefit of the Trust, shall be subrogated to and shall succeed
to the rights of the party so reimbursed against the Sponsor.

         SECTION 10.06.    REDUCTION IN FEES OF SPONSOR AND INITIAL MARKETING
AGENT.

         During the period from the inception of the Trust until the seventh
anniversary of the date of this Agreement or the earlier termination of the
Marketing Agent Agreement, the fees of the Sponsor shall be reduced, and the
disbursements from the Trust for the payment of the fees of the Initial
Marketing Agent shall be limited, as follows:

                                       52

         If at the end of any month the estimated ordinary expenses of the Trust
(including the Initial Marketing Agent's fees and the Sponsor's fees for such
month) exceed an amount equal to forty basis points (0.40%) per annum of the
daily Adjusted Net Asset Value of the Trust for such month, the fees payable to
the Sponsor and the Initial Marketing Agent for such month shall be reduced by
the amount of such excess in equal shares up to the amount of such fees. The
Sponsor agrees promptly to refund, and shall cause the Initial Marketing Agent
promptly to refund, any amount paid to the Sponsor or Initial Marketing Agent
which exceeds the reduced fee payable to the Sponsor or Initial Marketing Agent,
respectively, pursuant to this Section.

         The provisions of this Section shall expire on the seventh anniversary
of the date of this Agreement or the earlier termination of the Marketing Agent
Agreement.

         SECTION 10.07.    CERTAIN MATTERS RELATING TO BENEFICIAL OWNERS.

         (a) By the purchase and acceptance or other lawful delivery and
acceptance of streetTRACKS(R) Gold 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
streetTRACKS(R) Gold Shares owned beneficially by such Beneficial Owner, subject
to the terms and conditions of this Agreement. Upon issuance as provided herein,
streetTRACKS(R) Gold Shares shall be fully paid and non-assessable.

         (b) Subject to and in accordance with Section 5.02 and 5.03,
streetTRACKS(R) Gold 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.

         (c) The death or incapacity of any Beneficial Owner shall not operate
to terminate the 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 Gold or moneys
from time to time received, held and applied by the Trustee hereunder.

         (d) No Beneficial Owner shall have any right to vote except as provided
in Sections 8.06, 9.01 and 10.01 or in any manner otherwise to control the
operation and 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 acting on their behalf in accordance with the rules and procedures
of the Depository as provided in Section 3.10.

                                       53

         SECTION 10.08.    PROSPECTUS DELIVERY.

         The Trustee shall, if required by the federal securities laws of the
United States, in any manner permitted by such laws, deliver at the time of
issuance of streetTRACKS(R) Gold Shares, a copy of the relevant Prospectus, as
most recently furnished to the Trustee by the Sponsor, to each person submitting
a Purchase Order.

         SECTION 10.09.    NEW YORK LAW TO GOVERN.

         This Agreement is executed and delivered in the State of New York, and
all laws or rules of construction of such State shall govern the rights of the
parties hereto, the Depository as registered owner of the Global Security, and
the Beneficial Owners and the interpretation of the provisions hereof without
reference to the principles or rules of conflict of laws to the extent the laws
of a different jurisdiction would be required thereby. This Agreement shall be
deemed effective when it is executed by the Sponsor and the Trustee.

         SECTION 10.10.    CONSENT TO JURISDICTION.

         Each party hereto, and the Depository, each DTC Participant and each
Beneficial Owner by the acceptance of an streetTRACKS(R) Gold 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 such State in connection
with any action, suit or other proceeding arising out of or relating to this
Agreement or any action taken or omitted hereunder, 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 for purposes of notices hereunder.

         SECTION 10.11.    MERGER.

         This agreement embodies the entire agreement and understanding between
the parties relating to the subject matter hereof.

         SECTION 10.12.    NOTICES.

         All notices and other communications under this agreement shall be in
writing in English, signed by the party giving it, and shall be deemed given, if
to the Trustee or the Sponsor, when delivered personally, on the next Business
Day after delivery to a recognized overnight courier or mailed first class
(postage prepaid) or when sent by facsimile to the parties (which facsimile copy
shall be followed, in the case of notices or other communications sent to the
Trustee, by delivery of the original) at the following addresses (or to such
other address as a party may have specified by notice given to the other parties
pursuant to this provision):

If to the Sponsor, to:       World Gold Trust Services, LLC
                             444 Madison Avenue, 3rd Floor
                             New York, New York 10022
                             Attention: Mr. J. Stuart Thomas
                             Facsimile: (212) 688-0410

                                       54

with a copy to:              Carter Ledyard & Milburn LLP
                             2 Wall Street
                             New York, New York 10005
                             Attention: Steven J. Glusband, Esq.
                             Facsimile: (212) 732-3232

If to the Trustee, to:       The Bank of New York
                             2 Hanson Place
                             Brooklyn, New York 11217
                             Attention: ADR Administration
                             Facsimile: (718) 315-4881

with a copy to:              Emmet, Marvin & Martin, LLP
                             120 Broadway
                             New York, New York 10271
                             Attention: Peter B. Tisne, Esq.
                             Facsimile: (212) 238-3100

Any notice to be given to a Beneficial Owner shall be duly given if mailed or
delivered to DTC Participants designated by the Depository for delivery to
Beneficial Owners.

         SECTION 10.13.    SEVERABILITY.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or the rights of the Beneficial Owners.

         SECTION 10.14.    HEADINGS.

         The headings used in this Agreement have been inserted for convenience
and shall not modify, define, limit or expand the express provisions of this
Agreement.

         SECTION 10.15.    COUNTERPARTS.

         This Agreement may be simultaneously executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and
the same instrument.

                                       55

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by an Authorized Officer as of ________, 2004.

                                    World Gold Trust Services, LLC

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

                                                         Sponsor

                                    The Bank of New York

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

                                                         Trustee

                                       56

STATE OF NEW YORK  )
                      : ss.:
COUNTY OF NEW YORK )

         On the ___ day of ______________ in the year 2004 before me the
undersigned, a Notary Public in and for said State, personally appeared
______________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                               -------------------------
                                                      Notary Public

(Notarial Seal)

                                       57

STATE OF NEW YORK  )
                      ss.:
COUNTY OF NEW YORK )

         On the ___ day of ______________ in the year 2004 before me the
undersigned, a Notary Public in and for said State, personally appeared
______________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                               -------------------------
                                                      Notary Public

(Notarial Seal)

                                       58

                                   SCHEDULE A

                                 Initial Deposit

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

                                      A-1

                                   EXHIBIT A

                  FORM OF ALLOCATED BULLION ACCOUNT AGREEMENT

  [ATTACHED TO AMENDMENT NO. 4 TO THE REGISTRATION STATEMENT AS EXHIBIT 10.1]

                                   EXHIBIT B

                  FORM OF UNALLOCATED BULLION ACCOUNT AGREEMENT

  [ATTACHED TO AMENDMENT NO. 4 TO THE REGISTRATION STATEMENT AS EXHIBIT 10.2]

                                   EXHIBIT C

                          FORM OF PARTICIPANT AGREEMENT

  [ATTACHED TO AMENDMENT NO. 4 TO THE REGISTRATION STATEMENT AS EXHIBIT 4.2]

                                                                       EXHIBIT D

                          [FORM OF GLOBAL CERTIFICATE]

                       CERTIFICATE OF BENEFICIAL INTEREST
                                  -Evidencing-
                             All Undivided Interests
                                      -in-

                           streetTRACKS(R) GOLD TRUST

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         TRUSTEE OR ITS AGENT 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 REQUIRED 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.

This is to certify that CEDE & CO. is the owner and registered holder of this
Certificate evidencing the ownership of all issued and outstanding
streetTRACKS(R) Gold Shares ("Shares"), each of which represents a fractional
undivided interest in the streetTRACKS(R) Gold Trust ("Trust"), created under
the laws of the State of New York by the Trust Indenture of streetTRACKS(R) Gold
Trust dated as of November___, 2004 between World Gold Trust Services, LLC, as
Sponsor, and The Bank of New York, as Trustee, (hereinafter called the
"Agreement "), copies of which are available at the offices of the Trustee.

         At any given time this Certificate shall represent all undivided
interests in the Trust, which shall be the total number of Shares that are
outstanding at such time. The Agreement provides for the deposit of additional
Gold with the Trustee from time to time and the issuance by the Trustee of
additional Creation Baskets representing the Gold so deposited. At the request
of the registered holder this Certificate may be exchanged for one or more
Certificates issued to the registered holder in such denominations as the
registered holder may request, provided, however, that, in the aggregate, the
Certificates issued to the registered holder hereof shall represent all Shares
outstanding at any given time.

         The Sponsor and Bear Hunter Structured Products, LLC as the initial
depositor of the Trust hereby grant and convey all of their rights, title and
interest in and to the Trust to the extent

                                      D-1

of the undivided interest represented hereby to the registered holder of this
Certificate subject to and in pursuance of the Agreement, all the terms,
conditions and covenants of which are incorporated herein as if fully set forth
at length.

         The registered holder of this Certificate is entitled at any time upon
tender of this Certificate to the Trustee, endorsed in blank or accompanied by
all necessary instruments of assignment and transfer in proper form, at its New
York office in the State of New York and, upon payment of any tax or other
governmental charges, to receive at the time and in the manner provided in the
Agreement, such holder's ratable portion of the assets of the Trust for each
Redemption Basket tendered and evidenced by this Certificate.

         The holder of this Certificate, by virtue of the purchase and
acceptance hereof, assents to and shall be bound by the terms of the Agreement,
copies of which are on file and available for inspection at reasonable times
during business hours at the New York office of the Trustee, to which reference
is made for all the terms, conditions and covenants thereof.

         The Trustee may deem and treat the person in whose name this
Certificate is registered upon the books of the Trustee as the owner hereof for
all purposes and the Trustee shall not be affected by any notice to the
contrary.

         The Agreement permits, with certain exceptions as therein provided, the
amendment thereof, by the Sponsor and the Trustee with the consent of the
Beneficial Owners of 51% of the outstanding Equity Gold Shares to add provisions
to or change or eliminate any of the provisions of the Agreement or to modify
the rights of Beneficial Owners; provided, however, that the Agreement may not
be amended without the consent of the Beneficial Owners of all outstanding
Equity Gold Shares if such amendment would (x) permit, except in accordance with
the terms and conditions of the Agreement, the acquisition of any assets other
than Gold and cash acquired in accordance with the terms and conditions of the
Agreement; (y) reduce the interest of any Beneficial Owner in the Trust; or (z)
reduce the percentage of Beneficial Owners required to consent to any such
amendment. Any such consent or waiver by the holder of Shares shall be
conclusive and binding upon such holder of Shares and upon all future holders of
Shares, and shall be binding upon any Shares, whether evidenced by a Certificate
or held in uncertificated form, issued upon the registration or transfer hereof
whether or not notation of such consent or waiver is made upon this Certificate
and whether or not the Shares evidenced hereby are at such time in
uncertificated form. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of any holders of Shares.

         The Agreement, and this Certificate, is executed and delivered by The
Bank of New York, not individually or personally but solely as the Trustee of
the Trust, and World Gold Trust Services, LLC, as Sponsor, in the exercise of
the powers and authority conferred and vested in them by the Agreement. The
representations, undertakings and agreements made on the part of the Trust in
the Agreement or this Certificate are made and intended not as personal
representations, undertakings and agreements by The Bank of New York or World
Gold Trust Services, LLC but are made and intended for the purpose of binding
only the Trust. Nothing in the Agreement or this Certificate shall be construed
as creating any liability on The Bank of New York or World Gold Trust Services,
LLC, individually or personally, to fulfill any

                                      D-2

representation, undertaking or agreement other than as provided in the Agreement
or this Certificate.

         This Certificate shall not become valid or binding for any purpose
until properly executed by the Trustee under the Agreement.

         Terms not defined herein will have the same meaning as in the
Agreement.

         IN WITNESS WHEREOF, The Bank of New York, as Trustee, has caused this
Certificate to be manually executed in its corporate name by an Authorized
Officer and World Gold Trust Services, LLC, as Sponsor, has caused this
Certificate to be executed in its name by the manual or facsimile signature of
one of its Authorized Officers.

The Bank of New York,                     World Gold Trust Services, LLC
  As Trustee                                As Sponsor

By________________________________        By________________________________
          Authorized Officer                       Authorized Officer

Date: November____, 2004

                                      D-3

                                   EXHIBIT E-1

                         FORM OF DISTRIBUTION AGREEMENT

                        [PREVIOUSLY FILED AS EXHIBIT 1.1]

                                   EXHIBIT E-2

                        FORM OF MARKETING AGENT AGREEMENT

  [ATTACHED AS AMENDMENT NO. 4 TO THE REGISTRATION STATEMENT AS EXHIBIT 10.6]

                                   EXHIBIT F-1

                  FORM OF UNDERWRITER REIMBURSEMENT AGREEMENT

                        [PREVIOUSLY FILED AS EXHIBIT 1.2]

                                   EXHIBIT F-2

                  FORM OF MARKETING AGENT REIMBURSEMENT AGREEMENT

  [ATTACHED TO AMENDMENT NO. 4 TO THE REGISTRATION STATEMENT AS EXHIBIT 10.10]EXHIBIT 4.2

                                     FORM OF
                           streetTRACKS(R) GOLD TRUST
                              PARTICIPANT AGREEMENT

         This streetTRACKS(R) Gold Trust Participant Agreement (the
"Agreement"), dated as of ________, is entered into by and between __________
(the "Authorized Participant"), The Bank of New York, not in its individual
capacity but solely as trustee (the "Trustee") of the streetTRACKS(R) Gold Trust
(the "Trust"), and World Gold Trust Services, LLC, as sponsor (the "Sponsor") of
the Trust.

                                     SUMMARY

     The Trustee serves as the trustee of the Trust pursuant to the Trust
Indenture dated as of __________ 2004 between the Sponsor and the Trustee (the
"Trust Indenture"). As provided in the Trust Indenture and described in the
Prospectus (defined below), units of fractional undivided beneficial interest in
and ownership of the Trust (the "Shares") may be created or redeemed by the
Trustee for an Authorized Participant in aggregations of one hundred thousand
(100,000) Shares (each aggregation, a "Basket"). Baskets are offered only
pursuant to the registration statement of the Trust on Form S-1, as amended
(Registration No.: 333-105202), as declared effective by the Securities and
Exchange Commission ("SEC") and as the same may be amended from time to time
thereafter (collectively, the "Registration Statement") together with the
prospectus of the Trust (the "Prospectus") included therein. Under the Trust
Indenture, the Trustee is authorized to issue Baskets to, and redeem Baskets
from, Authorized Participants, only through the facilities of the Depository
Trust Company ("DTC") or a successor depository, and only in exchange for an
amount of Gold that is transferred between the Authorized Participant and the
Trust through the Participant Unallocated Account (defined below) and the Trust
Unallocated Account. Under the Trust Indenture, when the Trustee issues Baskets
in exchange for Gold, the Gold transferred by an Authorized Participant to the
Participant Unallocated Account is transferred to the Trust Unallocated Account
and then transferred and allocated to the Trust Allocated Account by the
Custodian, and when the Trustee redeems Baskets tendered for redemption by an
Authorized Participant in exchange for Gold, the Gold held in the Trust
Allocated Account is to be deallocated and transferred to the Trust Unallocated
Account and then transferred from the Trust Unallocated Account to the
Participant Unallocated Account by the Custodian. The foregoing Gold transfers
are also governed by the Trust's Allocated Bullion Account Agreement and
Unallocated Bullion Account Agreement (together, the "Custody Agreements") and
the Participant Unallocated Bullion Account Agreement. This Agreement sets forth
the specific procedures by which an Authorized Participant may create or redeem
Baskets.

     Because new Shares can be created and issued on an ongoing basis, at any
point during the life of the Trust, a "distribution," as such term is used in
the Securities Act of 1933, as amended ("1933 Act"), may be occurring. The
Authorized Participant is cautioned that some of its activities may result in
its being deemed a participant in a distribution in a manner which

                                      -1-

would render it a statutory underwriter and subject it to the
prospectus-delivery and liability provisions of the 1933 Act. The Authorized
Participant should review the "Plan of Distribution" portion of the Prospectus
and consult with its own counsel in connection with entering into this Agreement
and placing an Order (defined below).

         Capitalized terms used but not defined in this Agreement shall have the
meanings assigned to such terms in the Trust Indenture. To the extent there is a
conflict between any provision of this Agreement and the provisions of the Trust
Indenture, the provisions of the Trust Indenture shall control.

         To give effect to the foregoing premises and in consideration of the
mutual covenants and agreements set forth below, the parties hereto agree as
follows:

     Section 1. Order Placement. To place orders for the Trustee to create or
redeem one or more Baskets, Authorized Participants must follow the procedures
for creation and redemption referred to in Section 3 of this Agreement and the
procedures described in Attachment A hereto (the "Procedures"), as each may be
amended, modified or supplemented from time to time.

     Section 2. Status of Authorized Participant. The Authorized Participant
represents and warrants and covenants the following:

         (a) The Authorized Participant is a participant of DTC (as such a
participant, a "DTC Participant"). If the Authorized Participant ceases to be a
DTC Participant, the Authorized Participant shall give immediate notice to the
Trustee of such event, and this Agreement shall terminate immediately as of the
date the Authorized Participant ceased to be a DTC Participant.

         (b) Unless Section 2(c) applies, the Authorized Participant either (i)
is registered as a broker-dealer under the Securities Exchange Act of 1934, as
amended ("1934 Act"), and is a member in good standing of the National
Association of Securities Dealers, Inc. (the "NASD"), or (ii) is exempt from
being, or otherwise is not required to be, licensed as a broker-dealer or a
member of the NASD, and in either case is qualified to act as a broker or dealer
in the states or other jurisdictions where the nature of its business so
requires. The Authorized Participant will maintain any such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Agreement. The Authorized Participant will comply
with all applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the
Constitution, By-Laws and Conduct Rules of the NASD (if it is a NASD member),
and will not offer or sell Shares in any state or jurisdiction where they may
not lawfully be offered and/or sold.

         (c) If the Authorized Participant is offering or selling Shares in
jurisdictions outside the several states, territories and possessions of the
United States and is not otherwise required to be registered, qualified or a
member of the NASD as set forth in Section 2(b) above, the Authorized
Participant will (i) observe the applicable laws of the jurisdiction in which
such offer and/or sale is made, (ii) comply with the full disclosure
requirements of the 1933 Act, and the regulations promulgated thereunder, and
(iii) conduct its business in accordance with the spirit of the NASD Conduct
Rules.

                                      -2-

     (d) The Authorized Participant is in compliance with the money laundering
and related provisions of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT)
Act of 2001, and the regulations promulgated thereunder, if the Authorized
Participant is subject to the requirements of the USA PATRIOT ACT.

     (e) With respect to the transfers of Gold contemplated by this Agreement,
the Authorized Participant shall establish with the Participant's Custodian in
London or at such other location as the Sponsor and the Trustee agree an account
in relation to Gold which shall be maintained on an Unallocated Basis (the
"Participant Unallocated Account"), which shall be used only to effect
transactions between the Authorized Participant and the Trust and which shall be
in addition to any separate Gold account maintained for the Authorized
Participant on an Unallocated Basis by the Participant's Custodian. The
Participant Unallocated Account shall be established and maintained pursuant to
a Participant Unallocated Bullion Account Agreement with the Participant's
Custodian in the form attached to this Agreement as Attachment B, as the same
may be amended from time to time. In addition, if the Authorized Participant
does not already have a Gold account maintained for it on an Unallocated Basis
by the Participant's Custodian (separate from the Participant Unallocated
Account), the Authorized Participant must establish such an account, which shall
be established and maintained pursuant to such agreement as it and the
Participant's Custodian shall agree.

     (f) The Authorized Participant has the capability to send and receive
communications via authenticated telecommunication facility to and from the
Trustee, the Custodian and the Participant's Custodian. The Authorized
Participant shall confirm such capability to the satisfaction of the Trustee and
the Custodian by the end of the Business Day before placing its first order with
the Trustee (whether such order is to create or to redeem Baskets). If required
by the Custodian with respect to authorized telecommunications by telephonic
facsimile, the Authorized Participant shall enter into a separate agreement with
the Custodian, as the case may be, indemnifying such party with respect to its
communications by telephonic facsimile, substantially in the form attached as
Attachment C, as the same may be amended from time to time.

     Section 3. Orders. (a) All orders to create or redeem Baskets shall be made
in accordance with the terms of the Trust Indenture, the Custody Agreements,
this Agreement and the Procedures. Each party will comply with such foregoing
terms and procedures to the extent applicable to it. The Authorized Participant
hereby consents to the use of recorded telephone lines whether or not such use
is reflected in the Procedures. The Trustee and Sponsor may issue additional or
other procedures from time to time relating to the manner of creating or
redeeming Baskets which are not related to the Procedures, and the Authorized
Participant will comply with such procedures.

     (b) The Authorized Participant acknowledges and agrees on behalf of itself
and any party for which it is acting (whether such party is a customer or
otherwise) that each order to create a Basket (a "Purchase Order") and each
order to redeem a Basket (a "Redemption Order", and each Purchase Order and
Redemption Order, an "Order") may not be revoked by the Authorized Participant
upon its delivery to the Trustee. A form of Purchase Order is attached hereto as
Exhibit B and a form of Redemption Order is attached hereto as Exhibit C.

                                      -3-

     (c) The Trustee shall have the absolute right, but shall have no
obligation, to reject any Purchase Order or Creation Basket Deposit (i)
determined by the Trustee not to be in proper form; (ii) that the Sponsor has
determined and advised the Trustee would have adverse tax consequences to the
Trust or to the Beneficial Owners; (iii) the acceptance or receipt of which
would, in the opinion of counsel to the Sponsor acceptable to the Trustee, be
unlawful; or (iv) if circumstances outside the control of the Trustee, the
Custodian or the Sponsor make it for all practical purposes not feasible to
process creations of Creation Baskets. Neither the Trustee nor the Sponsor shall
be liable to any person by reason of the rejection of any Purchase Order or
Creation Basket Deposit.

     (d) The Trustee shall reject any Redemption Order (i) determined by the
Trustee not to be in proper form or (ii) the fulfillment of which its counsel
advises may be illegal under applicable laws and regulations, and the Trustee
shall have no liability to any person for rejecting a Redemption Order in such
circumstances.

     (e) The Trustee may, in its discretion, and will when so directed by the
Sponsor, suspend the right of redemption, or postpone the applicable redemption
settlement date, (i) for any period during which the New York Stock Exchange is
closed other than for customary weekend or holiday closings, or trading is
suspended or restricted; (ii) for any period during which an emergency exists as
a result of which delivery, disposal or evaluation of the Gold is not reasonably
practicable; or (iii) for such other period as the Sponsor determines to be
necessary for the protection of the Beneficial Owners. Neither the Sponsor nor
the Trustee shall be liable to any person or in any way for any loss or damages
that may result from any such suspension or postponement.

     Section 4. Gold Transfers. (a) Any Gold to be transferred in connection
with any Order shall be transferred between the Participant Unallocated Account
and the Trust Unallocated Account and between the Trust Unallocated Account and
the Trust Allocated Account in accordance with the Procedures. The Authorized
Participant shall be responsible for all costs and expenses relating to or
connected with any transfer of Gold between its Participant Unallocated Account
and the Trust Unallocated Account.

     (b) Each of the Trust, the Sponsor and the Trustee will have no liability
for loss or damages suffered by an Authorized Participant in respect of the
Authorized Participant's Participant Unallocated Account. The liability of the
Custodian with respect to any such loss or damage will be governed by the terms
of the Participant Unallocated Bullion Account Agreement attached hereto as
Attachment B. The Authorized Participant acknowledges that it is an unsecured
creditor of the Custodian with respect to the Gold held in the Authorized
Participant's Participant Unallocated Account and that such Gold is at risk in
the event of the Custodian's insolvency.

     Section 5. Gold Standards. All Gold to be transferred between the Trust and
the Authorized Participant in connection with any Order shall meet the
applicable requirements of The Good Delivery Rules for Gold and Silver Bars (the
"Good Delivery Rules") promulgated by the London Bullion Market Association (the
"LBMA"), which include standards for fineness. As provided in the Authorized
Participant's Participant Unallocated Bullion Account Agreement and in the
Trust's Unallocated Bullion Account Agreement, amounts of Gold standing to the

                                      -4-

credit of an Authorized Participant's Participant Unallocated Account or the
Trust Unallocated Account, as the case may be, are held on an Unallocated Basis,
which, as provided by those agreements, means only that each of the Authorized
Participant or the Trust, as the case may be, is entitled to call on the
Participant's Custodian or the Custodian, as the case may be, to deliver in
accordance with the Good Delivery Rules an amount of Gold equal to the amount of
Gold standing to the credit of the Authorized Participant's or the Trust's
relevant unallocated bullion account, as the case may be, but neither the
Authorized Participant nor the Trust has any ownership interest in any Gold that
the Participant's Custodian or the Custodian, as the case may be, owns or holds.
The Sponsor and the Trustee may, from time to time, pursuant to the Trust
Indenture and as disclosed in the Prospectus, specify other gold bullion to be
held by the Trust and which therefore may be transferred between the Trust and
an Authorized Participant in connection with any Order, provided that such other
gold bullion meets the standard of fineness specified under the Good Delivery
Rules. A copy of the Good Delivery Rules may be obtained from the LBMA.

     Section 6. Fees. In connection with each Order by an Authorized Participant
to create or redeem one or more Baskets, the Trustee shall charge, and the
Authorized Participant shall pay to the Trustee, the Transaction Fee prescribed
in the Trust Indenture applicable to such creation or redemption. The initial
Transaction Fee shall be two thousand dollars ($2,000). The Transaction Fee may
be adjusted from time to time as set forth in the Prospectus. As described in
the Procedures, in the case of a Redemption Order that is held open until the
fourth Business Day following the Redemption Order Date, for each day (whether
or not a Business Day) the Redemption Order is held open, the Authorized
Participant will be charged by the Trustee the greater of (i) $300 and (ii) $30
times the number of Baskets covered by the Redemption Order.

     Section 7. Authorized Persons. Concurrently with the execution of this
Agreement and from time to time thereafter, the Authorized Participant shall
deliver to the Trustee notarized and duly certified as appropriate by its
secretary or other duly authorized official, a certificate in the form of
Exhibit A setting forth the names and signatures of all persons authorized to
give instructions relating to activity contemplated hereby or by any other
notice, request or instruction given on behalf of the Authorized Participant
(each, an "Authorized Person"). The Trustee may accept and rely upon such
certificate as conclusive evidence of the facts set forth therein and shall
consider such certificate to be in full force and effect until the Trustee
receives a superseding certificate bearing a subsequent date. Upon the
termination or revocation of authority of any Authorized Person by the
Authorized Participant, the Authorized Participant shall give immediate written
notice of such fact to the Trustee and such notice shall be effective upon
receipt by the Trustee. The Trustee shall issue to each Authorized Person a
unique personal identification number (the "PIN Number") by which such
Authorized Person shall be identified and by which instructions issued by the
Authorized Participant hereunder shall be authenticated. The PIN Number shall be
kept confidential by the Authorized Participant and shall only be provided to
the Authorized Person. If, after issuance, the Authorized Person's PIN Number is
changed, the new PIN Number shall become effective on a date mutually agreed
upon by the Authorized Participant and the Trustee.

     Section 8. Redemption. The Authorized Participant represents and warrants
that it will not obtain an Order Number (as described in the Procedures) from
the Trustee for the purpose of redeeming a Basket unless it first ascertains
that (i) it or its customer, as the case may be, owns

                                      -5-

outright or has full legal authority and legal and beneficial right to tender
for redemption the Baskets to be redeemed and to receive the entire proceeds of
the redemption, and (ii) such Baskets have not been loaned or pledged to another
party and are not the subject of a repurchase agreement, securities lending
agreement or any other arrangement which would preclude the delivery of such
Baskets to the Trustee the third Business Day following the Redemption Order
Date.

     Section 9. Role of Authorized Participant. (a) The Authorized Participant
acknowledges that, for all purposes of this Agreement and the Trust Indenture,
the Authorized Participant is and shall be deemed to be an independent
contractor and has and shall have no authority to act as agent for the Trust,
the Sponsor, the Trustee, the Custodian, or the Participant's Custodian in any
matter or in any respect.

     (b) The Authorized Participant will make itself and its employees
available, upon request, during normal business hours to consult with the
Trustee, the Custodian, the Participant's Custodian or their designees
concerning the performance of the Authorized Participant's responsibilities
under this Agreement.

     (c) With respect to any creation or redemption transaction made by the
Authorized Participant pursuant to this Agreement for the benefit of any
customer or any other DTC Participant or Indirect Participant, or any other
Beneficial Owner, the Authorized Participant shall extend to any such party all
of the rights, and shall be bound by all of the obligations, of a DTC
Participant in addition to any obligations that it undertakes hereunder or in
accordance with the Trust Indenture.

     (d) The Authorized Participant will maintain records of all sales of Shares
made by or through it and will furnish copies of such records to the Sponsor
upon the reasonable request of the Sponsor.

     Section 10. Indemnification.

     (a) The Authorized Participant hereby indemnifies and holds harmless the
Trustee, the Custodian, the Participant's Custodian, the Trust, the Sponsor,
their respective direct or indirect affiliates (as defined below) and their
respective directors, officers, employees and agents (each, an "AP Indemnified
Party") from and against any losses, liabilities, damages, costs and expenses
(including attorney's fees and the reasonable cost of investigation) incurred by
such AP Indemnified Party as a result of or in connection with: (i) any breach
by the Authorized Participant of any provisions of this Agreement, including its
representations, warranties and covenants; (ii) any failure on the part of the
Authorized Participant to perform any of its obligations set forth in this
Agreement; (iii) any failure by the Authorized Participant to comply with
applicable laws and the rules and regulations of self-regulatory organizations;
(iv) any actions of such AP Indemnified Party in reliance upon any instructions
issued in accordance with the Procedures believed by the AP Indemnified Party to
be genuine and to have been given by the Authorized Participant; or (v) (A) any
representation by the Authorized Participant, its employees or its agents or
other representatives about the Shares, any AP Indemnified Party or the Trust
that is not consistent with the Trust's then-current Prospectus made in
connection with the offer or the solicitation of an offer to buy or sell Shares
and (B) any untrue statement or

                                      -6-

alleged untrue statement of a material fact contained in any research reports,
marketing material and sales literature described in Section 14(b) or any
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading to the extent that
such statement or omission relates to the Shares, any AP Indemnified Party or
the Trust, unless, in either case, such representation, statement or omission
was made or included by the Authorized Participant at the written direction of
the Sponsor or is based upon any omission or alleged omission by the Sponsor to
state a material fact in connection with such representation, statement or
omission necessary to make such representation, statement or omission not
misleading.

     (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized
Participant, its respective subsidiaries, affiliates, directors, officers,
employees and agents, and each person, if any, who controls such persons within
the meaning of Section 15 of the 1933 Act (each, a "Sponsor Indemnified Party")
from and against any losses, liabilities, damages, costs and expenses (including
attorneys' fees and the reasonable cost of investigation) incurred by such
Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any
provision of this Agreement that relates to the Sponsor; (ii) any failure on the
part of the Sponsor to perform any obligation of the Sponsor set forth in this
Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or
(iv) any untrue statement or alleged untrue statement of a material fact
contained in the registration statement of the Trust as originally filed with
the SEC or in any amendment thereof, or in any prospectus, or in any amendment
thereof or supplement thereto, or arising out of or based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except those
statements in the Registration Statement or the Prospectus based on information
furnished in writing by or on behalf of the Authorized Participant expressly for
use in the Registration Statement or the Prospectus.

     (c) This Section 10 shall not apply to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result or in
connection with any gross negligence, bad faith or willful misconduct on the
part of the AP Indemnified Party or the Sponsor Indemnified Party, as the case
may be. The term "affiliate" in this Section 10 shall include, with respect to
any person, entity or organization, any other person, entity or organization
which directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such person, entity or
organization.

     (d) If the indemnification provided for in this Section 10 is unavailable
to an indemnified party under Sections 10(a) or 10(b) or insufficient to hold an
indemnified party harmless in respect of any losses, liabilities, damages, costs
and expenses referred to therein, then each applicable indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, liabilities, damages, costs and expenses (i) in such proportion
as is appropriate to reflect the relative benefits received by the Sponsor and
the Trust, on the one hand, and by the Authorized Participant, on the other
hand, from the services provided hereunder or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of the Sponsor and the Trust, on the one hand,
and of the Authorized Participant, on the other hand, in connection with, to the
extent applicable, the statements or omissions which resulted in such losses,
liabilities, damages, costs

                                      -7-

and expenses, as well as any other relevant equitable considerations. The
relative benefits received by the Sponsor and the Trust, on the one hand, and
the Authorized Participant, on the other hand, shall be deemed to be in the same
respective proportions as the amount of gold transferred to the Trust under this
Agreement on the one hand (expressed in dollars) bears to the amount of economic
benefit received by the Authorized Participant in connection with this Agreement
on the other hand. To the extent applicable, the relative fault of the Sponsor
on the one hand and of the Authorized Participant on the other shall be
determined by reference to, among other things, whether the untrue statement or
alleged untrue statement of a material fact or omission or alleged omission
relates to information supplied by the Sponsor or by the Authorized Participant
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid or
payable by a party as a result of the losses, liabilities, damages, costs and
expenses referred to in this Section 10(d) shall be deemed to include any legal
or other fees or expenses reasonably incurred by such party in connection with
investigating, preparing to defend or defending any action, suit or proceeding
(each a "Proceeding") related to such losses, liabilities, damages, costs and
expenses.

     (e) The Sponsor and the Authorized Participant agree that it would not be
just and equitable if contribution pursuant to this Section 10 were determined
by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in Section 10(d) above. The
Authorized Participant shall not be required to contribute any amount in excess
of the amount by which the total price at which the Shares created by the
Authorized Participant and distributed to the public exceeds the amount of any
damage which the Authorized Participant has otherwise been required to pay by
reason of such untrue statement or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.

     (f) The indemnity and contribution agreements contained in this Section 10
shall remain in full force and effect regardless of any investigation made by or
on behalf of the Authorized Participant, its partners, stockholders, members,
directors, officers, employees and or any person (including each partner,
stockholder, member, director, officer or employee of such person) who controls
the Authorized Participant within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners,
stockholders, members, directors, officers, employees or any person who controls
the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of
the 1934 Act, and shall survive any termination of this Agreement. The Sponsor
and the Authorized Participant agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor,
against any of the Sponsor's officers or directors, in connection with the
issuance and sale of the Shares or in connection with the Registration Statement
or the Prospectus.

     (g) Pursuant to the Trust Indenture, the Trustee, solely from and to the
extent of the assets of the Trust, hereby agrees to reimburse any Sponsor
Indemnified Party to the extent the Sponsor does not pay such amounts when due
under this Section 10 (including any amount in contribution thereof that may be
owed to such Sponsor Indemnified Party pursuant to Section 10 hereof), and to
pay any and all expenses (including reasonable and documented counsel fees and
expenses) incurred by the Sponsor Indemnified Party in enforcing its rights
under this Section 10(g). In connection with enforcing its rights, each Sponsor
Indemnified Party shall use the same

                                      -8-

legal counsel which shall be selected by the Authorized Participant and be
reasonably acceptable to the Sponsor.

     Section 11. (a) Limitation of Liability. None of the Sponsor, the Trustee,
the Authorized Participant, the Participant's Custodian and the Custodian shall
be liable to each other or to any other person, including any party claiming by,
through or on behalf of the Authorized Participant, for any losses, liabilities,
damages, costs or expenses arising out of any mistake or error in data or other
information provided to any of them by each other or any other person or out of
any interruption or delay in the electronic means of communications used by
them.

     (b) Tax Liability. The Authorized Participant shall be responsible for the
payment of any transfer tax, sales or use tax, stamp tax, recording tax, value
added tax and any other similar tax or government charge applicable to the
creation or redemption of any Basket made pursuant to this Agreement, regardless
of whether or not such tax or charge is imposed directly on the Authorized
Participant. To the extent the Trustee, the Sponsor or the Trust is required by
law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon.

     Section 12. Acknowledgment. The Authorized Participant acknowledges receipt
of a (i) copy of the Trust Indenture and (ii) the current Prospectus of the
Trust and represents that it has reviewed and understands such documents.

     Section 13. Effectiveness and Termination. Upon the execution of this
Agreement by the parties hereto, this Agreement shall become effective in this
form as of the date first set forth above, and may be terminated at any time by
any party upon thirty (30) days prior written notice to the other parties unless
earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the
Authorized Participant by the Trustee in the event of a breach by the Authorized
Participant of this Agreement or the procedures described or incorporated
herein; (iii) immediately in the circumstances described in Section 20(j); or
(iv) at such time as the Trust is terminated pursuant to the Trust Agreement.

     Section 14. Marketing Materials; Representations Regarding Shares;
Identification in Registration Statement.

     (a) The Authorized Participant represents, warrants and covenants that (i),
without the written consent of the Sponsor, the Authorized Participant will not
make, or permit any of its representatives to make, any representations
concerning the Shares or any AP Indemnified Party other than representations
contained (A) in the then-current Prospectus of the Trust, (B) in printed
information approved by the Sponsor as information supplemental to such
Prospectus or (C) in any promotional materials or sales literature furnished to
the Authorized Participant by the Sponsor, and (ii) the Authorized Participant
will not furnish or cause to be furnished to any person or display or publish
any information or material relating to the Shares, any AP Indemnified Person or
the Trust that are not consistent with the Trust's then current Prospectus.
Copies of the then current Prospectus of the Trust and any such printed
supplemental information will be supplied by the Sponsor to the Authorized
Participant in reasonable quantities upon request.

                                      -9-

     (b) Notwithstanding the foregoing, the Authorized Participant may without
the written approval of the Sponsor prepare and circulate in the regular course
of its business research reports, marketing material and sales literature that
includes information, opinions or recommendations relating to the Shares (i) for
public dissemination, provided that such research reports, marketing material or
sales literature compare the relative merits and benefits of Shares with other
products; and (ii) for internal use by the Authorized Participant. The
Authorized Participant will file all such research reports, marketing material
and sales literature related to the Shares with the NASD to the extent required
by the NASD Conduct Rules.

     (c) The Authorized Participant and its affiliates may prepare and circulate
in the regular course of their businesses, without having to refer to the Shares
or the Trust's then-current Prospectus, data and information relating to the
price of gold.

     (d) The Authorized Participant hereby agrees that for the term of this
Agreement the Sponsor may deliver the then-current Prospectus, and any
supplements or amendments thereto or recirculation thereof, to the Authorized
Participant in Portable Document Format ("PDF") via electronic mail in lieu of
delivering the Prospectus in paper form. The Authorized Participant may revoke
the foregoing agreement at any time by delivering written notice to the Sponsor
and, whether or not such agreement is in effect, the Authorized Participant may,
at any time, request reasonable quantities of the Prospectus, and any
supplements or amendments thereto or recirculation thereof, in paper form from
the Sponsor. The Authorized Participant acknowledges that it has the capability
to access, view, save and print material provided to it in PDF and that it will
incur no appreciable extra costs by receiving the Prospectus in PDF instead of
in paper form. The Sponsor will when requested by the Authorized Participant
make available at no cost the software and technical assistance necessary to
allow the Authorized Participant to access, view and print the PDF version of
the Prospectus.

     (e) For as long as this Agreement is effective, the Authorized Participant
agrees to be identified as an authorized participant of the Trust (i) in the
section of the Prospectus included within the Registration Statement entitled
"Creation and Redemption of Shares" and in any other section as may be required
by the SEC and (ii) on the Trust's website. Upon the termination of this
Agreement, (i) during the period prior to when the Sponsor qualifies and elects
to file on Form S-3, the Sponsor will remove such identification from the
Prospectus in the amendment of the Registration Statement next occurring after
the date of the termination of this Agreement and, during the period after when
the Sponsor qualifies and elects to file on Form S-3, the Sponsor will promptly
file a current report on Form 8-K indicating the withdrawal of the Authorized
Participant as an authorized participant of the Trust and (ii) the Sponsor will
promptly update the Trust's website to remove any identification of the
Authorized Participant as an authorized participant of the Trust.

     Section 15. Certain Covenants of the Sponsor. The Sponsor, on its own
behalf and as sponsor of the Trust, covenants and agrees:

     (a) to advise the Authorized Participant promptly of the happening of any
event during the term of this Agreement which could require the making of any
change in the Prospectus then being used so that the Prospectus would not
include an untrue statement of

                                      -10-

material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they are made, not
misleading, and, during such time, to prepare and furnish, at the expense of the
Trust, to the Authorized Participant promptly such amendments or supplements to
such Prospectus as may be necessary to reflect any such change;

     (b) to furnish to the Authorized Participant, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed
to register additional Shares in reliance on Rule 429, and (iii) there is
financial information incorporated by reference into the Registration Statement
or the Prospectus, an opinion of Carter Ledyard & Milburn LLP, counsel for the
Sponsor, addressed to the Authorized Participant and dated such dates in form
and substance satisfactory to the Authorized Participant, stating that:

     1.   the Trust is validly existing as an investment trust under the laws of
          the State of New York, as described in the Registration Statement and
          the Prospectus, and has all power and authority to issue and deliver
          the Shares as contemplated therein and to execute and deliver this
          Agreement;

     2.   the Sponsor has been duly organized and is validly existing as a
          limited liability company in good standing under the laws of the State
          of Delaware, with full corporate power and authority to conduct its
          business as described in the Registration Statement and the Prospectus
          and to execute and deliver this Agreement;

     3.   the Sponsor is duly qualified and is in good standing in each
          jurisdiction where the conduct of its business requires such
          qualification;

     4.   this Agreement has been duly authorized, executed and delivered by the
          Sponsor;

     5.   the Shares issuable by the Trust as described in the Registration
          Statement, when issued in accordance with the terms of the Trust
          Indenture as described in the Registration Statement, will have been
          duly authorized and validly issued and fully paid and non-assessable;

     6.   the Shares conform to the description thereof contained in the
          Registration Statement and the Prospectus;

     7.   the Registration Statement and the Prospectus (except as to the
          financial statements and schedules and other financial information
          contained therein, as to which such counsel need express no opinion)
          comply as to form in all material respects with the requirements of
          the 1933 Act;

     8.   the Registration Statement has become effective under the 1933 Act
          and, to such counsel's knowledge, no stop order proceedings with
          respect thereto are pending or threatened under the 1933 Act and any
          required filing of the Prospectus and any supplement thereto pursuant
          to Rule 424 under the 1933 Act has been made in the manner and within
          the time period required by such Rule 424;

                                      -11-

     9.   no approval, authorization, consent or order of or filing with any
          federal, or New York State governmental or regulatory commission,
          board, body, authority or agency is required in connection with the
          issuance and sale of the Shares and consummation by the Sponsor of the
          transactions contemplated in the Prospectus other than registration of
          the Shares under the 1933 Act (except such counsel need express no
          opinion as to any necessary qualification under the state securities
          or blue sky laws of any state or the laws of any jurisdictions outside
          the United States);

     10.  the execution, delivery and performance of this Agreement by the
          Sponsor, the issuance and delivery of the Shares by the Trust and the
          consummation by the Sponsor and the Trustee on behalf of the Trust of
          the transactions contemplated hereby do not and will not conflict
          with, result in any breach or violation of or constitute a default
          under (nor constitute any event which with notice, lapse of time or
          both would result in any breach or violation of or constitute a
          default under) the amended and restated limited liability company
          agreement of the Sponsor or the Trust Indenture, or any indenture,
          mortgage, deed of trust, bank loan or credit agreement or other
          evidence of indebtedness, or any license, lease, contract or other
          agreement or instrument known to such counsel after reasonable
          investigation (based on a certificate of an officer of the Sponsor) to
          which the Sponsor or the Trustee is a party or by which either of them
          or any of their respective properties may be bound or affected, or any
          federal, or New York State law, regulation or rule or any decree,
          judgment or order applicable to the Sponsor or the Trust and known to
          such counsel;

     11.  to such counsel's knowledge, neither the Sponsor nor the Trust is in
          breach or violation of or in default under (nor has any event occurred
          which with notice, lapse of time, or both would result in any breach
          or violation of, or constitute a default under) their respective
          constitutive documents, or any federal or New York State law,
          regulation or rule applicable to the Sponsor or the Trust;

     12.  to such counsel's knowledge, there are no affiliate transactions,
          off-balance sheet transactions, contracts, licenses, agreements,
          leases or documents of a character which are required to be described
          in the Registration Statement or the Prospectus or to be filed as an
          exhibit to the Registration Statement which have not been so described
          or filed;

     13.  to such counsel's knowledge, there are no actions, suits, claims,
          investigations or proceedings pending, or threatened to which the
          Sponsor or the Trustee is or would be a party or to which any of their
          respective properties is or would be subject at law or in equity,
          before or by any federal, state, local or foreign governmental or
          regulatory commission, board, body, authority or agency which are
          required to be described in the Registration Statement or the
          Prospectus but are not so described;

     14.  the Trust is not and, after giving effect to the offering and sale of
          the Shares, will not be an "investment company" or an entity
          "controlled" by an "investment company," as such terms are defined in
          the Investment Company Act of 1940, as amended (the "Investment
          Company Act"); and

                                      -12-

     15.  the information in the Registration Statement and the Prospectus under
          the headings "Risk Factors--Competing claims over ownership of
          intellectual property rights related to the Trust could adversely
          affect the Trust and an investment in the Shares," "Business of the
          Trust--License Agreement," "Description of the Shares," "United States
          Federal Tax Consequences," "Description of the Trust Indenture,"
          "Description of the Custody Agreements" and "Legal Proceedings"
          insofar as such statements constitute a summary of documents or
          matters of law are accurate in all material respects and present
          fairly the information required to be shown.

     In addition, such counsel shall state that such counsel has participated in
conferences with officers and other representatives of the Sponsor,
representatives of the independent public accountants of the Trust and
representatives of the Authorized Participant at which the contents of the
Registration Statement and the Prospectus were discussed and, although such
counsel is not passing upon and does not assume responsibility for the accuracy,
completeness or fairness of the statements contained in the Registration
Statement or the Prospectus (except as and to the extent stated in subparagraphs
(6) and (15) above), on the basis of the foregoing nothing has come to the
attention of such counsel that causes them to believe that the Registration
Statement or any amendment thereto at the time such Registration Statement or
amendment became effective contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or that the Prospectus or any
supplement thereto at the date of such Prospectus or such supplement, and at the
time of purchase of the Shares by the Authorized Participant hereunder,
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (it
being understood that such counsel need express no opinion with respect to the
financial statements and schedules and other financial information included in
the Registration Statement or the Prospectus);

     (c) to cause Deloitte & Touche LLP to deliver, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed
to register additional Shares in reliance on Rule 429, and (iii) there is
financial information incorporated by reference into the Registration Statement
or the Prospectus, letters dated such dates and addressed to the Authorized
Participant, containing statements and information of the type ordinarily
included in accountants' letters to underwriters with respect to the financial
statements and other financial information contained in or incorporated by
reference into the Registration Statement and the Prospectus;

     (d) to deliver to the Authorized Participant, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed
to register additional Shares in reliance on Rule 429, and (iii) there is
financial information incorporated by reference into the Registration Statement
or the Prospectus, a certification by a duly authorized officer of the Sponsor
in the form attached hereto as Exhibit D.

     In addition, any certificate signed by any officer of the Sponsor and
delivered to the Authorized Participant or counsel for the Authorized
Participant pursuant hereto shall be deemed

                                      -13-

to be a representation and warranty by the Sponsor as to matters covered thereby
to the Authorized Participant;

     (e) to furnish to the Authorized Participant, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed
to register additional Shares in reliance on Rule 429, and (iii) there is
financial information incorporated by reference into the Registration Statement
or the Prospectus, such documents and certificates in the form as reasonably
requested by the Marketing Agent pursuant to Section 4.1(q) of the Marketing
Agent Agreement; and

     (f) to cause the Trust to file a post-effective amendment to the
Registration Statement no less frequently than once per calendar quarter on or
about the same time that the Trust files a quarterly or annual report pursuant
to Section 13 or 15(d) of the 1934 Act (including the information contained in
such report), until such time as the Trust's reports filed pursuant to Section
13 or 15(d) of the 1934 Act are incorporated by reference in the Registration
Statement.

     Section 16. Title To Gold. The Authorized Participant represents and
warrants on behalf of itself and any party for which it acts that upon delivery
of a Creation Basket Deposit to the Trustee in accordance with the terms of the
Trust Indenture and this Agreement, the Trust will acquire good and unencumbered
title to the Gold which is the subject of such Creation Basket Deposit, free and
clear of all pledges, security interests, liens, charges, taxes, assessments,
encumbrances, equities, claims, options or limitations of any kind or nature,
fixed or contingent, and not subject to any adverse claims, including any
restriction upon the sale or transfer of all or any part of such Gold which is
imposed by any agreement or arrangement entered into by the Authorized
Participant or any party for which it is acting in connection with a Purchase
Order.

     Section 17. Third Party Beneficiaries. Each AP Indemnified Party, to the
extent it is not a party to this Agreement, is a third-party beneficiary of this
Agreement (each, a "Third Party Beneficiary") and may proceed directly against
the Authorized Participant (including by bringing proceedings against the
Authorized Participant in its own name) to enforce any obligation of the
Authorized Participant under this Agreement which directly or indirectly
benefits such Third Party Beneficiary.

     Section 18. Force Majeure. No party to this Agreement shall incur any
liability for any delay in performance, or for the non-performance, of any of
its obligations under this Agreement by reason of any cause beyond its
reasonable control. This includes any act of God or war or terrorism, any
breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport,
port, or airport disruption, industrial action, acts and regulations and rules
of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or
organization for any reason, to perform its obligations.

     Section 19. Ambiguous Instructions. If a Purchase Order Form or a
Redemption Order Form otherwise in good form contains order terms that differ
from the information provided in the telephone call at the time of issuance of
the applicable order number, the Trustee will attempt to contact one of the
Authorized Persons of the Authorized Participant to request confirmation of the
terms of the Order. If an Authorized Person confirms the terms as they appear in
the Order,

                                      -14-

then the Order will be accepted and processed. If an Authorized Person
contradicts the Order terms, the Order will be deemed invalid, and a corrected
Order must be received by the Trustee, as the case may be, not later than the
earlier of: (i) within 15 minutes of such contact with the Authorized Person; or
(ii) 45 minutes after the Order Cut-Off Time (as described in the Procedures).
If the Trustee is not able to contact an Authorized Person, then the 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 an
Order contains terms that are illegible, the Order will be deemed invalid and
the Trustee will attempt to contact one of the Authorized Persons of the
Authorized Participant to request retransmission of the Order. A corrected Order
must be received by the Trustee not later than the earlier of (i) within 15
minutes of such contact with the Authorized Person or (ii) 45 minutes after the
Order Cut-Off Time, as the case may be.

     Section 20. Miscellaneous.

     (a) Amendment and Modification. This Agreement, the Procedures attached as
Attachment A and the Exhibits hereto may be amended, modified or supplemented by
the Trustee and the Sponsor, without consent of any Beneficial Owner or
Authorized Participant from time to time by the following procedure. After the
amendment, modification or supplement has been agreed to, the Trustee will mail
a copy of the proposed amendment, modification or supplement to the Authorized
Participant. For the purposes of this Agreement, mail will be deemed received by
the recipient thereof on the third (3rd) day following the deposit of such mail
into the United States postal system. Within ten (10) calendar days after its
deemed receipt, the amendment, modification or supplement will become part of
this Agreement, the Attachments or the Exhibits, as the case may be, in
accordance with its terms. If at any time there is any material amendment,
modification or supplement of any streetTRACKS(R) Gold Trust Participant
Agreement (other than this Agreement), the Trustee will promptly mail a copy of
such amendment, modification or supplement to the Authorized Participant.

     Notwithstanding the foregoing, any amendment, modification or supplement to
any creation or redemption procedural item in the Procedures which is also set
forth in either of the Custody Agreements or in the Participant Unallocated
Bullion Account Agreement attached as Attachment B shall be made in accordance
with the terms of such agreements. After the amendment, modification or
supplement has been agreed to, the Trustee will mail a copy of the amendment,
modification or supplement to the Authorized Participant.

     The form of agreements of the Custodian and the Trustee concerning their
respective indemnification by the Authorized Participant for communications by
telephone facsimile attached as Attachment C may be amended from time to time by
the Custodian and the Trustee, as the case may be.

     (b) Waiver of Compliance. Any failure of any of the parties to comply with
any obligation, covenant, agreement or condition herein may be waived by the
party entitled to the benefits thereof only by a written instrument signed by
the party granting such waiver, but any such written waiver, or the failure to
insist upon strict compliance with any obligation, covenant, agreement or
condition herein, shall not operate as a waiver of, or estoppel with respect to,
any subsequent or other failure.

                                      -15-

     (c) Notices. Except as otherwise specifically provided in this Agreement,
all notices required or permitted to be given pursuant to this Agreement shall
be given in writing and delivered by personal delivery, by postage prepaid
registered or certified United States first class mail, return receipt
requested, by nationally recognized overnight courier (delivery confirmation
received) or by telex, telegram or telephonic facsimile or similar means of same
day delivery (transmission confirmation received), with a confirming copy
regular mail, postage prepaid. For avoidance of doubt, notices may not be given
or transmitted by electronic mail. Unless otherwise notified in writing, all
notices to the Trust shall be given or sent to the Trustee. All notices shall be
directed to the address or telephone or facsimile numbers indicated below the
signature line of the parties on the signature page hereof.

     (d) Successors and Assigns. This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns.

     (e) Assignment. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any party without the prior written
consent of the other parties, except 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, conversion, or consolidation to which such party
hereunder shall be a party, or any entity succeeding to all or substantially all
of the business of the party, shall be the successor of the party under this
Agreement. The party resulting from any such merger, conversion, consolidation
or succession shall notify the other parties hereto of the change. Any purported
assignment in violation of the provisions hereof shall be null and void.
Notwithstanding the foregoing, this Agreement shall be automatically assigned to
any successor Trustee or Sponsor at such time such successor qualifies as a
successor Trustee or Sponsor under the terms of the Trust Indenture.

     (f) Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
(regardless of the laws that might otherwise govern under applicable New York
conflict of laws principles) as to all matters, including matters of validity,
construction, effect, performance and remedies. Each party hereto irrevocably
consents to the jurisdiction of the courts of the State of New York and of any
federal court located in the Borough of Manhattan in such State in connection
with any action, suit or other proceeding arising out of or relating to this
Agreement or any action taken or omitted hereunder, 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 party at such party's address for purposes of notices hereunder.

     (g) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same agreement, and it shall not be necessary in making proof of
this Agreement as to any party hereto to produce or account for more than one
such counterpart executed and delivered by such party.

                                      -16-

     (h) Interpretation. The article and section headings contained in this
Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not in any way affect the meaning or interpretation of
this Agreement.

     (i) Entire Agreement. This Agreement and the Trust Indenture, along with
any other agreement or instrument delivered pursuant to this Agreement and the
Trust Indenture, supersede all prior agreements and understandings between the
parties with respect to the subject matter hereof, provided, however, that the
Authorized Participant shall not be deemed by this provision to be a party to
the Trust Indenture.

     (j) Severance. If any provision of this Agreement is held by any court or
any act, regulation, rule or decision of any other governmental or supra
national body or authority or regulatory or self-regulatory organization to be
invalid, illegal or unenforceable for any reason, it shall be invalid, illegal
or unenforceable only to the extent so held and shall not affect the validity,
legality or enforceability of the other provisions of this Agreement and this
Agreement will be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein, unless the Sponsor determines in its
discretion, after consulting with the Trustee, that the provision of this
Agreement that was held invalid, illegal or unenforceable does affect the
validity, legality or enforceability of one or more other provisions of this
Agreement, and that this Agreement should not be continued without the provision
that was held invalid, illegal or unenforceable, and in that case, upon the
Sponsor's notification of the Trustee of such a determination, this Agreement
shall immediately terminate and the Trustee will so notify the Authorized
Participant immediately.

     (k) 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.

     (l) Survival. Sections 10 (Indemnification) and 17 (Third Party
Beneficiaries) hereof shall survive the termination of this Agreement.

     (m) Other Usages. The following usages shall apply in interpreting this
Agreement: (i) references to a governmental or quasigovernmental agency,
authority or instrumentality shall also refer to a regulatory body that succeeds
to the functions of such agency, authority or instrumentality; and (ii)
"including" means "including, but not limited to."

                            [Signature Page Follows]

                                      -17-

     IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the
Trustee, on behalf of the Trust, have caused this Agreement to be executed by
their duly authorized representatives as of the date first set forth above.

The Bank of New York, not in its individual
capacity, but solely as Trustee of the
streetTRACKS(R) Gold Trust                      [Name of Authorized Participant]

By:                                             By:
                     -------------------                     -------------------
Name:                                           Name:
                     -------------------                     -------------------
Title:                                          Title:
                     -------------------                     -------------------
Address:                                        Address:
                     -------------------                     -------------------
Telephone:                                      Telephone:
                     -------------------                     -------------------
Facsimile:                                      Facsimile:
                     -------------------                     -------------------

                                                Name of Authorized Participant's
                                                Participant Unallocated Account:

                                                --------------------------------

World Gold Trust Services, LLC
Sponsor of the streetTRACKS(R) Gold Trust

By:
                     -------------------

Name:
                     -------------------

Title:
                     -------------------

Address:             444 Madison Avenue, 3rd Floor
                     New York, New York  10022

Telephone:           (212) 317-3800

Facsimile:           (212) 688-0410

                                      -18-

                                    EXHIBIT A

                           streetTRACKS(R) GOLD TRUST

         FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

         The following are the names, titles and signatures of all persons (each
an "Authorized Person") authorized to give instructions relating to any activity
contemplated by the Participant Agreement or any other notice, request or
instruction on behalf of the Authorized Participant pursuant to the
streetTRACKS(R) Gold Trust Participant Agreement.

Authorized Participant:    _______________________

Name:                                  Name:
     ----------------------------            ----------------------------

Title:                                 Title:
      ---------------------------            ----------------------------

Signature:                             Signature:
          -----------------------                ------------------------
Name:                                  Name:
     ----------------------------            ----------------------------

Title:                                 Title:
      ---------------------------            ----------------------------

Signature:                             Signature:
          -----------------------                ------------------------

         The undersigned, [name], [title] of [company], does hereby certify that
the persons listed above have been duly elected to the offices set forth beneath
their names, that they presently hold such offices, that they have been duly
authorized to act as Authorized Persons pursuant to the streetTRACKS(R) Gold
Trust Participant Agreement by and between [Authorized Participant] and the
Trustee and the Sponsor of the streetTRACKS(R) Gold Trust, dated [date], and
that their signatures set forth above are their own true and genuine signatures.

         In Witness Whereof, the undersigned has hereby set his/her hand and the
seal of [company] on the date set forth below.

Subscribed and sworn to before me               By:
this     day of             , 20                       ----------------------
     ---        ------------    ---             Name:
                                                       ----------------------
                                                Title:
                                                       ----------------------
                                                Date:
-------------------------------------                  ----------------------
Notary Public

                                      A-1

                                    EXHIBIT B

                           streetTRACKS(R) GOLD TRUST

                             FORM OF PURCHASE ORDER

Authorized Participant:
                           -------------------
Date:
               -------------------
Submission
Number:
              -------------------

PIN Number:
             -------------------

Number of Fine Gold Ounces to be Delivered:
                                           ----------------------------

Number of Shares to be Issued:
                              -----------------------------------------

[Additional Information Required for Purchase Order]

All Purchase Orders are subject to the terms and conditions of the Trust
Indenture of the streetTRACKS(R) Gold Trust as currently in effect and the
streetTRACKS(R) Gold Trust Participant Agreement between the Authorized
Participant, and the Trustee and the Sponsor named therein. All representations
and warranties of the Authorized Participant set forth in such streetTRACKS(R)
Gold Trust Participant Agreement are incorporated herein by reference.

The undersigned does hereby certify as of the date set forth below that he/she
is an Authorized Person under the streetTRACKS(R) Gold Trust Participant
Agreement and that he/she is authorized to deliver this Purchase Order Form to
the Trustee on behalf of the Authorized Participant.

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

                                       B-1

                                    EXHIBIT C

                           streetTRACKS(R) GOLD TRUST

                            FORM OF REDEMPTION ORDER

Authorized Participant:
                           -------------------
Date:
               -------------------
Submission
Number:
              -------------------

PIN Number:
             -------------------

Number of Fine Gold Ounces to be Delivered:
                                           ----------------------------

Number of Shares to be Issued:
                              -----------------------------------------

[Additional Information Required for Redemption Order]

All Redemption Orders are subject to the terms and conditions of the Trust
Indenture of the streetTRACKS(R) Gold Trust as currently in effect and the
streetTRACKS(R) Gold Trust Participant Agreement between the Authorized
Participant and the Trustee and the Sponsor named therein. All representations
and warranties of the Authorized Participant set forth in such streetTRACKS(R)
Gold Trust Participant Agreement are incorporated herein by reference.

The undersigned does hereby certify as of the date set forth below that he/she
is an Authorized Person under the streetTRACKS(R) Gold Trust Participant
Agreement and that he/she is authorized to deliver this Redemption Order Form to
the Trustee on behalf of the Authorized Participant.

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

                                       C-1

                                    EXHIBIT D

                           streetTRACKS(R) GOLD TRUST

                         WORLD GOLD TRUST SERVICES, LLC

                              OFFICER'S CERTIFICATE

     The undersigned, a duly authorized officer of World Gold Trust Services,
LLC, a Delaware limited liability company (the "Sponsor"), and pursuant to
Section 15(d) of the streetTRACKS(R) Gold Trust Participant Agreement (the
"Agreement"), dated as of __________, by and between the Sponsor, The Bank of
New York, not in its individual capacity but solely as Trustee (the "Trustee")
of the streetTRACKS(R) Gold Trust (the "Trust"), and __________ (the "Authorized
Participant"), hereby certifies that:

     1.   Each of the following representations and warranties of the Sponsor is
          true and correct in all material respects as of the date hereof:

          (a)  the Prospectus does not contain an untrue statement of a material
               fact or omit to state a material fact required to be stated
               therein or necessary to make the statements therein, in light of
               the circumstances under which they were made, not misleading; the
               Registration Statement complies in all material respects with the
               requirements of the 1933 Act and the Prospectus complies in all
               material respects with the requirements of the 1933 Act and any
               statutes, regulations, contracts or other documents that are
               required to be described in the Registration Statement or the
               Prospectus or to be filed as exhibits to the Registration
               Statement have been so described or filed; the conditions to the
               use of Form S-1 or S-3, if applicable, have been satisfied; the
               Registration Statement does not contain an untrue statement of a
               material fact or omit to state a material fact required to be
               stated therein or necessary to make the statements therein not
               misleading and the Prospectus does not contain an untrue
               statement of a material fact or omit to state a material fact
               required to be stated therein or necessary to make the statements
               therein, in light of the circumstances under which they were
               made, not misleading; provided, however, that the Sponsor makes
               no warranty or representation with respect to any statement
               contained in the Registration Statement or any Prospectus in
               reliance upon and in conformity with information concerning the
               Authorized Participant and furnished in writing by or on behalf
               of the Authorized Participant to the Sponsor expressly for use in
               the Registration Statement or such Prospectus; and neither the
               Sponsor nor any person known to the Sponsor acting on behalf of
               the Trust has distributed nor will distribute any offering
               material other than the Preliminary Prospectus, the Registration
               Statement or the Prospectus;

          (b)  the Trust has been duly formed and is validly existing as an
               investment trust under the laws of the State of New York, as
               described in the Registration Statement and the Prospectus, and
               the Trust Indenture authorizes the Trustee to issue and deliver
               the Shares to the Authorized Participant hereunder as
               contemplated in the Registration Statement and the Prospectus;

          (c)  the Sponsor has been duly organized and is validly existing as a
               limited liability company in good standing under the laws of the
               State of Delaware, with full power and authority to conduct its
               business as described in the Registration Statement and the
               Prospectus, and has all requisite power and authority to execute
               and deliver this Agreement;

          (d)  the Sponsor is duly qualified and is in good standing in each
               jurisdiction where the conduct of its business requires such
               qualification; and the Trust is not required to so qualify in any
               jurisdiction;

          (e)  complete and correct copies of the Trust Indenture, and any and
               all amendments thereto, have been delivered to the Authorized
               Participant, and no changes thereto have been made;

          (f)  the outstanding Shares have been duly and validly issued and are
               fully paid and non-assessable and free of statutory and
               contractual preemptive rights, rights of first refusal and
               similar rights;

          (g)  the Shares conform in all material respects to the description
               thereof contained in the Registration Statement and the
               Prospectus and the holders of the Shares will not be subject to
               personal liability by reason of being such holders;

          (h)  this Agreement has been duly authorized, executed and delivered
               by the Sponsor and constitutes the valid and binding obligations
               of the Sponsor, enforceable against the Sponsor in accordance
               with its terms;

          (i)  neither the Sponsor nor the Trustee on behalf of the Trust is in
               breach or violation of or in default under (nor has any event
               occurred which with notice, lapse of time or both would result in
               any breach or violation of, constitute a default under or give
               the holder of any indebtedness (or a person acting on such
               holder's behalf) the right to require the repurchase, redemption
               or repayment of all or a part of such indebtedness under) its
               respective constitutive documents, or any indenture, mortgage,
               deed of trust, bank loan or credit agreement or other evidence of
               indebtedness, or any license, lease, contract or other agreement
               or instrument to which the Sponsor or the Trustee on behalf of
               the Trust is a party or by which any of them or any of their
               properties may be bound or affected, and the execution, delivery
               and performance of this Agreement, the issuance and sale of
               Shares to the Authorized Participant hereunder and the
               consummation of the transactions contemplated hereby does not
               conflict with, result in any breach or violation of or constitute
               a default under (nor

               constitute any event which with notice, lapse of time or both
               would result in any breach or violation of or constitute a
               default under), respectively, the amended and restated limited
               liability company agreement of the Sponsor or the Trust
               Indenture, or any indenture, mortgage, deed of trust, bank loan
               or credit agreement or other evidence of indebtedness, or any
               license, lease, contract or other agreement or instrument to
               which the Sponsor or the Trustee on behalf of the Trust is a
               party or by which, respectively, the Sponsor or any of its
               properties or the Trustee or the property of the Trust may be
               bound or affected, or any federal, state, local or foreign law,
               regulation or rule or any decree, judgment or order applicable to
               the Sponsor, the Trust or the Trustee;

          (j)  no approval, authorization, consent or order of or filing with
               any federal, state, local or foreign governmental or regulatory
               commission, board, body, authority or agency is required in
               connection with the issuance and sale of Shares to the Authorized
               Participant hereunder or the consummation by the Sponsor, the
               Trust and the Trustee on behalf of the Trust of the transactions
               contemplated hereunder other than registration of the Shares
               under the 1933 Act, which has been effected, and any necessary
               qualification under the securities or blue sky laws of the
               various jurisdictions in which the Shares are being offered or
               under the rules and regulations of the National Association of
               Securities Dealers (the "NASD");

          (k)  except as set forth in the Registration Statement and the
               Prospectus (i) no person has the right, contractual or otherwise,
               to cause the Trust to issue or sell to it any Shares or other
               equity interests of the Trust, and (ii) no person has the right
               to act as an underwriter or as a financial advisor to the Trust
               in connection with the offer and sale of the Shares, in the case
               of each of the foregoing clauses (i), and (ii), whether as a
               result of the filing or effectiveness of the Registration
               Statement or the sale of the Shares as contemplated thereby or
               otherwise; no person has the right, contractual or otherwise, to
               cause the Sponsor on behalf of the Trust or the Trust to register
               under the 1933 Act any other equity interests of the Trust, or to
               include any such shares or interests in the Registration
               Statement or the offering contemplated thereby, whether as a
               result of the filing or effectiveness of the Registration
               Statement or the sale of the Shares as contemplated thereby or
               otherwise;

          (l)  each of the Sponsor and the Trust has all necessary licenses,
               authorizations, consents and approvals and has made all necessary
               filings required under any federal, state, local or foreign law,
               regulation or rule, and has obtained all necessary
               authorizations, consents and approvals from other persons, in
               order to conduct its respective business; neither the Sponsor nor
               the Trustee on behalf of the Trust is in violation of, or in
               default under, or has received notice of any proceedings relating
               to revocation or modification of, any such license,
               authorization, consent or approval or any federal, state, local
               or foreign law, regulation or rule or

               any decree, order or judgment applicable to the Sponsor or the
               Trustee on behalf of the Trust;

          (m)  all legal or governmental proceedings, affiliate transactions,
               off-balance sheet transactions, contracts, licenses, agreements,
               leases or documents of a character required to be described in
               the Registration Statement or the Prospectus or to be filed as
               exhibits to the Registration Statement have been so described or
               filed as required;

          (n)  except as set forth in the Registration Statement and the
               Prospectus, there are no actions, suits, claims, investigations
               or proceedings pending or threatened or contemplated to which the
               Sponsor, the Trust or the Trustee on behalf of the Trust, or any
               of the Sponsor's directors or officers, is or would be a party or
               of which any of their respective properties are or would be
               subject at law or in equity, before or by any federal, state,
               local or foreign governmental or regulatory commission, board,
               body, authority or agency;

          (o)  Deloitte & Touche LLP, whose report on the audited financial
               statements of the Trust is filed with the SEC as part of the
               Registration Statement and the Prospectus, are independent public
               accountants as required by the 1933 Act;

          (p)  the audited financial statement(s) included in the Prospectus,
               together with the related notes and schedules, presents fairly
               the financial position of the Trust as of the date indicated and
               has been prepared in compliance with the requirements of the 1933
               Act and in conformity with generally accepted accounting
               principles; there are no financial statements (historical or pro
               forma) that are required to be included in the Registration
               Statement and the Prospectus that are not included as required;
               and the Trust does not have any material liabilities or
               obligations, direct or contingent (including any off-balance
               sheet obligations), not disclosed in the Registration Statement
               and the Prospectus;

          (q)  subsequent to the respective dates as of which information is
               given in the Registration Statement and the Prospectus, there has
               not been (i) any material adverse change, or any development
               involving a prospective material adverse change affecting the
               Sponsor or the Trust, (ii) any transaction which is material to
               the Sponsor or the Trust taken as a whole, (iii) any obligation,
               direct or contingent (including any off-balance sheet
               obligations), incurred by the Sponsor, the Trust or the Trustee
               on behalf of the Trust, which is material to the Trust, (iv) any
               change in the Shares purchased by the Authorized Participant or
               outstanding indebtedness of the Sponsor or the Trust or (v) any
               dividend or distribution of any kind declared, paid or made on
               such Shares;

          (r)  the Trust is not and, after giving effect to the offering and
               sale of the Shares, will not be an "investment company" or an
               entity "controlled" by an "investment company," as such terms are
               defined in the Investment Company Act;

          (s)  except as set forth in the Registration Statement and the
               Prospectus, the Sponsor and the Trust own, or have obtained valid
               and enforceable licenses for, or other rights to use, the
               inventions, patent applications, patents, trademarks (both
               registered and unregistered), tradenames, copyrights, trade
               secrets and other proprietary information described in the
               Registration Statement and the Prospectus as being owned or
               licensed by them or which are necessary for the conduct of their
               respective businesses, (collectively, "Intellectual Property");
               (i) to the knowledge of the Sponsor or the Trust, there are no
               third parties who have or will be able to establish rights to any
               Intellectual Property, except for the ownership rights of the
               owners of the Intellectual Property which is licensed to the
               Sponsor or the Trust; (ii) to the knowledge of the Sponsor or the
               Trust, there is no infringement by third parties of any
               Intellectual Property; (iii) there is no pending or, to the
               knowledge of the Sponsor or the Trust, threatened action, suit,
               proceeding or claim by others challenging the Sponsor's or the
               Trust's rights in or to any Intellectual Property, and the
               Sponsor and the Trust are unaware of any facts which could form a
               reasonable basis for any such claim; (iv) there is no pending or,
               to the knowledge of the Sponsor or the Trust, threatened action,
               suit, proceeding or claim by others challenging the validity or
               scope of any Intellectual Property, other than the patents and
               patent applications licensed to the Sponsor by the Bank of New
               York, as to which the Sponsor and the Trust have no knowledge of
               any such pending or threatened claims, and the Sponsor and the
               Trust are unaware of any facts which could form a reasonable
               basis for any such claim; (v) there is no pending or, to the
               knowledge of the Sponsor or the Trust, threatened action, suit,
               proceeding or claim by others that the Sponsor or the Trust
               infringes or otherwise violates any patent, trademark, copyright,
               trade secret or other proprietary rights of others, and the
               Sponsor and the Trust are unaware of any facts which could form a
               reasonable basis for any such claim; (vi) to the knowledge of the
               Sponsor or the Trust, there is no patent or patent application
               that contains claims that interfere with the issued or pending
               claims of any of the Intellectual Property; and (vii) to the
               knowledge of the Sponsor or the Trust, there is no prior art that
               may render any patent application licensed to the Sponsor by The
               Bank of New York unpatentable;

          (t)  all tax returns required to be filed by the Sponsor have been
               filed, and all taxes and other assessments of a similar nature
               (whether imposed directly or through withholding) including any
               interest, additions to tax or penalties applicable thereto due or
               claimed to be due from such entities have been paid; and no tax
               returns or tax payments are due with respect to the Trust as of
               the date of this Agreement;

          (u)  neither the Sponsor nor the Trustee on behalf of the Trust has
               sent or received any communication regarding termination of, or
               intent not to renew, any of the contracts or agreements referred
               to or described in, or filed as an exhibit to, the Registration
               Statement, and no such termination or non-renewal has been
               threatened by the Sponsor, the Trustee on behalf of the Trust or
               any other party to any such contract or agreement;

          (v)  with respect to its activities on behalf of the Trust, as
               provided for in the Trust Indenture, the Trustee maintains a
               system of internal accounting controls sufficient to provide
               reasonable assurance that (i) transactions are executed in
               accordance with the Trust Indenture and the Trustee's duties
               thereunder; (ii) transactions with respect to the Trust are
               recorded as necessary to permit preparation of financial
               statements in conformity with generally accepted accounting
               principles and to maintain accountability for assets; and (iii)
               assets are held for the Trust by the Custodian in accordance with
               the Trust Indenture;

          (w)  on behalf of the Trust, the Sponsor has established and maintains
               disclosure controls and procedures (as such term is defined in
               Rule 13a-14 and 15d-14 under the 1934 Act, giving effect to the
               rules and regulations, and SEC staff interpretations (whether or
               not public), thereunder)); such disclosure controls and
               procedures are designed to ensure that material information
               relating to the Trust, is made known to the Sponsor, and such
               disclosure controls and procedures are effective to perform the
               functions for which they were established; on behalf of the
               Trust, the Sponsor has been advised of: (i) any significant
               deficiencies in the design or operation of internal controls
               which could adversely affect the Trust's ability to record,
               process, summarize, and report financial data; and (ii) any
               fraud, whether or not material, that involves management or other
               employees who have a role in the Trust's internal controls; any
               material weaknesses in internal controls have been identified for
               the Trust's auditors;

          (x)  any statistical and market-related data included in the
               Registration Statement and the Prospectus are based on or derived
               from sources that the Sponsor believes to be reliable and
               accurate, and the Sponsor has obtained the written consent to the
               use of such data from such sources to the extent required; and

          (y)  neither the Sponsor, nor any of the Sponsor's directors, members,
               officers, affiliates or controlling persons (but excluding the
               members of the World Gold Council and their controlling persons)
               nor the Trustee has taken, directly or indirectly, any action
               designed, or which has constituted or might reasonably be
               expected to cause or result in, under the 1934 Act or otherwise,
               the stabilization or manipulation of the price of any security or
               asset of the Trust to facilitate the sale or resale of the
               Shares; and there are no affiliations or associations between any
               member of the NASD and any of the Sponsor's officers, directors
               or 5% or greater security holders, except as set forth in the
               Registration Statement and the Prospectus.

               For purposes hereof, the term "Registration Statement" shall mean
               the Registration Statement as amended or supplemented from time
               to time to the date hereof, the term "Preliminary Prospectus"
               shall mean the preliminary prospectus dated [______], 2004
               relating to the Shares and any other prospectus dated prior to
               effectiveness of the Registration Statement relating to the
               Shares, and the term "Prospectus" shall mean the Prospectus as
               amended or supplemented from time to time to the date hereof.

          2.   Each of the obligations of the Sponsor to be performed by it on
               or before the date hereof pursuant to the terms of the Agreement,
               and each of the provisions thereof to be complied with by the
               Sponsor on or before the date hereof, has been duly performed and
               complied with in all material respects.

Capitalized terms used, but not defined herein shall have the meanings assigned
to such terms in the Agreement.

                           [SIGNATURE PAGE TO FOLLOW]

     IN WITNESS WHEREOF, I have hereunto, on behalf of the Sponsor, subscribed
my name this _____ day of ----------.

                                      By: ________________________

                                      Name:
                                      Title:

I, _______________, in my capacity as [Vice President], hereby certify that
_______________ is the duly elected [President] of the Sponsor, and that the
signature set forth immediately above is [his/her] genuine signature.

IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth
above.

                                                 By: ________________________

                                                 Name:
                                                 Title:

                                     FORM OF
                           streetTRACKS(R) GOLD TRUST
                              PARTICIPANT AGREEMENT

                                  ATTACHMENT A

                      streetTRACKS(R) GOLD TRUST PROCEDURES

CREATION AND REDEMPTION OF streetTRACKS(R) GOLD SHARES AND RELATED GOLD
TRANSACTIONS

Scope of Procedures and Overview

These procedures (the "Procedures") describe the processes by which one or more
Baskets of streetTRACKS(R) Gold Trust shares (the "Shares") issuable by The Bank
of New York, as trustee (the "Trustee") of the streetTRACKS(R) Gold Trust (the
"Trust"), may be purchased or, once Shares have been issued, redeemed by an
Authorized Participant (a "Participant"). Shares may be created or redeemed only
in blocks of 100,000 Shares (each such block, a "Basket"). Because the issuance
and redemption of Baskets also involve the transfer of Gold between the
Participant and the Trust, certain processes relating to the underlying Gold
transfers also are described.

Under these Procedures, Baskets may be issued only with respect to Gold
transferred to and held in the Trust's allocated and unallocated Gold accounts
maintained in London, England by HSBC Bank USA, National Association, London
Branch, as custodian (the "Custodian"). Capitalized terms used in these
Procedures without further definition have the meanings assigned to them in the
Trust Indenture (the "Indenture"), dated as of ____________ 2004, between the
Trustee and World Gold Trust Services, LLC (the "Sponsor") or the Participant
Agreement entered into by each Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a "Business Day" is defined as any day other
than (i) a day on which the New York Stock Exchange ("NYSE") is closed for
regular trading or (ii), if the transaction involves the receipt or delivery of
Gold or confirmation thereof in the United Kingdom or in some other
jurisdiction, (a) a day on which banking institutions in the United Kingdom or
in such other jurisdiction, as the case may be, are authorized by law to close
or a day on which the London gold market is closed or (b) a day on which banking
institutions in the United Kingdom or in such other jurisdiction, as the case
may be, are authorized to be open for less than a full business day or the
London gold market is open for trading for less than a full business day and
transaction procedures required to be executed or completed before the close of
the business day may not be so executed or completed.

Baskets are issued pursuant to the Prospectus, which will be delivered by the
Sponsor to each Participant prior to its execution of the Participant Agreement,
and are issued and redeemed in accordance with the Indenture and the Participant
Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee
in exchange for Gold, which the Trustee receives from Participants or transfers
to Participants, in each case on behalf of the Trust. Participants will

be required to pay a nonrefundable per order transaction fee of $2,000 to the
Trustee (the "Transaction Fee").

Participants and the Trust transfer Gold between each other using the
unallocated bullion account system of the London bullion market. Transfers of
Gold to and from the Trust are effected pursuant to (i) the streetTRACKS(R) Gold
Trust Allocated Bullion Account Agreement (the "Trust Allocated Agreement")
between the Trustee and the Custodian establishing the Trust's allocated account
(the "Trust Allocated Account") and the streetTRACKS(R) Gold Trust Unallocated
Bullion Account Agreement (the "Trust Unallocated Agreement") between the
Trustee and the Custodian establishing the Trust's unallocated account (the
"Trust Unallocated Account"; the Trust Allocated Agreement and the Trust
Unallocated Agreement are collectively referred to as the "Trust Custody
Agreements") and (ii) the streetTRACKS(R) Gold Trust Participant Unallocated
Bullion Account Agreement (the "Participant Unallocated Agreement") between the
Participant and HSBC Bank USA, National Association, London Branch, establishing
the Participant's unallocated account (the "Participant Unallocated Account").

Gold is transferred between the Trust and Participants through the Trust
Unallocated Account. When Gold is to be transferred to the Trust from a
Participant (in exchange for the issuance of Baskets), the Gold is transferred
from the Participant Unallocated Account to the Trust Unallocated Account and
then transferred from there to the Trust Allocated Account. When Gold is to be
transferred to a Participant (in connection with the redemption of Baskets), the
Gold is transferred from the Trust Allocated Account to the Trust Unallocated
Account and is transferred from there to the Participant Unallocated Account.

The Participant Unallocated Account is only to be used in connection with the
creation and redemption of Baskets. Use of the Participant Unallocated Account
for transferring Gold to the Trust does not require Participants to acquire Gold
from HSBC Bank USA, National Association, London Branch, or to maintain Gold in
the Participant Unallocated Account longer than the time required to create or
redeem Baskets as described in these Procedures. Each Participant is responsible
for ensuring that the Gold it intends to transfer to the Trust in exchange for
Baskets is available for transfer to the Trust in the manner and at the times
described in these Procedures. In meeting this responsibility, the Participant
may make such independent arrangements as it sees fit, including the borrowing
of Gold, to ensure that the relevant amount(s) of Gold is credited in time.

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the
Trustee will assign a personal identification number (a "PIN number") to each
Authorized Person authorized to act for the Participant. This will allow the
Participant through its Authorized Person(s) to place Purchase Order(s) or
Redemption Order(s) for Baskets.

Important Notes:

     o    Any Order is subject to rejection by the Trustee for the reasons set
          forth in the Indenture or the Participant Agreement.

     o    All Orders are subject to the provisions of the Indenture, the Trust
          Custody Agreements and the Participant Agreement relating to unclear
          or ambiguous instructions.

                                CREATION PROCESS

An order to purchase one or more Baskets placed by a Participant with the
Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, "CREATION T")
results in the following taking place, in most instances, by 9:00 a.m. N.Y. time
(usually 2:00 p.m. London time) on CREATION T+3:

     o    Transfer to the Trust Allocated Account of Gold satisfying the Good
          Delivery Rules in the amount corresponding to the Baskets to be
          issued; and

     o    Transfer to the Participant's account at The Depository Trust Company
          ("DTC") of Baskets corresponding to the Gold the Participant has
          transferred to the Trust.

                               CREATION PROCEDURES

CREATION T (PURCHASE ORDER TRADE DATE)

     1.   By the Order Cut-Off Time (close of regular trading on the NYSE,
          usually 4:00 p.m. N.Y. time), an Authorized Person of the Participant
          calls the Trustee at (212) 815-6250 to notify the Trustee that the
          Participant wishes to place a Purchase Order with the Trustee to
          create an identified number of Baskets and to request that the Trustee
          provide an order number (an "Order Number"). The Authorized Person
          provides a PIN number as identification to the Trustee. The Trustee
          provides the Participant with an Order Number for the Participant's
          Purchase Order Form. The Participant then completes and faxes to the
          Trustee the Purchase Order Form included as Exhibit B to the
          Participant Agreement. The Purchase Order Form must include the
          Authorized Person's signature, the number of Baskets being purchased,
          and the Order Number previously provided by the Trustee.

     2.   If the Trustee has not received the Purchase Order Form from the
          Participant within 15 minutes after the Trustee receives the phone
          call from the Participant referenced in item (1) above, the Trustee
          places a phone call to the Participant to enquire about the status of
          the Order. If the Participant does not fax the Purchase Order Form to
          the Trustee within 15 minutes after the Trustee's phone call, the
          Participant's Order is cancelled. The Trustee will then notify the
          Participant that the Order has been cancelled via telephone call.

     3.   If the Trustee has received the Participant's Purchase Order Form on
          time in accordance with the preceding timing rules, then by 5:00 p.m.
          N.Y. time the Trustee returns to the Participant a copy of the
          Purchase Order Form submitted, marking it "Affirmed." The Trustee also
          indicates on the Purchase Order Form the amount of Gold and cash, if
          any, necessary for the Creation Deposit, and provides details of the
          method of payment required for the Transaction Fee and the cash
          portion, if any, of the Creation Deposit.

     4.   Based on the Purchase Orders placed with it on CREATION T, the Trustee
          sends an authenticated electronic message (Swift MT699) to the
          Custodian indicating the total ounces of Gold for which the Trustee
          will require an allocation into the Trust Allocated

          Account on CREATION T+3. In addition, the authenticated electronic
          message (Swift MT699) will separately identify all expected
          unallocated Gold receipts from each Participant. If the Trustee
          rejects a Purchase Order pursuant to the Indenture or the Participant
          Agreement after the foregoing messages are given to the Custodian, the
          Trustee will notify the Custodian of such rejection, identifying the
          Participant whose Purchase Order was rejected and the number of ounces
          of Gold contained in the rejected Purchase Order.

     5.   By the close of business (usually 5:00 p.m. N.Y. time), each
          Participant acquiring Baskets on CREATION T+3 sends an authenticated
          electronic message (Swift MT604) to HSBC Bank USA, National
          Association, London Branch, with a copy to the Trustee, to transfer on
          CREATION T+3 from the Participant's Participant Unallocated Account
          Gold in the relevant amount(s) to the Trust Unallocated Account. If
          the Participant's instruction does not conform to the Trustee's
          instruction specified in the preceding item 4, the Trustee will either
          (i) send a correcting authenticated electronic message (Swift MT699)
          to the Custodian which specifies the delivery of an amount of Gold
          which conforms to the Participant's Purchase Order and the
          Participant's instruction or (ii) send the Participant an email
          message notifying the Participant of the discrepancy.

     6.   By the close of business (usually 5:00 p.m. N.Y. time), each
          Participant acquiring Baskets on CREATION T+3 sends an authenticated
          electronic message (Swift MT605) to HSBC Bank USA, National
          Association, London Branch, identifying that Participant's Participant
          Unallocated Account into which Gold, in the relevant amount(s), is to
          be received on CREATION T+2.

CREATION T+2

     1.   By the close of business in London (usually 4:00 p.m. London time),
          each Participant submitting a Purchase Order must ensure that Gold in
          the relevant amount(s) is credited to the Participant's Participant
          Unallocated Account.

     2.   If by 4:00 p.m. (London time) either (i), unless otherwise resolved
          beforehand by a correcting authenticated electronic message from the
          Trustee (Swift MT699) or a correcting authenticated electronic message
          from the Participant (Swift MT604) to the satisfaction of the
          Custodian, the amount of Gold specified in the Participant's
          instruction given under item (5) of CREATION T to transfer Gold from
          the Participant's Participant Unallocated Account to the Trust
          Unallocated Account is not the same as the amount of Gold specified in
          the advice given by the Trustee under item (4) of CREATION T with
          regard to the expected unallocated Gold receipts from each Participant
          or (ii) sufficient Gold to permit the Custodian to effect such
          Participant's instruction is not credited to the Participant's
          Participant Unallocated Account, such Participant's instruction shall
          be automatically revoked as of 4:00 p.m. London time and the Custodian
          will notify the Participant of such revocation.

     3.   The Custodian will send the Trustee an email message by 5:00 p.m.
          London time (usually 12:00 noon N.Y. time) identifying each
          Participant's instruction that has been revoked pursuant to the
          preceding item 2. The relevant Participant's Purchase Order shall be
          automatically cancelled as of 4:00 p.m. London time upon such
          revocation and the

          Trustee will send an email message to each Participant with a
          cancelled Purchase Order informing the Participant of such
          cancellation.

CREATION T+3

     1.   The Custodian transfers the relevant amount(s) of Gold from the
          Participant's Participant Unallocated Account to the Trust Unallocated
          Account.

     2.   As of 2:00 p.m. London time (usually 9:00 a.m. N.Y. time), the
          Custodian will notify the Trustee by email and fax of the status of
          the allocation process, including (i) the amount of Gold transferred
          to the Trust Unallocated Account from each Participant's Participant
          Unallocated Account, separately stated; (ii) the amount of Gold that
          has been transferred into the Trust Allocated Account from the Trust
          Unallocated Account, and (iii) the amount of Gold, if any, remaining
          in the Trust Unallocated Account. In the event there is any need for
          clarification of the status of the allocation process, the Trustee
          will telephone the Custodian to obtain such clarification. This notice
          does not reflect the official transfer record of the Custodian, which
          is completed as of the conclusion of the Custodian's Business Day.

     3.   At 9:00 a.m. N.Y. time (usually 2:00 p.m. London time), following
          receipt of the notice from the Custodian of the status of the
          allocation process described in item (2) above, the Trustee authorizes
          the creation and issuance of the Baskets ordered by each Participant
          on CREATION T for which the Trustee has received confirmation from the
          Custodian of receipt of the relevant amount(s) of Gold. If the
          Custodian, despite using commercially reasonable efforts, is unable to
          complete the allocation process by such time, the Trustee will
          nevertheless issue Baskets, in the relevant amount, against both the
          Trust Allocated Account and the Trust Unallocated Account balances
          representing the Gold transferred by each Participant in connection
          with its Purchase Order. The creation and issuance of Baskets will
          occur through the DTC system known as "Deposit and Withdrawal at
          Custodian" or "DWAC".

                    [Redemption Process Follows on Next Page]

                               REDEMPTION PROCESS

          An order to redeem one or more Baskets placed by a Participant with
          the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day,
          "REDEMPTION T") results in the following taking place by 11:00 a.m.
          N.Y. time (usually 4:00 p.m. London time) on REDEMPTION T+3:

     o    Transfer to the Trustee's account at DTC and the subsequent
          cancellation of the relevant number of the Participant's Baskets; and

     o    Transfer to the Participant by credit to the Participant's Participant
          Unallocated Account of Gold and cash, if any, in the relevant
          amount(s) corresponding to the Baskets delivered for redemption (the
          "Redemption Distribution").

                              REDEMPTION PROCEDURES

REDEMPTION T (REDEMPTION ORDER TRADE DATE)

     1.   By the Order Cut-off Time (close of regular trading on the NYSE,
          usually 4:00 p.m. N.Y. time), an Authorized Person of the Participant
          calls the Trustee at (212) 815-6250 to notify the Trustee that the
          Participant wishes to place a Redemption Order with the Trustee to
          redeem an identified number of Baskets and to request that the Trustee
          provide an Order Number. The Authorized Person provides a PIN number
          as identification to the Trustee. The Trustee provides the Participant
          with an Order Number for the Participant's Redemption Order Form. The
          Participant then completes and faxes to the Trustee the Redemption
          Order Form included as Exhibit C to the Participant Agreement. The
          Redemption Order Form must include the Authorized Person's signature,
          the number of Baskets redeemed, and the Order Number previously
          provided by the Trustee.

     2.   If the Trustee has not received the Redemption Order Form from the
          Participant within 15 minutes after the Trustee receives the phone
          call from the Participant referenced in item (1) above, the Trustee
          places a phone call to the Participant to enquire about the status of
          the Order. If the Participant does not fax the Redemption Order Form
          to the Trustee within 15 minutes after the Trustee's phone call, the
          Participant's Order is cancelled. The Trustee will then notify the
          Participant that the Order has been cancelled via telephone call.

     3.   If the Trustee has received the Participant's Redemption Order Form on
          time in accordance with the preceding timing rules, then by 5:00 p.m.
          N.Y. time the Trustee returns to the Participant a copy of the
          Redemption Order Form submitted, marking it "Affirmed." The Trustee
          also indicates on the Redemption Order Form the amount of Gold and
          cash, if any, to be delivered in the Redemption Distribution, and
          provides details of the method of payment to be used for the
          Transaction Fee and the method of delivery of the cash portion, if
          any, of the Redemption Distribution.

     4.   By the close of business (usually 5:00 p.m. N.Y. time), each
          Participant redeeming Baskets on REDEMPTION T+3 sends an authenticated
          electronic message (Swift

          MT605) to HSBC Bank USA, National Association, London Branch,
          identifying that Participant's Participant Unallocated Account into
          which Gold, in the relevant amount(s), is to be received on REDEMPTION
          T+3.

     5.   By the close of business (usually 5:00 p.m. N.Y. time), the Trustee
          sends an authenticated electronic message (SWIFT MT699) containing
          instructions to the Custodian to transfer on REDEMPTION T+3 from the
          Trust Allocated Account to the Trust Unallocated Account
          ("deallocate") the total amount of Gold required to settle the
          Redemption Orders received by the Trustee on REDEMPTION T. If the
          Trustee rejects a Redemption Order pursuant to the Indenture or the
          Participant Agreement after the foregoing message is sent, the Trustee
          will notify the Custodian of such rejection, identifying the
          Participant whose Redemption Order was rejected and the number of
          ounces of Gold contained in the rejected Redemption Order.

REDEMPTION T+3

     1.   Between 9:00 a.m. London time and 2:00 p.m. London time, the Custodian
          deallocates Gold in the amount(s) specified in the Trustee's
          instructions sent on REDEMPTION T.

     2.   By 9:00 a.m. N.Y. time, the Participant delivers free to the Trustee's
          Participant account at DTC (#2209) the Baskets to be redeemed.

     3.   If the Trustee does not receive from a redeeming Participant all
          Shares comprising the Baskets being redeemed by 9:00 a.m. N.Y. time,
          the Trustee will (i) settle the Redemption Order to the extent of
          whole Baskets received from the Participant and (ii) keep the
          redeeming Participant's Redemption Order open until 9:00 a.m. N.Y.
          time on the following Business Day (REDEMPTION T+4) as to the balance
          of the Redemption Order (such balance, the "Suspended Redemption
          Order"). For each day (whether or not a Business Day) the Redemption
          Order is held open, the Participant will be charged by the Trustee the
          greater of $300 or $30 times the number of Baskets included in the
          Suspended Redemption Order.

     4.   By 10:00 a.m. New York time (usually 3:00 p.m. London time), the
          Trustee sends an authenticated electronic message (Swift MT699) to the
          Custodian directing the Custodian to transfer Gold in the relevant
          amount from the Trust Unallocated Account to the Participant
          Unallocated Account. When London is, and New York is not, on daylight
          savings time, such message must be received by the Custodian no later
          than 3:30 p.m. London time. The Custodian will make reasonable
          commercial efforts to allocate Gold remaining in the Trust Unallocated
          Account after this transfer to the Trust Allocated Account by the
          close of business in London, in accordance with the standing
          instruction in the Trust Custody Agreements.

     5.   By close of business in New York (usually 5:00 p.m. N.Y. time), the
          Trustee sends an authenticated electronic message (Swift MT699)
          containing instructions to the Custodian to transfer the total amount
          of Gold involved in that day's Suspended Redemption Order(s) from the
          Trust Allocated Account to the Trust Unallocated Account by 9:00 a.m.
          N.Y. time (usually 2:00 p.m. London time) the following Business Day.
          This amount will be in addition to any amount being transferred
          pursuant to an existing

          instruction to deallocate in respect of redemptions settling in the
          normal schedule, for which the following day will be REDEMPTION T+3.

     6.   By the close of business in New York (usually 5:00 p.m. N.Y. time),
          each Participant redeeming Baskets on REDEMPTION T+4 with respect to a
          Suspended Redemption Order sends an authenticated electronic message
          (Swift MT699) to HSBC Bank USA, National Association, London Branch,
          identifying that Participant's Participant Unallocated Account into
          which Gold, in the relevant amount(s), is to be received on REDEMPTION
          T+4.

REDEMPTION T+4

     1.   By 9:00 a.m. N.Y. time (usually 2:00 p.m. London time), the redeeming
          Participant must deliver free to the Trustee's Participant account at
          DTC (#2209) the Basket(s) comprising the Suspended Redemption Order.
          The Trustee will settle the Suspended Redemption Order to the extent
          of whole Baskets received. Any balance of the Suspended Redemption
          Order will be cancelled.

     2.   The sequence of instructions and events related to the settlement of
          the Suspended Redemption Order on REDEMPTION T+4 will be made in the
          manner provided for a Redemption Order under REDEMPTION T+3.

                                     * * * *

                                     FORM OF
                           streetTRACKS(R) GOLD TRUST
                              PARTICIPANT AGREEMENT

                                  ATTACHMENT B

                       HSBC BANK USA, NATIONAL ASSOCIATION

                                       and

                              [NAME OF PARTICIPANT]

                 ----------------------------------------------

                           streetTRACKS(R) GOLD TRUST
                PARTICIPANT UNALLOCATED BULLION ACCOUNT AGREEMENT

                 ----------------------------------------------

THIS AGREEMENT ("Agreement") is made on [date]

BETWEEN

(1)      HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association
         organized under the laws of the United States of America, whose
         principal place of business in England is at 8 Canada Square, London
         E14 5HQ ("WE" or "US"); and

(2)      [NAME OF PARTICIPANT] a company incorporated under the laws of [ ],
         whose [registered office][principal place of business] is at [ ]
         ("YOU").

INTRODUCTION

We have agreed to open and maintain for you an Unallocated Account (defined
below) in connection with your being a Participant with respect to the
streetTRACKS(R) Gold Trust, and to provide other services to you in connection
with the Unallocated Account. This agreement sets out the terms under which we
will provide those services to you and the arrangements which will apply in
connection with those services.

IT IS AGREED AS FOLLOWS:

1.       INTERPRETATION

1.1      DEFINITIONS:  In this agreement:

         "ACCOUNT BALANCE" means the balance from time to time standing to your
         credit in your Unallocated Account.

         "AVAILABILITY DATE" means the Business Day on which you wish to
         transfer Precious Metal to us for deposit into the Unallocated Account.

         "BULLION" means the Precious Metal standing to your credit in your
         Unallocated Account.

         "BUSINESS DAY" means a day other than (i) a day on which the New York
         Stock Exchange, Inc. is closed for regular trading or (ii), if the
         transaction involves the receipt or delivery of gold or confirmation
         thereof in the United Kingdom or in some other jurisdiction, (a) a day
         on which banking institutions in the United Kingdom or in such other
         jurisdiction, as the case may be, are authorized by law to close or a
         day on which the London gold market is closed or (b) a day on which
         banking institutions in the United Kingdom or in such other
         jurisdiction, as the case may be, are authorized to be open for less
         than a full business day or the London gold market is open for trading
         for less than a full business day and transaction

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         procedures required to be executed or completed before the close of
         the business day may not be so executed or completed.

         "STREETTRACKS(R) GOLD SHARE" means each unit of fractional undivided
         beneficial interest in and ownership of the streetTRACKS(R) Trust, as
         the same shall be created and issued pursuant to the Trust Indenture.

         "STREETTRACKS(R) GOLD TRUST" means the Trust created under the Trust
         Indenture.

         "LONDON A.M. GOLD FIX" means the price of an ounce of gold as fixed by
         the five members of the London gold fix on or about 10:30 a.m. London,
         England, time.

         "LONDON P.M. GOLD FIX" means the price of an ounce of gold as fixed by
         the five members of the London gold fix on or about 3:00 p.m. London,
         England, time.

         "LBMA" means The London Bullion Market Association or its successors.

         "PARTICIPANT" means a Participant as defined in the Trust Indenture.

         "PARTICIPANT AGREEMENT" means that certain Participant Agreement in
         effect from time to time between you and the Trustee on behalf of the
         Trust, pursuant to the Trust Indenture.

         "POINT OF DELIVERY" means such date and time that the recipient or its
         agent acknowledges in written form its receipt of delivery of Precious
         Metal.

         "PRECIOUS METAL" means gold.

         "RULES" means the rules, regulations, practices and customs of the LBMA
         (including the rules of the LBMA as to good delivery), the Bank of
         England and such other regulatory authority or body as shall affect the
         activities contemplated by this agreement.

         "SPONSOR" means World Gold Trust Services, LLC.

         "TRUSTEE" means The Bank of New York.

         "TRUST INDENTURE" means that certain Trust Indenture of streetTRACKS(R)
         Gold Trust dated as of [ ], 2004, between the Sponsor and the Trustee,
         effective [ ], 2004.

         "TRUST UNALLOCATED ACCOUNT" means the account maintained by us for the
         streetTRACKS(R) Gold Trust in relation to Gold (as defined in the Trust

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         Indenture) pursuant to the Trust Unallocated Bullion Account Agreement
         (as defined in the Trust Indenture).

         "UNALLOCATED ACCOUNT" means the account maintained by us in your name
         on an Unallocated Basis pursuant to this agreement.

         "UNALLOCATED BASIS" means, with respect to a Precious Metal account
         maintained with us, that the person in whose name the account is held
         is entitled to call on us to deliver in accordance with the Rules an
         amount of Precious Metal equal to the amount of Precious Metal standing
         to the credit of the person's account but has no ownership interest in
         any Precious Metal that we own or hold.

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

         "WITHDRAWAL DATE" means the Business Day on which you wish to withdraw
         Precious Metal from your Unallocated Account.

1.2      HEADINGS:  The headings in this agreement do not affect its
         interpretation.

1.3      SINGULAR AND PLURAL; OTHER USAGES: References to the singular include
         the plural and vice versa. A reference to "A or B" means "A or B or
         both A and B". "Including" means "including but not limited to".

2.       UNALLOCATED ACCOUNTS

2.1      OPENING UNALLOCATED ACCOUNT: We shall open and maintain an Unallocated
         Account for you under this Agreement solely in respect of Bullion to be
         transferred between you and the streetTRACKS(R) Gold Trust or withdrawn
         in accordance with clause 4.

2.2      DENOMINATION OF UNALLOCATED ACCOUNT: The Unallocated Account shall
         evidence and record the amount of Bullion standing to your credit
         therein, and increases and decreases to that amount. The Unallocated
         Account shall be denominated in fine ounces of gold to three decimal
         places.

2.3      REPORTS: We will provide you with monthly statements of your Account
         Balance and debit and credit advices will be sent to you following each
         deposit into and withdrawal from the Unallocated Accounts.

2.4      REVERSAL OF ENTRIES: We at all times reserve the right to reverse
         any provisional or erroneous entries to your Unallocated Account with
         effect back-valued to the date upon which the final or correct entry
         (or no entry) should have been made.

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

3.       DEPOSITS

3.1      PROCEDURE: You may at any time notify us of your intention to deposit
         Precious Metal in your Unallocated Account. A deposit may be made (in
         the manner and accompanied by such documentation as we may require)
         only by transfer from an account of yours relating to the same kind of
         Precious Metal and having the same denomination as that to which this
         Unallocated Account relates. We will not accept physical delivery of
         Precious Metal into this account.

3.2      NOTICE REQUIREMENTS:  Any notice relating to a deposit of Precious
        Metal must be in writing and:

            (a)   be received by us no later than 2.00 p.m. (London time) on the
                  Availability Date unless otherwise agreed;

            (b)   specify the details of the account from which the Precious
                  Metal will be transferred; and

            (c)   specify the amount (in the appropriate denomination) of the
                  Precious Metal to be credited to the Unallocated Account, the
                  Availability Date and any other information which we may from
                  time to time require.

3.3      TIMING: A deposit of Precious Metal will not be credited to an
         Unallocated Account until an account of ours with any bank, broker or
         other firm has been credited with an amount of Precious Metal equal to
         the amount of such deposit.

3.4      RIGHT TO REFUSE PRECIOUS METAL OR AMEND PROCEDURE: We may refuse to
         accept Precious Metal, amend the procedure in relation to the deposit
         of Precious Metal or impose such additional procedures in relation to
         the deposit of Precious Metal as we may from time to time consider
         appropriate. Any such refusal, amendment or additional procedures will
         be promptly notified to you.

4.       WITHDRAWALS

4.1      PROCEDURE: You may at any time notify us of your intention to withdraw
         Precious Metal standing to the credit of your Unallocated Account. We
         will transfer Bullion from your Unallocated Account only at such times
         and on such terms as specified in your instructions to us. A withdrawal
         may be made (in the manner and accompanied by such documentation as we
         may require) by:

         (a)   transfer to an account of yours relating to the same kind of
               Precious Metal and having the same denomination as that to
               which the Unallocated Account relates; or

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         (b)   the collection by you of Precious Metal from us at our vault
               premises, or as we may direct, at your expense and risk; or

         (c)   by delivery of Precious Metal to you at such location as you
               direct, at your expense and risk; or

         (d)   transfer to the Trust Unallocated Account.

         Any Precious Metal made available to you pursuant to clause 4.1 (b) or
         (c) will be in a form which complies with the Rules or in such other
         form as may be agreed between us. We are entitled to select the
         Precious Metal to be made available to you pursuant to clause 4.1(b) or
         (c) which in all cases will comprise one or more whole bars selected by
         us (or other form as agreed), the combined fine weight of which will
         not exceed the number of fine ounces of Bullion you have instructed us
         to withdraw. In connection with any withdrawal pursuant to clause
         4.1(d) you must have sufficient Precious Metal in the Unallocated
         Account by 4:00 p.m. (London time) on the day before the Withdrawal
         Date to permit us to complete the withdrawal. Anything in this
         agreement to the contrary notwithstanding, and without limiting your
         right to withdraw Bullion, we shall not be obliged to effect any
         requested delivery if, in our reasonable opinion, this would cause us
         or our agents to be in breach of the Rules or other applicable law,
         court order or regulation, the costs incurred would be excessive or
         delivery is impracticable for any reason. When pursuant to your
         instruction Bullion is physically withdrawn from your Unallocated
         Account, all right, title, risk and interest in and to the Bullion
         withdrawn shall pass to you at the Point of Delivery.

4.2      NOTICE AND INSTRUCTION REQUIREMENTS: Any notice or instruction relating
         to a withdrawal of Precious Metal must be in writing and specify the
         amount (in the appropriate denomination) of the Precious Metal to be
         debited to the Unallocated Account, the Withdrawal Date and any other
         information which we may from time to time require. The following rules
         determine when we must receive your notice or instruction to withdraw
         Precious Metal:

         (a)   if the notice or instruction relates to a withdrawal pursuant
               to clause 4.1(d) to effect a transfer of Precious Metal to the
               Trust Unallocated Account in accordance with the Participant
               Agreement, it must received by us no later than 9.00 a.m.
               (London time) not less than two Business Days prior to the
               Withdrawal Date and specify the details of the Trust
               Unallocated Account to which the Precious Metal is to be
               transferred;

         (b)   if the notice or instruction relates to a withdrawal pursuant
               to clause 4.1(a), it must be received by us no later than 2.00
               p.m. (London time) on the Withdrawal Date unless otherwise
               agreed and must specify the details of the account to which
               the Precious Metal is to be transferred; and

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         (c)   if the notice or instruction relates to a withdrawal pursuant
               to clause 4.1(b) or (c), it must be received by us no later
               than 11.30 a.m. (London time) not less than two Business Days
               prior to the Withdrawal Date unless otherwise agreed and
               specify the name of the person or carrier that will collect
               the Precious Metal from us or the identity of the person to
               whom delivery is to be made, as the case may be.

4.3      RIGHT TO AMEND PROCEDURE: We may amend the procedure for the withdrawal
         of Precious Metal from an Unallocated Account or impose such additional
         procedures as we may from time to time consider appropriate. Any such
         amendments or additional procedures will be promptly notified to you.

4.4      DELIVERY OBLIGATIONS: Unless otherwise instructed, we shall make
         transportation and insurance arrangements in accordance with our usual
         practice. Where instructions are given, we shall use all reasonable
         efforts to comply with the same. We shall not be obliged to effect any
         requested delivery if, in our reasonable opinion, this would cause us
         or our agents to be in breach of the Rules or other applicable law,
         court order or regulation; the costs incurred would be excessive or
         delivery is impracticable for any reason. All insurance and
         transportation costs shall be for your account.

4.5      PHYSICAL WITHDRAWAL OF ENTIRE UNALLOCATED ACCOUNT BALANCE: If, when you
         notify us in connection with a physical withdrawal of Bullion from your
         Unallocated Account under clause 4.4 that you are withdrawing the
         entire balance in your Unallocated Account (or when a physical
         withdrawal under clause 4.4 would, in our determination, result in the
         entire balance in your Unallocated Account being withdrawn), the
         physical withdrawal instruction may not be effected by our selection of
         one or more whole bars of Bullion the combined fine weight of which
         does not exceed the balance of your Unallocated Account that you are
         withdrawing, then we will make available to you in accordance with
         clause 4.4 the number of whole bars that can be accommodated under your
         instruction. If you have another Unallocated Account with us relating
         to Precious Metal, we will transfer the remainder of the balance to
         that account, and if you do not have another Unallocated Account with
         us, we will purchase for cash the remainder of the Bullion in your
         Unallocated Account based on the London A.M. Gold Fix on the date you
         are withdrawing the Bullion physically, or if there is no London A.M.
         Gold Fix for such date, then the London A.M. Gold Fix for the next
         Business Day.

5.       INSTRUCTIONS

5.1      YOUR REPRESENTATIVES: You shall notify us promptly in writing of the
         names of the people who are authorised to give instructions on your
         behalf. Until we receive written notice to the contrary, we are
         entitled to assume that any of those people have full and unrestricted
         power to give us instructions on your behalf. We are also entitled to
         rely on any

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         instructions which are from, or which purport to emanate from, any
         person who appears to have such authority.

5.2      AMENDMENTS: Once given, instructions continue in full force and effect
         until they are cancelled, amended or superseded. We must receive an
         instruction cancelling, amending or superseding a prior instruction
         before the time the prior instruction is acted upon. Any such
         instructions shall have effect only after actual receipt by us.

5.3      UNCLEAR OR AMBIGUOUS INSTRUCTIONS: If, in our opinion, any instructions
         are unclear or ambiguous, we will use reasonable endeavours (taking
         into account any relevant time constraints) to obtain clarification of
         those instructions but, failing that, we may in our absolute discretion
         and without any liability on our part, act upon what we believe in good
         faith such instructions to be or refuse to take any action or execute
         such instructions until any ambiguity or conflict has been resolved to
         our satisfaction.

5.4      REFUSAL TO EXECUTE: We reserve the right to refuse to execute
         instructions if in our opinion they are or may be contrary to the
         Rules or any applicable law.

5.5      REVOCATION OF INSTRUCTIONS: If, in connection with an instruction to
         effect a withdrawal pursuant to clause 4.1(d), by 4:00 p.m. (London
         time) on the day before the Withdrawal Date either (i) the amount of
         Precious Metal specified in your instruction does not agree with the
         amount of Precious Metal specified in the advice provided by the
         Trustee with regard to the receipt of Precious Metal in the Trust
         Unallocated Account or (ii) sufficient Precious Metal to permit us to
         complete the withdrawal is not credited to your Unallocated Account,
         your instruction will be automatically revoked. We will notify you of
         the revocation of your instruction.

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, disclose to any other
         person any information acquired under this agreement.

6.2      PERMITTED DISCLOSURES: Each party accepts that from time to time the
         other party may be required by law or the Rules, or requested by a
         government department or agency, fiscal body or regulatory authority,
         to disclose information acquired under this agreement. In addition, the
         disclosure of such information may be required by a party's auditors,
         by its legal or other advisors or by a company which is in the same
         group of companies as a party (eg. a subsidiary or holding company of a
         party). Each party irrevocably authorises the other to make such
         disclosures without further reference to such party. In connection with
         a notice or instruction you give

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         to us to effect to withdraw and transfer Precious Metal to the Trust
         Unallocated Account in accordance with the Participant Agreement, you
         hereby authorize us to disclose to the Trustee of the Trust or its
         agents (i) such information about your Unallocated Account that the
         Trustee or its agents may reasonably request, including information
         about your Account Balance and instructions you have given for the
         deposit or withdrawal of Precious Metal in relation to your
         Unallocated Account, and (ii) information about any revocation of
         instructions under clause 5.5 above.

7.       REPRESENTATIONS

7.1      YOUR REPRESENTATIONS: Upon execution of this agreement and with each
         notice or instruction that you give hereunder you represent and warrant
         and covenant to us that:

         (a)   you have all necessary authority, powers, consents, licences
               and authorisations and have taken all necessary action to
               enable you lawfully to enter into and perform your duties and
               obligations under this agreement;

         (b)   you are a Participant as defined in the Trust Indenture and
               are not in breach of the Participant Agreement;

         (c)   you are in compliance with the money laundering and related
               provisions of (i) the Uniting and Strengthening America by
               Providing Appropriate Tools Required to Intercept and Obstruct
               Terrorism (USA PATRIOT Act) Act of 2001 enacted by the United
               States of America, and the regulations promulgated thereunder,
               if you are subject to the requirements of the USA PATRIOT Act,
               and (ii) such other laws to which you are subject;

         (d)   the persons entering into this agreement on your behalf have
               been duly authorised to do so; and

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

8.       FEES AND EXPENSES

8.1      FEES: You will pay us such fees as we from time to time determine and
         notify to you, but we will not charge you any fees in connection with
         your Unallocated Account pursuant to this Agreement while (i) this
         account is used solely to effect transfers of Bullion between you and
         the Trust Unallocated Account and (ii) we (or another member of an
         affiliated group of which we are a member) are receiving compensation
         from the

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         streetTRACKS(R) Gold Trust for maintaining the Trust Unallocated
         Account.

8.2      EXPENSES: You must pay us on demand all costs, charges and expenses
         (including any relevant taxes, duties and legal fees) incurred by us in
         connection with the performance of our duties and obligations under
         this agreement or otherwise in connection with your Unallocated Account
         (including delivery, collection and storage costs).

8.3      CREDIT BALANCES: No interest or other amount will be paid by us on any
         credit balance on your Unallocated Account.

8.4      DEBIT BALANCES: You are not entitled to overdraw your Unallocated
         Account except to the extent that we otherwise agree in writing. In the
         absence of such agreement, we shall not be obliged to carry out any
         instruction of yours which will cause your Unallocated Account to be
         overdrawn. If for any reason your Unallocated Account is overdrawn, you
         will be required to pay us interest on the debit balance at the rate
         agreed between us or, if no such agreement exists, at such rate as we
         determine to be appropriate. The amount of the overdraft and any
         accrued interest will be repayable by you on our demand. Your
         obligation to pay interest to us will continue until the overdraft is
         repaid by you in full. Our books and records shall be conclusive as to
         the balance at any time standing to your credit in your Unallocated
         Account.

8.5      DEFAULT INTEREST: If you fail to pay us any amount when it is due, we
         reserve the right to charge you interest (both before and after any
         judgement) on any such unpaid amount calculated at a rate equal to 1%
         above the overnight London Interbank Offered Rate (LIBOR) for the
         currency in which the amount is due. Both overdraft and default
         interest will accrue on a daily basis and will be due and payable by
         you as a separate debt. In the event of any inconsistency between this
         agreement and an overdraft facility agreement between you and us, the
         terms of the overdraft facility shall govern.

9.       SCOPE OF RESPONSIBILITY

9.1      EXCLUSION OF LIABILITY: We will use reasonable care in the performance
         of our duties under this agreement but will not be responsible in
         contract, tort or otherwise, for any direct or indirect or
         consequential damage, loss or expense suffered or incurred by you
         arising directly or indirectly as a result of, or in connection with,
         this agreement (including, without limitation, economic loss, loss of
         profit, loss of anticipated savings or loss of goodwill) even if
         advised of the likelihood of such losses arising, save for any loss or
         damage suffered by you as a direct result of any gross negligence,
         fraud or wilful default on our part in the performance of our duties
         under this agreement, and in which case, our liability will not exceed
         the market value of the Account Balance at the time such gross
         negligence, fraud or wilful default is discovered by us. The value of
         the

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         Account Balance shall be determined on any day using the London P.M.
         Gold Fix, and if there is no such fix on such day, by the last London
         fix (A.M. or P.M.).

9.2      NO DUTY OR OBLIGATION: We are 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.

9.3      FORCE MAJEURE: We shall not be liable to you for any delay in
         performance, or for the non-performance of any of our obligations under
         this agreement by reason of any cause beyond our reasonable control.
         This includes any act of God or war or terrorism, any breakdown,
         malfunction or failure of transmission in connection with or other
         unavailability of any wire, communication or computer facilities, any
         transport, port, or airport disruption, industrial action, acts and
         regulations and rules of any governmental or supra national bodies or
         authorities or regulatory or self-regulatory organisations or failure
         of any such body, authority, or organisation for any reason, to perform
         its obligations.

9.4      INDEMNITY: You shall indemnify and keep us and each of our directors,
         shareholders, officers, employees, agents, affiliates (as such term is
         defined in Regulation S-X adopted by the United States Securities and
         Exchange Commission under the United States federal Securities Act of
         1933, as amended) and subsidiaries (us and each such person a
         "Custodian Indemnified Person" for purposes of this clause 9.4)
         indemnified (on an after tax basis) on demand against all costs and
         expenses, damages, liabilities and losses which any such Custodian
         Indemnified Person may suffer or incur, directly or indirectly in
         connection with this agreement except to the extent that such sums are
         due directly to our gross negligence, wilful default or fraud or that
         of the Custodian Indemnified Person. The indemnity provided by this
         clause 9.4 shall survive termination of this agreement.

9.5      THIRD PARTIES: You are our sole customer under this agreement and we do
         not owe any duty or obligation or have any liability towards any person
         who is not a party to this agreement. This agreement does not confer a
         benefit on any person who is not a party to it other than the persons
         named as a Custodian Indemnified Person. The parties to this agreement
         do not intend that any term of this agreement shall be enforceable by
         any person who is not a party to it (except that each Custodian
         Indemnified Person may directly enforce the indemnity provision under
         clause 9.4) and do intend that except as so provided, the Contracts
         (Rights of Third Parties) 1999 Act (Eng.) shall not apply to this
         agreement.

10.      TERMINATION

10.1     METHOD: This agreement shall terminate immediately upon the earlier of
         (i) your termination as a Participant with respect to the
         streetTRACKS(R) Gold Trust pursuant to the Participant Agreement or
         otherwise, or (ii)

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         termination of the streetTRACKS(R) Gold Trust pursuant to the Trust
         Indenture. In addition, either party may terminate this agreement by
         giving not less than 10 Business Days' written notice to the other
         party. Any such notice given by you must specify:

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

         (b)   the person to whom any Account Balance which is a credit
               balance is to be transferred; and

         (c)   all other necessary arrangements for the transfer or
               repayment, as the case may be, of the Account Balance.

10.2     REDELIVERY ARRANGEMENTS: If you do not make arrangements acceptable to
         us for the transfer or repayment, as the case may be, of any Account
         Balance we may continue to maintain this Unallocated Account, in which
         case we will continue to charge the fees and expenses payable under
         clause 8. If you have not made arrangements acceptable to us for the
         transfer or repayment of any Account Balance within six (6) months of
         the date specified in the termination notice as the date on which the
         termination will take effect, we will be entitled to close the
         Unallocated Account and account to you for the proceeds after deducting
         any amounts due to us under this agreement.

10.3     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.

11.      VALUE ADDED TAX

11.1     VAT EXCLUSIVE: All sums payable under this agreement by you to us
         shall be deemed to be exclusive of VAT.

11.2     SUPPLIES: Where pursuant to or in connection with this agreement, we
         make a supply to you for VAT purposes and VAT is or becomes chargeable
         on such supply, you shall on demand pay to us (in addition to any other
         consideration for such supply) a sum equal to the amount of such VAT
         and we shall on receipt of such payment provide you with an invoice or
         receipt in such form and within such period as may be prescribed by
         applicable law.

11.3     DEEMED SUPPLIES: Where, pursuant to or in connection with this
         agreement, we are deemed or treated by applicable law or the practice
         from time to time of the relevant fiscal authority to make a supply for
         VAT purposes to any person by virtue of our or any custodian for us
         relinquishing physical control of any Precious Metal, and VAT is or
         becomes chargeable on such supply, you shall on demand pay to us a sum
         equal to the amount of such VAT and we shall on receipt of such payment
         provide an invoice or receipt in such form and within such period as
         may

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         be prescribed by applicable law to the person to which we are deemed
         or treated to make such supply.

12.      NOTICES

12.1     FORM: Subject to clause 12.5, any notice, notification, instruction or
         other communication under or in connection with this agreement shall be
         given in writing. References to writing include electronic
         transmissions that are of the kind specified in clause 12.2.

12.2     METHOD OF TRANSMISSION: With the exception of monthly statements in
         respect of the Unallocated Account, any notice, notification,
         instruction or other communication required to be in writing may be
         delivered personally or sent by first class post, pre-paid recorded
         delivery (or air mail if overseas), authenticated electronic
         transmission (including tested telex and authenticated SWIFT) or such
         other electronic transmission as the parties may from time to time
         agree, to the party due to receive the notice, instruction or
         communication, at its address, number or destination set out in this
         agreement or another address, number or destination specified by that
         party by written notice to the other.

12.3     DEEMED RECEIPT ON NOTICE: A notice, notification, instruction, or other
         communication under or in connection with this agreement will be deemed
         received only if actually received or delivered.

12.4     RECORDING OF CALLS: We may record telephone conversations without use
         of a warning tone. Such recordings will be our sole property and, if
         acted upon by us, will be accepted by you as evidence of the orders or
         instructions given.

12.5     INSTRUCTIONS RELATING TO BULLION: All notices, notifications,
         instructions and other communications relating to the movement of
         Bullion in relation to your Unallocated Account shall be by way of
         authenticated electronic transmission (including tested telex and
         authenticated SWIFT), and shall be addressed to:

         Precious Metals Operations
         HSBC Bank USA, National Association
         8 Canada Square
         London E14 5HQ
         Tested Telex: 889217 RNB
         SWIFT: BLIC GB2L

13.      GENERAL

13.1     NO INTEREST IN STREETTRACKS(R) GOLD TRUST CONFERRED HEREBY: You
         acknowledge that you do not acquire any ownership of streetTRACKS(R)
         Gold Shares or interest in the streetTRACKS(R) Gold Trust or its assets
         by establishing an Unallocated Account pursuant to this Agreement, by
         delivering to the Unallocated Account established hereby an amount of

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

         Precious Metal, or by giving any instruction hereunder. You acknowledge
         that you will acquire ownership of streetTRACKS(R) Gold Shares or an
         interest in the streetTRACKS(R) Gold Trust or its assets only upon the
         issuance to you of streetTRACKS(R) Gold Shares pursuant to the Trust
         Indenture. Neither the Trustee nor the Sponsor of the streetTRACKS(R)
         Gold Trust shall, individually or as such Trustee or Sponsor of the
         streetTRACKS(R) Gold Trust, have any liability for loss or damages
         suffered by you with respect to your Unallocated Account or any Bullion
         held for you pursuant to this Agreement.

13.2     NO ADVICE: Our duties and obligations under this agreement do not
         include providing you with investment advice. In asking us to open and
         maintain the Unallocated Account, you do so in reliance upon your own
         judgement and we do not and shall not owe to you any duty to exercise
         any judgement on your behalf as to the merits or suitability of any
         transaction you make in relation to the Unallocated Account or
         otherwise, including (i) any deposits into, or withdrawals from, your
         Unallocated Account, (ii) any transactions to be effected in accordance
         with the Participant Agreement, or (iii) the acquisition or disposition
         of Precious Metal.

13.3     RIGHTS AND REMEDIES: Our rights under this agreement are in addition
         to, and independent of, any other rights which we may have at any time
         in relation to your Unallocated Account and any lien or other rights we
         may have to set-off, combine or consolidate any of your accounts.

13.4     ASSIGNMENT: This agreement is for the benefit of and binding upon us
         both and our respective successors and assigns. You may not assign,
         transfer or encumber, or purport to assign, transfer or encumber, your
         right, title or interest in relation to your Unallocated Account or any
         right or obligation under this agreement unless we otherwise agree in
         writing.

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

13.6     PARTIAL INVALIDITY: If any of the clauses (or part of a clause) of this
         agreement becomes invalid or unenforceable in any way under the Rules
         or any law, the validity of the remaining clauses (or part of a clause)
         will not in any way be affected or impaired.

13.7     ENTIRE AGREEMENT: This document, with the exception of any
         representations made fraudulently, represents the entire agreement, and
         supersedes and replaces any previous agreement between us relating to
         the establishment of a Gold account to be maintained on an Unallocated
         Basis for you as a Participant in connection with the streetTRACKS(R)
         Gold Trust.

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

13.8     JOINT AND SEVERAL LIABILITY: If there is more than one of you, your
         responsibilities under this agreement apply to each of you individually
         as well as jointly.

13.9     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.

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

14.      GOVERNING LAW AND JURISDICTION

14.1     GOVERNING LAW: This agreement is governed by, and will be construed in
         accordance with, English law.

14.2     JURISDICTION: You agree the English courts are to have jurisdiction to
         settle any disputes or claims which may arise out of or in connection
         with this agreement, and for these purposes you irrevocably submit to
         the non-exclusive jurisdiction of the English courts.

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

14.4     SERVICE OF PROCESS: If you are situated outside England and Wales,
         process by which any proceedings in England are begun may be served on
         you by being delivered to the address specified below. This does not
         affect our right to serve process in another manner permitted by law.

         Your address for service of process
         [Participant]
         [Address]
         [City, State, Postal Code]
         Attention: [               ]

EXECUTED by the parties as follows

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement

EXECUTED by the parties

Signed on behalf of
HSBC BANK USA, NATIONAL ASSOCIATION
by

         Signature
                           ....................................
         Name
                           ....................................
         Title
                           ....................................

Signed on behalf of
[NAME OF PARTICIPANT]
by

         Signature
                           ....................................
         Name
                           ....................................
         Title
                           ....................................

                                                      streetTRACKS(R) Gold Trust
                               Participant Unallocated Bullion Account Agreement
                                                                  Signature Page

                                     FORM OF
                           streetTRACKS(R) Gold Trust
                              PARTICIPANT AGREEMENT

                                  ATTACHMENT C

                       HSBC Bank USA, National Association
                     Resolution Form - Telefax Instructions

To:  HSBC Bank USA, National Association
ACCOUNT NAME:
             ---------------------------------------------------

We hereby request and authorize, pursuant to the powers delegated to us by a
resolution of the Board of Directors of (the "Company") (a certified copy of
which has been supplied to you), HSBC Bank_______________________ USA, National
Association (the "Bank") to accept and to execute instructions and/or give
effect to requests to the Bank to enter into contracts with or on behalf of the
Company where such instructions and/or requests are given by facsimile machine
("Telefax") and purport to come from us acting on behalf of the Company and are
honestly believed by the Bank to come from the Company. We agree to mark clearly
on any confirmation of any communications by Telefax the words "Confirmation
only - Do not duplicate".

We on behalf of the Company agree, that

(a)  the Bank will be under no duty to challenge or make any enquiries
     concerning any communication by Telefax which it believes in good faith to
     be a genuine instruction from an authorized representative of the Company;

(b)  the Company shall assume all risks involved in connection with any
     communications by Telefax, and in particular (but without prejudice to the
     generality of the foregoing) risks due to errors in transmission
     misunderstandings or errors on the part of the Bank regarding the identity
     of the Company's authorized representatives or otherwise and that the Bank
     be discharged from all responsibility in respect thereof;

(c)  the Company shall indemnify the Bank and its directors, officers, employees
     or agents on demand and shall keep the Bank and its directors, officers,
     employees or agents on demand indemnified against any loss arising to the
     Bank in consequence of acting in reliance on any such communication and any
     actions, proceedings, costs, claims and demands in respect thereof;

(d)  that we will have no claim against the Bank or its directors, officers,
     employees or agents by reason or account of the Bank or its directors,
     officers, employees or agents either acting or declining or omitting to act
     in accordance with any communication by Telefax; and

(e)  the Company shall agree to perform and ratify any contracts entered into by
     the Bank and/or any action taken by the Bank as a result of such
     communications made or purporting to be made on behalf of the Company and
     honestly believed by the Bank to have been made on behalf of the Company.

Such assumption of risk, discharge, indemnity and agreement to perform and
ratify shall extend to communications made or purporting to be made by us and/or
any other persons now or hereafter nominated from time to time by the Company,
such nomination having been duly and properly advised to the Bank and honestly
believed by the Bank to have been made on behalf of the Company.

Notwithstanding the foregoing, the Bank may at any time and at its absolute
discretion decline to execute any instruction or request given or to accept any
offer made by Telefax notwithstanding that at the time of such instruction or
request or offer the employee of the Bank receiving such instruction or request
may have indicated assent to the same.

This request and authority shall continue in force unless and until expressly
revoked by fifteen days' (or such lesser period as the Bank may accept) written
notice delivered to the Bank and signed in a manner complying with the Company's
current mandate.

Signed
      -----------------------------------------------
for and on behalf of

Signed
      -----------------------------------------------
for and on behalf of

Date
    -------------------------------------------------

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