Document:

Exhibit 4.1

EXECUTION COPY

DEPOSITARY TRUST AGREEMENT

ETF SECURITIES USA LLC,

as Sponsor

and

THE BANK OF NEW YORK MELLON,

as Trustee

Depositary Trust Agreement

ETFS Asian Gold Trust

Dated as of January 10, 2011

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page 

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
 Article I. DEFINITIONS AND RULES OF CONSTRUCTION

 	
  

 	
 1

 
	
  

 	
  

 	
  

 
	
 Section 1.1

 	
  

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 1.2

 	
  

 	
 Rules of Construction

 	
  

 	
 5

 
	
  

 	
  

 	
  

 
	
 Article II. CREATION AND DECLARATION OF
 TRUSTS; FORM OF CERTIFICATES; DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER
 AND SURRENDER OF SHARES

 	
  

 	
 6

 
	
  

 	
  

 	
  

 
	
 Section 2.1

 	
  

 	
 Creation and Declaration of Trust; Business of the Trust

 	
  

 	
 6

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.2

 	
  

 	
 Form of Certificates; Book-Entry System; Transferability of Shares

 	
  

 	
 6

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.3

 	
  

 	
 Deposit of Gold

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.4

 	
  

 	
 Delivery of Shares

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.5

 	
  

 	
 Registration and Registration of Transfer of Shares; Combination and
 Split-up of Certificates

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.6

 	
  

 	
 Surrender of Shares and Withdrawal of Trust Property

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.7

 	
  

 	
 Limitations on Delivery, Registration of Transfer and Surrender of
 Shares

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.8

 	
  

 	
 Lost Certificates, Etc

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.9

 	
  

 	
 Cancellation and Destruction of Surrendered Certificates

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 2.10   

 	
 Splits and Reverse Splits of Shares

 	
  

 	
 11

 
	
  

 	
  

 	
  

 
	
 Article III. CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES

 	
  

 	
 12

 
	
  

 	
  

 	
  

 
	
 Section 3.1

 	
  

 	
 Liability of Registered Owner for Taxes and Other Governmental
 Charges

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 3.2

 	
  

 	
 Warranties on Deposit of Gold

 	
  

 	
 12

 
	
  

 	
  

 	
  

 
	
 Article IV. ADMINISTRATION OF THE TRUST

 	
  

 	
 12

 
	
  

 	
  

 	
  

 
	
 Section 4.1

 	
  

 	
 Evaluation of Gold

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.2

 	
  

 	
 Responsibility of the Trustee for Evaluations

 	
  

 	
 13

 

i

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.3

 	
  

 	
 Trust Evaluation

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.4

 	
  

 	
 Cash Distributions

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.5

 	
  

 	
 Other Distributions

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.6

 	
  

 	
 Fixing of Record Date

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.7

 	
  

 	
 Payment of Expenses; Gold Sales

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.8

 	
  

 	
 Statements and Reports

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.9

 	
  

 	
 Further Provisions for Gold Sales

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.10   

 	
 Counsel

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 4.11   

 	
 Grantor Trust

 	
  

 	
 17

 
	
  

 	
  

 	
  

 
	
 Article V. THE TRUSTEE AND THE SPONSOR

 	
  

 	
 17

 
	
  

 	
  

 	
  

 
	
 Section 5.1

 	
  

 	
 Maintenance of Office and Transfer Books by the Trustee

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.2

 	
  

 	
 Prevention or Delay in Performance by the Sponsor or the Trustee

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.3

 	
  

 	
 Obligations of the Sponsor and the Trustee

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.4

 	
  

 	
 Resignation or Removal of the Trustee; Appointment of Successor
 Trustee

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.5

 	
  

 	
 The Custodian

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.6

 	
  

 	
 Indemnification

 	
  

 	
 24

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.7

 	
  

 	
 Charges of Trustee

 	
  

 	
 25

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.8

 	
  

 	
 Charges of Sponsor

 	
  

 	
 26

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.9

 	
  

 	
 Retention of Trust Documents

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.10   

 	
 Federal Securities Law Filings

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.11   

 	
 Prospectus Delivery

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.12   

 	
 Discretionary Actions by Trustee; Consultation

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 5.13   

 	
 Dissolution of the Sponsor Not to Terminate Trust

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article VI. AMENDMENT AND TERMINATION

 	
  

 	
 28

 

ii

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 6.1

 	
  

 	
 Amendment

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 6.2

 	
  

 	
 Termination

 	
  

 	
 29

 
	
  

 	
  

 	
  

 
	
 Article VII. MISCELLANEOUS

 	
  

 	
 30

 
	
  

 	
  

 	
  

 
	
 Section 7.1

 	
  

 	
 Counterparts

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.2

 	
  

 	
 Third-Party Beneficiaries

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.3

 	
  

 	
 Severability

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.4

 	
  

 	
 Certain Matters Relating to Beneficial Owners

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.5

 	
  

 	
 Notices

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.6

 	
  

 	
 Agent for Service; Submission to Jurisdiction

 	
  

 	
 33

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section 7.7

 	
  

 	
 Governing Law

 	
  

 	
 33

 

iii

DEPOSITARY TRUST AGREEMENT

          THIS
DEPOSITARY TRUST AGREEMENT dated as of January 10, 2011, between ETF SECURITIES
USA LLC, a Delaware limited liability company, as sponsor, and THE BANK OF NEW
YORK MELLON, a New York banking corporation, as trustee. 

W I T N E S S E T H:

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

          WHEREAS the
Sponsor desires to establish the terms on which Gold (as herein defined) may be
deposited in the trust and provide for the creation of ETFS Physical Asian Gold
Shares in Baskets (as herein defined) representing fractional undivided
interests in the net assets of the trust and the execution and delivery of
Certificates (as herein defined) evidencing the ETFS Physical Asian Gold
Shares; 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 AND RULES OF CONSTRUCTION

          Section 1.1 Definitions. 

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

          “Adjusted
Net Asset Value” means the adjusted net asset value of the Trust as determined
under Section 4.3.

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

          “Authorized
Participant” means a Person that, at the time of submitting a Purchase Order or
a Redemption Order (i) is a registered broker-dealer, (ii) is a DTC Participant
or an Indirect Participant and (iii) has in effect a valid Authorized
Participant Agreement. 

          “Authorized
Participant Agreement” means an agreement among the Trustee, the Sponsor and an
Authorized Participant that authorizes the Authorized Participant to submit
Purchase Orders and Redemption Orders under this Agreement. 

          “Basket”
means 50,000 Shares, except that the Trustee, in consultation with the Sponsor,
may from time to time increase or decrease the number of Shares comprising a
Basket. 

1

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

          “Benchmark
Price” means, as of any day, (i) such day’s London PM Fix; or (ii) other
publicly available price as the Sponsor may determine fairly represents the
commercial value of Gold held by the Trust. 

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

          “Business
Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which
the Exchange is not open for regular trading. 

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

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

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

          “Corporate
Trust Office” means the office of the Trustee at which its depositary receipt
business is administered which, at the date of this Agreement, is located at
101 Barclay Street, New York, New York 10286. 

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

          “Custody
Agreements” shall mean the Trust Unallocated Account Agreement and the Trust
Allocated Account Agreement and any custody agreement entered into pursuant to
Section 5.5 with a substitute or additional Custodian.

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

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

          “Depository”
means DTC and such other successor depository of Shares as may be selected by
the Sponsor and the Trustee as provided herein.

2

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

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

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

          “Exchange
Act” has the meaning ascribed to such term in Section 4.8(b) hereof. 

          “Gold”
means (a) gold bullion that meets the requirements of “good delivery” under the
rules of the LBMA and (b) credit to an account on an Unallocated Basis
representing the right to receive gold bullion that meets the requirements of
part (a) of this definition. 

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

          “Initial
Custodian” means JPMorgan Chase Bank, N.A., as Custodian under the Custody
Agreements.

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

          “LBMA”
means the London Bullion Market Association. 

          “London PM
Fix” means the afternoon session of the twice daily fix of the price of an
ounce of gold which starts at 3:00 PM London, England time and is performed in
London by the five members of the London gold fix.

          “Net Asset
Value” means the net value of the Trust determined under Section 4.3. 

          “Net Asset
Value per Share” means the value of a Share determined under Section 4.3. 

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

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

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

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

3

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

          “Purchase
Order” is defined in Section 2.3. 

          “Qualified
Bank” means a bank, trust company, corporation or national banking association
organized and doing business under the laws of the United States or any State
of the United States that is authorized under those laws to exercise corporate
trust powers and that (i) is a DTC Participant or a participant in such other
Depository as is then acting with respect to the Shares; (ii) unless counsel to
the Sponsor, the appointment of which is acceptable to the Trustee, determines
that the following requirement is not necessary for the exception under Section
408(m) of the Internal Revenue Code of 1986, as amended (the “Code”), to apply,
is a banking institution as defined in Section 408(n) of the Code and (iii)
had, as of the date of its most recent annual financial statements, an
aggregate capital, surplus and undivided profits of at least $150,000,000.

          “Redemption
Order” is defined in Section 2.6. 

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

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

          “Shares”
means ETFS Physical Asian Gold Shares created under this Agreement, each
representing a fractional undivided ownership interest in the net assets of the
Trust, which interest shall equal a fraction, the numerator of which is 1 and
the denominator of which is the total number of Shares outstanding. 

          “Sponsor”
means ETF Securities USA LLC, a Delaware limited liability company, or its
successor. 

          “Surrender”
means, when used with respect to Shares, one or more book-entry transfers of
Shares to the Depository account of the Trustee. 

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

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

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

          “Trust
Unallocated Account” shall mean the loco London account or the loco Singapore
account maintained for the Trust by the Initial Custodian pursuant to the Trust
Unallocated 

4

Account Agreement, or another account maintained for the Trust by a
successor Custodian on an Unallocated Basis, as the case may be.

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

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

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

          “Unallocated
Basis” means that the Person in whose name Gold is so held is entitled to
receive delivery of Gold standing to the credit of that Person’s account, but
that Person has no ownership interest in any particular Gold that the custodian
maintaining that account owns or holds.

          Section 1.2
Rules of Construction. 

          Unless the
context otherwise requires: 

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

                              (ii)
an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect in the
United States; 

                              (iii)
“or” is not exclusive; 

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

                              (v)
“including” means including without limitation; 

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

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

5

ARTICLE II.

CREATION AND DECLARATION OF TRUSTS; 

FORM OF CERTIFICATES; DEPOSIT OF GOLD; 

DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

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

                    (a)
The Trustee acknowledges that it has received confirmation from the Custodian
that the Custodian has received an initial deposit of Gold from JPMorgan Chase
Bank, N.A., London Branch, the initial purchaser of the first Basket of Shares,
and has credited such deposit to the Trust Allocated Account and Trust
Unallocated Account. The Trustee declares that the initial deposit and all
other Trust Property shall be owned by the Trust and the Trustee as trustee
thereof for the benefit of the Registered Owners for the purposes of, and
subject to and limited by the terms and conditions set forth in, this
Agreement. The trust created by this Agreement shall be known as the “ETFS
Asian Gold Trust”. 

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

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

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

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

6

                    (c)
The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in
its book-entry settlement system. Shares deposited with DTC shall be evidenced
by one or more global Certificates which shall be registered in the name of
Cede & Co., as nominee for DTC, and shall bear the following legend: 

	
  

 	
  

 	
  

 
	
  

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

 

                    (d)
So long as the Shares are eligible for book-entry settlement with DTC and such
settlement is available, unless otherwise required by law, notwithstanding the
provisions of Sections 2.2(a) and (b), all Shares shall be evidenced by one or
more global Certificates the Registered Owner of which is DTC or a nominee of
DTC and (i) no Beneficial Owner of Shares will be entitled to receive a
separate Certificate evidencing those Shares, (ii) the interest of a Beneficial
Owner in Shares represented by a global Certificate will be shown only on, and
transfer of that interest will be effected only through, records maintained by
DTC or a DTC Participant or Indirect Participant through which the Beneficial
Owner holds that interest and (iii) the rights of a Beneficial Owner with
respect to Shares represented by a global Certificate will be exercised only to
the extent allowed by, and in compliance with, the arrangements in effect
between such Beneficial Owner and DTC or the DTC Participant or Indirect
Participant through which that Beneficial Owner holds an interest in Shares. So
long as DTC or another authorized Depository selected by the Sponsor or the
Trustee is the Registered Owner, the Trustee and the Sponsor may treat DTC or
such other Depository as the absolute owner of the Shares for all purposes
whatsoever, including without limitation, the payment of distributions, and the
giving of notices of redemption, tender and other matters with respect to the
Shares. 

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

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

7

of
determining the person entitled to any distribution or to any notice provided
for in this Agreement and for all other purposes. 

          Section 2.3 Deposit of Gold. 

                    (a)
After the initial deposit of Gold in the Trust, the issuance and Delivery of
Shares will take place only in integral numbers of Baskets and in compliance
with the provisions of this Agreement, as supplemented by the Procedures, to
the extent those Procedures are consistent with this Agreement. Authorized
Participants wishing to acquire from the Trustee one or more Baskets must place
an order with the Trustee (a “Purchase Order”) no later than 3:59:59 p.m. (New
York time) on any Business Day. Purchase Orders received by the Trustee prior
to the Order Cutoff Time on a Business Day on which the Benchmark Price is
announced will have that Business Day as the Order Date. Purchase Orders
received by the Trustee on or after the Order Cutoff Time on a Business Day, or
on a Business Day on which the Benchmark Price is not announced, will have as
their Order Date the next Business Day on which the Benchmark Price is
announced. As consideration for each Basket acquired, Authorized Participants
must deposit with the Custodian, from an account of the Authorized Participant
maintained by the Custodian, or, if otherwise expressly permitted by the
Procedures, other LBMA-member custodian identified by the Authorized
Participant to the Custodian and the Trustee, the Basket Gold Amount determined
by the Trustee on the Order Date of the corresponding Purchase Order. Gold must
be Delivered to the Custodian by credit to the Trust Unallocated Account only,
with any Gold Delivered to the loco London Trust Unallocated Account to be
transferred by the Custodian to the loco Singapore Trust Unallocated Account in
accordance with the Trust Unallocated Account Agreement. 

                    (b)
The Trustee shall determine the Basket Gold Amount for each Business Day, and
the Trustee’s determination of the Basket Gold Amount and resolution of
questions concerning the composition of such Basket Gold Amount shall be final
and binding on all persons interested in the Trust. The initial “Basket Gold
Amount” is 5,000 Ounces of Gold. After the initial deposit, the “Basket Gold
Amount” for each Business Day shall be an amount of Gold equal to the result
obtained by subtracting the number of Ounces of Gold constituting the unpaid
expense accrual from the total Ounces of Gold in the Trust and then dividing by
the number of Baskets outstanding. Fractions of an Ounce of Gold included in
the Basket Gold Amount smaller than 0.001 Ounce shall be disregarded. The
Sponsor intends to publish, or may designate other persons to publish, for each
Business Day, the Basket Gold Amount. 

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

                    (d)
All deposited Gold shall be owned by the Trust and held for the Trust by the
Custodian. Pursuant to the Unallocated Account Agreement, the Custodian agrees
to use reasonable efforts to minimize the amount of Gold held for the Trust on
an Unallocated Basis at all times and the Custodian must allocate ownership of
Gold bars to the Trust such that no more than 430 Ounces of Gold are held on an
Unallocated Basis for the Trust at the end of each business day of the
Custodian. Cash and any assets of the Trust other than Gold shall be held by
the Trustee at such place and in such manner as the Trustee shall determine. 

8

          Section 2.4 Delivery of Shares. 

          Upon
receipt by the Trustee of a Purchase Order and the other documents required as
above specified, if any, and a confirmation from the Custodian that the Basket
Gold Amount has been Delivered to the Custodian for each Basket of Shares
requested in such Purchase Order and the Custodian is holding that Gold for the
account of the Trust, the Trustee, subject to the terms and conditions of this
Agreement and the Procedures, shall Deliver to the Depositor the number of
Baskets of Shares issuable in respect of such deposit as requested in the
corresponding Purchase Order, but only upon payment to the Trustee of the fees
and expenses of the Trustee as provided in Section 5.7 and of all taxes and
governmental charges and fees payable in connection with such deposit, the
transfer of the Gold and the issuance and Delivery of the Shares. 

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

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

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

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

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

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

9

          Section 2.6 Surrender of Shares and Withdrawal of Trust Property. 

                    (a)
Upon Surrender of any integral number of Baskets for the purpose of withdrawal
of the amount of Trust Property represented thereby, and upon payment of the
fee of the Trustee in connection with the Surrender of Shares as provided in
Section 5.7 and payment of all taxes and charges payable in connection with
such Surrender and withdrawal of Trust Property, and subject to the terms and
conditions of this Agreement, the Procedures and the practices of the
Depository, an Authorized Participant acting on authority of the Registered
Owner of those Shares will be entitled to Delivery, in accordance with the
provisions of this Agreement, as supplemented by any procedures attached to an
applicable Authorized Participant Agreement, to the extent those procedures are
consistent with this Agreement, of the amount of Trust Property at the time
represented by such Baskets, including the Basket Gold Amounts corresponding to
such Baskets on the applicable Order Date (determined as provided below).
Authorized Participants wishing to redeem one or more Baskets must place an
order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New
York time) on any Business Day. Redemption Orders received by the Trustee prior
to the Order Cutoff Time on a Business Day on which the Benchmark Price is
announced will have that Business Day as the Order Date. Redemption Orders
received by the Trustee on or after the Order Cutoff Time on any Business Day,
or on a Business Day on which the Benchmark Price is not announced, will have
as their Order Date the next Business Day on which the Benchmark Price is
announced. Gold will be Delivered by the Custodian only by credit to an account
of the Authorized Participant maintained by the Custodian or, if otherwise
expressly permitted by the Procedures, other LBMA-member custodian identified
by the Authorized Participant to the Custodian and the Trustee on an
Unallocated Basis. The Authorized Participant shall bear all risk of any loss
from the time the Gold is paid from the Trust Unallocated Account to the
Authorized Participant and neither the Trustee nor the Trust shall have any
liability for any such loss. 

                    (b)
The Trustee may require that a Certificate evidencing Shares Surrendered for
the purpose of withdrawal is properly endorsed in blank or accompanied by
proper instruments of transfer in blank. Upon a Surrender of an integral number
of Baskets of Shares and satisfaction of all the conditions for withdrawal of
Trust Property, the Trustee shall instruct the Custodian to Deliver, as
provided in the preceding paragraph, to or to the order of the Surrendering
Authorized Participant the amount of Gold represented by the Surrendered
Baskets of Shares and the Trustee shall pay or deliver to or to the order of
the Surrendering Authorized Participant the amount of any other Trust Property
represented by the Surrendered Baskets of Shares. Any Delivery of Gold other
than by credit to an account of the Authorized Participant maintained by the
Custodian on an Unallocated Basis will be at the expense and risk of the
Authorized Participant. The Trustee is not required to effect any physical
movement of Gold from one custody location to another to meet any request by a
Surrendering Authorized Participant as to where Gold will be Delivered. 

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

10

                    (d)
The Sponsor and the Trustee may, but shall have no obligation to, amend this
Agreement to provide for the sale of Gold to pay cash proceeds upon the
redemption of Shares. 

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

                    (a)
As a condition precedent to the Delivery, registration of transfer, split-up,
combination or Surrender of any Shares or withdrawal of any Trust Property, the
Trustee or Registrar may require payment from the Depositor or the Authorized
Participant Surrendering the Shares of a sum sufficient to reimburse it for any
tax or other governmental charges and any stock transfer or registration fee
with respect thereto (including any such tax or charge and fee with respect to
any securities being withdrawn) and payment of any applicable fees as herein
provided, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Trustee may establish consistent with the provisions of
this Agreement, including, without limitation, this Section 2.7. 

                    (b)
The Delivery of Shares against deposits of Gold and the registration of
transfer of Shares may be suspended generally, or refused with respect to
particular requested Deliveries, during any period when the transfer books of
the Trustee are closed or if any such action is deemed necessary or advisable
by the Trustee or the Sponsor for any reason at any time or from time to time.
Except as otherwise provided elsewhere in this Agreement, the Surrender of
Shares for purposes of withdrawing Trust Property may be suspended only (i)
during any period in which regular trading on the Exchange is suspended or
restricted or the Exchange is closed (other than scheduled holiday or weekend
closings), or (ii) during an emergency as a result of which Delivery, disposal
or evaluation of Gold is not reasonably practicable. 

          Section 2.8 Lost Certificates, Etc. 

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

          Section 2.9 Cancellation and Destruction of Surrendered Certificates. 

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

          Section 2.10 Splits and Reverse Splits of Shares. 

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

          If so
directed by the Sponsor, the Trustee shall not distribute any fraction of a
Share in connection with a split or reverse split of the Shares. The Trustee
may sell the aggregated 

11

fractions of
Shares that would otherwise be distributed in a split or reverse split of the
Shares or the amount of Trust Property that would be represented by those
Shares and distribute the net proceeds of those Shares or that Trust Property
to the Record Owners entitled to them. 

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

ARTICLE III. 

CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES

          Section 3.1 Liability of Registered Owner for Taxes and Other Governmental Charges. 

          If any tax
or other governmental charge shall become payable by the Trustee with respect
to any transfer or redemption of Shares, such tax or other governmental charge
shall be payable by the Registered Owner of such Shares to the Trustee. The
Trustee shall refuse to effect any registration of transfer of such Shares or
any withdrawal of Trust Property represented by such Shares until such payment
is made, and may withhold any distributions, or may sell for the account of the
Registered Owner thereof such Trust Property or Shares, and may apply such
distributions or the proceeds of any such sale in payment of such tax or other
governmental charge, and the Registered Owner of such Shares shall remain
liable for any deficiency. The Trustee shall distribute any net proceeds of a
sale made under the preceding sentence that remain, after payment of the tax or
other governmental charge, to the Registered Owners entitled thereto as in the
case of a distribution in cash. 

          Section 3.2 Warranties on Deposit of Gold. 

          Every
Person depositing Gold under this Agreement shall be deemed thereby to
represent and warrant that the Gold meets the requirements to be Gold and
contains the required number of Ounces, that the person making such deposit is
duly authorized to do so and that, at the time of delivery, the Gold is free
and clear of any lien, pledge, encumbrance, right, charge or claim (other than
the rights created by this Agreement). All representations and warranties
deemed made under this Section 3.2 shall survive the deposit of Gold, Delivery
or Surrender of Shares or termination of this Agreement. 

ARTICLE IV. 

ADMINISTRATION OF THE TRUST

          Section
4.1 Evaluation of Gold. 

          As promptly
as practicable after 4:00 p.m. (New York time), on each Business Day, the
Trustee shall determine the value of the Gold held or receivable by the Trust
on the basis of the Benchmark Price for that day. If no Benchmark Price is
announced on a Business Day, the Trustee shall determine the value of the Gold
held or receivable by the Trust for that day on the basis of the most recently
announced Benchmark Price prior to the evaluation time. However, if the Sponsor
determines that the price specified in the two preceding sentences is
inappropriate as a basis for evaluation, it shall identify an alternative basis
for evaluation to be employed by the Trustee. Gold deliverable under a Purchase
Order shall be included in the evaluation beginning 

12

on the Order Date. Gold deliverable under a Redemption Order shall not
be included in the evaluation on and after the Order Date. Neither the Trustee
nor the Sponsor shall be liable to any Person for the determination that the
most recently announced Benchmark Price is not appropriate as a basis for
evaluation of the Gold held or receivable by the Trust or for any determination
as to the alternative basis for evaluation, provided that such determination is
made in good faith. 

          If the
Sponsor determines that Benchmark Price will have the meaning set forth in part
(ii) of the definition of that term, the Trustee shall give notice to the
Registered Owners, and the Trustee shall not apply the new definition of
Benchmark Price until 60 days after the date of that notice. 

          Section
4.2 Responsibility of the Trustee for Evaluations. 

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

          Section 4.3
Trust Evaluation. 

          As promptly
as practicable after completion of the evaluation required under Section 4.1 on
each Business Day, the Trustee shall subtract all accrued fees (other than the
fees accruing for such Business Day computed by reference to the value of the
Trust or its assets), expenses and other liabilities of the Trust from the
total value of the deposited Gold determined by the Trustee pursuant to Section
4.1 and all other assets of the Trust. The resulting figure is the “Adjusted
Net Asset Value” of the Trust. All fees accruing for any Business Day computed
by reference to the value of the Trust or its assets shall be calculated on the
Adjusted Net Asset Value calculated for such Business Day. The Trustee shall
subtract from the Adjusted Net Asset Value the amount of accrued fees so
computed 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
Shares outstanding as of the close of business on the date of the evaluation
then being made, which figure is the “Net Asset Value per Share.” All fees,
expenses and other liabilities of the Trust that are or will be incurred or
accrued through the close of business on a Business Day shall be included in
the calculations required by this Section 4.3 for that Business Day. Shares
deliverable under a Purchase Order shall be considered to be outstanding for
purposes of this Section 4.3 beginning on the Order Date. Shares deliverable
under a Redemption Order shall not be considered to be outstanding for purposes
of this Section 4.3 on and after the Order Date. 

          Adjusted
Net Asset Value, Net Asset Value and Net Asset Value per Share shall be
computed in accordance with generally accepted accounting principles in the
United States. Any estimate of the expenses and liabilities of the Trust for
purposes of the computations 

13

required by this Section made by the Trustee in good faith shall be
conclusive upon all Persons interested in the Trust, and no revision or
correction in any computation made under this Agreement will be required by
reason of any difference in amounts estimated from those actually paid. 

          Section 4.4
Cash Distributions. 

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

          Section 4.5
Other Distributions. 

          Whenever
the Trustee receives any property in respect of Trust Property other than cash
proceeds of a sale of Trust Property (including any claim that accrues in favor
of the Trust on account of any loss of deposited Gold or other Trust Property),
the Trustee shall cause the securities or other property received by it to be
distributed to the Registered Owners entitled thereto, in proportion to the
number of Shares held by them respectively, after deduction or upon payment of
the expenses of the Trustee, in any manner that the Trustee may deem lawful,
equitable and feasible for accomplishing such distribution; provided, however,
that if in the opinion of the Trustee such distribution cannot be made
proportionately among the Registered Owners entitled thereto, or if for any other
reason (including, but not limited to, any requirement that the Trustee
withhold an amount on account of taxes or other governmental charges or that
securities must be registered under the Securities Act of 1933 in order to be
distributed to Registered Owners) the Trustee deems such distribution not to be
lawful or feasible, the Trustee shall adopt such method as it deems lawful,
equitable and feasible for the purpose of effecting such distribution and as
the Sponsor shall direct, after deduction or upon payment of the expenses of
the Trustee, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds
of any such sale shall be distributed by the Trustee to the Registered Owners
entitled thereto as in the case of a distribution received in cash. The Trustee
shall not be liable for any loss or depreciation resulting from any sale or
other disposition of property made by the Trustee pursuant to the Sponsor’s
instruction or otherwise made by the Trustee in good faith in accordance with
this Agreement. 

          Section 4.6 Fixing of Record Date. 

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

14

receive such
distribution or the net proceeds of the sale thereof, (ii) entitled to give
such proxies or consents in respect of any such solicitation, (iii) entitled to
receive shares as a result of any such split, reverse split or other change, or
(iv) entitled to act in respect of any other matter for which the record date
was set. 

          Section
4.7 Payment of Expenses; Gold Sales. 

	
  

 	
  

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

 
	
  

 	
  

 
	
  

 	
                  (i)
 the service fee payable to the Sponsor as set forth in Section 5.8; 

 
	
  

 	
  

 
	
  

 	
                  (ii)
 expenses of the Trust not assumed by the Sponsor pursuant to Section 5.3(g); 

 
	
  

 	
  

 
	
  

 	
                  (iii) taxes
 and other governmental charges; 

 
	
  

 	
  

 
	
  

 	
                  (iv)
 expenses and costs of any extraordinary services performed by the 

 
	
  

 	
  

 
	
 Trustee or the Sponsor on behalf of the Trust or action taken by the
 Trustee or the Sponsor to protect the Trust or the interests of Registered
 Owners;

 
	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

                    (b)
Subject to paragraph (d) of this Section, the Trustee will endeavor to sell the
smallest amounts of Gold needed to pay expenses in order to minimize the
Trust’s holdings of assets other than Gold. 

          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 under this Agreement. The Trustee shall
endeavor to sell Gold at such times and in the smallest amounts required to
permit payment of expenses as they come due without producing sale proceeds in
excess of the amount required for payment of expenses, it being the intention
to avoid or minimize the Trust’s holdings of assets other than Gold. If the
Trustee cannot sell Gold in the precise amount required for the payment of
expenses as they come due, and the Sponsor shall have agreed to advance funds
for such expenses as authorized hereby, the Trustee shall sell the maximum
amount of Gold which it can sell without producing excess proceeds. The Sponsor
is authorized and may, but is not required to, pay on behalf of the Trust the
amount of such expenses remaining unpaid immediately after such Gold sale; provided,
however, that the Trust shall accrue a liability, without interest, to the
Sponsor for reimbursement of such expense amounts so paid by the Sponsor until
such amounts can be wholly repaid in Ounces of Gold delivered to the Sponsor in
the same manner as, together with, and in addition to, the next payment of the
fees of the Sponsor pursuant to paragraph (d) of this Section. In the event
such reimbursement of the Sponsor cannot be wholly repaid in Ounces of Gold at
the next payment of the Sponsor’s fee, the Trust shall continue to accrue,
without interest, the amount of its reimbursement obligation to the Sponsor
(together with any other reimbursement obligations to the Sponsor) until such
reimbursement amounts can be wholly repaid in Ounces of Gold on a payment date
for the Sponsor’s fee. Neither the Trustee nor the 

15

Sponsor shall have any liability for loss or depreciation resulting
from sales of Gold so made. The Trustee shall not be liable or responsible in
any way for depreciation or loss incurred by reason of any sale made pursuant
to the Sponsor’s direction or otherwise in accordance with this Section. 

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

                    (d)
Payment of the fees of the Sponsor provided in Section 5.8(a) hereof and the
reimbursement of expenses paid by the Sponsor pursuant to paragraph (b) of this
Section shall be made by delivery to an account maintained by the Custodian for
the Sponsor on an Unallocated Basis, monthly on the first Business Day of the
month in respect of fees payable in respect of the prior month, of that number
of Ounces of Gold which shall equal (i) the daily accrual of the Sponsor’s fee
for such prior month calculated at the Benchmark Price for the day of accrual
and (ii) the amount of any outstanding expense reimbursement obligation
calculated at the Benchmark Price available on the date of the Trust’s payment
of such reimbursement obligation. 

          Section 4.8
Statements and Reports. 

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

                    (b)
The Trustee shall provide the Sponsor with such certifications, supporting
documents and other evidence regarding the Internal Control Over Financial
Reporting established and maintained by the Trust, and used by the Trustee in
connection with its preparation of the financial statements of the Trust, as
may be reasonably necessary in order to enable the Sponsor to prepare and file
or furnish to the Commission any certifications regarding such matters which
may be required to be included with the Trust’s periodic reports under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

                    (c)
The fiscal year of the Trust shall initially be the period ending December 31
of each year. The Sponsor shall have the continuing right to select an
alternate fiscal year. 

          Section 4.9
Further Provisions for Gold Sales. 

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

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

16

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

          When
selling Gold, the Trustee shall endeavor to place orders with dealers (which
may include the Custodian) as directed by the Sponsor, or in the absence of
such direction, with dealers through which the Trustee may reasonably expect to
obtain a favorable price and good execution of orders. The Custodian may be the
purchaser at the Benchmark Price. 

          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 4.9. 

          Section
4.10 Counsel. 

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

          Section
4.11 Grantor Trust. 

          Nothing in
this Agreement, any agreement with a Custodian, or otherwise, shall be
construed to give the Trustee the power to vary the investment of the
Beneficial Owners within the meaning of Section 301.7701-4(c) or any similar or
successor provision of the regulations under the Code, nor shall the Sponsor
give the Trustee any direction that would vary the investment of the Beneficial
Owners. However, the Trustee shall not be liable to any Person for any failure
of the Trust to qualify as a grantor trust under the Code or any comparable provision
of the laws of any State or other jurisdiction where that treatment is sought,
except that this sentence shall not limit the Trustee’s responsibility for the
administration of the Trust in accordance with this Agreement. 

ARTICLE V.

THE TRUSTEE AND THE SPONSOR

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

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

                    (b)
The Trustee shall keep a copy of this Agreement and books for the registration
of Shares and registration of transfers of Shares which at all reasonable times
shall be open for inspection by the Registered Owners during normal business
hours upon reasonable notice. 

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

17

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

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

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

          Section 5.3
Obligations of the Sponsor and the Trustee. 

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

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

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

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

                          (ii)
The Sponsor is authorized to negotiate the terms of the Authorized Participant
Agreement to be entered into with each Authorized Participant and shall have no
liability for any loss or damage incurred by the Trust resulting from any such
agreement 

18

negotiated in good faith. The Trustee shall have no liability with
respect to the negotiation of the terms of any Authorized Participant Agreement
or the form of any Authorized Participant Agreement (other than the Trustee’s
due execution, delivery and performance thereof). The terms of an Authorized
Participant Agreement shall not adversely affect the duties, rights and
responsibilities of the Trustee unless the Trustee expressly consents thereto,
which consent shall be evidenced by the Trustee’s execution and delivery of
such Authorized Participant Agreement. 

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

                    (f)
The Trustee shall be a fiduciary under this Agreement; provided, however, that
the fiduciary duties and responsibilities and liabilities of the Trustee shall
be limited by, and shall be only those specifically set forth in, this
Agreement. Without limiting the foregoing, all duties, rights, privileges and
liabilities of the Trustee set forth in this Agreement are subject to the
following: 

                          (i)
The Trustee shall not be under any obligation to appear in, prosecute or defend
any action that in its opinion may involve it in expense or liability, unless
it shall be furnished with reasonable security and indemnity against such
expense or liability. Subject to the foregoing, the Trustee shall, in its
discretion, undertake such action as it may deem necessary at any and all times
to protect the Trust and the rights and interest of all Beneficial Owners
pursuant to the terms of this Agreement. 

                          (ii)
Trust 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”), DTC, 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 held by the Trustee hereunder shall be held by it, without
interest thereon or investment thereof, as a deposit for the account of the
Trust. Such monies held hereunder shall be deemed segregated by maintaining such
monies in an account or accounts for the exclusive benefit of the Trust. 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. 

                          (iii)
If at any time the Trustee is served with any judicial or administrative order,
judgment, decree, writ or other form of judicial or administrative process that
in any way affects the Trust or 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 

19

counsel of its own choosing deems appropriate; however, the Trustee to
the extent practicable will inform the Sponsor of such order, judgment, decree,
writ or other form of judicial or administrative process that in any way
affects the Trust and consult in good faith with the Sponsor as to the course of
action by the Trustee. If the Trustee complies with any such 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. 

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

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

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

                          (vii)
The Trustee shall not be responsible in any respect for the form, execution,
validity, value, collectability or genuineness of documents, instruments or
securities 

20

deposited with or delivered to or held by it under this Agreement, or
for any description therein, or for the identity, authority or rights of
persons executing or delivering or purporting to execute or deliver any such
document, instrument or security. 

                          (viii)
At any time the Trustee may request an instruction in writing in English from
the Sponsor or an Authorized Participant with respect to any action which the
Sponsor or an Authorized Participant is authorized to direct the Trustee
hereunder, or under the Custody Agreements, any Authorized Participant
Agreement or any other agreement entered into by the Trustee in connection with
the Trustee’s administration of the Trust, and may, at its own option, include
in such request the course of action it proposes to take and the date on which
it proposes to act, regarding any matter arising in connection with its duties
and obligations under any such agreement. The Trustee shall not be liable for
acting in accordance with such a proposal on or after the date specified
therein, provided that the specified date shall be at least three (3) Business
Days after the Sponsor or Authorized 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. 

                          (ix)
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 Authorized Participant Agreement. The Trustee shall be indemnified as
provided in Section 5.6 hereof against any loss, liability, claim or expense
(including legal fees and expenses) it may incur in acting in accordance with
any such communication. 

                          (x)
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 Authorized 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. 

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

                          (xii)
In no event shall the Trustee be personally liable for any taxes or other
governmental charges imposed upon or in respect of the Gold or its custody,
moneys or 

21

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 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. This
paragraph shall survive notwithstanding any termination of this Agreement and
the Trust or the resignation or removal of the Trustee. 

                          (xiii)
The Trustee shall not be answerable for the default of the Initial Custodian or
any Custodian employed at the direction of the Sponsor or selected by the
Trustee with reasonable care. The Trustee 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 such custodians, agents, attorneys, accountants, auditors
or other professionals, exclusive of fees for services to be performed by the
Trustee, shall be paid as provided in Section 5.7(b) and 5.7(c), as applicable.
Fees paid for custody of assets other than Gold shall be an expense of the
Trustee. 

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

                    (g)
The Sponsor shall be responsible for all organizational expenses of the Trust,
and for the following administrative and marketing expenses of the Trust: fees
for the Trustee’s ordinary services and reimbursement of its out-of-pocket
expenses as provided in Section 5.7(b), the Custodian’s fee and expenses
reimbursable to a Custodian pursuant to a Custody Agreement (including, for
avoidance of doubt, any fees paid to the Initial Custodian under the Trust
Allocated Account Agreement and Trust Unallocated Account Agreement but
excluding taxes, other governmental charges and Custodian indemnification
obligations assumed by the Trustee in the Custody Agreements), listing fees of
the Exchange, registration fees charged by the Commission, printing and mailing
costs, audit fees and expenses and legal fees and expenses not in excess of
$100,000 per year. 

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

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

                    (b)
The Sponsor may remove the Trustee in its discretion by written notice
delivered to the Trustee in the manner provided in Section 7.5 at least 90 days
prior to the fifth 

22

anniversary of the date of this Agreement or, thereafter, by written
notice delivered to the Trustee at least 90 days prior to the last day of any
subsequent three-year period. 

                    (c)
If at any time the Trustee 

                          (i)
ceases to be a Qualified Bank, 

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

                          (iii)
fails to consent to the implementation of an amendment to the Trust’s initial
Internal Control Over Financial Reporting deemed necessary by the Sponsor and,
after consultations with the Sponsor, the Sponsor and the Trustee fail to
resolve their differences regarding such proposed amendment, the Sponsor,
acting on behalf of the Registered Owners, may remove the Trustee by written
notice delivered to the Trustee in the manner provided in Section 7.5, and such
removal shall take effect upon the appointment of a successor Trustee and its
acceptance of such appointment as hereinafter provided. 

                    (d)
If the Trustee acting hereunder resigns or is removed, the Sponsor, acting on
behalf of the Registered Owners, shall use its reasonable efforts to appoint a
successor Trustee, which shall be a Qualified Bank. Every successor Trustee
shall execute and deliver to its predecessor and to the Sponsor, acting on
behalf of the Registered Owners, an instrument in writing accepting its
appointment hereunder, and thereupon such successor Trustee, without any
further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor; but such predecessor, nevertheless,
upon payment of all sums due it and on the written request of the Sponsor,
acting on behalf of the Registered Owners, shall execute and deliver an
instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title
and interest in the Trust Property to such successor, and shall deliver to such
successor a list of the Registered Owners of all outstanding Shares. The
Sponsor or any such successor Trustee shall promptly mail notice of the
appointment of such successor Trustee to the Registered Owners. 

                    (e)
Any corporation into which the Trustee may be merged, consolidated or converted
in a transaction in which the Trustee is not the surviving corporation shall be
the successor of the Trustee without the execution or filing of any document or
any further act. During the 90-day period following the effectiveness of a
merger, consolidation or conversion described in the preceding sentence, the
Sponsor may, by written notice to the Trustee, remove the Trustee and designate
a successor Trustee in compliance with the provisions of subsection (c) above. 

          Section 5.5
The Custodian. 

                    (a)
The Trustee is hereby directed to enter into the Trust Allocated Account
Agreement and the Trust Unallocated Account Agreement with the Initial
Custodian. The Initial Custodian will be subject to the directions of the
Trustee as provided in such Custody Agreements, and will be responsible solely
to it and to Beneficial Owners to the extent UK law 

23

requires. If upon the resignation of any Custodian there would be no
Custodian acting hereunder, the Trustee shall, promptly after receiving such
notice of such resignation, appoint a substitute custodian or custodians
selected by the Sponsor pursuant to custody agreements approved by the Sponsor
(provided, however, that the rights and duties of the Trustee hereunder and
under the Custody Agreements shall not be materially altered without its
consent), each of which shall thereafter be a Custodian hereunder. When
directed by the Sponsor or if the Trustee in its discretion determines that it
is in the best interest of the Registered Owners to do so and with the written
approval of the Sponsor (which approval shall not be unreasonably withheld or
delayed), the Trustee shall appoint a substitute or additional custodian or
custodians, which shall thereafter be one of the Custodians hereunder. After
the date of this Agreement, the Trustee shall not enter into or amend any
Custody Agreement with a Custodian without the written approval of the Sponsor
(which approval shall not be unreasonably withheld or delayed). When instructed
by the Sponsor, the Trustee shall demand that a Custodian deliver such of the
Gold held by it as is requested of it to any other Custodian or such substitute
or additional custodian or custodians directed by the Sponsor. In connection
with such delivery the Trustee will, solely if and in the manner directed by
the Sponsor, cause the Gold to be weighed or assayed and any such weighing and
assay shall be an expense of the Trust pursuant to Section 4.7(a)(ii) hereof.
The Trustee shall have no liability for any delivery of Gold or weighing or
assaying of delivered Gold directed by the Sponsor pursuant to the preceding
provisions of this paragraph and in the absence of such direction shall have no
obligation to effect such a delivery or to cause the delivered Gold to be
weighed, assayed or otherwise validated. Each such substitute or additional custodian
shall, forthwith upon its appointment, enter into a Custody Agreement in form
and substance approved by the Sponsor. 

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

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

          Section 5.6
Indemnification. 

24

                    (a)
The Trustee, its directors, employees and agents (each, a “Trustee Indemnified
Party”) shall be indemnified from the Trust and held harmless against any loss,
liability or expense (including, but not limited to, the reasonable fees and
expenses of counsel) arising out of or in connection with the performance of
its obligations under this Agreement and under each other agreement entered into
by the Trustee in furtherance of the administration of the Trust (including,
without limiting the scope of the foregoing, the Custody Agreements and any
Authorized Participant Agreement, including the Trustee’s indemnification
obligations thereunder) or by reason of the Trustee’s acceptance of the Trust
incurred without (1) gross negligence, bad faith, willful misconduct or willful
malfeasance on the part of such Trustee Indemnified Party in connection with
the performance of its obligations under this Agreement or any such other
agreement or any actions taken in accordance with the provisions of this
Agreement or any such other agreement or (2) reckless disregard on the part of
such Trustee Indemnified Party of its obligations and duties under this Agreement
or any such other agreement. Such indemnity shall include payment from the
Trust of the costs and expenses incurred by such Trustee Indemnified Party in
defending itself against any claim or liability in its capacity as Trustee. Any
amounts payable to a Trustee Indemnified Party under this Section 5.6(a) may be
payable in advance or shall be secured by a lien on the Trust. 

                    (b)
The Sponsor and its members, managers, directors, officers, employees,
affiliates (as such term is defined under the Securities Act of 1933, as
amended) and subsidiaries (each, a “Sponsor Indemnified Party”) shall be
indemnified from the Trust and held harmless against any loss, liability or
expense (including, but not limited to, the reasonable fees and expenses of
counsel) arising out of or in connection with the performance of its
obligations under this Agreement and under each other agreement entered into by
the Sponsor, in furtherance of the administration of the Trust (including,
without limiting the scope of the foregoing, Authorized Participant Agreements
to which the Sponsor is a party, including the Sponsor’s indemnification
obligations thereunder) or any actions taken in accordance with the provisions
of this Agreement incurred without (1) gross negligence, bad faith, willful
misconduct or willful malfeasance on the part of such Sponsor Indemnified Party
in connection with the performance of its obligations under this Agreement or
any such other agreement or any actions taken in accordance with the provisions
of this Agreement or any such other agreement or (2) reckless disregard on the
part of such Sponsor Indemnified Party of its obligations and duties under this
Agreement. Such indemnity shall include payment from the Trust of the costs and
expenses incurred by such Sponsor Indemnified Party in defending itself against
any claim or liability in its capacity as Sponsor. Any amounts payable to a
Sponsor Indemnified Party under this Section 5.6(b) may be payable in advance
or shall be secured by a lien on the Trust. 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 Registered Owners and, in such event, the legal expenses and
costs of any such actions shall be expenses and costs of the Trust and the
Sponsor shall be entitled to be reimbursed therefor by the Trust. 

                    (c)
The indemnities provided by this section shall survive notwithstanding any termination
of this Agreement and the Trust or the resignation or removal of the Trustee or
the Sponsor, respectively. 

          Section 5.7
Charges of Trustee. 

25

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

                    (b)
The Trustee is entitled to receive from the Sponsor fees for its ordinary
services and reimbursement for its out-of-pocket expenses in accordance with
written agreements between the Sponsor and the Trustee. Should the Sponsor fail
to pay the same, the Trustee shall be authorized to charge the same to the
Trust to the extent of amounts which could be charged to the Trust under
Section 5.8(a) hereof in respect of the Sponsor’s fee (and the Trustee may
charge the same to the Trust to such extent without regard to whether, because
of the Sponsor’s default, fee waiver or other reason, the Sponsor may not then
be entitled to payment pursuant to Section 5.8(a)), and any amount paid to the
Sponsor pursuant to Section 5.8(a) shall be net of amounts so withheld. The
Trustee’s right of reimbursement shall be secured by a lien on amounts
chargeable to the Trust under Section 5.8(a), without giving effect to any fee
waiver then in effect, prior to the interest of the Sponsor, the Beneficial
Owners and any other Person. 

                    (c)
The Trustee is entitled to charge the Trust for all expenses and disbursements
incurred by it hereunder exclusive of amounts specified in the preceding
Section 5.7(b), including the fees and disbursements of its legal counsel and
those expenses identified in any Custody Agreement as payable by the Trustee,
except that the Trustee is not entitled to charge the Trust for (i) expenses
and disbursements incurred by it prior to the commencement of trading of Shares
on the Exchange and (ii) fees of agents for performing services the Trustee is
required to perform under this Agreement. The Trustee’s right of reimbursement
for expenses and disbursements under this paragraph shall be deductible from,
and constitute a lien against, the assets of the Trust. 

                    (d)
Any pecuniary cost of the Trustee resulting from actions taken to protect the
Trust and the rights and interest of the Registered Owners pursuant to the
terms of this Agreement, including, without limitation, the Trustee’s
appearance in, prosecution of or defense of any action that it considers
necessary or desirable to protect the Trust or the interests of the Beneficial
Owners, shall be deductible from, and constitute a lien against, the assets of
the Trust. 

          Section 5.8
Charges of Sponsor. 

                    (a)
The Sponsor is entitled to receive from the Trust, chargeable as an expense of
the Trust, a fee for services that will accrue daily and be paid monthly in
arrears in the manner provided in Section 4.7(d) at an annualized rate of 0.39%
of Adjusted Net Asset Value. The Sponsor may, at its sole discretion and from
time to time, waive all or a portion of its fee payable under this Section
5.8(a) for such periods of time as shall be specified in the Sponsor’s written
notice of such fee waiver to the Trustee. The Sponsor is under no obligation to
waiver its fees hereunder, and any such waiver shall create no obligation to
waive fees during any period not covered by the applicable waiver. Any fee
waiver by the Sponsor shall not operate to reduce Sponsor’s obligations
hereunder, including, but not limited to, the Sponsor’s obligations under
Section 5.3(g). 

26

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

          Section 5.9
Retention of Trust Documents. 

          The Trustee
is authorized to destroy those documents, records, bills and other data
compiled during the term of this Agreement at the times permitted by the laws
or regulations governing the Trustee, unless the Sponsor reasonably requests
the Trustee in writing to retain those items for a longer period. 

          Section
5.10 Federal Securities Law Filings.  

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

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

                    (c)
The policies and procedures comprising the Trust’s initial Internal Control
Over Financial Reporting have been adopted as of the date of this Agreement and
copies thereof have been delivered to the appropriate officers of the Sponsor
and the Trustee. Amendments to such initial Internal Control Over Financial
Reporting may be proposed from time to time by the 

27

Sponsor, but such amendments may not be adopted in connection with the
preparation of the Trust’s financial statements without the Trustee’s consent
(which consent will not be unreasonably withheld or delayed). 

          Section
5.11 Prospectus Delivery. 

          The Trustee
shall, if required by the federal securities laws of the United States, in any
manner permitted by such laws, deliver at the time of issuance of Shares, a
copy of the relevant prospectus, as most recently furnished to the Trustee by
the Sponsor, to each Depositor. 

          Section
5.12 Discretionary Actions by Trustee; Consultation. 

                    (a)
The Trustee may, in its discretion, undertake any action that it considers
necessary or desirable to protect the Trust or the interests of the Registered
Owners. The expenses incurred by the Trustee in connection with taking any
action under the preceding sentence (including the fees and disbursements of
legal counsel) shall be expenses of the Trust, and the Trustee shall be
entitled to be reimbursed for those expenses by the Trust. 

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

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

          Section
5.13 Dissolution of the Sponsor Not to Terminate Trust. 

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

ARTICLE VI. 

AMENDMENT AND TERMINATION

          Section 6.1 Amendment. 

          Subject to
Section 4.11 hereof, the Trustee and the Sponsor may amend any provisions of
this Agreement without the consent of any Registered Owner. Any amendment that
imposes or increases any fees or charges (other than taxes and other
governmental charges, registration fees or other such expenses), or that
otherwise prejudices any substantial existing right of the Registered Owners
will not become effective as to outstanding Shares until 30 days after notice
of such amendment is given to the Registered Owners. Amendments pursuant to
Sections 2.6(c) or (d) shall not require notice pursuant to the preceding
sentence. Every Registered Owner and 

28

Beneficial Owner, at the time any amendment so becomes effective, shall
be deemed, by continuing to hold any Shares or an interest therein, to consent
and agree to such amendment and to be bound by this Agreement as amended
thereby. In no event shall any amendment impair the right of the Registered
Owner of Shares to Surrender Baskets of Shares and receive therefor the amount
of Trust Property represented thereby, except in order to comply with mandatory
provisions of applicable law. 

          Section 6.2 Termination. 

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

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

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

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

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

                              (v)
the aggregate market capitalization of the Trust, based on the closing price
for the Shares, was less than $350 million (as adjusted for inflation by
reference to the Consumer Price Index as published by the Bureau of Labor
Statistics) at any time after the first anniversary after the Trust’s formation
and the Trustee receives, within six months after the last of those trading
days, notice from the Sponsor of its decision to terminate the Trust; 

                              (vi)
the CFTC determines that the Trust is a commodity pool under the Commodity
Exchange Act of 1936, as amended, and the Trustee has actual knowledge of that
determination; 

                              (vii)
the Trust fails to qualify for treatment, or ceases to be treated, for United
States federal income tax purposes, as a grantor trust, and the Trustee
receives notice from the Sponsor that the Sponsor determines that, because of
that tax treatment or change in tax treatment, termination of the Trust is
advisable;

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

                              (ix)
as provided in paragraph (c) of this Section 6.2.

29

                    (b) On and
after the date of termination of this Agreement, the Registered Owner of Shares
will, upon (i) Surrender of those Shares, (ii) payment of the fee of the
Trustee for the Surrender of Shares provided in Section 5.7, and (iii) payment
of any applicable taxes or other governmental charges, be entitled to Delivery,
to him or upon his order, of the amount of Trust Property represented by those
Shares. The Trustee shall not accept any deposits of Gold after the date of
termination of this Agreement. If any Shares remain outstanding after the date
of termination of this Agreement, the Trustee thereafter shall discontinue the
registration of transfers of Shares, shall not make any distributions to
Registered Owners, and shall not give any further notices or perform any
further acts under this Agreement, except that the Trustee shall continue to
collect distributions pertaining to Trust Property and hold the same uninvested
and without liability for interest, pay the Trust’s expenses and sell Gold as
necessary to meet those expenses and shall continue to deliver Trust Property,
together with any distributions received with respect thereto and the net
proceeds of the sale of any other property, in exchange for Shares Surrendered
to the Trustee (after deducting or upon payment of, in each case, the fee of
the Trustee set forth in Section 5.7 for the Surrender of Shares, any expenses
for the account of the Registered Owner of such Shares in accordance with the
terms and conditions of this Agreement, and any applicable taxes or other
governmental charges). At any time after the expiration of 90 days following
the date of termination of this Agreement, the Trustee shall sell the Trust
Property then held under this Agreement and may thereafter hold uninvested the
net proceeds of any such sale, together with any other cash then held by it
under this Agreement, without liability for interest, for the pro rata benefit
of the Registered Owners of Shares that have not theretofore been Surrendered.
After making such sale, the Trustee shall be discharged from all obligations
under this Agreement, except to account for such net proceeds and other cash
(after deducting, in each case, any fees, expenses, taxes or other governmental
charges payable by the Trust, the fee of the Trustee for the Surrender of
Shares and any expenses for the account of the Registered Owner of such Shares
in accordance with the terms and conditions of this Agreement, and any
applicable taxes or other governmental charges). Upon the termination of this
Agreement, the Sponsor shall be discharged from all obligations under this
Agreement except that its obligations to the Trustee under Sections 5.6, 5.7
and 5.8 shall survive termination of this Agreement. 

                    (c) If 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 terminate and liquidate the Trust and
distribute its remaining assets pursuant to this Section 6.2. The Trustee shall
have no obligation to appoint a successor Sponsor or to assume the duties of
the Sponsor and shall have no liability to any person because the Trust is or
is not terminated pursuant to this paragraph. 

ARTICLE VII.

MISCELLANEOUS

          Section 7.1 Counterparts. 

30

          This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of such counterparts shall constitute one and the
same instrument. Copies of this Agreement shall be filed with the Trustee and
shall be open to inspection by any Registered Owner during the Trustee’s
business hours. 

          Section 7.2 Third-Party Beneficiaries. 

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

          Section 7.3 Severability. 

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

          Section 7.4 Certain Matters Relating to Beneficial Owners.

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

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

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

                    (d)
No Beneficial Owner shall have any right to vote 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. 

31

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

          Section 7.5 Notices. 

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

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

To the Trustee: 

	
 

	
 

	
 

	
THE BANK OF
NEW YORK MELLON

	
 

	
2 Hanson
Place 

	
 

	
Brooklyn,
New York 11217

	
 

	
Attention:
Donald Guire

	
 

	
Telephone:
718-315-4927 

	
 

	
Facsimile:
718-315-4850

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

To the Sponsor: 

	
 

	
 

	
 

	
ETF
SECURITIES USA LLC

	
 

	
Ordnance
House

	
 

	
31 Pier Road

	
 

	
St. Helier,
Jersey JE48PW

	
 

	
Channel
Islands

	
 

	
Telephone:
011 44 207 448-4330

	
 

	
Attention:
President

          with a copy
to:

	
 

	
 

	
 

	
Katten
Muchin Rosenman LLP

	
 

	
575 Madison
Avenue

	
 

	
New York,
New York 10022

	
 

	
Attention:
Peter J. Shea, Esq.

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

32

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

          Section 7.6 Agent for Service; Submission to Jurisdiction. 

          The Sponsor
hereby (i) irrevocably designates and appoints Katten Muchin Rosenman LLP,
located at 575 Madison Avenue, New York, New York 10022, in the State of New
York, as the Sponsor’s authorized agent upon which process may be served in any
suit or proceeding arising out of or relating to the Shares, the Trust Property
or this Agreement, (ii) consents and submits to the jurisdiction of any state
or federal court in The City of New York, State of New York, in which any such
suit or proceeding may be instituted, and (iii) agrees that service of process
upon said authorized agent shall be deemed in every respect effective service
of process upon the Sponsor in any such suit or proceeding. The Sponsor agrees
to deliver, upon the execution and delivery of this Agreement, a written
acceptance by such agent of its appointment as such agent. The Sponsor further
agrees to take any and all action, including the filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment in full force and effect for so long as any Shares remain
outstanding or this Agreement remains in force. In the event the Sponsor fails
to continue such designation and appointment in full force and effect, the
Sponsor hereby waives personal service of process upon it and consents that any
such service of process may be made by certified or registered mail, return
receipt requested, directed to the Sponsor at its address last specified for
notices hereunder, and service so made shall be deemed completed five (5) days
after the same shall have been so mailed. 

          Each party
hereto, each Authorized Participant by its delivery of an Authorized
Participant Agreement and each Beneficial Owner by the acceptance of a Share,
irrevocably consents to the jurisdiction of the courts of the State of New York
and of any Federal Court located in the Borough of Manhattan in 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 7.7 Governing Law. 

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

33

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

	
 

	
 

	
 

	
 

	
 

	
 

	
ETF
SECURITIES USA LLC

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
      /s/
Graham Tuckwell

	
 

	
 

	
 

	

	
 

	
 

	
Name: Graham
Tuckwell

	
 

	
 

	
Title:
  President & Chief Executive Officer

	
 
	
 
	
 
	
 

	
WITNESSED:
	
WITNESSED:

	
 
	
 
	
 
	
 

	
By:
	
/s/ Rob Dawson
	
By:
	
/s/ Christopher Foulds

	
 
	

	
 
	

	
Name:
	Rob Dawson
	
Name:
	Christopher Foulds

	
 

	
 

	
 

	
 

	
 

	
 

	
THE BANK OF
NEW YORK MELLON,

as Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
      /s/
Andrew Pfeifer

	
 

	
 

	
 

	

	
 

	
 

	
Name: Andrew
Pfeifer

	
 

	
 

	
Title:
  Vice President

 [Signature Page to ETFS Asian Gold Depositary Trust Agreement]

 [Depositary Trust Agreement acknowledgment, Trustee]

	
 

	
 

	
STATE OF NEW
YORK

	
)

	
 

	
) ss.:

	
COUNTY OF
NEW YORK

	
)

On the 4th day of January, 2011 before me, the
undersigned, personally appeared Andrew Pfeifer, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted,
executed the instrument.

	
 

	
 

	
 

	
 

	
    /s/
Stephen F. Lappert

	
 

	
 

	

	
 

	
 

	
Notary
Public

(Notarial Seal)

EXHIBIT A

[Form of Certificate]

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

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

A-1

ETFS
PHYSICAL ASIAN GOLD SHARES

ISSUED BY

ETFS ASIAN GOLD TRUST

REPRESENTING

FRACTIONAL INTERESTS IN DEPOSITED GOLD AND ANY OTHER TRUST

PROPERTY

THE
BANK OF NEW YORK MELLON, as Trustee

	
 

	
 

	
 

	
 

	
No.

	
* Shares

	
 

	
 

	
 

	
 

	
CUSIP:

	
 

          THE BANK OF
NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies
that CEDE & CO., as nominee of The Depository Trust Company, or registered
assigns, is the owner of * Shares issued by ETFS Asian Gold Trust, each
representing a fractional undivided interest in the net assets of the Trust, as
provided in the Agreement referred to below. At the time of delivery of the
Agreement, each 50,000 Shares represented an interest in 5,000 Ounces of Gold
that are deposited under the Agreement and held by the Custodian referred to in
the Agreement. The amount of Gold in which each 50,000 Shares represents an
interest will decline over time as provided in the Agreement. The Trustee’s
Corporate Trust Office is located at a different address than its principal
executive office. Its Corporate Trust Office is located at 2 Hanson Place,
Brooklyn, New York 11217, and its principal executive office is located at One
Wall Street, New York, New York 10286. 

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

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
*

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

A-2

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

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

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
THE BANK OF
NEW YORK MELLON, 
as Trustee

	
 

	

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS
IS
2 HANSON PLACE, BROOKLYN, NEW YORK 11217

A-3Exhibit 10.1

EXECUTION COPY 

JPMORGAN CHASE BANK, N.A.

and

THE BANK OF NEW YORK MELLON

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

and not individually

	
  

 
	

 

 
	
  

 
	
 ALLOCATED ACCOUNT AGREEMENT

 
	
  

 
	

 

 

THIS AGREEMENT is made with effect on and from January 10,
2011

BETWEEN

	
  

 	
  

 
	
 (1)

 	
 JPMORGAN CHASE BANK, N.A, whose principal place of
business in England is at 125 London Wall, London EC2Y 5AJ (the “Custodian”);
and 

 
	
  

 	
  

 
	
 (2)

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

 

INTRODUCTION

	
  

 	
  

 
	
 (1)

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

 
	
  

 	
  

 
	
 (2)

 	
 Shares may be issued by the Trust against delivery of Bullion made by
 way of payment for the issue of such Shares. The Trustee has agreed that
 Bullion delivered to it on subscription for Shares will be paid into the
 Metal Accounts.

 
	
  

 	
  

 
	
 (3)

 	
 The Custodian has agreed to transfer Bullion from the Allocated
 Account into the Unallocated Account pursuant to the terms of this Agreement.

 
	
  

 	
  

 
	
 (4)

 	
 The Trustee has agreed that the Allocated Account will be established
 by the Trustee in its name (for each Shareholder pursuant to the Trust
 Agreement), and that the Trustee will have the sole right to give
 instructions for the making of any payments out of the Allocated Account. 

 

IT IS AGREED AS FOLLOWS

	
  

 	
  

 
	
 1.

 	
 INTERPRETATION

 
	
  

 	
  

 
	
 1.1

 	
 Definitions: Words and expressions
 defined in the Prospectus, unless otherwise defined herein, have the same
 meanings when used in this Agreement. In addition, in this Agreement, unless
 there is anything in the subject or context inconsistent therewith the
 following expressions shall have the following meanings:

 
	
  

 	
  

 
	
  

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

 

1

	
  

 	
  

 
	
  

 	
 “Allocated Account”
 means the allocated Bullion account, number 01588, established in the name of
 the Trustee with the Custodian pursuant to this Agreement;

 
	
  

 	
  

 
	
  

 	
 “Authorised Signatory”
 means, in relation to any person, an individual who is duly empowered to bind
 such person and whose authority is evidenced by a resolution of the board of
 directors (or any other appropriate means of authorisation) of such person,
 and, in relation to the Trustee, any individual named in the Trustee’s
 authorised signatory list having due authority to bind the Trustee, which
 list shall be provided by the Trustee from time to time;

 
	
  

 	
  

 
	
  

 	
 “Availability Date”
 means the London/Singapore Business Day on which the Trustee requests the
 Custodian to credit to the Allocated Account Bullion debited from the
 Unallocated Account;

 
	
  

 	
  

 
	
  

 	
 “Bullion” means gold in
 physical form complying with the Rules of the Relevant Association held by
 the Custodian or any Sub-Custodian under this Agreement and/or any credit
 balance in the Unallocated Account as the context requires;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “General Notice” means
 any notice given in accordance with this Agreement other than a Transfer
 Notice;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “London/Singapore Business Day” means a
 day which is both a London Business Day and a Singapore Business Day;

 
	
  

 	
  

 
	
  

 	
 “Metal Accounts” means the Allocated Account and the
 Unallocated Account; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “Prospectus” means the
 prospectus constituting a part of the registration statement filed on Form
 S-1, Registration Number 333-168277 with the Securities Exchange Commission
 in accordance with the U.S. Securities Act of 1933, as amended, in relation
 to the Shares dated on or about January 10, 2011, as the same may be
 modified, supplemented or amended from time to time;

 
	
  

 	
  

 
	
  

 	
 “Redemption” means the
 redemption of Shares by the Trust in accordance with the Conditions;

 

2

	
  

 	
  

 
	
  

 	
 “Redemption Form” means
 a notice in the form prescribed from time to time by the Trust requesting
 Redemption of Shares; 

 
	
  

 	
  

 
	
  

 	
 “Redemption Obligations”
 means the obligation of the Trust on Redemption of a Share to make payment or
 deliver Bullion to the relevant Authorized Participant or Shareholder in
 accordance with the Conditions; 

 
	
  

 	
  

 
	
  

 	
 “Relevant Association”
 means the London Bullion Market Association or its successors;

 
	
  

 	
  

 
	
  

 	
 “Rules” means the rules,
 regulations, practices and customs of the Relevant Association (including
 without limitation the requirements of “Good Delivery” under the rules of the
 Relevant Association), the Bank of England and such other regulatory
 authority or other body as shall affect the activities contemplated by this
 Agreement or the activities of a Sub-Custodian;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “Shares” means the units of fractional
 undivided beneficial interest in and ownership of the Trust which are issued
 by the Trust, named “ETFS Physical Asian Gold Shares” and created
 pursuant to and constituted by the Trust Agreement;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “Sponsor” means ETF Securities USA LLC, its successors and
 assigns and any successor Sponsor appointed pursuant to the Trust Agreement;

 
	
  

 	
  

 
	
  

 	
 “Sub-Custodian” means a
 sub-custodian, agent or depository (including an entity within the
 Custodian’s corporate group) appointed by the Custodian pursuant to clause 8
 to perform any of the Custodian’s duties under this Agreement including the
 custody and safekeeping of Bullion;

 
	
  

 	
  

 
	
  

 	
 “Transfer Notice” means
 any notice of a deposit or withdrawal made pursuant to clause 3 or clause 4
 of this Agreement;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “Trust Agreement” means
 the Depositary Trust Agreement of the ETFS Asian Gold Trust dated on or about
 January 10, 2011, as amended from time to time, between ETF Securities USA LLC, as Sponsor,
 and The Bank of New York Mellon, as Trustee; 

 
	
  

 	
  

 
	
  

 	
 “Unallocated Account”
 means the loco London unallocated Bullion account, number 01589, or the loco
 Singapore unallocated Bullion, account number 01596,

 

3

	
  

 	
  

 
	
  

 	
 each established in the name of the Trustee with the Custodian
 pursuant to the Unallocated Account Agreement;

 
	
  

 	
  

 
	
  

 	
 “Unallocated Account Agreement”
 means the Unallocated Account Agreement dated January 10, 2011 between the
 Trustee and the Custodian pursuant to which the Unallocated Account is
 established and operated;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 “Withdrawal Date” means
 the London/Singapore Day on which the Trustee wishes a withdrawal of Bullion
 from the Allocated Account to take place.

 

	
  

 	
  

 
	
 1.2

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

 
	
  

 	
  

 
	
 1.3

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

 
	
  

 	
  

 
	
 2.

 	
 ALLOCATED ACCOUNT

 
	
  

 	
  

 
	
 2.1

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

 
	
  

 	
  

 
	
 2.2

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

 
	
  

 	
  

 
	
 2.3

 	
 Denomination of Allocated Account: The Allocated Account will hold deposits of Bullion and will be
 denominated in fine troy ounces to three decimal places.

 
	
  

 	
  

 
	
 2.4

 	
 Reports: For
 each day which is a London/Singapore Business Day, by no later than the following
 London/Singapore Business Day, the Custodian will transmit to the Trustee a
 report showing the movement of Bullion into and out of the Allocated Account,
 identifying separately each transaction and the London/Singapore Business Day
 on which it occurred and providing sufficient information to identify each
 individual bar of Bullion held in the Allocated Account. For each calendar
 month, the Custodian will provide the Trustee within a reasonable time after
 the end of the month a statement of account for the Allocated Account. Such reports will be made
 available to the Trustee by means of the Custodian’s proprietary electronic
 Bullion Transfer System website (“eBTS”).
 In the event eBTS is unavailable for any reason, the Trustee and the
 Custodian will agree on a temporary notification system for making such
 reports available to the Trustee.

 
	
  

 	
  

 
	
 2.5

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

 

4

	
  

 	
  

 
	
 2.6

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

 
	
  

 	
  

 
	
 2.7

 	
 Access: The Custodian will allow the Sponsor and
 the Trustee and their Bullion auditors (currently Inspectorate International
 Limited) access to its premises during normal business hours, to examine the
 Bullion and such records as they may reasonably require to perform their
 respective duties with regard to investors in Shares. The Trustee agrees that
 any such access shall be subject to execution of a confidentiality agreement
 and agreement to the Custodian’s security procedures, and such audit shall be
 at the Trust’s expense and shall be limited to no more than twice a calendar
 year.

 
	
  

 	
  

 
	
 3.

 	
 DEPOSITS

 
	
  

 	
  

 
	
 3.1

 	
 Procedure: The Custodian shall receive deposits of
 Bullion into the Allocated Account relating to the same kind of Bullion and
 having the same denomination as that (or one of those) to which the Allocated
 Account relates only pursuant to transfers from the Unallocated Account. 

 
	
  

 	
  

 
	
 3.2

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

 
	
  

 	
  

 
	
 3.3

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

 
	
  

 	
  

 
	
 4.

 	
 WITHDRAWALS

 
	
  

 	
  

 
	
 4.1

 	
 Procedure: The Trustee may at any time give
 instructions to the Custodian for the withdrawal of Bullion from the
 Allocated Account but only by way of de-allocation to the Unallocated Account
 or such other account as the Trustee may instruct (subject to clause 4.3
 below). 

 
	
  

 	
  

 
	
 4.2

 	
 Notice Requirements: A confirmation from the Trustee
 to the Custodian, given through eBTS (or such other authenticated method as
 may be agreed by the parties) or in writing, that a valid Redemption Form has
 been lodged for Shares shall be deemed an instruction given under clause 4.1
 unless otherwise notified in writing by the Trustee. Any other notice
 relating to a withdrawal of Bullion must be in writing. 

 

5

	
  

 	
  

 
	
 4.3

 	
 Right to amend procedure: The Custodian may amend the
 procedure for the withdrawal of Bullion only where such amendment is caused
 by a change in the Rules or procedures of the Relevant Association. Any such
 amendment will be subject to the notification conditions of the preceding
 clause 3.2 and will be promptly notified to the Sponsor and the Trustee, such
 notice to be given in advance of implementation whenever practicable.

 
	
  

 	
  

 
	
 4.4

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

 
	
  

 	
  

 
	
 4.5

 	
 Collection of Bullion: The Trustee agrees that in the
 normal course (which, for the avoidance of doubt, shall not include
 withdrawal in connection with the termination of this Agreement) withdrawal
 of Bullion from the Allocated Account shall be by way of de-allocation and
 subsequent credit of Bullion to the Unallocated Account.

 
	
  

 	
  

 
	
 4.6

 	
 De-allocation: Following
 receipt by the Custodian of notice for the withdrawal of Bullion from the
 Allocated Account pursuant to clause 4.1, the Custodian shall de-allocate
 sufficient Bullion from the Allocated Account to credit the Unallocated
 Account in the amount required. The Trustee acknowledges that the process of
 de-allocation of Bullion for withdrawal and/or credit to the Unallocated
 Account may involve minimal adjustments to the weight of Bullion to be
 withdrawn to adjust such weight to the whole bars available.

 
	
  

 	
  

 
	
 4.7

 	
 Risk: With the exception of any transfer of
 Bullion between loco London and loco Singapore pursuant to clause 4.3 of the
 Unallocated Account Agreement, which shall be at the Custodian’s risk, where
 there is a shipment to or from the Custodian of Bullion, all right, title and
 risk in and to such Bullion shall pass at the Point of Delivery to the
 relevant person for whose account the Bullion is being delivered.

 
	
  

 	
  

 
	
 5.

 	
 INSTRUCTIONS

 
	
  

 	
  

 
	
 5.1

 	
 Giving of Instructions: Only the Trustee shall have the
 right to give instructions to the Custodian for deposit of Bullion to or
 withdrawal of Bullion from the Allocated Account. All such instructions given
 by the Trustee to the Custodian shall be given in writing and signed by two
 Authorised Signatories of the Trustee. The Trustee shall notify the Custodian
 in writing of the names of the people who are authorised to give instructions
 on the Trustee’s behalf. Until the Custodian receives written notice to the
 contrary, the Custodian is entitled to assume that any of those people have
 full and unrestricted power to give instructions on the Trustee’s behalf. The
 Custodian is also entitled to rely on any instructions which are from, or
 which

 

6

	
  

 	
  

 
	
  

 	
 purport to emanate from, any person who appears to have such
 authority.

 
	
  

 	
  

 
	
 5.2

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

 
	
  

 	
  

 
	
 5.3

 	
 Amendments: Once given, instructions continue in full
 force and effect until they are cancelled, amended or superseded. Notice of
 amendment shall have effect only after actual receipt by the Custodian.

 
	
  

 	
  

 
	
 5.4

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

 
	
  

 	
  

 
	
 5.5

 	
 Refusal to Execute: The Custodian will, where practicable,
 refuse to execute instructions if in the Custodian’s opinion they are or may
 be contrary to the Rules or any applicable law.

 
	
  

 	
  

 
	
 6.

 	
 CONFIDENTIALITY

 
	
  

 	
  

 
	
 6.1

 	
 Disclosure to Others: Subject
 to clause 6.2, each of the Trustee and the Custodian shall respect the
 confidentiality of information acquired under this Agreement and will not,
 without the other party’s consent, disclose to any other person any
 transaction or other information acquired about the other party, its business
 or the Trust under this Agreement, in the event such other party has made
 clear, at or before the time such information is provided, that such
 information is being provided on a confidential basis.

 
	
  

 	
  

 
	
 6.2

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

 
	
  

 	
  

 
	
 7.

 	
 CUSTODY SERVICES

 
	
  

 	
  

 
	
 7.1

 	
 Appointment: The Trustee hereby appoints the Custodian to
 act as custodian of the Bullion in accordance with this Agreement and any
 Rules which apply to the Custodian. 

 

7

	
  

 	
  

 
	
 7.2

 	
 Segregation of Bullion: The Custodian will be responsible for the safekeeping of the Bullion
 on the terms and conditions of this Agreement. The Custodian will segregate
 the Bullion from any bullion which the Custodian owns or holds for others by
 making appropriate entries in its books and records and will require
 Sub-Custodians to segregate the Bullion from any gold which they own or hold
 for others by making appropriate entries in their books and records. The
 Custodian shall be deemed to have required such segregation in relation to
 the Sub-Custodians named in clause 8.1.

 
	
  

 	
  

 
	
 7.3

 	
 Ownership of Bullion: The Custodian will identify in its books that the Bullion belongs to
 the Trustee (on trust for the Shareholders).

 
	
  

 	
  

 
	
 7.4

 	
 Location of Bullion: Subject to and in accordance
 with clause 8.1 and unless otherwise agreed between the parties, Bullion must
 be held by the Custodian at its Singapore vault premises. The Custodian
 agrees that it shall use, or where applicable procure any Sub-Custodian to
 use, commercially reasonable efforts promptly to transport any Bullion held
 for the Trustee to its Singapore vault premises at the Custodian’s cost and
 risk. The Custodian agrees that all delivery and packing shall be in
 accordance with the Rules and Relevant Association good market practices.

 
	
  

 	
  

 
	
 8.

 	
 SUB-CUSTODIANS

 
	
  

 	
  

 
	
 8.1

 	
 Sub-Custodians: The Custodian may employ Sub-Custodians
 solely for the temporary custody and safekeeping of Bullion until transported
 to the Custodian’s Singapore vault premises as provided in clause 7.4. The
 Sub-Custodians the Custodian selects may themselves select sub-custodians to
 provide such temporary custody and safekeeping of Bullion, but such
 sub-custodians shall not by such selection or otherwise be, or be considered
 to be, a Sub-Custodian as such term is used herein. The Custodian will use
 reasonable care in selecting any Sub-Custodian. As of the date of this
 Agreement, the Sub-Custodians that the Custodian uses are: the Bank of
 England, Barclays Bank plc, Brink’s Global Services Inc., Deutsche Bank AG,
 HSBC Bank USA, N.A., The Bank of Nova Scotia—ScotiaMocatta, Union Bank of
 Switzerland (UBS) and Via Mat International. The Custodian will notify each
 of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or
 stops using any Sub-Custodian for such purpose. The receipt of notice by each
 of the Trustee and the Sponsor that the Custodian has selected a
 Sub-Custodian (including those named in this clause 8.1) shall not be deemed
 to limit the Custodian’s responsibility in selecting such Sub-Custodian. 

 
	
  

 	
  

 
	
 8.2

 	
 Liability: Except for the Custodian’s obligation to
 make commercially reasonable efforts to obtain delivery of Bullion from
 Sub-Custodians, the Custodian shall not be liable in contract, tort or otherwise
 for any loss, damage or expense arising directly or indirectly from an act or
 omission, or insolvency, of any Sub-Custodian or any further delegate of such
 Sub-Custodian unless the appointment of that Sub-Custodian was made by the
 Custodian negligently or in bad faith. 

 

8

	
  

 	
  

 
	
 9.

 	
 REPRESENTATIONS

 
	
  

 	
  

 
	
 9.1

 	
 Trustee’s Representations: The Trustee represents and
 warrants to the Custodian that (such representations and warranties being
 deemed to be repeated upon each occasion of deposit of Bullion under this
 Agreement):

 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 the Trustee has all necessary authority, powers, consents, licences
 and authorisations (which have not been revoked) and has taken all necessary
 action to enable it lawfully to enter into and perform its duties and
 obligations under this Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 the person entering into this Agreement on behalf of the Trustee has
 been duly authorised to do so; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

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

 

	
  

 	
  

 
	
 9.2

 	
 Custodian’s Representations: The Custodian represents and
 warrants to the Trust that (such representations and warranties being deemed
 to be repeated upon each occasion of deposit of Bullion under this
 Agreement):

 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 the Custodian has all necessary authority, powers, consents, licences
 and authorisations (which have not been revoked) and has taken all necessary
 action to enable it lawfully to enter into and perform its duties and
 obligations under this Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 the person entering into this Agreement on behalf of the Custodian
 has been duly authorised to do so; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

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

 

	
  

 	
  

 
	
 10.

 	
 FEES AND EXPENSES

 
	
  

 	
  

 
	
 10.1

 	
 Fees: For the Custodian’s services
 under this Agreement, the Trustee has procured the Sponsor’s written
 agreement, to which the Custodian has agreed, to pay the Custodian’s fee for
 services under this Agreement.

 

9

	
  

 	
  

 
	
 10.2

 	
 Expenses: The Trustee has
 procured the Sponsor’s written agreement, to which the Custodian has agreed,
 to pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and
 VAT, duties and other governmental charges, (ii) fees for storage and
 insurance of the Bullion and any fees and expenses of Sub-Custodians, which
 will be recovered under clause 10.1, and (iii) indemnification obligations of
 the Trustee under clause 12.5 which will be paid pursuant to the following
 sentence) incurred by the Custodian in connection with the performance of its
 duties and obligations under this Agreement or otherwise in connection with
 the Bullion. The Trustee will procure payment on demand, solely from and to
 the extent of the assets of the Trust, of any other costs, charges and
 expenses not paid by the Sponsor under its agreement with the Custodian
 procured under this clause 10.2 (including any relevant taxes and VAT,
 duties, other governmental charges and indemnification claims of the
 Custodian payable by the Trustee pursuant to clause 12.5, but excluding fees
 for storage and insurance of the Bullion and any fees and expenses of
 Sub-Custodians, which will be recovered under clause 10.1) incurred by the
 Custodian in connection with the Bullion.

 
	
  

 	
  

 
	
 10.3

 	
 Default Interest: If neither the Trustee nor the
 Sponsor, as the case may be, procures payment to the Custodian of any amount
 when it is due, the Custodian reserves the right to charge the relevant party
 interest (both before and after any judgement) on any such unpaid amount
 calculated at a rate equal to 1% above the overnight London Interbank Offered
 Rate (LIBOR) for the currency in which the amount is due. Interest will
 accrue on a daily basis and will be due and payable as a separate debt.

 
	
  

 	
  

 
	
 10.4

 	
 Credit Balances: No interest or
 other amount will be paid by the Custodian on any credit balance on an
 Allocated Account.

 
	
  

 	
  

 
	
 10.5

 	
 Recovery from Trust: Amounts payable pursuant to
 this clause 10 shall not be debited from the Allocated Account, but shall be
 payable on behalf of the Trust, and the Custodian hereby acknowledges that it
 will have no recourse against Bullion standing to the credit of the Allocated
 Account or to the Trustee individually in respect of any such amounts.

 
	
  

 	
  

 
	
 11.

 	
 VALUE ADDED TAX

 
	
  

 	
  

 
	
 11.1

 	
 VAT Inclusive: All sums payable under this Agreement by
 the Trust to the Custodian shall be deemed to be inclusive of VAT if and to
 the extent VAT is properly chargeable on any supplies made by the Custodian
 to the Trust pursuant to this Agreement.

 
	
  

 	
  

 
	
 11.2

 	
 VAT Invoice: If VAT is properly chargeable on any
 supplies made by the Custodian to the Trust pursuant to this Agreement, the
 Custodian shall provide a valid VAT invoice to the Trust.

 
	
  

 	
  

 
	
 12.

 	
 SCOPE OF RESPONSIBILITY

 
	
  

 	
  

 
	
 12.1

 	
 Exclusion of Liability: The Custodian will use
 reasonable care in the performance of its duties under this Agreement and
 will only be responsible for

 

10

	
  

 	
  

 
	
  

 	
 any loss or damage suffered as a direct result of any negligence,
 fraud or wilful default on its part in the performance of its duties, and in
 which case its liability will not exceed the market value of the Bullion lost
 or damaged at the time such negligence, fraud or wilful default is discovered
 by the Custodian, provided the Custodian notifies the Trustee promptly after
 any discovery of such lost or damaged Bullion.

 
	
  

 	
  

 
	
 12.2

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

 
	
  

 	
  

 
	
 12.3

 	
 Insurance: The Custodian (or one of its Affiliates) shall make such insurance arrangements from
 time to time in connection with the Custodian’s custodial obligations as the
 Custodian considers appropriate, and the Custodian will be responsible for
 all costs, fees and expenses (including any relevant taxes) in relation to
 any such insurance policy or policies; provided, however, that, unless
 the Sponsor wishes to enter into additional insurance arrangements
 specifically relating to the Bullion held in the Allocated Account, the
 Custodian is under no duty or obligation to specifically insure such Bullion
 against any risk (including the risk of loss, damage, destruction or
 mis-delivery) and, in respect of any such insurance specifically relating to
 the Trust’s Bullion held in the Allocated Account, the Trust will be responsible
 for all costs, fees and expenses (including any relevant taxes) in relation
 to the insurance policy. Upon reasonable prior written notice, in connection
 with the preparation of the initial registration statement under the United
 States Securities Act of 1933, as amended, covering any Shares, the Custodian
 will allow its insurance to be reviewed by the Trustee and by the Sponsor.
 The Custodian also will allow the Trustee and the Sponsor to review such
 insurance in connection with any amendment to that initial registration
 statement and from time to time, in each case upon reasonable prior written
 notice from the Trustee. Any permission to review the Custodian’s insurance
 is limited to the term of this Agreement and is conditioned on the reviewing
 party executing a form of confidentiality agreement provided by the
 Custodian, or if the confidentiality agreement is already in force,
 acknowledging that the review is subject thereto.

 
	
  

 	
  

 
	
 12.4

 	
 Force Majeure: The Custodian shall not be
 liable for any delay in performance, or for the non-performance, of any of
 its obligations under this Agreement by reason of any cause beyond the
 Custodian’s reasonable control. This includes any act of God or war or
 terrorism or any breakdown, malfunction or failure of transmission,
 communication or computer facilities, industrial action, acts and regulations
 of any governmental or supra national bodies or authorities or regulatory or
 self-regulatory organisation or failure to any such body, authority or
 organization, for any reason, to perform its obligations; provided, however,
 that the Custodian agrees to use reasonable efforts to assist the Trustee in
 finding a replacement custodian (including, but not limited to, agreeing to
 an assignment of its rights and obligations hereunder) should any event
 described in this clause 12.4 so prevent the Custodian from performing its
 obligations. 

 

11

	
  

 	
  

 
	
 12.5

 	
 Indemnity: The Trustee, solely from and to
 the extent of the assets of the Trust, shall indemnify and keep indemnified
 the Custodian (on an after tax basis) on demand against all costs and
 expenses, damages, liabilities and losses (other than VAT and the expenses
 assumed by the Sponsor under its agreement with the Custodian procured under
 clause 10.2) which the Custodian may suffer or incur, directly or indirectly
 in connection with this Agreement except to the extent that such sums are due
 directly to the negligence, wilful default or fraud of the Custodian.

 
	
  

 	
  

 
	
 12.6

 	
 Third Parties: Except with respect to the Trust, which
 shall be considered a beneficiary of this entire Agreement, and to the
 Sponsor, which shall be considered a beneficiary (as applicable) of clauses
 2.7 and 12.3, the Custodian does not owe any duty or obligation or have any
 liability towards any person who is not a party to this Agreement. Except as
 set forth in this clause 12.6, this Agreement does not confer a benefit on
 any person who is not a party to it. The parties hereto do not intend that
 any term of this Agreement shall be enforceable by any person who is not a party
 to it and do intend that the Contracts (Rights of Third Parties) 1999 Act
 shall not apply to this Agreement, provided that the Sponsor may enforce its
 rights under clauses 2.7 and 12.3. Nothing in this paragraph is intended to
 limit the obligations hereunder of any successor Trustee of the Trust or to
 limit the right of any successor Trustee of the Trust to enforce the
 Custodian’s obligations hereunder. 

 
	
  

 	
  

 
	
 13.

 	
 TERM AND TERMINATION

 
	
  

 	
  

 
	
 13.1

 	
 Method: Subject to clause 13.2 below,
 either the Trustee or the Custodian may terminate this Agreement for any
 reason, including if the Custodian ceases to offer the services contemplated
 by this Agreement to its clients or proposes to withdraw from the Bullion
 business, by giving not less than 90 days’ written notice to the other party.
 Any such notice given by the Trustee must specify: 

 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 the date on which the termination will take effect;

 
	
  

 	
  

 	
  

 
	
  

 	
 (2)

 	
 the person to whom the Bullion is to be made available; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

 	
 all other necessary arrangements for the redelivery of the Bullion to
 the order of the Trustee.

 

	
  

 	
  

 
	
 13.2

 	
 Term: This Agreement shall have a fixed term up to and
 including five years and will automatically renew for a further term of five
 years thereafter unless terminated by the parties in accordance with this
 clause 13; provided
 that during such periods this Agreement may be
 terminated immediately upon written notice as follows:

 

	
  

 	
  

 	
  

 
	
  

 	
 (1)

 	
 by the Trustee, if the Custodian ceases to offer the services
 contemplated by this Agreement to its clients or proposes to withdraw from
 the Bullion business;

 

12

	
  

 	
  

 	
  

 
	
  

 	
 (2)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (3)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (4)

 	
 by the Trustee, if there is any event which, in the Trustee’s sole
 view, indicates the Custodian’s insolvency or impending insolvency;

 
	
  

 	
  

 	
  

 
	
  

 	
 (5)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (6)

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

 

	
  

 	
  

 
	
 13.3

 	
 Change in Trustee: If there is any change in the identity of
 the Trustee in accordance with the Trust Agreement, then the Custodian, the
 Trustee and the Trust shall execute such documents and shall take such
 actions as the new Trustee and the outgoing Trustee may reasonably require
 for the purpose of vesting in the new Trustee the rights and obligations of
 the outgoing Trustee, and releasing the outgoing Trustee from its future
 obligations under this Agreement.

 
	
  

 	
  

 
	
 13.4

 	
 Redelivery Arrangements: If the Trustee does not make
 arrangements acceptable to the Custodian for the redelivery of the Bullion,
 the Custodian may continue to store the Bullion, in which case the Custodian
 will continue to charge the fees and expenses payable under clause 10. If the
 Trustee has not made arrangements acceptable to the Custodian for the
 redelivery of the Bullion within six months of the date specified in the
 termination notice as the date on which the termination will take effect, the
 Custodian will be entitled to sell the Bullion and account to the Trustee for
 the proceeds. 

 
	
  

 	
  

 
	
 13.5

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

 
	
  

 	
  

 
	
 14.

 	
 NOTICES

 
	
  

 	
  

 
	
 14.1

 	
 Transfer Notices: Subject to clause 5.1, any Transfer Notice shall be in writing in
 English and shall be marked “Urgent – This Requires Immediate Attention” and
 signed by or on behalf of the party giving it (or its duly authorised
 representative). Any Transfer Notice shall be sent either by facsimile or
 such other authenticated method as may, from time to time, be agreed between
 the parties. Any Transfer Notice shall be deemed to have been given, made or
 served upon actual receipt by the recipient.

 

13

	
  

 	
  

 
	
 14.2

 	
 General Notices: Any General Notice shall be in
 writing in English and shall be marked “Urgent – This Requires Immediate
 Attention” and shall be signed by or on behalf of the party giving it (or its
 duly authorised representative). Any General Notice shall be given, made or
 served by sending the same by pre-paid registered post (first class if
 inland, first class airmail if overseas) or facsimile transmission. Any
 General Notice sent by pre-paid registered post shall be deemed to have been
 received three London/Singapore Business Days in the case of inland post or
 seven London/Singapore Business Days in the case of overseas post after
 despatch. Any General Notice sent by facsimile shall be deemed to have been
 given, made or served upon actual receipt by the recipient.

 
	
  

 	
  

 
	
 14.3

 	
 The addresses and numbers of the parties for the purposes of clauses
 14.1 and 14.2 are:

 

	
  

 	
  

 	
  

 
	
  

 	
 The
 Custodian:

 	
 JPMorgan
 Chase Bank, N.A. 

 
	
  

 	
  

 	
 125
 London Wall

 
	
  

 	
  

 	
 London
 EC2Y 5AJ

 
	
  

 	
  

 	
 Attention: Peter Smith –
 Global Commodities

 
	
  

 	
  

 	
 Facsimile No. +44 207 777
 4915

 
	
  

 	
  

 	
  

 
	
  

 	
 The Trustee:

 	
 The Bank of New York
 Mellon

 
	
  

 	
  

 	
 2 Hanson Place

 
	
  

 	
  

 	
 Brooklyn, New York 11217

 
	
  

 	
  

 	
 Attention: Donald Guire

 
	
  

 	
  

 	
 Facsimile: 718-315-4927

 
	
  

 	
  

 	
  

 
	
  

 	
 or such other address or facsimile number as shall have been notified
 (in accordance with this clause) to the other party hereto. The address and
 numbers of the Sponsor for purposes of receiving notices under this Agreement
 is:

 
	
  

 	
  

 	
  

 
	
  

 	
 The Sponsor:

 	
 ETF Securities USA LLC

 
	
  

 	
  

 	
 Ordnance House

 
	
  

 	
  

 	
 31 Pier Road

 
	
  

 	
  

 	
 St. Helier, Jersey

 
	
  

 	
  

 	
 JE4 Channel Islands

 
	
  

 	
  

 	
 Fax: +441534825335

 
	
  

 	
  

 	
 Attention: US Fund Services

 

	
  

 	
  

 
	
 14.4

 	
 Recording of Calls: Each of the Custodian and the Trustee may
 record telephone conversations without use of a warning tone. Such records
 will be the recording party’s sole property and accepted by the other parties
 hereto as evidence of the orders or instructions given.

 
	
  

 	
  

 
	
 15.

 	
 GENERAL

 
	
  

 	
  

 
	
 15.1

 	
 Role of Trustee: The Trustee is a party to this
 Agreement in its capacity as Trustee for the Shareholders and accordingly (i)
 the Trustee shall only be liable to satisfy any obligations under this
 Agreement, including any obligations or liabilities arising in connection
 with any default by the Trustee under this

 

14

	
  

 	
  

 
	
  

 	
 Agreement, to the extent of the assets held from time to time by the
Trustee as trustee of the trusts constituted by the Trust Agreement (the
“Trust Assets”) to the extent authorized by the Trust Agreement and (ii) no
recourse shall be had to (a) any assets other than the Trust Assets,
including any of the assets held by the Trustee as trustee, co-trustee or
nominee of a trust other than the trusts constituted by the Trust Agreement,
as owner in its individual capacity or in any way other than as trustee of
the trusts constituted by the Trust Agreement; or (b) the Trustee for any
assets that have been distributed by the Trustee to the beneficiaries of the
trusts constituted by the Trust Agreement. 

 
	
  

 	
  

 
	
 15.2

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

 
	
  

 	
  

 
	
 15.3

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

 
	
  

 	
  

 
	
 15.4

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

 
	
  

 	
  

 
	
 15.5

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

 
	
  

 	
  

 
	
 15.6

 	
 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.

 

15

	
  

 	
  

 
	
 15.7

 	
 Entire Agreement: This document represents the entire agreement between the parties
 hereto in respect of its subject matter save for any agreements made with
 fraudulent intent, and excludes any prior agreements or representations. This
 Agreement supersedes and replaces any prior existing agreement between the
 parties relating to the same subject matter.

 
	
  

 	
  

 
	
 15.8

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

 
	
  

 	
  

 
	
 15.9

 	
 Business Days: If any obligation falls due to
 be performed on a day which is not a New York Business Day or a
 London/Singapore Business Day, then the relevant obligations shall be
 performed on the next succeeding New York Business Day or London/Singapore
 Business Day, as applicable.

 
	
  

 	
  

 
	
 15.10

 	
 Prior Agreements: The Custodian or any member of
the JPMorgan group of companies (the “JPMorgan Group”) may trade in Shares
for its own account as principal, may have underwritten or may underwrite an
issue of Shares or, together with any such entities’ directors, officers or
employees, may have a long or short position in Shares or in any related security
or instrument. Brokerage or other fees may be earned by any member of the
JPMorgan Group or persons associated with them in respect of any business
transacted by them in all or any of the aforementioned securities or
instruments.  

 
	
  

 	
  

 
	
 16.

 	
 GOVERNING LAW AND JURISDICTION 

 
	
  

 	
  

 
	
 16.1

 	
 Governing Law: This Agreement and any dispute or claim
 arising out of or in connection with it or its subject matter or formation
 (including non-contractual disputes or claims) are governed by, and will be
 construed in accordance with, English law.

 
	
  

 	
  

 
	
 16.2

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

 
	
  

 	
  

 
	
 16.3

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

 

16

	
  

 	
  

 
	
 16.4

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

 

	
  

 	
  

 
	
  

 	
 Custodian’s Address for service of
 process:

 
	
  

 	
  

 
	
  

 	
 JPMorgan
 Chase Bank, N.A. 

 
	
  

 	
 125
 London Wall

 
	
  

 	
 London
 EC2Y 5AJ

 
	
  

 	
 Facsimile
 No.: +44 207 777 4915

 
	
  

 	
 Attention:
 Peter Smith – Global Commodities

 
	
  

 	
  

 
	
  

 	
 With a copy to:

 
	
  

 	
  

 
	
  

 	
 JPMorgan Chase Bank, N.A.

 
	
  

 	
 125 London Wall, 13th Floor

 
	
  

 	
 London EC2Y 5AJ

 
	
  

 	
 Facsimile No.: +44 (0)20 7325 8150

 
	
  

 	
 Attention: Legal Department-FX and Derivatives Group

 
	
  

 	
  

 
	
  

 	
 Trustee’s Address for service of process:

 
	
  

 	
  

 
	
  

 	
 The Bank of New York Mellon

 
	
  

 	
 One Wall Street

 
	
  

 	
 New York, New York 10286 

 
	
  

 	
 Attention: Legal
 Department 

 

17

	
  

 
	
 EXECUTED by the Parties:

 
	
  

 
	
 Signed on behalf of and
 for JPMORGAN
 CHASE BANK, N.A. by
 

 
	
  

 
	
 Signature /s/ Peter L.
 Smith

 
	

 

 
	
  

 
	
 Name        Peter L. Smith

 
	
  

 
	
 Title        Executive Director

 
	
  

 
	
 Signed on behalf of and
 for

 THE BANK OF NEW YORK MELLON, solely in its capacity as trustee of the ETFS
 Asian Gold Trust and not individually by 

 
	
  

 
	
 Signature /s/ Andrew
 Pfeifer

 
	

 

 
	
  

 
	
 Name        Andrew Pfeifer

 
	
  

 
	
 Title        Vice President

 

[Signature
Page to ETFS Asian Gold Trust 

Allocated Account Agreement] 

18

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